|
99 111236
<br /> Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such
<br /> policies, the Lender is authorized to adjust, collect and compromise a11 claims thereunder and shall have the option of
<br /> applying a11 or part of the insurance proceeds(i)to any indebtedness secured hereby and in such order as Lender may
<br /> deternune, (ii)to the Trustor to be used for the repair or restoration of the Property, or(iii)for any other purpose or
<br /> object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby before
<br /> such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date
<br /> of any payments under the Note, or cure any default thereunder or hereunder.
<br /> 5. Escrow. Upon written demand by Lender, Trustor sha11 pay to Lender, in such manner as Lender may
<br /> designate, sufficient sums to enable Lender to pay as they become due one or more of the following: (i) all taxes,
<br /> assessments and other charges against the Property: (ii)the premiums on the property insurance required hereunder,
<br /> and(iii)the premiums on any mortgage insurance required by Lender.
<br /> 6. Maintenance,Repairs and Compliance with Laws. Trustor sha11 keep the Property in good condition and
<br /> repair; shall promptly repair, or replace, any improvement which may be damaged or destroyed; sha11 not commit or
<br /> permit any waste or deterioration of the Property; shall not remove, demolish or substantially alter any of the
<br /> improvements on the Property; sha11 not commit, suffer or permit any act to be done in or upon the Property in
<br /> violation of any law, ordinance or regulation; and sha11 promptly discharge at Trustor's cost and expense all liens,
<br /> encumbrances and charges levied,imposed or assessed against the Property or any part thereof.
<br /> 7. Eminent Domain. Lender is hereby assigned a11 compensation, awards, damages and other payments or
<br /> relief(hereinafter"Proceeds")in connection with condemnation or other taking of the Property or part thereof, or for
<br /> conveyance in lieu of condemnation. Lender sha11 be entitled at its option to commence, appear in and prosecute in
<br /> its own name any action or proceedings, and shall also be entitled to make any compromise or settlement in
<br /> connection with such taking or damage. In the event any portion of the Property is so taken or damaged, Lender
<br /> shall have the option, it its sole and absolute discretion,to apply a11 such Proceeds, after deducting therefrom all costs
<br /> and expenses incurred by it in connection with such Proceeds, upon any indebtedness secured hereby and in such
<br /> order as Lender may determine, or to apply all such Proceeds, after such deductions, to the restoration of the
<br /> Property upon such conditions as Lender may determine. Any application of Proceeds to indebtedness shall not
<br /> extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder. Any
<br /> unapplied funds shall be paid to Trustor.
<br /> 8. Performance by Lender. Upon the occurrence of an Event of Default hereunder, or if any act is taken or
<br /> legal proceeding commenced, which materially affects Lender's interest in the Property, Lender may in its own
<br /> discretion, but without obligation to do so, and without notice to or demand upon Trustor and without releasing
<br /> Trustor from any obligatioq do any act which Trustor has agreed but fails to do and may also do any other act it
<br /> deems necessary to protect the security hereof. Trustor shall, immediately upon demand therefor by Lender, pay to
<br /> Lender all costs and expenses incurred and sums expended by Lender in connection with the exercise by Lender of
<br /> the foregoing rights, together with interest thereon at the default rate provided in the Note, which shall be added to
<br /> the indebtedness secured hereby. Lender sha11 not incur any liability because of anything it may do or omit to do
<br /> hereunder.
<br /> 9. Hazardous Materials. Trustor shall keep the Property in compliance with all applicable laws, ordinances
<br /> and regulations relating to industrial hygiene or environmental protection (collectively referred to herein as
<br /> "Environmental Laws"). Trustor shall keep the Property free from a11 substances deemed to be hazardous or to�c
<br /> under any Environmental Laws (collectively referred to herein as "Hazardous Materials"). Trustor hereby warrants
<br /> and represents to Lender that there are no Hazardous Materials on or under the Property. Trustor hereby agrees to
<br /> indemnify and hold harmless Lender, its directors, officers, employees and agents, and any successors to Lender's
<br /> interest, from and against any and all claims, damages, losses and liabilities arising in connection with the presence,
<br /> use disposal or transport of any Hazardous Materials on, under, from or about the Property. T'HE FOREGOING
<br /> WARRANTIES AND REPRESENTATIONS, AND TRUSTOR'S OBLIGATIONS PURSUANT TO THE
<br /> FOREGOING INDENINITY, SHALL SURVIVE RECONVEYANCE OF THIS DEED OF TRUST.
<br /> 10. Assignment of Rents. Trustor hereby assigns to Lender the rents, issues and profits of the Property,
<br /> provided that Trustor sha11,until the occurrence of an Event of Default hereunder, have the right to collect and retain
<br /> such rents, issues and profits as they become due and payable. Upon the occunence of an Event of Default, Lender
<br /> may, either in person or by agent,with or without bringing any action or proceeding, or by a receiver appointed by a
<br /> court and without regard to the adequacy of its security, enter upon and take possession of the Property, or any part
<br /> thereof, in its own name or in the name of the Trustee, and do any acts which it deems necessary or desirable to
<br /> preserve the value, marketability or rentability of the Property, or any part thereof, or interest therein, increase the
<br /> income therefrom, or protect the security thereof, and, with or without taking possession of the Property, sue for, or
<br /> otherwise collect, the rents, issues and profits thereof, including those past due and unpaid, and apply the same, less
<br /> costs and expenses of operation and collection including attorney's fees, upon any indebtedness secured hereby, all in
<br /> such order as Lender may deternune. The entering upon and taking possession of the Property, the collection of such
<br /> rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of
<br /> default hereunder or invalidate any act done in response to such default or pursuant to such notice of default and,
<br /> notwithstanding the continuance in possession of the Property or the collection, receipt and application of rents,
<br /> issues or profits, and Trustee and Lender shall be entitled to exercise every right provided for herein or by law upon '
<br /> occurrence of any Event of Default, including without limitation the right to exercise the power of sale. Further,
<br /> Lender's rights and remedies under this paragraph sha11 be cumulative with, and in no way a limitation on, Lender's
<br /> Page 2 of 5
<br />
|