|
200106192
<br />restoration of the Property. Such application shall not cure or waive any default
<br />or notice of default hereunder.
<br />1.05 Taxes, Assessments, and Charges.
<br />(a) Trustor will pay, prior to delinquency, all real estate taxes,
<br />personal property taxes, special assessments, assessments, charges, fines
<br />and impositions imposed upon, assessed against or otherwise relating to
<br />the Property or any part thereof, and any leasehold payments or ground
<br />rents, if any, except no such tax, assessment, charge, fine or imposition
<br />need be paid which is being contested in good faith and by appropriate legal
<br />proceedings and as to which adequate reserves shall have been established,
<br />and as to which no foreclosure, distraint, sale or similar proceedings have
<br />commenced.. Trustor will, upon the request of Beneficiary, deliver to
<br />Beneficiary receipts evidencing such payments.
<br />(b) Trustor will pay when due all lawful claims and demands of
<br />mechanics, materialmen, laborers, and others which might result in the
<br />creation of a lien on the Property unless contested in good faith and by
<br />appropriate legal proceedings, and as to which adequate reserves shall have
<br />been established
<br />1.06 SecuritAgreement. This Deed of Trust shall be self - operative and
<br />constitute a Security Agreement under the Uniform Commercial Code of the
<br />Governing Jurisdiction, as amended from time to time, with respect to the
<br />Fixtures; provided, however, Trustor hereby agrees to execute and deliver on
<br />demand and hereby irrevocably constitutes and appoints Beneficiary the
<br />attorney -in -fact of Trustor, to execute, deliver and, if appropriate, to file with the
<br />appropriate filing officer or office such security agreements, financing statements
<br />or other instruments as Beneficiary may reasonably request or require in order to
<br />impose or perfect the lien or security interest hereof more specifically thereon.
<br />1.07 Assignment of Rents and Profits. The Rents and Profits are hereby
<br />absolutely and unconditionally assigned, transferred, conveyed and set over to
<br />Beneficiary to be applied by Beneficiary in payment of all sums payable on the
<br />Obligations, and of all other sums payable under this Deed of Trust. Prior to the
<br />happening of any event of default as set forth in Article II hereof, Trustor shall
<br />collect and receive all Rents and Profits.
<br />1.08 Compliance With Laws. Trustor will not commit any waste on or of
<br />the Property or make any change in the use of the Property which will in any way
<br />increase any ordinary fire or other hazard arising out of construction of the
<br />Improvements or operation of the Property, nor will Trustor make any application
<br />to any federal, state or local governmental authority ( "Governmental Authority ")
<br />for a change in zoning or a change in any other law, ordinance, statute, rule,
<br />order, decree, directive or regulation ( "Laws ") affecting the Property nor will
<br />Trustor consent to any such change without the written consent of the Bene-
<br />ficiary, which consent will not be unreasonably withheld. Trustor will at all times
<br />comply with all Laws of any Governmental Authority having jurisdiction over
<br />construction of the Improvements or otherwise affecting the Property and
<br />maintain and keep, or cause to be maintained and kept, the Improvements in
<br />good operating order and condition.
<br />1.09 Impositions. After default by any Trustor hereunder or on the
<br />Obligations, Trustor shall pay all reasonable costs, fees and expenses of Trustee,
<br />its agents and legal counsel in connection with the performance of its duties
<br />hereunder; and Trustor shall pay all taxes (except federal and state income taxes)
<br />and any other governmental charges or impositions imposed by any Governmental
<br />383934.1 -4-
<br />
|