|
--i
<br />VW4 insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed, placed or made against the Trust
<br />Ptvperfy. Trustor further agrees, upon written request by Beneficiary. to promptly deliver to Beneficiary all receipts for the payment of '
<br />such charges. Trustor likewise agrees to pay all taxes, assessments and other charges levied upon or assessed, placed or made
<br />against or measured by, this Deed of Trust or the recordation hereof_
<br />"5. Application of Payments. All payments received by Beneficiary as to any debt, liability or obligation owed to Beneficiary by Trustor
<br />0 may be applied by Beneficiary to the payment of the Indebtedness or to any such other debt liability or obligation, in any order or
<br />manner of application which Beneficiary, in its absolute discretion, deems appropriate. Unless otherwise elected by Beneficiary. any
<br />such payment shall bar deemed applied first to the payment of any debt, liability or obligation other than the Note.
<br />�
<br />6. Charges, Liens. Trustor will keep the Trust Property free from all liens and encumbrances which in any way may, in the judgment of
<br />Beneficiary, have priority over, or impair the security of, this Deed of Trust but Trustor need not ", charge any such lien so long as
<br />Trustor shall agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Beneficiary and shall in good faith
<br />contest such lien by appropriate legal proceedings effective to prevent the enforcement of the lien and the loss of any interest in or
<br />Petit of the Trust Property.
<br />7. Hazard insurance. Trustor shall keep the buildings and other Improvements now existing or hereafter erected on the Trust Properly
<br />insured by insurance carriers satisfactory to Beneficiary against loss by fire, hazards included in the term "extended coverage" and
<br />such other hazards, casualties and contingencies as may be required by Beneficiary, in such amounts and for such periods as may be
<br />required by Beneficiary. The policy of insurance shall be in fort acceptable to Beneficiary, provide that the same may not be
<br />cancelled or modified without fifteen (15) days prior written notice to Beneficiary, and shall have loss payable provisions in favor of and
<br />in form acceptable to Beneficiary . All premiums on insurance policies shalt be paid in the manner provided under paragraph 4 hereof
<br />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
<br />carrier. eenefrciary shall have the right to had the policies and renewals thereof and Trustor shall. rtr?mptly famish to Senefciary all
<br />renewal notices and all paid premium rectlpts received by it. in na event shall Beneficiary or T fin- Wex-49 held responsitrla- fiakfailure to
<br />pay tiTsurance preiit;filns or forutgl loss Of d, } i(a E.risir, fit id of a dar l fa any pGgcy or aristrrg6ppait �.ny fbiU .g,',fif.any,Il nariS e
<br />um1�' h!?K'�payfor
<br />any loss aa'dl�rn age ttt ', r"t 1r;1-, ilarE: ±:iii tarf2teitQrttfrein . ticzftz r�giri> dst;ratcx�rd . IJrlf .rvrrrY
<br />j3r7mp . f
<br />tty orJT paperf,ce a�rTr rnr ¢ ttw t tJlr ,,rr,storshall g ivE ra . .
<br />ic: .,l 4rf '
<br />oltiin rr�eii t,.iitiss are 1sr�.rriy'
<br />assigned to Beaefleiag, as 16rato p2 It Of&a IitYlr �ft� r� ";. [tr ttir r rrrrt:ra!'13rZ&efidary's exemiseOPtlrrry�rac�rr-.'
<br />ofsale contained ltefaiir.orin swmall rrgltr. tideanq 4nt7 zst of.),-n insurance policytfna>r lrttrce
<br />shall pass to the purclia`errat ffpG!ter, w 's i t tri ciasrrirtsa;e: In mms ofanyfd —. •- "re i-- j.-praceeds may, at llte,dption of
<br />rsiJril3il3f3ry. bir ap171lad "Jiy !3v»r� ci-1y ulsolr: or any ll!Jit thereof, and in such oiler and amount as Berral?dary may
<br />ill tiicrttiial,'u! saiif lm.,:eance proceeds. at rfir. �1l a 1 rr. 3s i�ri -: r m',iy either be used in replacing or restoring the Trust Property
<br />patj;J- 1rrtotally destroyed to a condition sat r� 7 lr tic,; cry; crsaid insurance proceeds, or arty portfon thereof, maybe
<br />rVeassYto Trustor. Unless Beneficiary and Trustor otherwise agree in writing, any such application of insurance proceeds shall not
<br />extend or postpone the due date of the Note, or any installments called for therein, or change the amount of such installments. If the
<br />Trust Property is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, title and interest of
<br />Trustor in and to any insurance proceeds payable as a result of damage to the Trust Property prior to the sate or acquisition shall pass
<br />to Beneficiary and shall be applied first to the costs and expenses, including attorney fees, incurred in collecting such proceeds, then
<br />in the manner and in the order provided herein.
