|
89-- 104238
<br />r 6. Eminent Domain. Lender is: hereby assigned all
<br />1 compensation, awards, amages and other payments or relief
<br />thereinafter "Proceeds") in connection wittz condemnation or other
<br />taking of the Property or part thereof, or'for conveyance in lieu
<br />of condemnation. Lender shall be entitled, at its option, to
<br />commence, appear in and prosecute in its owq name any action or
<br />proceedings, and shall also be entitled to make: any compromise or
<br />settlement in connection 'with such taking or.dfamage. in the
<br />event any portion of the Property is so t$ket+, air damaged, Lender
<br />shall have the option, in its sole and absolute discretion, to
<br />apply all such Proceeds, after deductirg :therefrom all costs and
<br />expenses incurred by it in connection with such Proceeds, upon
<br />any indebtedness aauared hereby and in such order as Lender may
<br />determine, or to apply all such Proceeds, after such deductions,
<br />to the restorationiof the Property upon..'"ch conditions as Lender
<br />may deter ime.. Any,application of Proceeds to indebtedness shall
<br />not extend or postpone the due date, of. ,Any payments under the
<br />Note, or cure any default thereunder'46r: hereunder.
<br />Performancej b Lender. la:. -the event of Borrower's
<br />failure to per onset any of the covenants, herein or stake any
<br />payments required hereby, o. if any act 'is taken or legal proceed-
<br />ing commenced which materially affects' Lender's interest in the
<br />Property, Lender may in its own die-cretion, but without obligation
<br />to do so, and without not ,-ice to or demand upon Borrower, and
<br />without refitasing Borrower from any obligation, do any act which
<br />the Borrower has agreed but fail* to do and may also do any other
<br />act it deems neeevm ry to protect.:the security hereof. Borrower
<br />shall, immediately. upon demand. therefor by Lender, pay to Lender
<br />all costs and expenses incurred and sums expended by Lender in
<br />connection.with the exercise by. Lender of the foregoing rights,
<br />together with interest thereon at the default rate provided in
<br />the Note, which shall be added to the i debtedness secured
<br />hereby. Lon4er shall not incur any liability because of anything
<br />it may do or-omit to do hereunder.
<br />■
<br />Amok
<br />W
<br />.W. A
<br />s;
<br />e. Masardous Materials. Borrower shall keep the
<br />Property in comp aarce Wi th- arty and all federal, state and logitl
<br />laws, ordinances and regulations relating to industrials hygiene
<br />or to environmental conditions on, Hinder or about the Property,
<br />including, but not limited • to, soil and groundwater conditions.
<br />Trusttor shall not use, generate, manufacture, store or dispose of
<br />on, .under or about the Property or transport to or from the
<br />Property any flammable explosives, radioactive materials,. hazardous
<br />wastes, toxic substances or related materials, including, without
<br />limitation, any substances . defined as or included in the defini-
<br />tion, of "hazardous substances", "hazardous wastes ", "hazardous
<br />materials" or "toxic substances" under any applicable laws,
<br />ordinances or regulatiuns (collectively referred to hereinafter
<br />as "Hazardous Materials "). Borrower hereby warrants and repre-
<br />sents to Lender that there are no Hazardous Materials on or under
<br />the Property. Borrower hereby ,agrees to indemnify and hold
<br />harmless Lender, its directors, officers, employees and agents,
<br />and any successors to Lender's interest, from ti an agaiazt any and
<br />all claims, damages and liabilities arising in connection with
<br />this presence, use, storage, disposal or transport of any Hazardous
<br />Haterials on, under, from or about the Property °, including,
<br />without limitation, fa) all damages directly 'or indirectly
<br />arising out of the use, generation, storage or disposal of
<br />Hazardous Materials by Borrower or any prior owner or operator of
<br />the Property, and (b) all costs of any required or necessary
<br />repair, cleanup or detoxification, and the preparation of any
<br />closure or other required plans, whether -such action is required
<br />or necessary prior to or fallowing transfer of title to the
<br />Property, to the full extent that such action is attributable,
<br />directly or indirectly, to the presence or use, generation,
<br />storage, release, threatened release or disposal of Hazardous
<br />Materials by any persons on the Property prior to transfer of
<br />title thereto by Lender. The foregoing warranties and repre-
<br />sentations, and Borrower's obligations pursuant to the foregoing
<br />indemnity, shall survive repayment of the Notes and the rec on_
<br />veyance of this Deed of Trust.
<br />_l-
<br />j.
<br />
|