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V 89-- 102591
<br />TO PROTECT THE SECURITY OF THIS TRUST DEED, TRUSTOR HERESY COVENANTS AND AGREES AS FOLLOWS:
<br />I PAYMENT OF PRINCIPAL AND INTEREST. Truslor shall promptly pay when duo the principal of and interest on the indebtedness
<br />evidenced by the Note, and all other charges and lees as provided in the Note, and the principal of and interest on any Future Advances secured
<br />by this T.,ust teed
<br />2 WARRAN TY OF TITLE. Truslo. is lawfully seized and possessed of good and inde',easible title and estate to the Properly hereby conveyed
<br />2nd has the rig ;it tv grant and convey the Property: the Property is free and char of all liens and encumbrances except liens now of record. and
<br />Trusfo; will warrant and defend the title to the Properly against all claims and demands.
<br />J MAINTENANCE AND COMPLIANCE WITH LAWS. Truster shall keep the Properly in good r ^parr and condition and shall not commit waste
<br />or permit impairment or deterioration of the Property and shall comply with the provisions of any lease If this Trust Deed is on a leasehold No
<br />-- iprovement now or hereafter erected upon the Property shall be altered, removed or demokshed wilhoulthe bnur written consent of Beneficiary
<br />Trustor shall comply Willi all laws, ordinances, regulation;,. covenants, conditions and restrictions affecting the Property and not commit, suffer or
<br />e•mn any act to be done in or upon the Property in violation of any law, ordinance, regulation, covenant, condition or restriction Truster shall
<br />complete or rCG[nrC piamptly and in good workmanlike manner any Improvement on the Property which may be damaged or destroyed and pay.
<br />when due, ail claims for i,wG; perf^ ^led and materials furnished therefor and for any allerWicins thereof
<br />4 INSURANCE. Trolor. al its experise. vvill maintain w;thtnsurors approved by Beneficiary, insurance with respect lothr improvements and
<br />personal properly, conshtuling the Property, against loss by file, lightning, tornado, and other perils and hazards covered by standard extended
<br />coverage mdorcemenl. In an amount equal to at least one hundred percent (100 %) of the lull replacement value thereof and insurance against
<br />such other hazards ar d in such amounts as is customarily carried by owners and operators of similar propertiesor as Beneficiary may r^quere for
<br />its protection Trustor will Comply with such other requirements as Beneficiary may from time to time request for the protection by insurance of 1h,,•
<br />interests of the respective parties AIr insurance policies mainfai,i.W pursuant to this Trust Deed shalt name Trustor and Beneficiary as c,sured. as
<br />their respective interests may appear.;.nd provide that there be no cancellation or modification without at least 15 days prior written nobf•catlon to
<br />Trustee ane Beneficiary may procure such Insurance in accordance w.lh the provisions of paragraph 6 hereof. Trustor shall deliver to Beneficiary
<br />the original polic -es of Insurance and renewals thereof or memo copies of such policies and renewals thereof. Failure to furnish such insurance oy
<br />Trustor, or renewals as required hereunder shall, at the option of Beneficiary, constitute a default.
<br />5 TAXES, ASSESSMENTS AND CHARGES. Trustor shall pay 'III taxes, assessments and other charges, including, without limitation, fines
<br />and altnbutable to the Property and leasehold payments or ground refits, it any, before the same become delinquent. Truslor �,h ?II
<br />promptly fur r-., sh! oberi e! Iciaryallnotices ofamountsdueunderthisparagraph, andintheeventTrustershallmakepayrnentdireclly ,Trustorshail
<br />orur.pny fu• usIt to Beneflciary receipts evidencing such payments. Trustor shall pav all taxes and assessments which may be levied upon
<br />Ben•,!,clary interest herein or upon this Trust Deed without regard to any law that may be enacted imposing payment of the whole or any part
<br />therE.•uf u;,un the Beneficiary
<br />6 ADDITIONAL LIENS AND PROTECTION OF BENEFICIARY'S SECURITY. Truslor shall make all payments of interest and principal and
<br />;:ayments of any o!ner charges, fees and expenses contracted to be paid to any existing or subsequent penholder or beneficiary under any
<br />existing ur subsequent rnortgage or trust deed before the date they are dchngent or in default, and promptly pay and discharge any and all other
<br />ileils clams or charges which may;eop vdize the security granted herein. If Trustor fails to make any such payment or fails to perform;,ny of the
<br />cut en,inf� ,,nd agreements contained in this Trust Deed, or the Note referred to herein, or en any prior or Subsequent trust deed, or if any action or
<br />occeCinq Is commenced which rnalerially affects Beneficiary's interest in the Property, Including, but not limited lo, eminent domain proceed -
<br />in ; •. pw� eedmgs invoivmg a decedent. notice of sale by Trustee, notice of delaull by Trustee. mortgage foreclnsure action, or it Trustor fans to
<br />pay Trustor s de•bis generally as they become due, then Beneficiary, a1 Beneficiary's option and without notice to or demand upon Truslor and
<br />without releasing Trustor IrOm any obligation hereunder, may make such appearances, disborse such sums andtakesuch action as is necessary
<br />to protect Beneficiary s interest. Including, but not limited to. disbursement of reasonable attorney's fees. payment, purchase, contest or
<br />cornprornlse of any encumbrance. charge or hen. entry upon the Properly to make repairs, or declaration of default under this Trust Deed In the
<br />event t!Ial Ti uslor shall fall to procure insurance or t0 pay taxes. assessments, or any other charges or to mane any payments to any existing or
<br />subsequent Ilenhoiders or existing or subsequent beneficiaries. Beneficiary may procure such insurance and make such payr,ent, but shall not
<br />be ubllyaled to nO so Any amounts disbursed by Beneficiary pursuant to this Paragraph 6 shall become additional indebtedness of Truslor
<br />secured by lhls 1 rust Deed Such amounts shall be payable upon notice from Beneficiary to Trustor requesting payment thereof, and shall bear
<br />mleresl fwi❑ file date ,f disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest it
<br />such rate would b� ccritrar y to applicable law, In which event such amounts shalt bear interest at the highest rate permissible unuer opphcijDle
<br />law Nolhlnq contained in this Paragraph 6 shall require Beneficiary to incur any expense or take any action hereunder.