<br />8. Preservation and Maintenance of Trust Property. Trustor will keep the buildings and other improvements now or hereafter erected on
<br />the Trust Properly in good repair and condition and will not commit or permit waste, will not alter the design or structural character
<br />constituting any building now or hereafter erected on and constituting the Trust Property without the prior written consent of
<br />Beneficiary, will not do any act or thing which would unduly impair or depreciate the value of the Trust Property and will not abandon
<br />the Trust Properly. Trustor will not remove any fixtures constituting the Trust Property unless the same are immediately replaced with
<br />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
<br />all present and future ordinances, regulations and requirements of any governmental body which are applicable to the trust Property
<br />and to the occupancy and use thereof. N this Deed of Trust is on a unit in a condominium or a planned unit development, Trustor shall
<br />perform all of Trusloi's obligations under the declarations or covenants creating or governing the condominium or the planned unit
<br />development, the bylaws and regulations of the condominium or planned unit development, and the constituent Cicuments.
<br />9 h7spection. Beneficiary or its agents may, at all reasonable times, enter upon the Trust Property for the purpose of inspection,
<br />Beneficiary shall have no duty to make such inspection and shall not be liable to Trusfor or to any person in possession if it makes or
<br />fails to make any such inspection.
<br />10. Protection of Security. !! Trustor fails to perform any of the covenants and agreements contained in Ght s Deed of Trust, or it any action
<br />or proceeding is commenced which does or may adversely affect the Trust Property or the Inferew of Trustor or Beneficiary therein or
<br />the title of Trustor thereto, then Beneficiary, at its option, may perform such coveenants and agreements, make such appearances,
<br />Defend against and investigate such action or proceeding and take such other action as Beneficiary deems necessary to protect its h
<br />in,b, ;est including, but not limited to, disbursement of reasonable attorney fees and entry upon the Trust Property to make repairs. Any
<br />d.^iG:rLV disbursed by Beneficiary pursuant to this paragraph 10, with interest thereon, shall constitute Indebtedness of Trustor
<br />se.ired by this Deed of Trust. Unless Trustor and Beneficiary agree to other terms of payment, such amounts shall be payable upon
<br />notice from Beneficiary to Trustor requestirg payment thereof, and shall bear interest from the date of disbursement at the default rate,
<br />it any, set forth in the Note, or otherwise et• e,• s highest rate permitted by law. Nothing contained in this paragraph shag require
<br />Beneficiary to incur any expense or take a,7y- action hereunder. Trustor irrevocably authorizes and empowers Beneficiary to enter upon
<br />the Trust Property as Trustcr's agent and, in Trustor's name or otherwise to perform any and all covenants and agreements to be
<br />performed by Trustor as herein provided. Beneficiary shall, at its option, be subrogated to any encumbrance, lien, claim or demand
<br />and to all rights and securities for the payment thereof paid or discharged by Beneficiary under the provisions hereof and any such
<br />subrogation rights shall be additional and cumulative security for this Deed of Trust.
<br />11. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or
<br />other taking of the Trust Property, or any part thereof, or for conveyance in lieu of or in anticipation of condemnation, are hereby
<br />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
<br />award or payment, and will cause the same to be collected and paid to Beneficiary, and, should it fail to do so, Trustor irrevocably
<br />authorizes and empowers Beneficiary, in the name of Trustor or otherwise, to file, prosecute, settle or compromise any such claim and
<br />to collect, receipt for and retain the proceeds. Il the Trust Property is abandoned by Trustor, or, after notice by Beneficiary to Trustor
<br />that the condemnor offers to make an award or settle a claim for damages, Trustor fails to respond to Beneficiary within thirty (30) days
<br />after the date such notice is ma -',dd, Beneficiary is authorized to collect and apply the proceeds in the manner indicated herein. The
<br />proceeds of any award or clay', i . Fr. after deducting al masonable costs and expenses, including attorney fees, which may have
<br />been incurred by Beneficiary in lim collect on thereof. ar'Pp. sole discretion of Beneficiary. be refoased to Trustor, applied ti?
