|
202207758
<br />If Grantor fails to maintain any insurance required hereunder or under the other Related Documents or fails
<br />to provide evidence of such insurance as required hereunder or under the other Related Documents, Lender
<br />may, but shall not be obligated to, purchase such required insurance at Grantor's expense to protect its
<br />interests in the Premises. This insurance may, but need not, protect the Grantor's interests in the Premises.
<br />The coverage that Lender purchases shall not be required to pay any claim that the Grantor makes or any
<br />claim that is made against the Grantor in connection with the Premises. The Grantor may later cancel any
<br />insurance purchased by Lender, but only after providing evidence that the Grantor has obtained the
<br />insurance required hereunder and under any other Related Document. If Lender purchases insurance for the
<br />Premises, Grantor will be responsible for the costs of the insurance, including the insurance premium,
<br />interest thereon from the date of each such payment or expenditure at the then applicable rate under the
<br />Note and any other charges Lender may impose in connection with the placement of the insurance, until the
<br />effective date of the cancellation or expiration of the insurance. All sums so paid or expended by Lender,
<br />the interest thereon and the other charges in connection therewith shall be added to the Liabilities and shall
<br />be secured by the lien of this Deed of Trust. The costs of the insurance obtained by the Lender may be
<br />more than the cost of insurance Grantor may be able to obtain on its own. Unless Lender otherwise agrees
<br />in writing, the Grantor shall pay to Lender the full costs of such insurance, together with the accrued
<br />interest thereon and the other charges in connection therewith.
<br />5. Reserves for Taxes and Insurance. The Grantor shall, if requested by the Lender, pay to the Lender,
<br />at the time of and in addition to the scheduled installments of principal and/or interest due under the
<br />Liabilities, a sum equal to (a) the amount estimated by the Lender to be sufficient to enable the Lender to
<br />pay, at least thirty (30) days before they become due and payable, all taxes, assessments and other similar
<br />charges levied against the Premises, plus (b) the amount of the annual premiums on any policies of
<br />insurance required to be carried by the Grantor, divided by (c) the number of installments due each year ((a)
<br />and (b) are collectively referred to as the "Charges"). Upon notice at any time, the Grantor will, within ten
<br />(10) days, deposit such additional sum as may be required for the payment of increased Charges. These
<br />sums may be commingled with the general funds of the Lender and no interest shall be payable on them,
<br />nor shall these sums be deemed to be held in trust for the benefit of the Grantor. Notwithstanding payment
<br />of any sums by the Grantor to the Lender under the terms of this Section, the Lender shall have no
<br />obligation to pay any Charges. The obligation of the Grantor to pay the Charges is not affected or modified
<br />by the arrangements set out in this Section. Payment by the Lender on any one or more occasions of all or
<br />any part of the Charges shall not be construed as obligating it to pay any Charges on any other occasion. If
<br />the Lender elects to pay any Charge, it shall not be required to do so at any time prior to the date on which
<br />penalties, interest or collection fees begin to accrue. If the Lender elects to pay any premium on any policy
<br />of insurance required to be carried by the Grantor, it may do so at any time prior to the cancellation of the
<br />policy.
<br />In the event of the sale of the Premises by power of sale, or of the foreclosure of this Deed of Trust as a
<br />mortgage, any of the moneys then remaining on deposit with the Lender or its agent shall be applied against the
<br />Liabilities prior to the commencementof such sale or such foreclosure proceedings. Any default by the Grantor
<br />in the performance of the provisions of this Section shall constitute a default under this Deed of Trust.
<br />6. Waste, Abandonment. The Grantor shall not abandon the Premises, commit or permit waste on the
<br />Premises, or do any other act causing the Premises to become less valuable. The Grantor will keep the
<br />Premises in good order and repair and in compliance in all material respects with any law, regulation,
<br />ordinance or contract affecting the Premises and, from time to time, will make all needful and proper
<br />replacements so that all fixtures, improvements and Equipment will at all times be in good condition, fit
<br />and proper for their respective purposes. Without limitation of the foregoing, nonpayment of the Charges
<br />shall constitute waste. Should the Grantor fail to effect any necessary repairs, the Lender may, at its option
<br />and at the expense of the Grantor, make the repairs for the account of the Grantor. The Grantor shall use and
<br />maintain the Premises in conformance with all applicable federal, state and local laws, ordinances and
<br />regulations. The Lender and/or the Trustee, or their authorized agents, shall have the right to enter upon and
<br />inspect the Premises at all reasonable times. The Grantor unconditionally agrees to timely pay all fees with
<br />respect to inspections of the Premises.
<br />6
<br />
|