200400151 - Laserfiche WebLink

Browse

200400151 interest on, the indebtedness evidenced by the Note, fees and all other sums as provided in the Loan Instruments. 2. Taxes. Beneficiary shall pay real estate taxes for 2002 and prior years. Since Trustor is receiving credit for Beneficiary's share of 2003 taxes prorated to the date of closing, Trustor shall pay each installment of 2003 and subsequent taxes and all special assessments of every kind hereafter levied against the Trust Estate or any part thereof, before delinquency, without notice or demand, and shall provide Beneficiary with evidence of the payment of same within ten (10) days of payment. Trustor shall pay all property taxes and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or the debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or any part thereof upon the beneficiary. 3. Insurance and Repairs. Trustor shall, at Trustor's cost, maintain fire, hazard and extended coverage insurance insuring the improvements and buildings constituting part of the Trust Estate for an amount no less than the amount of the unpaid principal balance of the Note. Such insurance policy shall contain a standard mortgage clause in favor of Beneficiary and shall not be cancelable, terminable or modifiable without ten (10) days prior written notice to Beneficiary. The proceeds of any loss paid under such insurance shall be used by Trustor to repair or replace the loss or damage and to place the buildings to which such loss or damage occurred in the same condition as it was prior to such loss, or if Buyer does not so repair or replace such loss or damage with reasonable diligence, said proceeds shall be paid to the Beneficiary and applied by the Beneficiary on the unpaid balance then due under the note, but the application of said proceeds to the balance due under the note shall in no way reduce, relieve or release Trustor from paying the balance due thereunder. In the event the Trustor shall fail to keep any of said insurance constantly in full force and effect during the pendency of this Deed of Trust, such failure shall constitute an event of default by the Trustor hereunder. 4. Protection of Beneficiary's Security. Should Trustor fail to make any payment, fail to do any act as herein provided, or if any action or proceeding is commenced which materially affects Beneficiary's interest in the Trust Estate, including but not limited to, eminent domain, insolvency, arrangements or proceedings involving a bankruptcy or decedent, lien foreclosures, then Beneficiary or Trustee, without obligation to do so and without notice to or demand upon Trustor, and without releasing Trustor from any obligation hereunder, may make or do the same, and may pay, purchase, contest or compromise any encumbrance, charge or lien, which in the judgment of either appears to affect said Trust Estate; in exercising any such powers the Beneficiary or Trustee may incur any liability and expend whatever amounts, including disbursements of reasonable attorney's fees, which in their absolute discretion, may be necessary. In the event that Trustor shall fail to procure insurance or to pay taxes and special assessments or to make any payments to existing or prior lien holders or beneficiaries, the Beneficiary may procure such insurance and make such payments. All sums incurred or expended by Beneficiary or Trustee in accordance with the provisions of this Trust Deed are secured hereby and, without demand, shall be immediately due and payable by Trustor and shall bear interest at the rate Page 2