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<br /> � ' • by ovrner'e.and operatars of simitar properties and as Bene�ietary may reqnire tor its protection. Truator witi carnpiy t � �� v
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<br /> '. .� r � , ;; with sych other requ�rementa es Benaftcfary may from time to dme raquest for the prsiection by insurance of the �:. . :,�,��
<br /> � • interest oi the.respective parties. 6li!insurance poileies maintained pursuant to this Qeed of Trust shall name Trustor ` ;�..
<br /> " ` � artd 6�neficiary as ins�ared, as their respective tniaresY ma{►eppaar and provide that there shali be rto cenceflation or . � � ' " ,-—=
<br /> . , � • • ' modificatton without fifteen (15)days prior written �otifir.atIon to Tiu�te+e artd Be�eftciary. iN tQis 6vent ar�y policy ... .��-
<br /> . , hereundsr is not renevred on ot befote fifteen 115)days prior to its ex�oiratlan date,Trustee or Beneficiary may pracure ' �_;�
<br /> , , . �.` ' .
<br />_ _:_- , . � , � such Insuranca in eccordance with the provisions of ParagraAh 7. Trustor shall deliver to Banefcciary the or�ginal �, - _.._ _ ;�. _�.'- �• :.
<br /> ��� - � . - paticies a�ir�suraaae and renav+r�ts ihar�sof or copies of such Rollciss and renswais thereoi. Failure to fumish such . .�`-
<br /> ° ' insuranCe by Yrustor,or tenewats as required hereander,sh�lt,at the optiaaof Beneficiary,constitute a default. All ^ . `';�
<br /> • � �
<br /> '� � uneatned premiums are hereby assigned to T�astee as edditio n a l security, art d a s a te and conveyanae of the Ptaperty t� •.�: i
<br /> . � `� " by the T�ustee s6afi aperat�to convey to the purcRaser the Trustor's interest in end to all poilcies of insurance upon �, � - , :�' �
<br />_-`---r- - � the Trust P��per'ty. � ' � . . �,��_
<br /> � :. �� ' , 6. Teaes arcd�[saeaasrxeata. Tnrstor shall pay ail taxes end spectal assessmertts levied or assessed egainst, a _ ' -
<br /> ' • � due upon,the Propeety betore detinqu�ncy and will deiiver to Benefiaary copies of teceipts showiRg gayment ot sach . � `
<br /> , . . • .�• texes and apecial assessments. ' ' ` �a
<br /> � ` 8: Additionef L3ena.Trustcr shall make all payments nf interest and principal,and payments of any other charges, , " � ' : ` " •
<br />_ . , fe�s, and expenses contracted to be paid.to any existing lien hoiders or prior 6sneficiaries under any pdar Qeed of � ••- �. `�+�`
<br />_ � _ Trust,Mortgage o�other security agreemont, hefore the date they are detirtquent and to pay any other daim which � • <<• �'� _
<br /> ., r - r=�.
<br /> � ' . . � . • , jeopatdizes t0�e security grarned herein. • �
<br /> 7. Protecdan of BeneR�iary's Security. Shoutd Trusior fail ta make any payment, fai! to da any act as herein �,� �'��. °�
<br /> � r`� `« � prnviQed or if any action or proceedi�g is commenced which materialld affects Beneficiary's Interest in the Property, . "� ,J. . . _
<br /> • ;: ; . " • ..
<br /> - ' - incWding, bui rto IimiYed to, eminent domain. Insolvency, arrangements or proceedings involving a bankrupt ar � =' ;. �.`�.. _
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<br /> �: . - °-decedent;tharr6eneficiary or�rustee,but withoutobligationtodo�so,�nd without nottce�taor demand-upon�Trustor��- � � - - ,.- .
<br /> , � . � , end without reteasing TrusLor from any obfiga6on itereunder, may make or do the same, and may pay,purchase, ' ,.�
<br /> , � co�test or compromise andy encumbrance, charge or lien, which in the judgement of e'ither appears to effect said , •� �� ��_�
<br /> , Froperty;in exercising any such powers,the Beneftciary or Trusiee may incur a liability and expend whatever amounts, ' ,��`
<br /> �. . ' . . ' , irtctuding dishursemerrts of reasonabte attomey's tees,whtch in their absolute discretion may bs rtecessary. In tfte � '
<br /> ,r��,/•. •
<br /> event that Trustor shaii tai l to procure insurance, fa i l to pay taxes an d spe c ia l assessmen t s or fai l to ma ke any �., �: �;� � �
<br /> • � • . payments to existing or prlor Uen hotders or beneficiaries;the Beneficiary may proc�sre sucfi insurance and make such t�` � ' " '"
<br /> . ., . ,_�' . '.
<br />- , . " paymenis. All sums incuRed or expended by Beneficiary or Trustee in accordance with the provisions of the Deed of � , ��� .
<br /> ' . Trust are sacured herehy and,without demend,shall be immediatety due and payable by Trustor and shal{bear interest _. '�� ..:.
