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2. Peyment ol lndebeedness. Trustor shall prorr,prfy pay or cause t�be paid when due fhe,yObliga[iuns and a!f other indebtedness. The
<br /> Trustor shal!also prom�t/y and fa;thfully observe a[t ol irs obligafions under any�iher deed oJ trust encumbering a!!or part o/the Trust '
<br /> P.operry and,ii app�icab/e,any promissory nore,guaranry,or other remr of contractuaf irtdebt�dness secwnd 6y sueh oth.er deed of trus f,
<br /> wherher junior or senior ro rha/%en of this Dead of Trusr,and any other ob/igatians seCUred by a lien on[h.e Trust Pfoperty, whether ansing '
<br /> consc;�sua;ly or hy eperatian ol/aw.
<br /> 3• Ca�s7uctio�ot lmprovement�. Trusror sha11 cvmplere in good and workman�i.te manner any bvildings,improvements or repairs relating
<br /> therero which,may b�begun on rhe Trust Property or rcntemplated by the Obligatin�s se!�•^ed hQreby,to pay when due a/1 eosrs and '
<br /> liabilities incurred rherelo,and not to permit any constroction lien against such T.•ust rm,- .y. ln che evenr consrrueUon of fiu;ldings,
<br /> improvements or repairs a�e contemplated, 7rustor a/so agrees,ar.ything irt thia Beed o,`7�ust to the�ontrary notwithstandir,g;fa)tc
<br /> ��omptly commence any sucn work artd[c completa ihe p�oposed improvemen�s p�a�npHy, fb)to camplete the same in acco�dance with the '
<br /> p/ans and specifications as app�cved by Bersefiaiery, /c/to comp/y with a!!Phe terr.rs of a Lui/�ing loan agreemen6 i/any,Aefween Tivsio�• '
<br /> an�Bene7iciary. the terms of which are incnrparaled herein by reference and mede a part.hereol, fdJ to a!!ow Beneliciary to insper,t the Trust
<br /> Prapeny,�t sA/times during conrtruc:ion,and fel to rap/ace any work or matena/s un�uisfectory to Bane�ciery within Ffteen/151 deys s/ter
<br /> writlen norice lrom Beneficiary of such fact.
<br /> Q. funda for Peyvnent ol Charges.l/requr.sted st any time oi(rom time to time by the Beneliciary, Trusb�,^hal!pay to 8eneficiary on the '
<br /> first day of each month.,or such other date each month as may be sFe�:ified by Berteficiary,unti/the O6/igati,�ns an paid in/ull,a sum
<br /> (hereinatte�the 'Funds"1 equa/to 1/12th ul the yearJy taxes and assessments which may attain priority over this Deed ef Trust and ground '
<br /> rents an the Trvst P�operfy,i/any,plus 1/12rh of the yeaNy premiunr installmarats for haz8rd insurance,plus 7/f:th o/the yeaNy premium
<br /> insrall,nanrs lor mcng<*gc-insurancc,i/arty,al!as reasr.nahly estimsted initially ane►'jroni time to time by?aneficiary on the basis o7,
<br /> assessments and b;lls and reasonat+e asn.'mates the�eoL The Funds shall be held in sn institution,!he deposits or actouirts of evhich are '
<br /> insured or guarenteed by a federal or stote agerrcy mc/uding Beneficiary. Beneficrary sha;l app/y the Funds to pay said taxss,assessn,ents, '
<br /> insrrrance pr�miums and ground rents.Beneli�iery sha/1 nor be required to pay Trustor any interest oi eamings an tAe Funds. Bene/iciary shal! '
<br /> give ro Trusro� wirhout charg�,an annua/accounrinQ of fhe Funds showing credits ond debiis ro the Funds and rhe purpose lor wAieh each
<br /> debit fn the Funds was m9de. The Funds ere p/edged as add.�tiona/secur,"ty Jor fhe Obligations secured 6y this Deed of T�ust.!f rhe amount
