|
1
<br />90- -105840
<br />TO PROTECT THE SECURITY OF THIS TRUST DEED. TRUS70R HEREBY COVENANTS ANU AGREES AS FOI LOWS
<br />1. PAYMENT OF PRINCIPAL AND INTEREST. Truslor shall promptly pay when due the pfincipal el and inlornsl nn the mdehle(lnetis
<br />evidenced by the Note, and all other charges and fees as provided In the Note, and the principal of and Interest on any F uturo Advances secured
<br />by this Trust Deed.
<br />2. WARRANTY OF TITLE. Truster Is lawfully seized and possessed of good and indefeasible title and aslale to the Properly hereby conveyed
<br />and has the right to grant and convey the Property. the Properly is tree and clear of all Irons and encumbrances except Irons now of record. and
<br />Truster will warrant and defend the title to the Property against all claims and demands
<br />3. MAINTENANCE ANDCOMPLIANCE WITH LAWS. T rustor shall keepthe Properly In good repair and condition and shall not commit waste
<br />or permit impairment of deterioration of the Properly and shall comply with the provisions of any lease if this Trust Deed is on a feasehold No
<br />improvement now or hereafter erected upon the Properly shall be altered, removed or demolished without the prior written consentof Beneficiary
<br />i Truster shall comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Properly and not commit suffer or
<br />permit any act to be done in or upon the Property in violation of any law, ordinance. regulation. covenant, condition or restriction Trustor shall
<br />complete or restore promptly and in good workmanlike manner any improvement on the Property which may be damaged or destroyed and pay
<br />when due, all claims for labor performed and materials furnished therefor and for any alterations thereof
<br />4. INSURANCE. Truatoy, at its expense, will maintain with insurers approved by Beneficiary, insurance with respect to the improvements and
<br />ipersonal properlV corlstiluting the Property. against loss by fire, lightrnng, tornado, and other penes and hazards covered by slamdard extended
<br />I coverage Indorsement, In nn ;tmount equal 10 at least Fine hundred percent 1100 %) of the full replacement value thereof and insurance a•garnst
<br />I such other hazards and In such amourits as is custornavily carried by owners and operalvis of similar properties or as Benefictafv may rea; -.ire for
<br />Ilsprolection.Trusfor will comp w ithsuchotherroquifetnanisasBeneficiarymay" r, mtimetObmerequestforlrG •prolectionbVinsurancectlhe
<br />interests Of the respective parties. All insurance policies ma inlairedpuysuanl to this Trust Deed gfia li name Trustor and Banal c iwy as insured, as
<br />their tespecliye.inieresis may appear. and prvvide that there be no carc ellalion or modification wi;h .it at least 15 days prior wri lien notification to
<br />Trustee and loenahciary may procure such insurance in accordance w +l,rtl aprovislonsofparagraph6hereof Trustor shall deover to Beneficiary
<br />the original pohc ios of insurance and renewals thereof of mcvmo copies of such policies and renewals thereof Failure to furnish Such insurance by
<br />Trustor, or renewals as required hereunder shall, at the option of Beneficiary. constitute a default
<br />5. TAXES, ASSESSMENTS AND CHARGES. Truster shall pay all taxes. assessments and other charges, including, without limitation, fines
<br />1 and impositions atlnbulable to me Property and isasenole paymenrs or grouna tuna it dny, bniut r inn sdmb t &i err& dAlrrgi+atri Trustor shall
<br />promptly furnish t; nerieficiary all notices of amounts due under this paragraph. and m ltle E%veTt T rustot Shall make payment directly. Trustor shall
<br />promptly furnish to Beneficiary receipts evidencing such payments Trustor sha ' i•a Ait taxes and Assessments which may be levied upon
<br />Beneficiary s interest herein or upon this Trust Deed without regard to any law that —ay be enacted imposing payment of the whole or any part
<br />thereof upon the Beneficiary.
<br />6. ADDITIONAL LIENS AND PROTECTION OF BENEFICIARY'S SECURITY. Truster shall make all payments of interest and principal and
<br />payments of any other charges, fees and expenses contracted to be paid to any existing or subsequent lienholder or beneficiary, under any
<br />existing or subsequent mortgage or trust deed before the date thoy are delingont or in default, and promptly pay and discharge any and all other
<br />liens, claims or charges which may jeopardize the sec urfly granted herein if Trustor fails to make any such payment or falls to perform any of the
<br />covenants and agreements contained in this Trust Deed, or the Note referred to herein or in any prior or subsequent trust deed. or if any action or
<br />proceeding is commenced which materially affects Beneficiary's interest in the Properly. including, but not limited to. eminent domain proceed-
<br />ings, proceedings involving a decedent, notice of sale by Trustee, notice of default by Trustee. mortgage foreclosure action, or if Truster fails to
<br />pay Tiustor's debts generally as they become due, then Beneficiary, at Beneficiary's option and without notice to or demand upon Trustor and
<br />i without releasing Trustor from any obligation hereunder, may make such appearances. disburse such sums and lake such action as Is necessary
<br />to protect Beneficiary's interest, Including, but not limited to, disbursement of reasonable atlorney's fees, payment, purchase, contest or
<br />compromise of any encumbrance, charge or lien, entry upon the Property to ,Hake repairs. or declaration of default under this Trust Deed In the
<br />event that Trustor shall tail to procure insurance or to pay taxes assessments. or any other charges or to make any payments to any existing or
<br />subsequent lienholders or existing or subsequent beneficiaries 3eneficiary may procure such insurance and make such payment. but shall not
<br />be obligated to do so. Any amounts disbursed by Beneficiary pursuant to this Paragraph 6 shall become additional indebtedness of Trustor
<br />i secured by this Trust Deed. Such amounts shall be payable upon notice from Beneficiary to Truster requesting payment thereof, and shall bear
<br />interest from the bate of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at
<br />such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable
<br />few. Nothing contained in this Paragraph 6 shall require Beneficiary to incur any expense or take any fiction hereunder.
