|
� �
<br /> msurnncn pr�nlri�ms. grourTd rents. and al!other cha�gfrs whatsoever lev�ed���nn nr�.ss�ssed,placed or made��garnst the Trust
<br /> ��opvrry. nusrar runno►agr�QS,upun wntt�n r�quest hy Bvnohc�ary, t�promp�ly dn/�ver Po Bendf�c�ary ail receipts Ipr tho paymont ol
<br /> such cn�r�os. T►ustw��kow�so agrnes to pay a!!taxes,assossmnnts and othor clfarqes►ev�ed upon or assessatl,placeci or mado
<br /> agt�inst,o�mvasurod by, this Doed ol Trust or 1ho recordetion he�oof.
<br /> � 5 A�pGcaUOn ol P�yments. All paymants receivod by Bensficrary as to Any debt, hab�l�ty or obllgation owad to Benahciery by Trustor
<br /> !'� may bp nppliod by Qenofrc�ary to the payment ot the Indebtedness or to uny such other deb;,liability or obligAtion,in any order or
<br /> � � manne�ol applicAtion whrch 6enelic�ary,in its absoluta discration,desms approprrate. Unless athQrwise elected by Beneliciary,any
<br /> � such paymant sheA be d�emad epplied li�st b the payment of any debt,1rRhil;ty or obltgation othar than the Nvto.
<br /> Q 6. Charges;Llens. Trustor wfll keep the Trust Property lree from a!i lrens and encumb�ances which in any way may,in the judgment of
<br /> '.,� Berreti�:lary,Aave priotity over, oi rmpatr the security ol, thts Qeed ol Trust but Frustor rteed not discharge any such lien so tong as
<br /> , Tiusta shall agree,irr;v►iting, to pay the obligatian secu�ed by such fien in a manner accaptable to Beneficiary and sha11 in good laith
<br /> � contest such fien by appropriate fegal procesdrngs ellective to prevent the entorcement ot the lien snd fhe/ass of any rnierest rn or
<br /> part o1 tha Trust Properry.
<br /> � T. Hazard fnsu�ance. Trustor shall keep tha b�rldings Snd other improvements now existing vr hereaher e�ected on the Trust Properry
<br /> insured by fnsurance caniers satis/actory io Beneficiary against lass by fire,hazards/nc/uded!n the te�m"extended cove�age"and
<br /> such other hazarafs,casualties and coniingencies as may be requlred by Benefrcrary,in such amounts and for such periods as maj�be
<br /> requlred by Beneflclary.The pollcy of insurance shall be!n form acceptable to BeneticJary,provide that the same may not be
<br /> cancelled or modified wittrc+ut litteen(15)days pNor written notice to Beneficiary,and shall have/oss payable provlslorts In lavor ol and
<br /> in form scceptabte to Bene9iciary.Alf premlums on insurance policles shall be pald in the manner provided under paragraph 4 heieof
<br /> or,if�ot paJd in such manne�, by Tiusfor making paymeni af least Bfteen(15)days priar to the due date,directly fo the insurance
<br /> ca�rler. Beneflclary sha!!have tha righf to hold the padcies and renewals thereol and Tiusfor shal!promptly furnlsh to Beneliciary a!i
<br /> renewa!no6ces and all paid premium receipts received by iL In no event shall Beneliciary or Trustee be he/d responsib/e for/ailure to
<br /> pey insurance premiums or for any loss or damage adsing out of a defeci in any policy or a�is�ng out of any taifure ot any insurance
<br /> company to pay fo�any foss or damage insured againsi or for lailure by Tiusto�fo effect the insu�ance iequired hereunder. In the event
<br /> o!loss. Trusior sha11 give prompt notice by mall to tha lnsurance canier and Benefici�ry.Bene�ciary may make proof of/oss if not
<br /> made promptly or in proper form by Tiusior.A/l policles of insurance and any and al!refunds of unearned premiums are he�eby
<br /> assigrted to Beneficiary as additlona!security for the payment ol the lndebtedness. !n the event ol8eneficiary's exeiclse of the powe�
<br /> of sale contained herein,or in the event of foreclosure,al1 right,title and inte�est of Tiustor in and to any insu�ance policy then in force
<br /> shall pass to the purchaser at the trusiee's sa/e or fo�eclosure sa/e.Jn case of any loss,the rnsurance p�oceeds may,at the option of
<br /> Beneliciary,be applied by Benerciary upon the Indebtedness,or any part thereof,and in such order and amount as Benefioiary may
<br /> determine;or said lnsurance proceeds,at the option ol Beneficiary,may either be used in repfacing or restoring the Trust Properry
<br /> partia/ly or totally destroyed to a condition satisiactory to Beneficiary;a said insurance proceeds,or any portion the�eof,may be