<br /> � . • at the rate provided for advances under the Loan Agreement;provided,however,that at the aption of the Beneficiary , . ;
<br /> � . or Trustee,such sums may be added to this�srincipai balanca of any indebtedness secured hereby and shatl bear the �`
<br /> � � � same interest as such indebtedness and sha:E Izo payable ratably over the�emaining term thereof, i : -:-.•�� �
<br /> • '• ' �� � � 8. Asstgnment��Rents. Beneficiary shat3'have the right,power and authority during the conrinuance of this Oeed f ' �a •�� �
<br /> � -----•--•�--�-�-� = of Trust to coliect the rents,issues and profits ot the Property and of any persanaf property located thereon with or ! ` `P ��
<br /> _ � � � � without taking possession o?r 4he Property affected he�eby,and Trus4or hereby absotutely and unconditionally assigns .:��%;;�,; .
<br /> ' . all such rents,issues and profits to Beneftciary. Beneftciery, however,hereby cansenta to the Trustor's collectlon and �.. ,.��,�� � .
<br /> � � retention of such rertts,issues and profits as they accrue and become payabfe so long as Trustor is not,at such time, • '
<br /> � � . in default with respect to payment of any indebtedness socured hereby or in the performance of any agreement ,; ww�_
<br />, hereunder. U on an such default, Beneficiary may at any time, either in person, by agent or by a receiver to be � �. '•������
<br /> ' . appofnted by a court without notice and without regard to the adequacy of any security for the Indebtedness hereby �. � ��� �
<br /> .. ���� �
<br /> ��t . �. • -•� se�ured: (a) enter upon and take possession of the Property or any part thereof and in its own neme sue for or { . . , . . �
<br />- � '�' • " otherwise co118ct such rents,lssues and profits,including those past due and unpaid,an apply she same,less costs [ . ' • �5
<br /> `''��' � � � ` , and expenses of operation and collection,including�easonable attorney fees, upon any indebtedness secured hereby : , . � t>•3
<br /> �'' ' . � and in such order as BeneBciary cstay determine: ib)perform such acts of repair or�rotection as may he necessary or �. • . �
<br /> � � , proper ta�conserve the value of tF;e�roperty:(e)fease the same or any part hereof for such rentai term and upon such `�• � � :. . :,;
<br /> ,: . � � conditions as its judgment may dictate. Untess Trustor and Beneficiary agree otherwlse ln writing,any appticatIon of ' �� �°
<br /> • rents,lssues or proflts to any indebiedness secured hereby shail not extend or postpone the due date of the instaliment ` � `�`� ''
<br /> :, .
<br />-_-�.�. . , . . . payments as provided in the Loan Ag�eernent,and the epplication thereof as aforesaid shati not weive or cure any �
<br />- � • defautt cs notice of default hereunder or invalidate any�ct done pursuarlt to such notice. Trustor aiso�ss9gns to ..
<br /> ', � , • � Beneficiiry, as turther securiry for the pe►tormance of t7�e ebAgations seeured here��,ail prepaid�ents and�!3 monies ` ..
<br /> . • � which may have been or may h�reafter be deposited with sa'id Trustor by a�y les�ee of the Property,to secure the . , .
<br />, � payment of any rent,and upon defautt in the perforrnance of any of the provislons hereof,Trusiar agrees to deliver . �
<br /> > � _. . such rents and deposits to the Beneficiary. Q�livery of written notice of Beneficiary's exercise of the rights granted � .
<br /> ,, � � � harein tm any tenant occupyirtg said premises shal! ba sufficient to require sa;d tenant to pay said rent to the • �
<br /> ` .� � `•`'�:.' . . Benefiaary until turther notice. ; • �
<br /> _ � . � ' � ' 9. �ndemnation. If titte to any part of the Property shail be taken in condemnatlon proceedings,ny right of ;
<br />- � � : � eminent domaln or��milar action, or shail be sotd under threat of cor,demnatlon,ali awards, damaQes anA proceeds �
<br /> _ - , , .. ere hereby assigrted artd shali be pald to Benefic+ary who shati apply sach award,damages end Rroceeds to the sums �
<br /> ' ' , secured by the Oeed of Trust,with the excess, If any,paid to the Trustor. � •
<br />- �. � ' � 10. Future Advances. The Loan Agreement provtdes 1or advances from time to time to Trustor by 6eneficiery •
<br /> t �� � as provIded tfierein. In addition,upon request oi Trustor, Berteficiary, at Beneftciary's option,prlor to reconveyance
<br />-�• �� !: � of the b�aperty to tge Trustor, may make additional future advances to the Trustor. Such future edvances, with � �
<br />= `�` .� � interest thereon,shall be secured by this Deed of.Trust when evidenced by p�omissory nqtes stating that said notes �� �
<br /> , .�.�`� . , • ar�secured hereby; provided that at na time shali tha secured principal end future advances, not including sums �
<br /> advanced to proteet the security. exceed one hundred percent 1900%) o! the original prineipal amounts secured � .
<br />- --•�.. . . hereby. ._.
<br /> , � • 11. 6temedies CumWativo. All remedies provided in thia Deed of Trust are distinct and cumulative to any other .
<br /> • � ` � • dght or romedy under this Deed of Trust or affarded by law or equity, and may 6e exercised concurrentty,
<br /> ', ; ,
<br />': , r�� , independently or successivety.
<br /> 12. Acceieration; Wemedios; SaYo. A default shall exist in the event of: '
<br /> .;. .
<br /> ._� _'_.. �_� � ,,,'__.__ (Al An�r frsud or m�scepresentation by the Trustor in connsction wiih tha line of crediY w�hich this•�eed ot Trust ' � �
<br /> . -:- i=;-==..-..---- �
<br /> • . secures;
<br /> � • sl9a aoa-2 �
<br /> � ! ; •
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