|
B
<br />1
<br />IT IS MUTUALLY AGREED THAT:
<br />F
<br />89-0'. 104682
<br />UTIGATION: Triustorshalldelend this Trustin anyaction orproceeding purportingtoaffectsuch property. whetheror not
<br />it affects the security hereof. or purporting to affect the rights or powers of Beneficiary of Trustee, and shall file and
<br />prosecute all necessary claims and actions to prevent or recover for any damage to or destruction of such property. and
<br />either TrusteeorBeneficiary is herebyaUtherized. without obligation sotodo, to commence.appear in ordefendany such
<br />action, whethwbroughtbyoragainstTruW! on ;l(�negiciaryorTrusteeorwithor withoutsult, toexerclseorenforce any other
<br />right remedy orpoweravailableorconferredflerrl finder, whet herornotjudgmentbeenteredinanyactionorproceeding,
<br />and Trustor orBeneficiary may appear or intervene In any action orproceeding, and retain counsel therein; and take such
<br />action therein, as eithei may be advised and may settle, compromise or pay the same or any other claims and, in that behalf
<br />and for any of said purposes, may expend and advance such sumaof money as eidwmay deem necessary. Whether ornot
<br />Trustor so appears or defends, Trustor on demand shall pay all costs and expenses of Beneficiary and Trustee. including
<br />cost of evidence of title and attomWs fees in a reasonable sum, in any such action or proceeding in which Beneficiary or
<br />Trustee may appear by virtue of being made a party defendant or otherwise and irrespective of whether the interest of
<br />Beneficiary orTrustee in such property is directly questioned by such action, including but not limited to, anyactionforthe
<br />foreclosure of, or sale proceedings under, any secondary lietc an such property, condemnation or partition of such
<br />property. and any suit brought by Beneficiary to foreclose tb a Dv ,,,.d of Trust
<br />CONDEMNATION: All sums due, pairs or payable:f?%j ,yr; zany successor in interest of Trustor, whether by way c
<br />judgment settlement or otherwise, (a) for injury orda iet6 si i�h property, or (b) in connection with any conderittrta►tion
<br />for public use on fury to such property or any part thereof. or (:i„ n connection with the transaction financed lr C th A.,oen
<br />secured hereby or. (d) arising out of all causes of action, whetj�ii accruing before or after the date of this Deed d- Titust
<br />sounding in tort at contract. including causes of action for fraud or concealment of a material fact together Wifli:the'
<br />settlements, proceeds, awards and damages, direct and consequential, to cxlmection therewith are hereby absolutaty and
<br />Irrevocably assigned ard-shiJI be paid to Beneficiary. Beneficiary shall be er, Wed, at Its option. to commence, Intery, eliv.'
<br />..
<br />appear in and own rw any action or proceeding, or to make arty compromise or setttdirraht, in
<br />connection with any such taking or darr<ate. Trustor agrees to execute such further assignments of any compensation,
<br />award. damages, rights of action and proceeds as Beneficiary may require.
<br />All amounts received by Beneficiary pursuantto tifis Deed of Trust under any fire or other insurance policy, in connection .
<br />with any condemnation for public use 0ar;;njury to such proprsn� iorinjury ordamagetosuchherebyaretobe "pliedat
<br />the option of Beneficiary upon any indeb9kMess secured hero- .,T'ne application, use or release of such amountshall not
<br />cure or waive any default or notice of default hereunder or invalidate any act done pur5r1,31tt to such notice.
<br />CONSENT, PARTIAL RECONVEYANCE, ETC.: Trustee may. at any time, or from time tc;fime, without liability therefore,
<br />and without notice, upon written request of Beneficiary, and yr 1ftout affecting the peruarial liability of any person for
<br />payment of the indebtedness secured hereby, or the lien of this Gmad of Trust upon the remainder of such pr for the
<br />full amount of the indebtedness then or thereafter, secured hereby, or the rights or powers of the Beneficiary or theTrustee
<br />with respect to the remainder of such property, (a) rr_comvey any part of such property, (b) consert".trrttte making of any
<br />map or plat thereof, (c) join in granting any easemen >t:1k ereon. or (d) join in any extension agreement or any agreement
<br />subordinating the lien or charge hereof.
<br />FULL RECONVEYANCE: That upon %T. -.i"n request 0 Beneficiary stating that all sums secured hereby have been paid
<br />and m'.- obligations secured hereby have been satisfactorily performed, Trustee shall reconvey, without warranty. the
<br />property Men held hereunder. The recitals in such reconveyance of any matters of fact shall be conclusive proof of the
<br />truthfulness thereof. The grantee in such: i-teonveyance may be designated as "the person or persons IegalSy entitled
<br />thereto ". Such requests and reconveyance shall operate as a reassignment of the rents. income, issues and profits
<br />hereinbefore assigned to the Beneficiary.
<br />F1444T TO COLLECT AND RECEIVE RENTS AND PROFITS: Notwithstanding any other provisions hereof, Beneficiary
<br />hereby grants permission to Trustor to collect and retain the rents. income, issues and profits of such property as they
<br />become due and payable, but reserves the right to revoke such permission at any time, with or without cause, by notice in
<br />writing to Trustor, mailed to Trustor at his last known address. In any event, such permission to Trustor shalFbe
<br />aulcAr ttically revoked upon default hereunder by Trustor_
<br />FINANCIAL INFORMATION: Trustor wiii provide to Beneficiary; within 90 days of the cloge of each fiscal yearot,T'eustor, a
<br />consolidated balance sheet and statement of earnings of Trustor and any and all guarantors of the obligatiora-z oecured
<br />hereby and will provide and deliver to Beneficiary such other financial information and in such manner as Beneficiary may
<br />direct from time to time.
<br />FINANCIAL COVENANT; T ustor shall-comply with and shail,c;ause ary and all rquarantors of the obligation secured
<br />hereby tocomply wittl;orbeincompliarlc4 with, thefoltowingfinano; ialcovenants:( Thisparagraph shall benon- ;tliplicabie
<br />if covenants and requs!•e.^. rents are not Idled in below.)
<br />LEVENTS OF DEFAULT. Any of the following events shall be deemed an event of default hereunder:
<br />(a) Default shall be made in the payment of any installment of principal or interest or any other sum secured hereby wnen
<br />due or
<br />( b) Trustor should breach or otherwise be in default under any term, covenant, agreement; cond.tion, or provision
<br />contained horein or in any building loan agreement or in any other agreement secured hereby; or,
<br />t r-1 Any ropfesentatiun or covrrn7nt made herein. in uny building loan agreement, o-r in any otter agree"int -if secured
<br />nerr;Gy (it given in connection nerowith or Any iridebteditess secured h areby shouts be false or rristeadinrg. or
<br />
|