|
DEED OF TRUST 200007831
<br />(Continued) Page 2
<br />federal, state, and local laws, regulations and ordinances, Including without limitation all Environmental Laws. Trustor authorizes Lender and
<br />Its agents to enter upon the Property to make such inspection and tests, at Trustor's expense, as Lender may deem appropriate to
<br />determine compliance of the Property with this section of the Deed of Trust. Any inspections or tests made by lender shall be for Lender's
<br />purposes only and shelf not be construed to create any responsibility or liability on the part of Lender to Trustor or to any other person. The
<br />representations and warranties contalned herein are based on Trustor's due diligence in investigating the Property for Hazardous
<br />Substances. Trustor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Trustor
<br />becomes liable for cleanup or other costs under any such laws; and (2) agrees to Indemnify and hold harmless Under against any and all
<br />calms, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach
<br />of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened
<br />release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have been known to Trustor.
<br />The provisions of this section of the Deed of Trust, including the obligation to indemnify, shah survive the payment of the Indebtedness and
<br />the satisfaction and reconveyance of the Non of this Deed of Trust and shall not be affected by Lender's acquisition of any Interest in the
<br />Property, whether by foreclosure or otherwise.
<br />Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stopping of or waste on or to
<br />the Property or any portion of the Property. Without limiting the generality of its foregoing, Trustor will not remove, or grant to any other
<br />party the right to remove, any timber, minerals (including oil and gas), coal, day, scoria, soil, gravel or rock products without Londoes prior
<br />written consent.
<br />Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
<br />consent. As a condition to the removal of any Improvements, Lender may require Trustor to make arrangements satisfactory to Lender to
<br />replace such Improvements with Improvements of at least equal value.
<br />Lender's RWM to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to
<br />attend to Lender's Interests and to inspect the Real Property for purposes of Trustors compliance with the terms and conditions of this Deed
<br />Of Trust.
<br />Compliance with Governmental Requkemsnts. Trustor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
<br />In sited, of all govemmenW authorities applicable to the use or occupancy of the Property, Including without limitation, the Americans With
<br />Disabilities Act. Trustor may contest In good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
<br />Including appropriate appeals, so long as Trustor has notified Lender in writing prior to doing so and so long as, In Lender's sole opinion,
<br />Lender's interests in the Properly are not jeopardized. Lender may require Trustor to past adequate security or a surety bond, reasonably
<br />satisfactory to Lender, to protect Lender's Interest.
<br />Duty to Protect. Trustor agrees neither to abandon nor leave unattended its Property. Trustor shall do all other acts, in addition to those
<br />ads set forth above In this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
<br />Property.
<br />Constructlon Loan. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete
<br />construction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (or such
<br />earlier date as Lender may reasonably establish) and Trustor shall pay In full all costs and expenses in connection with the worts. Lender will
<br />disburse loan proceeds under such terms and conditions as Lender may deem reasonably necessary to insure that the interest created by
<br />this Deed of Trust shall have priority over all possible liens, including those of material suppliers and workmen. Lender may require, among
<br />other things, that disbursement requests be supported by recelpled bills, expense affidavits, waivers of tiers, constriction progress reports,
<br />and such other documentation as Lender may reasonably request.
<br />TAXES AND LIENS. The following provisions relating to the taxes and hens on the Property are part of this Deed of Trust:
<br />Payment. Trustor shall pay when due (and in all events prior to delinquency) all taxes, special taxes, assessments, charges (including water
<br />and sewer), fines and Impositions levied against or on account of the Property, and shall pay when due all claims for work done on or for
<br />services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liars having priority over or equal to the
<br />Interest of Lender under this Deed of Trust, except for the Non of taxes and assessments not due and except as otherwise provided in this
<br />Deed of Trust.
