|
99 111023
<br /> the Property in violation of any law, ordinance, or regulation;
<br /> and shall pay and promptly discharge at Borrower' s cost and
<br /> expense all liens, encumbrances and charges levied, imposed or
<br /> assessed against the Property or any part thereof.
<br /> 6 . Eminent Domain. Lender is hereby assigned all
<br /> compensation, awards, damages and other payments or relief
<br /> (hereinafter "Proceeds") in connection with condemnation or other
<br /> taking of the Property or part thereof, or for conveyance in lieu
<br /> of condemnation. Lender shall be entitled, at its option, to
<br /> commence, appear in and prosecute in its own name any action or
<br /> proceedings, and shall also be entitled to make any compromise or
<br /> settlement in connection with such taking or damage. In the
<br /> event any portion of the Property is so taken or damaged, Lender
<br /> shall have the option, in its sole and absolute discretion, to
<br /> apply all such Proceeds, after deducting therefrom all costs and
<br /> expenses incurred by it in connection with such Proceeds, upon
<br /> any indebtedness secured hereby and in such order as Lender may
<br /> determine, or to apply all such Proceeds, after such deductions,
<br /> to the restoration of the Property upon such conditions as Lender
<br /> may determine. Any application of Proceeds to indebtedness shall
<br /> not extend or postpone the due date of any payments under the
<br /> Note, or cure any default thereunder or hereunder.
<br /> 7 . Performance by I,ender. In the event of Borrower' s
<br /> failure to perform any of the covenants herein or make any pay-
<br /> ments required hereby, or if any act is taken or legal proceeding
<br /> commenced which materially affects Lender' s interest in the
<br /> Property, Lender may in its own discretion, but without obliga-
<br /> tion to do so, and without notice to or demand upon Borrower, and
<br /> without releasing Borrower from any obligation, do any act which
<br /> the Borrower has agreed but fails to do and may also do any other
<br /> act it deems necessary to protect the security hereof. Borrower
<br /> shall, immediately upon demand therefor by Lender, pay to Lender
<br /> all costs and expenses incurred and sums expended by Lender in
<br /> connection with the exercise by Lender of the foregoing rights,
<br /> together with interest thereon at the default rate provided in
<br /> the Note, which shall be added to the indebtedness secured
<br /> hereby. Lender shall not incur any liability because of anything
<br /> it may do or omit to do hereunder.
<br /> 8. Hazardous Materials. Borrower shall keep the
<br /> Property in compliance with any and all federal, state and local
<br /> laws, ordinances and regulations relating to industrial hygiene
<br /> or to environmental conditions on, under or about the Property,
<br /> including, but not limited to, soil and groundwater conditions.
<br /> Trustor shall not use, generate, manufacture, store or dispose of
<br /> on, under or about the Property or transport to or from the
<br /> Property any flammable explosives, radioactive materials , hazardous
<br /> wastes, toxic substances or related materials, including, without
<br /> limitation, any substances defined as or included in the defini-
<br /> tion of "hazardous substances" , "hazardous wastes" , "hazardous
<br /> materials" or "toxic substances" under any applicable laws,
<br /> ordinances or regulations (collectively referred to hereinafter
<br /> as "Hazardous Materials") . Borrower hereby warrants and repre-
<br /> sents to Lender that there are no Hazardous Ma�erials on or under
<br /> the Property. Borrower hereby agrees to indemnify and hold
<br /> harmless Lender, its directors, officers, employees and agents,
<br /> and any successors to Lender' s interest, from and against any and
<br /> all claims, damages and liabilities arising in connection with
<br /> the presence, use, storage, disposal or transport of any Hazardous
<br /> Materials on, under, from or about the Property, including, with-
<br /> out limitation, (a) all damages directly or indirectly arising
<br /> out of the use, generation, storage or disposal of Hazardous
<br /> Materials by Borrower or any prior owner or operator of the
<br /> Property, and (b) all costs of any required or necessary repair,
<br /> cleanup or detoxification and the preparation of any closure or
<br /> other required plans, whether such action is required or neces-
<br /> sary prior to or following transfer of title to the Property, to
<br /> the full extent that such action is attributable, directly or
<br /> indirectly, to the presence or use, generation, storage, release,
<br /> threatened release or disposal of Hazardous Materials by any
<br /> person on the Property prior to transfer of title thereto by
<br /> 1
<br />
|