89100130 - Laserfiche WebLink

Browse

1 insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed, placed or made against the Trust Property. Trustor further agrees, upon written request by Beneficiary, to promptly deliver to Beneficiary all receipts for the payment of such charges. Trustor likowiso Agrees to pay all taxes, assessments and other charges levied upon or assessed, placed or made against, or measured by, this Deed of Trust or the recordation hereof. © 5. Application of Payments. All payments received by Beneficiary as to any debt, liability or obligation owed to Beneficiary by Truster may be applied by Beneficiary to the payment of the Indebtedness or to any such other debt, liability or obligation, in any order or manner of application which Beneficiary, In its absolute discretion, deems appropriate. Unless otherwise elected by Beneficiary, any F4 such payment shall be deemed applied first to the payment of any debt llabidly or obligation other than the Note. i 6. Charges, Uens. Trustor will keep the Trust Property free from all lions and encumbrances which in any way may, in the judgment of 'Q Beneficiary, have priority over, or impair the security of this Deed of Trust but Trustor need not discharge any such lien so long as Trustor shall agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Beneficiary and steal! in good faith contest such lien by appropriate legal proceedings effective to prevent the enforcement of the lien and the loss of any interest In or part of the Trust Property. 7. Hazard Insurance. Trustor shall keep the buildings and other improvements now existing or hereafter erected on the Trust Property 09 insured by insurance carriers satisfactory to Beneficiary against loss by fire, hazards included in the term "extended coverage" and such other hazards, casualties and contingencies as may be required by Beneficiary, in such amounts and for such periods as may be required by Beneficiary. The policy of Insurance shall be in form acceptable to Beneficiary, provide that the same may not be cancelled or modified without fifteen (15) days prior written notice to Beneficiary, and shalt have loss payable provisions in favor of and in form acceptable to Beneficiary. All premiums on insurance policies shall be paid in the manner provided under paragraph 4 hereof or, if not paid in such manner, by Trustor making payment at least fifteen (15) days prior to the due date, directly to the insurance carrier. Beneficiary shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Beneficiary all renewal notices and all paid premium receipts received by it. In no event shall Beneficiary or Trustee be held responsible for failure to pay insurance premiums or for any loss or damage arising out of a defect in any policy or arising out of any failure of any insurance company to pay for any loss or damage insured against of for failure by Trustor to effect the insurance required hereunder. in the event of loss, Trustor shall give prompt notice by mail to the insurance carrier and Beneficiary. Beneficiary may make proof of loss it not made promptly or In proper form by Trustor. All policies of insurance. and any and all refunds of unearned premiums are hereby assigned to Beneficiary as additional security for the payment of the indebtedness. In the event of Benefl6aq`a exercise of the power of safe contained herein, or in the event of foreclosure, eJNV&f, title and interest of Trustor in and to any r'nsumce policy then In force shall pass to the purchaser at the trustee's sale or foredbsu. a sale. In case of any loss, the insurance proceeds may, at the option of Beneficiary, be applied by Beneficiary upon the Indebtedness, or any part thereof, and in such order and amount as Benel,,,dary may determine; or sand insurance proceeds, at the option of 8enafiuiary, acrosy_ either be used in replacing or restoring the, T'tr V ftperty partfaVy or totally destroyed to a condition satisfactory to Beheficimy. or said insurance proceeds, or any pvrron theieof,, :Asay be re eased to Trustor. Unless Beneficiary and Trustor othera,49 agree in writing, any such application of insurl ,.rise proceeds shall not extend or postpone the due date of the Note, or any instaKments called for therein, or change the amount of such installments. N the Trust Properly is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, title artd interest of Trustor in and to any insurance proceeds payable as a result of damage to the Trust Property prior Co tiTe sale or acquisition shall pass to Beneficiary and shall be applied first to the costs and expenses, including attorney fees, incurred in ccilecting such proceeds, nen in the manner and in the order provided herein. , 8. Preservation and Maintenance of Trust Property. Trustor will keep the buildings and other improvements now or hereafter erected an - the Trust Property in good repair and condition and will not commit or permit waste, will not after the design or structural Character constituting any building now or hereafter erected on and constituting the Trust Property without the prior written consent cY l., Beneficiary, will not do any act or thing which would unduly impair or depreciate the value of the Trust Property and ili'tt t abandon the Trust Property. Trustor will not remove any fixtures combruting the Trust Properly unless the same are immediatetlt rr-pfaced with like property subject to the lien and security interest of this Deed of Trust and of at least equal value and utility. Trustor will comply with w!•,r.. all present and future ordinances, regulations and requirements of any governmental body which are applicabit, to the Trust Property and to the occupancy and use thereof. If this Deed of Trust is on a unit in a condominium or a planned unit• developmerrl;, Trustor shad perform all of Trustor's obligations under the declarations or covenants creating or governing the condominium or the planned unit development, the bylaws and regulations of the condominium or planned unit development, and the constituent documents. 