<br />RIgM to Contest. Trustor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation
<br />to pay, so long as Lender's Interest to the Property is not jeopardized. If a Men anises or Is tiled as a result of nonpayment, Trustor shall within
<br />fifteen (15) days after the Men arises or, if a Men Is filed, within fifteen (15) days after Trustor has notice of the filing, secure the discharge of the
<br />Non, or If requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an
<br />amount sufficient to discharge the Non plus any costs and attorneys' fees, or other charges that could accrue as a result of a foreclosure or
<br />sale under the Non. In any contest, Trustor shelf defend fleelf and Lender and shell satisfy any adverse judgment before enforcement against
<br />the Property. Trustor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
<br />Evidence of Payment. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
<br />authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the
<br />Property.
<br />Notice of Construction. Trustor shall notify Lender at least fifteen (15) days before any work Is commenced, any services are furnished, or
<br />any materials are supplied to the Property, If any mechanic's Non, matertalmen's Nan, or other Men could be asserted on account of the work,
<br />services, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and
<br />will pay the cost of such Improvements.
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property are a part of this Deed of Trust.
<br />Makdonance of Insurance. Trustor stall procure and maintain policies of fire insurance with standard extended coverage endorsements on
<br />a fair value basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of
<br />any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Trustor shelf also procure and maintain comprehensive
<br />general liability insurance to such coverage amounts as Lender may request with trustee and Lender being named as additional insureds In
<br />such liability insurance policies. Additionally, Trustor shall maintain such otter insurance, including but not knifed to hazard, business
<br />Interruption, and boiler insurance, as Lender may reasonably require. Policies shall be written in form, amounts, coverages and basis
<br />reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of
<br />Lender, will deliver to Lender from time to time the policies or certificates of Insurance in form satisfactory to Lender, including stipulations
<br />that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. Each insurance policy also
<br />shelf include an endorsement providing that coverage in favor of Lender will not be Impaired in any way by any ad, omission or default of
<br />Trustor or any other person. Should the Real Property be located In an area designated by the Director of the Federal Emergency
<br />Management Agency as a special flood hazard area, Trustor agrees to obtain and maintain Federal Flood Insurance, If available, within 46
<br />days after notice Is given by Lender that the Property Is located in a special flood hazard area, for the full unpaid principal balance of the loan
<br />and any prior Mere on the property securing the loan, up to the maximum policy knits sit under the National Flood Insurance Program, or as
<br />otherwise required by Lender, and to maintain such insurance for the term of the loan.
<br />Applicallon of Proceads. Trustor shelf promlptly notify Limoor of any loss or rage to the Property. Lender may make proof of loss If
<br />Trustor falls to do so within fifteen (15) days of the casualty .-t Whether or not Lerdsr's security is Impaired, Lender may, at Lenders election,
<br />mooive and retain the proceeds of any insurance and apply qhs picc esdo to the eduction of the Indebtedness, payment of any ken affecting
<br />the Property, or the restoration and repair of the Property. 4f Loixier`olw.* to 4pply the proceeds to restoration and repair, Trustor shelf
<br />repair or replace the damaged or destroyed Improvements im a manner satisfactory to Lender. Lender shalt, upon satisfactory proof of such
<br />expenditure, pay or reinburso Trustor from the pr000eds for the reasonable cost repair or restoration If Trustor is not M default under this
<br />Deed of Trust. Any proceeds which have not been disbursed within 11P days af#r their receipt and which Lender has not committed to the
<br />repair or restoration of the Property shall be used first to pay any, amount owin ' to Lender under this Deed of Trust, then to pay accrued
<br />interest, and the remainder, if any, shall be applied to the principal balance ot the Indebtedness. if Lender holds any proceeds after payment
<br />In full of the Indebtedness, such proceeds shall be paid to Trustor As Trhistoei interests may appear.
<br />Urhegq*sd Insurance st Sate. Any unexpired Insurance ,sNi in to tie b nefit'of, and pass to, the purchaser of the Property covered by
<br />this Deed of Trust at any trustee's sale or other safe. held under Ow prov*ns of this Deed of Trust, or at any foreclosure sale of such
<br />{
<br />
|