<br /> released to Tiustor.Unless Beneficiary and Trustor othen�vise ag�ee in writing,any such appllcation of inswance ptoceeds shall not
<br /> extend orpostpone the due date of the Nofe,ar any lnsiallments called for therein,or change the amount o1 such installments. !1 ihe
<br /> Tiust Pioperry is acqui�ed by Beneficiacy pursuant ia the exercise of the power of sale or othei foieciosure,all�ighi,title and interest of �
<br /> Trusto�in and to any insurance proceeefs payabfo as a result ot damage to the Trust Property prior io the sale or acquisition shali pass
<br /> to Beneficiary and shalf be applled firsf to ihe cosis and exper�ses,includ�ng attorney lees,incuried in coUecting such proceeds,then
<br /> in ihe manner and in the order p�ovided herein. ,
<br /> 8. Preservation and Maintenance o1 Trust Pioperty. Tiustor will keep the buifdings and other improvements now or hereafter e�ecied on
<br /> the Tiust Property rn good repair and condition and will not commit or permit waste, will not alter the design or structuraJ character
<br /> constituting any building now or he�eafter e�ected on and constituGrtg the Tiust P�operty wiihout the prior written consent o1
<br /> Sar�ei�c�a.y,�;i�1,7�i�v e;►y aci ur iirirry wnicir wouid unduly►mpair or deprecrate ihe vaiue vi the irusi t�roperty and wlll not aDandon r
<br /> the Trust Pioperty. Trustor wil!not remove any fixtu�es consdtuiing the Tiust Property unless the same are immediately replaced wiih
<br /> llke property subiect to the lien and securiry inte�est o�this Deed of Trust and of at least equal value and utiliry. Trustor wiil compty with ' . _
<br /> aU piesent and future ordinances,regulations and�equirements of any govemmenfa/body which a�e appticable to the Trust Prope�ty
<br /> 8nd to the occupancy and use thereol. !f this Deed of Tiust is on a unii in a condominium or a planned unit devefopment, Tiusto�shal!
<br /> per/orm a!!of Trustor's obligations under ihe declaratlons or covenants creating or govemiag the condominium or the planned unil ���:_
<br /> development the bylaws and regulations of the condomfnium or planned uni!deve/opment,and the constituerrt documents. - _
<br /> 9. lnspection.Beneficiary or iis agents may,ar aIi reasonable times, enter upon the Trusi Property for the purpose of inspecbon. ��.
<br /> Beneficiary shall have no duty to make such inspection and shall not be liab/e to Trustor or to any person in possession i1 if makes or
<br /> fails!o make any such inspection.
<br /> f0. Piotection of Secuiiry. 1f Trustor fails to pedorm any of the covenants and agieemenis contairred in this Deed of Trust,or if any action
<br /> or proceeding is commenced which daes or may adversely afleci the Tiusf Property o�the inte�est of Trusto�or Beneficiary iherein or
<br /> the titie o1 Tiusfor thereto,then Beneficiary,at its option,may parform such convenants and agreements,make such appearances. +
<br /> defend against and investigate such action or proceeding and take such other action as Beneliciary deems necessary to proteci its � ��
<br /> interest Including, but not limifed io,disbu�sement of reasortab/e attomey tees and entry upon the Trust Property to make repairs.Any }��.
<br /> amounts d/sbursed by Bene6ciary pursuani to this parag�aph f0, with inierest ihereon,si�a//constitufe Indebiedness of Trustor
<br /> secured by thfs Deed of TiusL Unless Tiustoi and Beneficlary agree to oiher terms of payment,such amounts shall be payable upon :�
<br /> no�ce from Bene�ciary to Tiustor reque�dng payment thereof,and shall bear interest from the date o1 disbursement at the defau(f rate,
<br /> if any,set forth!n the Note,or ofherwise at the highest rate permitted by law.IVothing contained in this parag�aph shall require " �
<br /> Beneficiary to incur any expense or take any action hereunder. Trusto�i��evocabJy authorizes and empowers Beneficiary to enter upon
<br /> the Trust Properry as Tiusfor's agent and,in Trustor's name or othenvise to peAorm any and a!I covenanis and agreemenis to be
<br /> pedo�med by Tiusror as herein provided. Beneficiary shali,at its option, be subrogated to any encumbrance,lien,claim or demand
<br /> and to ap rights and securities tor the payment thereol paid or dlscharged by Beneficiary under the provisions hereof and any such
<br /> subrogafion rights shail be additlona!and cumulative securiry for this Deed of Trust.
