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201903152
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Last modified
12/9/2019 6:24:50 PM
Creation date
6/3/2019 4:10:25 PM
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DEEDS
Inst Number
201903152
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201903152 <br />tax and in writing in all respects satisfactory to Beneficiary agrees to pay any such tax when <br />thereafter levied or assessed against the Mortgaged Property, which shall thereafter constitute <br />a portion of the Secured Indebtedness. <br />Section 2.2 — Contest of Liens. The Trustor shall not be required to pay or discharge <br />any tax, assessment, governmental charge or lien so long as the Trustor shall in good faith <br />contest the same or the validity thereof by appropriate legal proceedings which shall operate <br />to prevent the collection thereof from, and the sale of, the Mortgaged Property, or any part <br />thereof, to satisfy the same; provided that: (1) the Trustor shall have deposited with the <br />Lender such reasonable security as may be demanded by the Lender to insure payment and <br />prevent any sale or forfeiture of any part of the Mortgaged Property by reason of nonpayment; <br />(2) neither the Mortgaged Property nor any part thereof or interest therein would be in any <br />danger, deemed substantial by the Lender, of being sold, forfeited, or lost; (3) the Lender <br />would not be in any danger, deemed substantial by the Lender, of any civil or criminal <br />liability for failure to comply therewith; and (4) the Trustor notifies the Lender, in writing, of <br />such contest. Any such contest shall be prosecuted with due diligence and the Trustor shall <br />promptly notify the Lender after the final determination thereof and shall pay the amount of <br />any such tax, assessment, governmental charge or lien, together with all interest, penalties and <br />other costs payable in connection therewith. <br />Section 2.3 - Insurance, Damage and Destruction. The Trustor shall, at its sole <br />expense, obtain for, deliver to and maintain for the benefit of the Beneficiary during the term <br />of this Deed of Trust, such insurance coverage as is set forth on Exhibit B attached hereto, and <br />such other insurance as Beneficiary may reasonably require. <br />The Trustor shall pay promptly, or cause to be paid promptly, when due, the premiums <br />of such insurance policies and any renewals thereof. The form and substance of such policies <br />and the companies issuing them shall be acceptable to the Beneficiary. <br />Trustor hereby assigns to the Beneficiary, as further security, all unearned premiums <br />on any insurance policies and renewals described in this Deed of Trust. In the event of the <br />foreclosure of this Deed of Trust or any other transfer of title to the Mortgaged Property in <br />extinguishment of the Secured Indebtedness and other sums secured hereby, all right, title and <br />interest of the Trustor in and to all insurance policies and renewals thereof then in force shall <br />pass to the purchaser or grantee. <br />In case of loss covered by policies of insurance, the Trustor may take such action as it <br />may reasonably and in good faith deem appropriate to adjust and collect for any losses so long <br />as: (i) Trustor is, in the reasonable opinion of the Beneficiary, diligently pursuing the <br />adjustment and collection of any such insurance and, (ii) the loss must be settled and adjusted, <br />or litigation must have been commenced with respect to the loss, within twelve (12) months <br />of the loss; otherwise the Beneficiary (whether before or after the foreclosure sale) shall be <br />authorized at its option and without the consent of Trustor to settle and adjust any claim <br />arising out of such policies and collect and receipt for the proceeds payable therefrom. Any <br />expense incurred by the Beneficiary in the adjustment and collection of insurance proceeds <br />(including without limitation the cost of any independent appraisal of the loss or damage on <br />behalf of Beneficiary) shall be reimbursed to the Beneficiary first out of any proceeds. <br />6 <br />
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