<br />7 ASSIGNMENT OF RENTS. Beneficiary shall have the right, power and authority during the continuance of this Trust Deed 1,, collect the
<br />ier,ls. slues and ;: rofits of the Property and of any personal properly lorated thereon with or without taking possession of the property affected
<br />hereby and Truator hereby aiisoLuiely and unconditionally assigns all such rents, issues and profits to Beneficiary. Beneficiary, howeve•. hereby
<br />consevls to the Trustor s collection and retention of such rents, issues and profits as they accrue and become payable so long as Trustor is not at
<br />sic n tin ,e, Ii d"faun nlui respect ro payment of any indebtedness secured hereby, or in the performance of an-, agreement hereunder Upon any
<br />sorb •fe!auu. Benehr.iary may at any tinier either in person, by agent- or by it receiver to be appointed by a court, without notice and without regard
<br />to thf, adequacy of any security for the ndebtedness hereby secured, (a( enter upon and take possess :or. of the Property or any part thereof, and u,
<br />A-, o nn name sue for or otherwise collect such rents, issues and prolits, including those past due and unpaid, and apply the same, less costs ant]
<br />expenses of operation ;,nd cciie_tiun, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as
<br />Beneficiary may determine. (b) pi)rforrn such acts of repair or protection as may be necessary or proper to conserve the value of the Property. (r.)
<br />lease_ the sane or any part thereof Iai such rental, term, and upon such condlllons as ils judgment play dictate. or terminate or ad;ust the forms and
<br />conditions of e :ishnq leases Ur,[(,.-,s Truslor and Beneficiary thereof agree otherwise in writing,rany application of rents, issues nr profits to any
<br />in0,ebte!1nn•,,. securer) hereby sh !II nol extend or postpone the due date of he mstallni-ill payments a5 provided in said promissory note or
<br />change the :unvuili of ,�Ch mslallments. The entering upon and taking possession of the Property, the collection of such rents. issues and prolits.
<br />ano the application thereof as aforesaid, shall ,not waive or cure any default or notice of default hereunder or invalidate any act done pursuant to
<br />such notice Truslor also assigns to Beneficiary, as turther security for the performance of the obligations secured hereby, al. prQpaid rents and an
<br />monies which may have been or may hereafter be deposited with said Truslor by any lessee of the Property, to secure the payment of any rent or
<br />damages, or upon default in the performance of any of the provisions hereof, Trustor agrees to deliver such rents and deposits to Benefiriary
<br />Delivery of written notice of Beneficiary s exercise of the rights granted herein, to any tenant occupying said premises shall t e SulhCicnt to require-
<br />said tenant to pay rent to the Beneficiary until further notice.
<br />6 CONDEMNATION. 11 lllle to anv part of file Properly shall bo laken in conderonauon proceedings, by right of f+mu,enl domain of ciri,+l,ir
<br />action or %hail he sold under threat of COn(Iern6aliOn, all awards, damaclo!i and proceeds are hereby assigned and shall be paid lit Benehciai y
<br />whO .hall ;: ;,'y •,or -h '[Wards, damage ,and procei its Iii the sum secured by :his Trust Geed, with the exCOSS, if any, psis lit Trustor if crust,.r
<br />ecei✓es any rupee Or Other inlorrnalinn re.gard,ng ;:u •h actions or proceodinjs. Truslor Khali give prompt written notice thereof to Benef cl,i, x
<br />f1 r•nnli r, iary rifialt be ••nulled, at 115 Option, to commence, appear in and pre9e,:ule in its o,vn name any Such r liOr1 or pruCeedlops and ]hail br
<br />enlllled to make any curnprofoist" or seitlefnenl in cunnectiun wilt' any such aclron or proceedings
<br />it FUTURE ADVANCES. Upon rertun5l of TfuLIOi Br!nefrcriry al Beneficiary I, Option, pfiur lit reCOnveyaflCU of ;hit lirirprity lit 1 iusiui n,,Iv
<br />makoluh,rr•;idvancestoTruAor Such lulul,+ advancr', S, wilt) interestfollreon, shall besecwedby thin Trust Deed when evl duncedbypioine,,oiy
<br />rules r,!.i!inf; that •.,rid mite i ;u•. ,ecured hereby, provided that at no firm• stian the sec Oled pfinc ;pal and lufurv; advances, nil u,cluttuhl
<br />ail vanr.bd to prOlvr l thiir secunly, pxce tml two hull-lied percent (200 "0( of thu unguial pnncipai amounts secured hereby
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