9. Inspection. Beneficiary or its agents may, at all reasonable times, enter upon the Twst Property for the puwsra of inspection. Beneficiary shall have no duty to make such inspection and shall not be liable to Trustor or to any person in possession if it makes or fails to make any such inspection. 10. Protection of Security. If Trustor fails to perform any of the covenants and agreements contained in this Deed of Trust,. oril'eny action or proceeding is commenced which does or may adversely affect the Trust Property or the interest of Trustor or eene�de r therein or the We of Trustor thereto, then Beneficiary, at its option, may perform such coneenants and agreements, make such appearances, defend against and investigate such action or proceeding and take such other action as Beneficiary deems necessary to protect its interest including, but not limited to, disbursement of reasonable attorney fees and entry upon the Trust ProcafV to make repairs. Any amounts disbursed by Beneficiary pursuant to this paragraph 10, with interest thereon, shall'constitute Indebtedness of trustor secured by this Deed of Trust. Unless Trustor and Beneficiary agree to other terms of payment, such amounts shall be payable upon . notice from Beneficiary to Trustor requestag payment thereof, and shall bear interest from they date of disbursement at the default rate, it any, set forth in the Note, or otherwise at the highest rate permitted by law. Nothing contained in this paragWh shall require Benneficiery to incur any expense or take any action hereunder. Trustor irrevocably authorizes and empowers Beneficiary to enter upon the Trust Property as Trustor's agent and, cut Trustor's nan, a or otherwise to perform any and all covenants and agreements to be performed by Trustor as herein provided! Bene.,:- ciaryshalf at its opd an, be subragated to any encumbrance, lien, claim or demand and'ro all rights and securities for the payment thereof pad or discharged by Beneficiary under the provisions hereof and any such subrcgetion rights shad be additional and cumulative security for this Deed of Trust. 11. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Trust Property, or any part thereof, or for conveyance in lieu of or in anticipation of condemnation, are hereby assigned to and shall be paid to Beneficiary. Trustor will file and prosecute, in good faith and with due diligence, its claim for any such award or payment, and will cause the same to be collected and paid to Beneficiary, and, should it fail to do so, Trustor irrevocably authorizes and empowers Beneficiary, in the name of Trustor or otherwise, to file, prosecute, settle or compromise any such claim and to collect, receipt for and retain the proceeds. If the Trust Property is abandoned by Trustor, or, after notice by Beneficiary to Trustor that the condemnor offers to make an award or settle a claim for damages, Trustor fails to respond to Beneficiary within thirty (30) days after the date such notice is mailed, Beneficiary is authorized to collect and apply the proceeds in the manner indicated herein. The proceeds of any award or claim may, after deducting all reasonable costs and expenses, including attorney fees, which may have been incurred by Beneficiary in the collection thereof, at the sole discretion of Beneficiary, be released to Trustor, applied to restoration of Trust Property, or applied to the payment of the Indebtedness. Unless Beneficiary and Trustor otherwise agree in writing, any such application of proceeds to Indebtedness shall not extend or postpone the due date of the Note or the payment of any installments called for thereunder. - 12. Trustor Not Released. Extension of the time for payment or modification of any amortization of the indebtedness granted by Beneficiary to any successor In interest of Trustor shad not operate to release, in any manner, the liability of Trustor and Truseer's successor in irverest. Beneficiary shall not be required to commence proceedings against such successor or refuse to extend time for payment or .Grh.- Orwise modify amortization of the Indebtedness by reason of any demand made by Trustor and Trustor's successors rn.rnferest. L 13, Financial Information. Upon request of Beneficiary. Trustor will provide to Beneficiary, within ninety (90) days of the close of each fiscal year of Trustor, the consolidated balance sheet and statement of earnings of Trustor and any and all guarantors of the Indebtedness secured hereby, if any, and will provide and deliver to Beneficiary such other financial information and in such manner as Beneficiary nrey reasonably request from time to time. law 14. Financlal Covenants. In addition to any other financial covenants of Trustur made in any other agreement, instrument or document Trustor shall comply with and shall cause an), and alf guarantors of the indebtedness secured hereby to (imply with, or be m y� compliance with, the following financial cOMflunts. (This paPa9faph Shall not apply it covenarIS and requirements are not set r• forth herein 1 73 Schodulo of leases Within ton 110) days after demand. Trurrlor shall larnrsh to Beneficiary a srFrcdu& - !^ r,f,n ro t,y l,u.h : etrwq lnrth all lea sos of the Mist Property. u! any promon fhwtiol Ir1ciallilly it, E >act' case the r7arn' Ot fhP '1'! rn'S . ; ••, , ,,j,<+r••; !r '.r • N.. fit thn tluu.e occupied fry such Conant or occ upant- rim rr-1ntio riay.,lhll, fnr .urr, %pn! f' .trq'Zl:rt'„ r nr ,rr., nr.1h� N •' f: r,.:l , r : w fl to Slit h Jnw;ws and fnnanc iw, w. fiwF141CNiry rnfll,> 0`011- mrlllhl•,, r,.ty/P°.f