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200011180
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Last modified
10/13/2011 11:01:45 PM
Creation date
10/20/2005 10:48:30 PM
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DEEDS
Inst Number
200011180
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2000.1180 <br />consent of American Family, which consent shall not be unreasonably withheld, delayed, or <br />conditioned, Borrower shall not expand any improvements on the Premises, erect any new <br />improvements or make any alterations in any improvements which will materially alter the basic <br />structure, materially affect the market value in an adverse manner or materially change the <br />existing architectural character of the Premises. "Materially" shall mean any alteration or change, <br />or cumulative alterations or changes, excluding non - structural tenant improvements and /or <br />cosmetic changes including relocation or removal of demising walls, over the term of the Loan, <br />which costs Fifty Thousand and No/ 100 Dollars ($50,000.00) or more or which adversely affect <br />the market value of the Premises by more than Fifty Thousand and No /100 Dollars ($50,000.00). <br />Borrower shall not, without the prior written consent of American Family, which consent may <br />be withheld by American Family, acquiesce in any rezoning classification, modification or <br />restriction affecting the Premises, nor shall Borrower abandon the Premises. Notwithstanding <br />the foregoing, Borrower may enter into utility easements benefitting the Premises without <br />American Family's consent. <br />SECTION 1.3 PAYMENT OF OPERATING COSTS; PRIOR TRUST <br />DEEDS AND LIENS. Borrower agrees that it will pay all operating costs and expenses of the <br />Premises; keep the Premises free from Liens; keep the Premises free from any Levy and will pay <br />when due all indebtedness which may be secured by a trust deed, Lien or charge on or against the <br />Premises and upon request will exhibit to American Family satisfactory evidence of such <br />payment and discharge. <br />SECTION 1.4 PAYMENT OF IMPOSITIONS. During the term of the <br />Loan, Borrower shall pay all Impositions when due and before imposition of any penalty or <br />interest thereon, and shall provide to American Family proof of payment of real estate taxes and <br />property related assessments not later than fifteen (15) days after such Impositions would become <br />delinquent if not paid. Borrower shall annually certify that all remaining Impositions have been <br />timely paid for the preceding twelve (12) months. In the event a payment of an Imposition <br />becomes delinquent, Borrower shall, in writing, report the due date and amount of such <br />delinquency to American Family within fifteen (15) days of the date of such delinquency. In the <br />event of a court decree or any enactment after the date hereof by any legislative authority of any <br />law imposing upon a holder of a trust deed payment of the whole or any part of any Impositions <br />herein required to be paid by Borrower, or changing in any way the laws relating to the taxation <br />of deeds of trust or debts secured by deeds of trust or a beneficiary's interest in premises subject <br />to a trust deed, so as to impose such Imposition upon American Family or on the interest of <br />American Family in the Premises, then in any such event, Borrower shall bear and pay the Rill <br />amount of such Imposition, provided that if for any reason payment by Borrower of any such <br />Imposition would be unlawful, or if the payment thereof would constitute usury or render the <br />Indebtedness wholly or partially usurious, American Family, at its option, may pay that amount <br />or that portion of such Imposition which renders the Indebtedness unlawful or usurious, in which <br />event Borrower shall concurrently therewith pay the remaining lawful and non - usurious portion <br />or balance of said Imposition. <br />16 <br />
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