<br /> 11. Condemnation.The proceeds o1 any award or claim for damages, direct or consequential,in connection with any condemnation or
<br /> other taking of the Trust Property,or any part thereof,or for conveysnce in lisu ol or in ar+ticipafivn of condemnabon,are hereby
<br /> . assigned to and shall be paid to Beneficiary. Trustor wlll�le and prosecute,in good faith and with due diligence.its c/alm for any such
<br /> � awaid or payment,and will cause the same to be coHected and paid to Beneficiary, and,should it fail to do so, Trustor inevocably
<br /> . aufhorizes and empowers Beneficiary,In the name of Trustor or otherwise,to file,prosecute,settle or compromise any such claim and
<br /> to coliect,receipi/or and retain the proceeds./f the Tiust Prape►ty is abandoned by Trustor,or,after notice by Beneficiary fo Tiustor
<br />. thaf the condemnor oKers to make an awa�d o�seti/e a claim for damages, Trustor tails to respond to 8eneficlary within thirty(30)days
<br /> aJter the dete such notice is mailed,Beneficiary is authorized to collect and app/y the p�oceeds in the manner Indicated here;n. The
<br />. proceeds ol any awa�d or cfaim may,afte�deducting all reasonab/e costs and expenses,including aitorney Iees, which may have
<br /> been incuned by Beneflciary in ihe collection thereof,at the sole discret/on of Beneficiary, be released fo Tiustor, applied to
<br /> resto�ation o/Tiust Pioperty,or applied to the payment of the Indebtedness. Unless Beneficiary and Tiustor otherwise agree in wntfng, .--- _---
<br />, any such application o/proceeds to lndebfedness shall not extend or posipone the due date o1 the Note or the payment of any �
<br /> Installments called for thereunder.
<br /> 12. Tiustor lYot Re/eased. Extension of the time/or paymeni o�moditicatlon of any amonization of the Indebtedness granted by Beneficiary
<br /> to any successor in inte�est of Trustor shap not operate to release,in any manner,the liability of Trustor and Trustoi"s suCCesso�s in �
<br /> lnfe�est. Beneficiary shall not be requfred to commence proceedings againsi such successor or reluse to extend time for payment or �
<br /> otharwlse modify amoRization of the Indebtedness by►eason of any demand made by Tiustor and t�ustor's successo�s �
<br /> in lnteresL
<br /> � 13. Financial Inlormation.Upon requesi of Benefic/ary,Tiustor will provide to Beneficiary, within ninery(90J days of the close of each l�sca/ I�i
<br /> year o1 Tiustor,the consolidated balance sheet and statement of earnings of trustor and any and a/l guarantors of the lndebtedness rd
<br /> secured he►eby,if any,and wi/1 provide and deliver to Bene/rcrary such other/inancial in/aimation and in such manner as Bene/rc�ary I�
<br />_ may reasonabty request Irom time to time. ���
<br /> 14. Firranclal Covenants.In addllion lo any other linanc�al covenants o/Tiustor mvde in any other agreernent,nts!rument o�document.
<br /> Trustor shall comply wdh and shall cause any and all gua�anto�s o�the/ndebtedness secured hereby to cvmply w�fh, or be�n '
<br /> compNenCe with,the lollowiny hnanclal Covenants:(This pa�agraph Shall no!apply if covenanfs anU requnemonis aie not se� ��
<br /> lotth herein.)
<br /> 15. SChedWe Ol L92ses Wr►hin tpn (10I days a/te�demand. Trustor shall/urnish iu Benehct,uy�t gChCi(f��1C. C(?/f�l�E�d tn hy T�ucto�. sc�thnq
<br /> lOrth al:�ense•s ol the r�ust Prapony, or any pu�tron�herevl,includ�nq rn Each r..�se. ►ne n�mC c�f Ilre�tc�r,,�nts nr �„ �•u��,inls ,��l��tr rr�,hnn
<br />- o/thcr spaco occupiod by such lonanl ar vccupunl, thurcjnfal��ayabk:�!Or SIiCh SndC�'. :1nd tlir/r nlh��r in/�yi�r�pt•�i ,Iri�1�h�i i�rn�yrtt rtitlt —j
<br /> ro,pect fn Such Ie�isBS aanU funanavs,is f�t�nc�l�r.r<iry rn;ry.oaSVnat��y rc�que.st J
<br />
|