<br /> oI the Funds held by Bene�c�ary, Pogeih�r with the tvture monthly installmen!s ol Funds paysble prior to the due dates oC faxes,
<br /> assessmenls,insurart�a p�emiums and greund rents,shall excee�the amoun.t required to pay said taxas,sssessments,insurance premiums '
<br /> an�g�ovnd re.nts as they/&I!due,such excess shali be,at Tiustor's opfion,either promptly repaid to Trustor or credifed�o T�usto�against
<br /> futwe monthly installments of Funds.!1 th.e aMauni o/rhe Funds he/d hy Baneficiary sha/!not be su/Ticient to pay taxes,yssessments, '
<br /> insurance p�emiums and,qround�ents as thev r'a//due, Trtfstar sha11 pay to BeReficiary any amount necessary to make up the derciency '
<br /> wi7hin thirty days Irom th�Cate natica!s mailed by BeneTciery to Trustor requesting paymen�(h�reoL Upon paymeot in ivi;ol all
<br /> Ob/igatians, 8sneficiary.sha//,aromptly re!und to Tivstor any Funds he/d by dnneliciery./f the Tivst Pro�eriy is so/d under!^e�syer o/sa/e
<br /> or the Tiust P�operry is otherw'ise acquireu Dy deneficiary,Beneficiery sha!!appty,immeoiate/y prior to the sa/e of fhe Trust Prope�ty or its '
<br /> acqu;sition by 8eneliciary,any,unds held by BPneficiary at Phe time ol epp/ication as a credit against the Obligetions.11 Benoficrary executes
<br /> a written waives ot Trustor's obligations under thrs Sectinn, Tiusto�covenents end agrees to pay,Aefore the same become deh:oquent, all '
<br /> �1 taxes,assessmenfs,insu�anc<premiums,ground rents,aRd af/orher charr��s whatsoever/evied upon or assessed,p/aced or made against
<br /> � !he Trust?roperiy. Trusfor lurther agrees,upon wntten request by Berr�Tcrary, to prompf/y deliver to 8ene/iciary afl;eteipts(or the payment
<br /> ol such charges. Trustar likewise agrees tc pay all taxes,assessments and other charges/e�ded up�n or assessed,piaced o�made aqainst,
<br /> � or measwed by, rhis Deed ol Tru�t or d,e re�o�dation here�/.
<br /> � 5. Appficetinn of Payments.,4l;paymrnts ieceived by Beneficiary as to any debt,lrabr;ify or oD/iqotion owed to Bene/rciary by Trustor may
<br /> bs applie�by Beneficiary to the payment ol the Ob/i_ryotiorts in eny n�der or manner of application svhich Beneficiary,in its absolute discretion,
<br /> Y� dee.ns approprrate. ,
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<br /> 6- 6. Charges;Liens, Trustor�vill keep the Trust Prop�rty 6ee Jrom sJI liens and encumbrances, whether priar or subordinaie to this Deed ol '
<br /> � Trusr,other than the lren o!current real esra�s!axes and installments o/official assessments with resped to which no penalty is yet
<br /> payable;p�ovided,however, that Trus(or need not discharge any scch lien so long as Trustor sha!l agree,in w�;t;ng. to pay the ohligation '
<br /> secured by such lien in a manne�acceprable to Be��r�`iciary any shall in good far�h contest such lien by appropriare/ega!p�oceedinc�s e/lecfive
<br /> tn prevenr rhe enforcement ol the lien or the loss ol any inrerest in or pa�7 of the Trust Pruperty,and sha/l afso give such reasonab/e securi;y
<br /> ro Benelicrary as may be demanded by Beneficiary to ir:sure complisnce therewith. The Beneficiary may in Rs sole drscretion defend the fien '
<br /> of this Deed o/Trust and aJ!ccsts and actorneys'lees incurred by Reneficiary in said de/ense shall be reimbwsed by Trust�r or added to the
<br /> 06ligations.