<br />restoration of Trust !Oropeny, or applied to :tie faymert .' .e lndeb!eurs.s. Unless Beneficiary and Trustor otherwise aq %r: , o writing.
<br />any such appGcry & of proceeds to !n E.'i3 ? =T ^•2SS Shah - J? etter ..',r' r; :;,one t,*�,e the date of the Note or the payme ~,
<br />instaflrnents caOsd 4cr thereurcle-
<br />f2. t rr�c,;rr filet Re[e x.N.. Frters6°!r /F rhw t, rtA fqr pgynt9rs�,!y -r,.i_ t� rr "r. �t air f ?T.' - F13L ?lt 412hE lneb!� ^� 1,�: ranrcd
<br />�srccesstir It, interest of T.-arstor shall rot sperare t. : fe;, �, «: - -J 'ranrer. the liability of rtL s•or ano r�.,stor's sac _._;:::•ors in
<br />interest. Seneticimy shall not be requirod rc stcmmence proveec'°'g ,1jt:i1,:sr such successor or nYt,se to extend time to.,h,i�,-•neat or
<br />L otherwise modify amortization of the lndebrvC -ess by reason of any Cbr a °d made by Trustor 8,ne) Pustor s succosscrs
<br />in interest.
<br />fa. Financial Information. Upon fequr st of Beneficiary, Trustor will provide to Beneficiary, within ninety (90) days o' lt,? -Inse of each hccal
<br />year of Trustor, the consolidated balance street and statement of earnings of Trustor and any and all guarantors of the Indelltuthress to j
<br />secured hereby, it any, and will provide and deliver to Beneficiary such other financial information and Frr such manner as BumN taty �
<br />�z may reasonably inquest from time to time 4 "
<br />td Fitintir!a/ Covenants /n adrirhon Maw Other financial covenants of Trustor made di any other .i�rerrrmenr. ui ln/meat (u docitw rit rs
<br />r.
<br />truster strati romp /y vnth anll =:hall cause air y urid aU guarantors of the tndehtednw,b c wwvd Ilan by to rani; :y 6vitit w bin 'n
<br />f.oMr)lwrrC(f rvifh flit! foltriwirnl hnnrita8l GfwCntN!IS (TtnS linnulrarih sh trl nUt apr7ly it en,nn7rrtl. ;urJ rr�i1!r hrrr,f,ntti ,nip nnf Vie•.'
<br />- r 1`nglr her(rur I .
<br />re, ", f(wkiif) tit I e111110°, Wrths tin F 1pl ,idy5 ;tltbr elf =Fn:inU fFUaur =,h,i1F flit, mn.h -,114,111,1,1 .:rr`• ,i �,•rr„!�n'r= t r =rhitrt 1••� In/t.f : - .,,rr=rr
<br />rail, aU it =:r .tr- nt Ilia 1rriSt Fvri/rntry • =r any pUrhr,n rhryr,•if cvrr. /tit hrrq rr felt it • "r'.a 11in r,,irnr, , ,inn" !,,,,,rnr. •• ,,: , ,i.,r a•. ., !„ •,Finn,•,
<br />1 it r: •.lyer u vt r!Flxs!11Fy Ct/ttl !1•lgl!rr „! uLi JfJ ?For. tr,u IpNI:Fi 1=.+y ah!(= Irrt sun h .rrae s• .vlf:t <.ri, r, , •F.,,..,;!„••rn.h =• , .,,,.• :r ,,,ire. „t, s,tr:
<br />lf7il.n; ( fte =,!K rr feat;(' . tart Fnrilir,r i ; ;r, Hr,nnlr r._,Fy ,r,� y.r,a�,:na[tli r•uTtrnc�
<br />
|