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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 />accordance with their custom) so as to insure that sufficient funds will <br />be available to complete the restoration of the Mortgaged Property, and <br />to insure that Beneficiary will continue to have full title insurance <br />including, without limitation, mechanics' lien insurance, during and <br />after the construction period; <br />vii. Trustor deposits into a pledged escrow account with Beneficiary any <br />difference between the total cost of repair, restoration or replacement <br />and the amount of insurance proceeds. <br />D. In the event that the foregoing conditions are met within 60 days after said <br />loss occurs, Beneficiary shall make the insurance or condemnation proceeds <br />(not in excess of the amount required for restoration of the Mortgaged <br />Property) available to Trustor. The procedure for draws shall be as <br />specified by Beneficiary. <br />E. There shall also be no abatement, delay or diminution of any payments due <br />or coming due under the Note as the result of such repair, delay, rebuilding, <br />replacement, or restoration. <br />F. All buildings and improvements acquired in the repair, rebuilding, <br />replacement or restoration of the Mortgaged Property shall be deemed a part <br />of the Mortgaged Property, encumbered by this Deed of Trust. <br />G. Upon the completion date for such replacement or restoration, to the extent <br />the total of funds available pursuant to this subsection are in excess of the <br />costs incident to such repair, restoration or replacement, or if the event of <br />damage or destruction has not significantly impaired the operation of the <br />Mortgaged Property and no repair or restoration is required in the opinion of <br />Trustor and Beneficiary, such excess funds shall be delivered to the <br />Beneficiary for application against the Secured Indebtedness. <br />Proceeds payable for rental value coverage shall be endorsed and paid to the Trustor, <br />but only on condition that no Event of Default exists hereunder. <br />In no event shall Beneficiary be held responsible for failure to pay for any insurance <br />required hereby or for any loss or damage growing out of a defect in any policy thereof or <br />growing out of any failure of any insurance company to pay for any loss or damage insured <br />against or for failure by Beneficiary to obtain such insurance or to collect the proceeds <br />thereof. <br />Section 2.4 - Condemnation. If the Mortgaged Property, or any part thereof, or any <br />interest therein, or any rights appurtenant thereto, including, but not limited to, access, light, <br />air and view, be condemned under any power of eminent domain or acquired for any public or <br />quasi -public use or in the event of sale in lieu thereof, the Trustor shall promptly give the <br />Beneficiary written notice thereof, generally describing the nature of such taking, damage, <br />sale, proceedings or negotiations and the nature and extent of the taking, damage or sale <br />which has resulted or might result therefrom, as the case may be, together with a copy of each <br />8 <br />
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