89102853 - Laserfiche WebLink

Browse

I insurance premiums, ground rents, and all other charges whatspever levrod upon or assessed, placed or made against the Trust Proparry Trustor further agrees. upon written request by Beneficiary, to promptly deliver to Beneficiary an receipts for the payment of such charges Tr,l51of likewise agrees to pay all taxes, assessmentg rind other charges levied upon or assessed. placed or made against, or me.rs11f0d btf. this Deed of Trust or the recordation hereof Q0 S. Application of Payments. Ail payments received by Beneficiary as to any debt, liability or obligation owed to Beneficiary, by Trustor may be applied by Senehriary to the payment of the Indebtedr,ipss or to any such other debt, liability or obligation, in any order or Q mariner of application which Beneficiary, in Its absolute discretion, deems appropriate. Unless otherwise elected by Beneficiary, any such payment shall be (teerned applied first to the payment cif any debt. liability or obligation other than the Note. 6. Charges; Vens. Pu9tor will keep the Trust Property free ham all hens and encumbrances which in any way may, in the judgment of 1 Beneficiary, have pricrrgr aver, or impair the security of, this Deed of Trust but Trustor need not discharge any such hen so long as Trustor shall agree, it1 writing, to pay the obligation secu*ed by such lien in a manner acceptable to Beneficiary and shall in good faith OHO contest such hen t; y appropriate legal proceedings effe'lctive to prevent the enforcement of the lien and the loss of any interest in or part of the Trust Pmpertlr. 7. Hazard insurance. Pustev shall keep the buildings and other improvements now existing or hereafter erected on the Trust Property insured by insurance carriers satisfactory to Beneficiary against loss by fife, 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 shall have loss payable provisions in favor of and M 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 matirrilr, by Tn;rs4ar• linking payment at least fifteen (15) days prior to the due date, directly to the insurance carrier. Beneficiary shrill have the rght tb hold the policies and renewals thereo' and Trusto* shall promptly furnish to Beneficiary all renewal notices and all pold premitrr r rfvelpts received by it In no evenr sh l i'' BFn& ^;as)7 or Trustee be hold responsible for failure to pay insurance premiums or for any fm or damage arising out of a defec:.;a a i:, pohc , ar miss;.;) o 't of ar failure of any insura",e company to pay for any loss or damage, insured against or for failure by Trus,4 ?r to effect ths.:rasurance required here;rrader, In the emnt of loss, Ttusfrr�r shall give prompt no" ,by mail to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made prorril;; #y or In proper form by Pastor. All policies of insurance and any and all refun fs of unearned premiums are hereby assigned f7 Beneficiary d9 additional security for the payment of the Indebtedness. In the event of Beneficiary's exercise of the power of sale contained herein, or Ill the event of foreclosaee, all right, title and interest of Trustor in and to any (�,surance policy then in force shall pass to the purchaser, at the trustee's sale or foreclosure sale. in case of any loss, the insurance pr.Weeds may, at the option of Beneficiary, be applied by Benefict" upon the rn aebtedness. ,or any part thereof, and in such order and amount as Beneficiary may determine; or said insurance i roceed�. cif the option of Beneficiary, may either be used in replacing or restoring the Trust Property partially or totally destroyed tu• a cone t cr, satisfactory to Beneficiary; or said insurance proceeds, or any portion thereof, may be released to Trustor. Unless Benehcrary zaci Trustor otherwise agree in writing, any such application of insurance proceeds shall not extend or postpone the due date of the d1'ote, a -r any installments called for therein, or change the amount of such installments. If the Trust Property is acquired. by BeneV".�r pails ran? to the exercise of the power of sate or other foreclosure, all right title and Interest of Truster in and to any insurance proceeds pay&Vl as a result of damage to the Trust Property prior to the sale or acquisition shall pass to Beneficiary and shall be applied ! rst to the cars and expenses, including attorney lees...,ncurred in collecting such proceeds, then In the manner and in the order provided herein. 