|
• . � . . . .� .1:. . .�1.. / _. ' . i
<br /> i .:5�� . . .. . .... ... . �- � .
<br /> l
<br /> 1
<br /> , 1 � " , � _ .. , �. .
<br /> „zk, , . �
<br /> �.,+i� ., , .:., . .
<br /> � . a '�Nlrw��'!V!Ft�S�-. . ° .•o. � � - �m.t,. a �n• i -��.. . , ,.r:^-.+..'TM°" _ _� - .
<br /> .. . r� ����i1.'�L- n ....Qu,�„� .. , - -.. . .. �.. �.r...�,...,.�..._ , .. 4+_
<br /> / _ .. . _
<br />- . .. ....wJ.i.-�r..uil '.- . . .,,.- _ � .. __........._._t_.i.�_ _. .
<br /> , . , „ / ' _.._.. . .-
<br /> � ,
<br /> L .ti_. ' ..-__"--�.�.��-"---__.,_._._._._,_.. .
<br /> ....
<br /> °.�..xt"�
<br /> , .. . ,�...�
<br /> . __..�::_...:_.:.,_...�:•�..._ � ----- ------
<br /> ' •._. _____ ti
<br /> n-.� , �� y �.-.
<br /> •+V%t, Rj'F" ��~ �V'di1��� F'•..
<br /> . . ��i� -__
<br /> � ' descrfbe� in ctause (i) �bove, or (iii) which ie con3rolled by an entity described in clause (fi)
<br />`='�•-�' above; �rovided that for the purposes of this defitution the term "contro!"and "`controlled by" �=
<br />�.���,,,.�,,�.,
<br /> shall have the meanings assi�ned to them in Rule 405 under the Securities �►ct of 1933, as �
<br /> �
<br />�%�A amended. '
<br />`-�y �� I.35 Renai�,and Remediation lteserve. Prior to the executian of this Deed of Trust,
<br />�"�� ,_ Bene&ciary has caiased the Progerty to be inspected and such inspecdon has revealed that the .
<br /> T. .�...�� Prnpeity is in need of certain mainteaance. repairs and/or remedial os correct�ve wvrk.
<br />.�;��,.y�;:� i Contemporaneously with the execution hereof, 'Y'fustor �as establishcd with the Bcneficiary a
<br />' � ;; ; reserve in the amount of$S,Q00.00 (the "Iaepair ,and Itemediati�n Reserve'� by depositing _.
<br /> ��"`'t� ��� � such amount with Benefioiary. Trustor shaU cause each of the iteme described im Exhibit C
<br />::1;�•s.lti;, . .
<br /> ._;;;,;;� attached hereto and made a part hereof and as more particularly described in that certain
<br />-�-,- -- Engineering Report entitled , dated , 199 and prepared by (the
<br />:',�,��� "Deferred Maintenance") W be completed, perforrned, remediated and can�ected 8v the
<br /> _-,�-=�� satisfaction of BeneSciary and as necessary to bring the Property into compliance w�th ali
<br /> --- applicable lawa,oidinances, rules and regulations on or before the expiration of 90 days after the
<br />:_�.,:,� -
<br /> �� :',-r�� effective date hereof,as such ti�me period may he extended by HeneSciary in its sole discrerion. -_
<br /> _ J��� So long as no Default or Event of Default hereunder o�undar the other Lc>an Documemts has
<br />'"'�� occurred and is contin�ng, aU sums in the Repair and Remediation Reserve shall be held by _-
<br />---_.- - Benef ciary in th�Repai�and Remediation Reserve to pay the costs and expenses of completing
<br /> -- --._� the.�bafen�ed Maintenance. Sm long as no Default or Event of Default hereunder or under the
<br /> ,� other Loan Docwnenis ltas occurred and is c�ontinuing,Beneficiary shall,to tlie extent fi�mds are
<br /> �•-v available for such p�upose in the Repair and Remadiation R���rve, disburse to Trust�r t�e
<br />'�'� emount paid or incuaaci bv Trustor in c�anpleting, performin�, xe►nediaYing or correcris�g the
<br /> -=°g� Deferred Maintenance upon{�Jj�e receipt by Bene�ciary of a written re�uest from Tn�stor for -
<br /> �;;��. disbursezuent from the Itepau;�d Remesiiation R�s�►e and a certification by Trustor in the
<br /> - � �. form annexed hereto as Exhibnt B that.qRn�applicable,3eem of Deferresi Maintenaace has.been
<br /> � completed in acc�ma�ce with the terna�of tlus Deed of Trust,.(b) delivery to Bene�ri:a�r of
<br /> - invoices,receipt�as.�a3'a�e�id�ace satisfacwry to Heme£ciary veri#y+ing the costs of the D��eired � •.
<br /> - Maintenance w;��x�Daiir�,��,��)delivery to Benefl�o�ry of a certificatior�ftram an inspecting �%.�-.. .
<br /> �.__ architect, enginc� �tir other�consultant reasonably acceptable to Henefiaiary descn'bing ths '
<br /> completed wozk,�v�rifying the completion of the work and the val�e of the completed work and,
<br /> - if applicable, eertifyin$ that the Property is, as a result of such work, in compliance with all
<br /> applicable laws, ordinances r�les and x+egulations relating to the Deferned Maintenance �o
<br /> -��^ pexformed, (d)delivery to Beneficiary of affidavits, lien waivers or other evidence seasonabiy
<br /> `-�� satisfactory to Beneficiary showing that all mater�almen,laborers,subc�onhactors and an�:.4ther
<br /> �' �:, parties who mig�ht or could claim statutury or common law in�s and are furaishin�,`o�;fi�ve
<br /> ..+`'. . .
<br /> � .� ftunished materials or labor to the Property have besn paid all.a�aunts due for such lab+�r�and �
<br /> :• . .
<br /> ,,.,•. :�� ;:. ,
<br /> _ �� ma3��1s fiunished to the Property,and(e)the receapt by Benefiaiary of an administ�ativc fee in . :, :;- -
<br /> - ' °�� � the atri'�c�int of 5150.00. Beneficiary s1naU not be required to mak�aclvareces from the Repair and �. -_.
<br /> - � � • Remediation Reserve more frequently than once ia any ninety:��db�,daY Periad. In m a k ing any --
<br /> --_-=. ' payment from the Repair and Remediation Reserve,Beneficiary sfia11 be entitled to rely on su�h -
<br /> ��;'-��SJa requESt from Tnistor witbo�a��y iuquiry inw the accwa�cy,validity or conte���biility of any such
<br /> `,::�>•<.• •
<br /> ;:'{�rti.��` amoun� Trustor hereby �a�s w Beneficiary, as additional s�curity ff�•�ay�dnent of the �
<br /> , ;,.
<br /> -_==°: indebtedness se�ured hereby,�secnrity interest in the Repa6r and Remediation Resexve.. 1n no
<br /> __-�-__=� event may Tru„�¢o�. be entatled to r�imbursement of any costs with respect to each.item of
<br />__ _�;:�:.: �� Def�� �Maintenance in excess of 4he
<br /> ___=,.,t�,`�; .
<br />.- -__.:,'.;1iS�:S t . -
<br />,---___--— !)OCSNY1:53137G3 . . 43 .
<br />--
<br />
|