<br />7. ASSIGNMENT OF RENTS. Beneficiary shall have the right. power and authority du, ing the continuance of this Trust Deed to collect the
<br />rents, issues Arita profits of the Property and of any personal properly located thereon with or vitrthout taking possession of the property affected
<br />hereby, and Trustor hereby absolutely and unconditionally assigns all such rents, issues and pratts to Beneficiary Beneficiary. however. hereby
<br />consents to the Trustor' scollectionandretentionuisuchrents .issuos -and prolits as they accraft and become payable so long as Trustor is not. al
<br />such time, in default with respect to payment of any indebtedness secured hereby. or in the performance of any agreement hereunder Upon any
<br />such default. Beneficiary may at anytime, either in person. by agent or by a receiver to be appointed by a court. without notice and without regard
<br />to the adequacy of any security for the indebtedness hereby secured, faI enter upon and take possession of the Property or any part thereof. and in
<br />its own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid. and apply the same less costs and
<br />expenses of operation and collection including reasonable altornev s fees upon any indebtedness secured hereby and tit such Order as
<br />Beneficiary may determine. (b) perform such acts Of repair or protection as may be necessary or proper to conserve the value cl the Property. Ice
<br />i lease the same or any part thereof for such rental. term. and upon such conditions as its judgment may dictate or terminate or adjust the terms and
<br />I
<br />conditions of existing leases. Unless Truslor and Beneficiary thereof agree otherwise in witting any application of rents. issues or profits to any
<br />indebtedness secured hereby shall not extend or postpone the due dale of the installment payments as provided in said promissory acute or
<br />change the amount of such installments The enter mguptln APO taking possession atmeProperty ineconecnonuisucirrenis 'saurtiantipruLi,
<br />and the application thereof as aforesaid. shall not waive or cure any default or notice of default hereunder or invalidate A ^y act bane putsu,inl to
<br />i Su0notice Truster also assigns to Beneficiary. asturlifer Security tar the performance of the,mitil.-itions secured harobt, alipr-paidrenlsandall
<br />ir.� +FS pl*ic�
<br />may have been or may hereafter be deposited with said rruslor by any lessee orrhe Property to secure in a payrrir,nf of any rent or
<br />da -:ages or upon default in the performance of any of the provisions hereof Trustor agrees to deliver such rents and Cfepo, t•3 t.? ♦3i °' r .ar.
<br />0ahvery of arillen notice ful5eneficcary s exorcise of the rights granted herein r4 any fenantafcUpy'nrTy• +'rtpr win 5essmalIoosuff,(,. N lit fit roqu.rt?
<br />said tenant to p 3•t lent to the .9eneficiary until further notice
<br />0 CONDEMNATION_ tt +:,;;le to any part of the Properly Sham De' Iakt ?n .n rnndr°mndhon prorrted ng•; ry r „jnr )f piy+.nt+nl 4,,m,i,1. ,r •. ,,..
<br />action, of shall be sold urrdet• im real of condom Pal ton. all awards dam ages anal proceeds are but eby a5:,gnt it ,tnrl 0'.111 bw +a ,t f
<br />Who shall apply such awards, damages and proceeds to the sum secure.l by tn+g rrust Deed. with the inks -; .t anv Rof, I r., r r,,;,.: r •,; ,+
<br />receives any notice orotner information regarding such actions or proceedings Truster Shan give prompt wfillen not•; W t ^a oof (•, tlt•nef•t -,fr t
<br />Beneficiary shall be entitled, at its option, to commence. appear in an (I proses ule in -15 own if.% "H' ,n•� gut 01 at It'll, 01 pr
<br />L entitled to mdkit Joy Compromise or settlement in connection wiln any wcl, aCt0.ti1 of phKPed,nq,
<br />9 FUTURE ADVANCES. Upon request of Tfuslor Beneficiary at Herfef'c +ary s option Itnor It, "•t tin„r•valic r rt V +r ff
<br />make future advances toTiuslor Such luturu advances wilhtntmesllhetpo llt• h, fll ill, yetwod1 •rlr +•••t,lath#v'laor't'a. •t,•••,i•• +c•,,•.
<br />notes stating that said notes are secured hereby provnleft that dl nu fun,...r,,u Iric •.t + ,,,1•,7 p- ,•, p•11 i' •1 ,flu•.• t•i. +, .
<br />advanced to protect the security exceed two hundred pert, en1 1:100'•.1 lit the ,,nqu+,ii l+r,r+, pact ,pitnt,nl•. .• 1 i4••.•I +�
<br />It.
<br />
|