|
DEED OF TRUST 200007914
<br />(Continued) Page 2
<br />Compliance With Envkonnrental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership of
<br />the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
<br />Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe that there has been,
<br />except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any
<br />use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or
<br />from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claim of any kind by any
<br />person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender In writing, (a) neither Trustor nor
<br />any tenant, contractor, agent or other authorized user of the Property shell use, generate, manufacture, store, treat, dispose of or release any
<br />Hazardous Substance on, under, about or from the Properly; and (b) any such activity shell be conducted In compliance with all applicable
<br />federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Trustor authorizes Larder and
<br />Es agents to enter upon the Property to make such Mupsctions and tests, at Trustor's expanse, as Lender may deem appropriate to
<br />determine compliance of the Property with this section of the Deed of Trust. Any inspections or fasts made by Lender shall be for Lender's
<br />purposes only and shelf not be construed to create any responsibility or Nab#ity on the part of Lender to Trustor or to any other person. The
<br />representations and warranties contained herein are based on Tnustors 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 indemnity and hold harmless Lender against any and all
<br />calms. losses, liabilities, damages, penalties, and expenses which Lander 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 Trustoes 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 Indemnity, she# 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 shipping of or waste on or to
<br />the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to any other
<br />party the right to remove, any Ember, minerals (including oft and gas), coal, day, scoria, soil, gravel or rook products without Lender's prior
<br />written consent.
<br />Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Meal Property without Lender's prior written
<br />consent. As a condition to the removal of any Improvements, Lander may require Trustor to make arrangements satisfactory to Lender to
<br />replace such Improvements with Improvements of at least equal value.
<br />Lender's RI9M 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 Trustor's compliance with the terms and conditions of this Deed
<br />Of Trust.
<br />Compliance with Governmental Requirements. Trustor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
<br />In effect, of all governmental authorities applicable to the use or occupancy of the Property, including without Imitation, its 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 ties notified Lender in writing prior to doing so and so long as, in Lender's sole opinion,
<br />Lender's interests In the Property are not jeopardized. Lender may require Trustor to post adequate security or a surety bond, reasonably
<br />satisfactory to Lender, to protect Lender's interest.
<br />Duty to Prolscl. Trustor agrees neither to abandon nor leave unattended the Property. Trustor shall do a# other acts, In addition to those
<br />acts 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 />TAXES AND LIENS. The following provisions relating to the taxes and liens 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), hies 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 lions having priority over or equal to the
<br />Interest of Lender under this Deed of Trust, except for the Ilan of taxes and assessments not due and except as otherwise provided in this
<br />Deed of Trust.
<br />RWd 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 in the Property is not jeopardized. If alien arises or Is flied as a result of nonpayment, Trustor shall within
<br />fifteen (15) days after the Non arises or, If a lien is fi led, within fifteen (15) days after Trustor has notice of the 1Nimg, 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 lien plus any costs and attorneys' fees, or other charges that could accrue as a result of a foreclosure or
<br />sale under the Nan. In any contest, Trustor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against
<br />the Property. Trustor stall name Lander as an additional obliges 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 materiels are supplied to the Property, If any mechanic's Non, materialmen's Non, or other lien could be asserted on account of the work,
<br />services, or materials. Trustor will upon request of Lander 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 />Maintenance of Insurance. Trustor shall procure and maintain policies of fire Insurance with standard extended coverage endorsements on
<br />a fair value basis for the full Insurable value covering aN Improvements on the Red Property In an amount sufficient to avoid application of
<br />any coinsurance clause, and with a standard mortgagee clause M favor of Lender. Trustor shell also procure and maintain comprehensive
<br />general liability Insurance In such coverage amounts as Lender nay request with trustee and Lender being named as additional Insureds In
<br />such NobflHy, insurance policies. AddNiorally, Trustor shall mainteln such other insurance, including but not it~ to hand, business
<br />interruption, and bolter insurance, as Lender may reasonably require. Policies shall be written In form, amounts, coverages and basis
<br />reasonably acoepalble to Lender and Issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of
<br />Lender, will deliver to Lender from Ems 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 />shah Include an endorsement providing that coverage in favor of Lender will not be Impaired In any way by any act, 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 maintaln Federal Flood Insurance, it available, within 45
<br />days after notice Is given by Lender that the Property is located In a special flood hazard area, for the full unpaid pdricipel balance of the loan
<br />and any prior lions on the property securing the loan, up to the maximum policy Imits set under the National Flood Insurance Program, or as
<br />otherwise required by Lender, and to maintain such Insurance for the tern of the loan.
<br />Application of Proceeds. Trusty shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss If
<br />Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Landers security is impaired, Lender may, at Lender's election,
<br />receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any Nan affecting
<br />the Property, or the restoration and repair of the Property. , If Lender elects to apply the proceeds to restoration and repair, Trustor shall
<br />repair or replace the damaged or destroyed Improvements In a manna satisfactory to Lender. Lender shelf, upon satisfactory proof of such
<br />expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration ti Trustor is not in default under this
<br />Deed of Trust. Any prooseds which have not been disbursed within 180 days air their receipt and which Lender has not committed to the
<br />repair or restoration of the Property shah be used Met to pay any amount owing to Lender under this Deed of Trust, then to pay accrued
<br />interest, and the remainder, it any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment
<br />In full of the Indebtedness, such proceeds shall be paid to Trustor.as Trustor's interests may appear.
<br />Unexpired Insurance at Sale. Any unexpired Insurance shall Inure to the be elit of, and pass to, the purchaser of the Property covered by
<br />
|