|
1
<br />89-- 103 719
<br />FIRE, CASUALTY, AND OTHER INSURANCE: To keep such property insured against loss or damage by fire And other
<br />risk or asks vi", Id the sole opinion of Beneficiary should be insured against, under policies of Insurance with loss
<br />payable to Beneficratjr in form, amount and companies acceptable to Beneficiary. Said poliulnti shall be delivered to and
<br />remain in possession of Beneficiary as further security for the faithful performance of these obligations, which delivery shall
<br />constitute an assignment by Trustor to Beneficiary of all right, thereunder„ including all return premiums; to deliver to
<br />Beneficiary a policy or policies renewing or extending any expiring insurance with a receipt showing premiums paid at
<br />least thirty (30) days before expiration. If Trustor fails to to deliver any renewal. policies. Beneficiary may procure such
<br />insurance as it may elect and may make payment of premiums thereon, which payment is repayable on demand. Neither
<br />Trustee nor Beneficiary shall be responsible for obtaining or maintaining such insurance. Beneficiary. from time to time,
<br />may furnish to any insurance agency or company, or any other person, any information contained in or extracted from any
<br />insurance policy theretofore delivered to Beneficiary pursuant hereto, and any information concerning the loan secured
<br />hereby. In no event and whether or, not default hereunder has occurred shalfiHeneficlary, by the fact of approving,
<br />accepting orobtaining such insurance0hcur any liability for the amount of such insurance, the form or legal sufficiency of
<br />insurance contracts, solvency of Insivlfiws, or payment of losses by insurers, and Trustor hereby expressly assumes full
<br />responsibility therefore and liability; rt: any, thereunder. In the event of loss. Trustor shall give Immediate written notice to
<br />Beneficiary, v4 Beneficiary may, i utis not obligated to, make proof of loss if not made promptly by Trustor. In case of any
<br />loss the amotcntcollected under any cwt ➢icy of insurance on such property may, atthe option of the Beneficiary, be applied
<br />by Beneficiiv y-u;an any indebtedness and /or obligation secured hereby and in such orderand amount as Beneficiary may
<br />determine; or said amount or any portion thereof may, at the option of the Beneficiary, either be used in replacing or
<br />restoring the Improvements partially or totally destroyed to a condition satisfactory to said Beneficiary, or said amount or
<br />any portion Hereof may be released to the Trustor. In any such event neither the Trustee nor the Beneficiary shall be
<br />obligated to no to the proper application thereof; nor shall the amount so released of used be deemed a payment on any
<br />indebtedness secured hereby. Such application, use and /or release shall not cure or waive any defaultornotice otdefault
<br />hereunder or invalidate any act done pursuant to such notice. Any unexpired insurance and alt Murnable Insurance
<br />premiums shall Insure tiathebenefit of, and pass to. the purchaser of the property covered thereby ai anyTrustee's sale held
<br />hereunder. If said prop"V is sold pursuant to the power of sale contained herein or pursuant to any decree of foreclosure,
<br />all right, title and InterestiiTrustor in and to the proceeds of fire and other insurance policies for damage p!riortothe sale,
<br />which proceeds are not received prior, to the date of said sate, shall belong to Beneficiary. Trustor will comply with such
<br />other requirements and prouide, such other type of insurance as Beneficiary/ may require from timeto time for the protection
<br />by insurance of the interest of the respective parties hereto.
<br />TAXES AND OTHER SUMS DUE: To pay, satisfy and discharge, at least to ten (10) days before delinquency all general
<br />and special taxes and assessments and other public charges, and in no event later than the date such amounts become•
<br />due and to further pay when due or requested: (1) all encumbrances, charges and liens, with interest, on such property. or
<br />any part thereof. which are, or appear to beneficiary, in its sole discretion, to be prior to or superior hereto, (2) all costs, fees t and expenses of this trust. whether or not described herein, (3) fees or charges for any statement regarding the obligation
<br />swurad horshv in Any amnaint einmandarf by Ranrrietiary� Penn- excee althe m�vitl um armssntarroWed by iaw" � s!
<br />- - - - - ----- _.._.._. ........