8. Preservation and Maintenance of Trust Property. Trustor will keep the buildings ayzd o; he* Ii'rrprav'a :aeries now or hereafter erected on the Trust Property in gcod. repair and condition and will not commit or permit waste. wilt not arcs the desegn or structural character constituting any building, now or hereafter erected on and constituting the Trust Property wirnaut the prior written consent of Beneficiary, will not do any act or thing which would unduly impair or depreciate the value of the Trust Property and will not abandon the Trust Property. Trustor will not remove any fixtures constituting the Trust Properly unless the same art) iMmediately replaced with like property subltecf tb trio lien and security interest of this Deed of Trust and of at least equal value and utility. Trustor will comply with all present and future drdinances, regulations and requirements of any governmental body which are applicable to the Trust Property and to the cccuponcyr and use thereof If t1: s Died al Trust is on if unit III a condominium or a planned unit development, Trustor shall perform. all of Trustcr's obligations under the declarations or covenants creating or governing rho 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 Trust Property for the purpose 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 fads to make any such irlst'oection 10. Protection of Security. If riustor fails to perform any of the covenants and agreements contained in this Deed of Trust or if any action Of proceeding is commenced which does or may adversely affect the Trust Property or the interest of Trustor or Beneficiary therein or the title Of Trustor thereto, then Berlefiaary, at Its option, may perform such convenants and agreements, make such appearances, defend against and investigate suds* action or proceeding and take such other action as Beneficiary deems necessary to protecryits interest including, but not limited to, disbursement of reasonable attorney fees and entry upon the Trust Property to make repairs. Any amounts disbursed by Beneficiary jm . suant 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 requesting payment thereof, and shall bear interest hom the date of disbursement az the default rate. it any, set forth in the Note, or otherwise at the highest rate permitted by law. Nothing contained in this paragraph siia3 require Beneficiary to incur any expense or take any action hereunder. Trustor irrevocably authorizes and empowers Beneficiary to enter upon the Trust Properly as Trustor's agent and. in Tiustor's name or otherwise to perform any and all covenants and agreements to be Performed by Trustor as herein provided. Beneficiary shall, at its option, be subrogated to any encumbrance, hen, dism'f or demand and to all rights and securities for the payment thereof paid or discharged by Beneficiary under the provisions hereof and any such subrogaMn rights shall be additions and cumulative security for this Deed of Trust. 11. Condemne da The proceeds of any award or claim for damages, direct or consequential, In connection with any condemnation of other taking of the trust Property, or any part thereof, or for conveyance in lieu at or in anticipation of condemnation, are hereby assigned to and shaff be• paid to Beneficiary. Tru.srar will file and prosecute, in good faith and with due diligence, its claim for any such award or pak=017t, am-1 Mil cause t!" ,amo to be collected and paid to Beneficiary, and, should it fail to do so. Trustor irrevocably authorizes arnrt empowers Beneficiary, ,n the name of Trustor or otherwise. to file. prosecute. settle or compromise any such claim and to collect, receipt for an9 retain the proceeds If the Trust Property is abandoned by Trustor, or, after notice by Beneficiary to Trustor that the condemnor a- ers to make an award or sefife a claim for damages, Trustor fails to respond to Benehcrary within thirty (30) days after the date such dole* is mailed. Beneficiary is authorized to collect and apply the proceeds In the manner Indicated herein The proceeds of any award,& 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 Benehoary, be released to Trustor, applied to restoration of Trust Property, or applied to the payment of the indebtedness Ur'ess Benehcrary 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 shall not operate to release, in any manner. the !,ability of Trustor and Trustor s successors in interest Beneficiary shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the Indebtedness by reason of any demand made by Tfustor and Trustor s successors in interest L13 Financial Information Upon request o! BOneticiafy Trustor will provide to Beneficiary within ninQry 1901 days !rf the Noce ofeach frSc. -it Year of Trustor. ►ho consolidated balance sheet and statement of earnings of Trustor and any and all guarantors of the /nrdemed,ress secured hereby. it any, and will provide and delrve. +r to Bprieficrary, such (,!her hriancial inlotr"ation an f m !,V,- h m,lrne•r rr5 Nr•rlrf•t •dry may f0a5Onab!y request fiprn time (r) time iQ Finariclal CG✓En,mv. 1n ,Itf,plirrr tr, any r -!her flrtarinal Calf nail; (if Trustor rn irin it, ,w/ n•nur ,lrJr,.f,•, ,...r .r,r,.a r.,r, ., . Ill, Plot# TrusFv ,.h�dl r r.•i t •'! rill• ,Ir • 1 •.i i!r r .Ir, u: an n � J d dll r�udrdr .`r.• ,rrf the in!!t ?A4a7nr .'. •.n, .rrt•:r •..:r..r.., r• r nrnrr han�_n yy,•h r , r- r. /.. r ', ', ., '. • E- �r'�' r Ir ..I. r r•re'na,,.,. rTir.•, f,.lrogt.If.1_ :hi;; r•• , , .•'. ` • i• ,rr .i •. . ,r i s, a, i,r)r!v. {: r,r ! r.! l •v 'r '• 1, - rr /r rr' r r r ,Ir•rr•.V•• I f•.r .' , -•I -r i. r,. • r, , . ` , , . , ,.� r ,• r J .r•,... ir,,.rr.,,, .., r.i•f r -I .r , . , .r r . , .. . 11 r' , >r r• ,. .r � r r. , ,1 • -t.. n n r,.r • r I .i/. r! r ' i r' t , r r 1 .i -i' • . . 1rI•r ,.h; ,l', rr r r. , , 2 ,rf 1"7 �r r