|
•
<br />RE-RECORDED2 0 21014 0 9
<br />• 202008484
<br />This instrument combines uniform covenants for national use and non-uniform covenants with limited variations by
<br />jurisdiction to constitute a uniform trust deed covering real property.
<br />UNIFORM COVENANTS. Borrower COVENANTS AND AGREES as follows:
<br />1. Payment. Borrower shall pay promptly when due any indebtedness to the Government secured by this
<br />instrument.
<br />2. Fees. Borrower shall pay to the Government such fees and other charges that may now or later be required
<br />by Government regulations.
<br />3. Application of payments. Unless applicable law or Government's regulations provide otherwise all
<br />payments received by the Government shall be applied in the following order of priority: (a) to advances made
<br />under this instrument; (b) to accrued interest due under the note; (c) to principal due under the note; (d) to late
<br />charges and other fees and charges.
<br />4. Taxes, liens, etc. Borrower shall pay when due all taxes, liens, judgments, encumbrances, and assessments
<br />lawfully attaching to or assessed against the property and promptly deliver to the Government without demand
<br />receipts evidencing such payments.
<br />5. Assignment. Borrower grants and assigns as additional security all the right, title and interest in: (a) the
<br />proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or taking
<br />by eminent domain or otherwise of any part of the property, or for conveyance in lieu of condemnation; (b) all
<br />bonuses, rentals, royalties, damages, delay rentals and income that may be due or become due and payable to the
<br />Borrower or Borrower's assigns under any existing or future oil, gas, mining or mineral lease covering any portion
<br />of the property; and (c) all rents, issues, profits, income and receipts from the property and from all existing or
<br />future leases, subleases, licenses, guaranties and any other agreements for the use and occupancy of any portion of
<br />the property, including any extensions, renewals, modifications or substitutions of such agreements. Borrower
<br />warrants the validity and enforceability of this assignment.
<br />Borrower authorizes and directs payment of such money to the Government until the debt secured by this
<br />instrument is paid in full. Such money may, at the option of the Government, be applied on the debt whether due or
<br />not. The Government shall not be obligated to collect such money, but shall be responsible only for amounts
<br />received by the Government. In the event any item so assigned is determined to be personal property, this
<br />instrument will also be regarded as a security agreement.
<br />Borrower will promptly provide the Government with copies of all existing and future leases. Borrower
<br />warrants that as of the date of executing this instrument no default exists under existing leases. Borrower agrees to
<br />maintain, and to require the tenants to comply with, the leases and any applicable law. Borrower will obtain the
<br />Government's written authorization before Borrower consents to sublet, modify, cancel, or otherwise alter the leases,
<br />or to assign, compromise, or encumber the leases or any future rents. Borrower will hold the Government harmless
<br />and indemnify the Government for any and all liability, loss or damage that the Government may incur as a
<br />consequence of this assignment.
<br />6. Insurance. Borrower shall keep the property insured as required by and under insurance policies approved
<br />by the Government and, at its request, deliver such policies to the Government. If property is located in a designated
<br />flood hazard area, Borrower also shall keep property insured as required by 42 U.S.C. § 4001 et seq. and
<br />Government regulations. All insurance policies and renewals shall include a standard mortgagee clause.
<br />7. Advances by Government. The Government may at any time pay any other amounts required by this
<br />instrument to be paid by Borrower and not paid by Borrower when due, as well as any cost for the preservation,
<br />protection, or enforcement of this lien, as advances for the account of Borrower. Advances shall include, but not be
<br />limited to, advances for payments of real property taxes, special assessments, prior liens, hazard insurance
<br />premiums, and costs of repair, maintenance, and improvements. All such advances shall bear interest at the same
<br />rate as the note which has the highest interest rate. All such advances, with interest, shall be immediately due and
<br />payable by Borrower to the Government without demand. No such advance by the Government shall relieve
<br />Borrower from breach of Borrower's covenant to pay. Any payment made by Borrower may be applied on the note
<br />or any secured debt to the Government, in any order the Government determines.
<br />Initial AA' Date 3J "w FSA -2029 NE (11-06-12) Page 3
<br />
|