<br />the time when such request is made. (4) such other charges es tea Beneficlary may deem reasonable for services rendered
<br />by Beneficiary and furnished at the request of truster or any successor in interest to Trustor, (5) If such property includesia
<br />leasehold estate. all payments and obligations required of the Trustor orttis successor in interest under the terms of the
<br />Inwtirtar ant 0! Instruireents ermting SuCs' ioawhold, ( °v) all payi7sein —o and monstary ob iga`tions required v, the Owner of
<br />such property under any declaration of covenants, conditions and restrictions pertaining to such property or any
<br />modification thereof; (7) all mortgage insurance or guaranty fees, premiums. or charges of any nature pertaining to such
<br />property. Trustor agrees to notify Beneficiary immediately upon receipt by Trustor of notice of any increase in the assessed
<br />value of such property and agrees that Beneficiary, in the name of Trustor, may contest by approViate proceedings such.
<br />Increase in assessment.
<br />In the event of the passage of any law deducting from the value of real property for the purposes of taxation any lien a�
<br />thereon or changing in any way the laws for the taxation of deeds of trust or debts secured by deeds of trust for state or local _
<br />purposes. or the manner of the collection of any such taxes, so as to affect this Deed of Trust, the holder of this Deed of Trust
<br />and of the obligations which it secures shall have the right to declare all sums secured hereby due as of a date to be �s
<br />specified by not less than 30 days' written notice to be given to Trustor by Beneficiary; provided, however. that such
<br />election shall be ineffective it Trustor is permitted by law to pay the whole of such tax in addition to all other payments —_
<br />required hereunder and if, prior to such specified date, does pay such tax and agrees to pay any such tax when hereafter
<br />levied or assessed against such property, and such agreement shali constitute a modification of this Deed of Trust.
<br />FUNDS FORTAXES AND INSURANCE: If Beneficiary $hair so request, Trustor agrees that Ittere shall be added to the
<br />periodical payment required to be made hereunder an ammount estimated by Trusted to be sufficient to enable Trustor to
<br />pay, at least thirty (30) days before delinquency, all generall.and special taxes, assessments, or other public charges
<br />agisinstsuch property, the Promissory Note. or upon oron account of thediebt or the lien of this Deed of Trust. together with
<br />¢rwniums for insurance rewired to be provided under this Deed of Trust and all mortgage insurance or guaranty fee %
<br />premiums or .similar charges and no interest shall be- payable to Trustor in respect thereof. Upon demand by Trustee.
<br />Trustor shat t d'efiver to Trustee such additional sums of money as are necessary to make up any deficiency in the amounts
<br />necessary to enable Trustee to pay any of the foregoing items.
<br />SUMS ADVANCED TO BEAR INTEREST: To pay immediately upon demand any sums advances or paid by Beneficiary
<br />or Trustee underany clause or provision of this Deed of Trust. Any such sums. until so repaid. shall be secured hereby and
<br />bear interest from the date advanced or paid at the same rate as set forth in such Promissory Note and shall be secured by - - -- this Deed of Trust
<br />ASSIGNMENT OF DEPOSITS: That as additional security if this be a construction loan, Trustor hereby transfers and
<br />assigns to Beneficiary during continuance of these Trusts, all right title and interest to any and all monies deposited by
<br />Trustor or deposited on behalf of Trustor with any city, county, public body or agency, sanitary district, gas and /or electric
<br />company, telephone company and any other body oragency, for the installation or to secure the Installation of any utility by
<br />Trustor, pertaining to this property.
<br />FAILURE OF TRUSTOR TO COMPLY WITH DEED OF TRUST: In the event Trustor should fail to make any payment or to �*
<br />do any act as provided in this Deed of Trust, or fail to perform any obligation secured by this Deed of Trust or do any act
<br />Trustier wgt"d not to de, l e"- ficiary, but without obhgstion so to do and without notice to or demand upon Trustor and
<br />without releasing Trustor from any obligation hereof and without contesting the validity or amount of the same, may (a ) pay, i
<br />make or do the 'mania in such manner and to such extent as it may deem necessary to protect the security hereof.
<br />PA"Iiciitry being tauthorired to enter upon such property for such purposes- and (b) pay, purchase. contest or
<br />cornprurnise anyencurnbrance, charge or lien, which in its judgement tsar appears to bra prior or superior hereto, and(c)
<br />it) Eart±re.19!r.9 ally sxich po*ef. pay n8t:essarrr costs. fines, rind expanses. employ counsel and pray counsel's reasonable,
<br />tees TrAj%t!ir agrees to ropy any amount so expended on dern;ancf of E3eni,tc +;ny
<br />
|