<br /> 7. Nerard lnsurence. Trusfor st.op keep fhe tvildings ano othar improvements now existing o�herealrer erected on the Trust Property
<br /> insured by insurance csrr;ers satis!actury to Beneliciary against loss by fire,hazards included in the term 'extended coverage"and such
<br /> nther hazards, casualties and cont.�hqancies,induding war damage insurance,as may be requirrd by Beneliciary,in such amounts and 1or
<br /> � such pe�iods as may be requi,-ed by Benefrciary. Fhe po/ir.y ol insurance sha//be in form acceptab/e to Bene(iciary and shal/Aoe contain 8
<br /> defense based on coinsu�ance,and sha!!contain iha standard provision that no act of the 6eneficiary or o/the BenefiCiary's&g ents oi � '
<br /> reprgsentatiti�es wil7 render the pol;cy void as rc the Bsnef;ciary or atfect the Ben�ficiary's nght to recnvei in case of loss,andY�e pnlicy ar �'�
<br /> policies shal!prov;de that r.he same may not be canceled or modi6ed ivithout lilteen 1 f5/days prior written notice to Beneficia� .and have
<br /> loss pa yable provisions in Iavor ol and in form acceptable. to Beneliciary.All pre�niums on insur�nce policies sha!l be paid in the manner
<br /> p�ovided under the Section entitled"Funds for Payment c(Charges'herein or,i/r.ot paid rn srach manne�by Trusto�makin.g payment at
<br /> least irI[een(15/days prior to the due date,d%rect/y to the insurance carrier. Beneficiary shal!have the right to hold the policies and ienewals
<br /> thereol and 7'rusror shall psomprly fumish to Beneficiary all renewal natices and al1 paid premium receipts received by it.ln no e�•snt shsll
<br /> Qene%cisry or Trustee be he/d responsible!or lai/ure to pay insurance premiums o�/or any/oss or damage arising out oJ a deJe�t in eny
<br /> policy or Lrisrng cui o/any failure of arty insurance company to pay for any/oss or damage inswed against or for lailure by Trustor to effecr
<br /> the insurance required.hereunder. !n the event ol/oss, Trusto�shn/f give prompt notrce by mai/to the insurance canier snd Beneliciary.
<br /> Beneliciary may make prool olloss il not made promptly or in prcper/o�m by Trvstor,All policies o1 insurante and any and all relunds of
<br /> uneamed premiu.ms are hereby assigned to Benelicrary as additiona/secunty/or the payment o/tAe Obligations.ln rhe event oI Beneticiary's
<br /> axt•rcise of tha powcr o/sale�ontained"r,erein, o�in ehe event o/forec%sure,all�ight, tit/e and interest ol Trustor in and fo any incurance
<br /> policy then in Inrce sha;1 pass to rha purchaser at the trustee's sa/e or/oreclosure sa/e./n case of any/oss, the insurance proceeds may,et
<br /> Yhe opt+on oJ Qsnelician�, be applied by 8eneliciary upon the Obligations,or any part thereol,and in such order and amount as Qene/iciery
<br /> may derermine;or said insurance proceeds,at the option of Beneficiary,may ei!her 6e used%n�eFlacing or restoring the Trust Property
<br /> partia!!y o�total/y destroyed to a condition satislactory te Berteficiary;or said insurance proceeds,or any portion rhereol,may be rele»sed to
<br /> i rust��. Unless 6eneliciary a;,d T�ustor otherwisc agiee in writing,any such application oI insurance proceeds shail not extp.nd or post�oone
<br /> the due date of any note or agreement evidencing the Obligations,or any installments called Ior therein,or change the amount ol such
<br /> insrallments. ll fhe Trust P�operty is acquired by Beneliciary pursuant ro the exercise cI the power oJ sa.�e or other loreclosure,a!I right, title '
<br /> and interest o/Trustor rn a.nd ro any insurance proceeds payab/e as a resu/t o/damage to t/ie Trust PrnpeRy pno�to the sa/e or acquisition
<br /> shafl pass ro Benefic;ary end shall be apalied first to the rosts and expenses,including attorneys'iees,���currsd in collecfing such proceeds, '
<br /> rhen in the man,ier and in the order p%ovided herein.Notwithst»nding anyt.tirng centained in this Section to the contrary,iJ this Deed o!Trust
<br /> is on a condominium or a town house and there is a masier insurance policy in f�res covering the cvmmon areas and/acilitiAs and all
<br /> condominiums and town houses/ocated in that deve/opment, then,un/ess otherwise notified in w�i�ing by the Beneficiary, the Trustor sheii
<br /> have nn obligatron to marniain the rnsurance re.luired hereunder,and wi!!assign all brne/its and proceeds received theraon to the Beneliciary
<br /> and,in rhe Seneticiary's sole discrefion,name the Benef;ciarw as the named insured on said policy. NJhenever such insurance is in force
<br /> (regard/ess of wheth?r requestad by the Bene�iciary or not/the Trusto�hereby authonzes the Beneficiary to Cancs/suCh insurence wheneve�
<br /> the 8eneficiary de(ermines that such insurance does not edequate/y procect the Beneficrary's interest.
