201702617 - Laserfiche WebLink

Browse

. 2� 17�2� 17 . amounts paid by Trustor are insufficient far the payment in full of such taxes, assessments, �e��es andlar insurance premiums, Beneficiary shal� notify Trustor of the increased amount required for the payment �her�of v�hen due, and Trustor shal� pay to Benefi��ary su�h add�tiorial amaunt v�i�hin thirty �3�) days after notice from Benefi��ary. A�l amoun�s so paid shall nat bear interest, except to the extent and in the amount required by Iaw. So long as there is no Defaul�, Beneficiary sha�l apply said amounts to th� payment of, ar at Benefic�ary's sole option release sa�d funds to Trustor for application to and paymen�of, such taxes, assessments, levies, charges and insurance premiums. If a Default exists, B�neficiary at �ts sa�e option may apply all or any par� of said amounts t� any Secured �b�zgation andlar to cure such Defaul�, in which event Trustar shall be required t� r�store a�l amnun�s so appl�ed, as wel� as t� cure any Default not cured by such application. Trustor hereby grants and transfers to Beneficiary a se�urity �nterest in a1�amounts so paid an�held in Beneficiary's possession, and a�1 proceeds thereof, t� secure the payment and perf�rmance af each Secured �bligatian. Upon assxgnment of th�s Deed of Trust, Beneficiary shall have the r�ight ta assign all amounts collec�ed and in its passession t� its assignee, whereupon Beneficiary and Trustee shal�be re�eas�d from a111iabil��y with respect�here�o. The existence �f said impounds shall not limit Beneficiary's r�ghts under any oth�r provision of this Deed of Trust or any other agr�ement, statute ar ru�e of 1aw. V�ithin ninety-f�ve (95} days following fui�repayment af a�l Secured�bligatians �ather than as a consequence of a foreclasure or con�eyance in lieu of foreclosure of �he liens and security interests s�curing any Secured �bligat�nn�, ar ati such earl�er t�me as Beneficiary in its reasonal�Ie discretian may elect, the balan.ce af all amounts coll�cted and in Benef�ciary�S p�S5�S51�I7 shall be paid to Trustar, and n�other party shall ha�e any right of�laim thereto. 3.7 I�ama es- Insurance and Cor�demnation Proceeds. �a} (i}All awards of damages and a�l other compensat�an payable directly or �ndirectly by reason of a condemnation or proposed condemnation�or transfer in li�u�hereof� for public ar private use affecting the Trust Property; �ii�al� �ther claims and awards f�r damages to or decrease in �a1ue of the �`rust Property; �iii}all pr��eeds af any insuranc�pol�cies payable by reason of��ss sustained�o the Trust Pr�perty; and�iv}al�interest which may accrue on any of the for�go�ng, are all absolutely and irrevo�ably assigned to and shall be paid ta Beneficiary. At�he absolute discretion of Beneficiary, whether or not i�s security�s or may be impaired,but subj ect��appl�cab�e 1aw if any, and w�thau�regard to any requirement contained in any other S�cti�n hereof, Beneficiary may app�y all ar any of the praceeds it receives to its expenses in settling, prosecuting or defending any such claim and apply the balance ta th� Se�ured �bligatians in any order, and release al� or any part of the proce�ds t� Trustor upon any conditions Beneficiary may impose. Benefic�ary may commence, appear in, defend or prasecute any assigned claim or a�t�on, and may adjust, campromise, sett�e and collect al� claims and awards assign�d to Beneficiary; pro�ided hawever, that in no event sha�l Benefic�ary be responsible for any failure to callect any claim ar award,regard�ess of the cause af the failure. �b} Notwithstanding the foregoing, Beneficiary shall make any insurance andlor condemnation proceeds a�ai�able to the ext�n� reasonably required for repair or restaration of the Trust Praperty caused by or resul�ing from any �asualty ar c�ndemnation so long as (i} no Event of Default th�n exists, �i�} Trustor demar�s�rates to Benef�ciary that Trustor has suffi�ient funds tn comple�e any repair ar res�oration nat c�ver�d by the insurance or condemnation proceeds and to make all payments due to Beneficiary, including but not limited t� payments under the Note, during th� period af repair or restoration, and �iii) any repair or restoration can be c�mple�ed at least six��months prior to the xnaturity date of th�Note. 3.S Maintenance and Preserva�ion of Trust Pro er� . Subj ect tn �he pr�visions af any Secured �bligation,Trustor covenants: (a� to keep�he Trust Pr�perty�n good condition and repair; (b� except w�th Benefic�ary's prior written consent �not �� he unreasanably withheld, conditianed,or delayed},not to remove or demo�ish the Trus�Property,nor ma�erially alter,rest�re�r a�id _4..