<br /> R. Prs.^ervetion en�Meintnnence of Tivst Vroperty. Trustor will keep the buildings end other improvements notiv or herealter erected on the
<br /> Trust Propr.rty in goed�epair and condition,ordenary depreciatrcn sxceptec;end sha!l provide e1/utility services necessary!or the operation
<br /> , and preservatron of!he Trust Property. Truseor wi!/not commit or permit waste, wi//not a/te�the design or structural character cons(itu�ins
<br /> nny bui/drng now or herealter erec7ed on an0 constituting the Tiust Propeny without the p.�or written consent o/Beneliciary, wi!/not do any
<br /> acf or th.ing v�hich would unduly impair or depreciate rhe value ol the 7rust Property and will not abandon the Trust Property. T�ustor wil!not
<br /> remove any lixrwes canstituring rhe Trust Property unless rbe same are immediately replaced with like property subjecr to the l;en and
<br /> secunry in!eresr o1 th,is Deed o/Trust and of et/east equal value and utrliry. Trustoi will ccmply with a!l piesent and luture ordinances,
<br /> ragulations and requr;ements o/any govemmenta/body which a�e applicable to the Trust Prpperly and to the occupancy and use thereo% 11
<br /> t,his Deed of Trust is on a unr;in a condomrnium or a planred unit deve%pment, Trustor shal!perlorm ell o/Trustor's obligetrons under the
<br /> declarasions or covenants creating or goveming the condominium or the planned unit rlevelopment, the by/ews and reyulations ol the
<br /> condom;nium or p;anned unit development,and Phe cons!i!uan!documents. '
<br /> a; 9. lnspeetion. Beneliciary o�i�s agents msy,at a1l reasonable rimes,enter upon rhe Trust Proper.ry for the purpose o!inspection including,
<br /> bur not l;mired to environmental testing. 8eneficiary shall have no duty to mske such inspectron end shall not be/iab/e to Tiustor or to any
<br /> person in possessron i1 i[makes or fails to make eny such inspect�on.
<br /> 7p. Protecdon of Security, //;iustor lails to perform any o/tha covenants end agreements cantaiired in th.is Deed o/Tios!,or i/eny eclion
<br /> or proceedrng is commenced which�1pes or may adversety alfact the Trust Property or rhe inreiest ol Tiusto�or Bene7iciery therein or the
<br /> riUe of Trustor,lthe�e(o, then Benefrciary, at its aption,may per�orm sucn covenants and agreernents,make such appea�ances,de/end agrrnsr
<br /> and/or investigate such action or proceediny and take such other pction as Bene/iciery deem�necessary to prolect i�s in�erest inC/uding,but
<br /> not limited to,disbu�sement o/rea9ona6le allorneys'lens and entry upon the Trust Property�o make repairs.Any amounts diSbursed pi
<br /> rncurreC by Bene/icitry pursuant to rhis Section,including,but not limited ro,reasanab/e sttomeys'lecs, with interost fheieon,shdd
<br /> consfitute additional Obligations secursd hy this Deed o0 Trust. Bene7icrary is hereby piven an irrevoceb/e power o/affomey/w�iCh power is
<br /> coupled with an interest lor purposos o/security)to enter upon the Trust Property as the Trustor's agent e�d in the Trvstor's name to
<br /> perlorm any and a1/covenants and bgreements to be performed by the Trustor as herein provided. Unless Trustor ond BerteJiCiary agrec fo
<br /> other terms oI payment, such amounts shaJl be payable upon notice l�om 8eneliclary ro Trvstor reoues�rng paymmr theieo%and shv!l bear
<br /> interest/rom tho dare�f d�sbursement or rhe date rncuned at the rate sef lorth in the Nofe or the rate provided in the mosi iecent obliga(ion
<br /> covered by rhe Guaranfy,✓nlass payment of inrerest et such.rare wou/d be con�rary to applicable lew,in which event such amounts shal!
<br /> beer inter�st at the highest rate peimittod by applicab/e law. Nothirtg conteined in this paregraph sh»l1 repuiie Brtneliciary to incur any
<br /> ezpense or taka any ac�ion hereundei. Beneficiary shall,�;i�s option,be subrogated to sny encumDiance,lien,c/aim or demand and to all
<br /> nghts and secunties lor the payment thereol paid or�ucharged by Btneficiary under rhe provisiars he�eo/and any yuch subroge►ion riyhts .
<br /> sha!/be additiona/and cumulotive secur�ty Ior this Deed o!Trosf.
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