|
200200080
<br />L. Notwithstanding any of the language contained in this Deed of Trust to the contrary, the terms of this section shall
<br />survive any foreclosure or satisfaction of this Deed of Trust regardless of any passage of title to Beneficiary or any
<br />disposition by Beneficiary of any or all of the Property. Any claims and defenses to the contrary are hereby waived.
<br />20. CONDEMNATION. Trustor will give Beneficiary prompt notice of any action, real or threatened, by private or public
<br />entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain,
<br />or any other means. Trustor further agrees to notify Beneficiary of any proceedings instituted for the establishment of any
<br />sewer, water, conservation, .ditch, drainage, or other district relating to or binding upon the Property or any part of it.
<br />Trustor authorizes Beneficiary tp interyeng,ua. Trustof s name in any of the above described actions or claims and to collect
<br />and receive all sumsiresulting frmn the-' �' " ' `J �cla" . Trustor assigns to Beneficiary the proceeds of any award or claim
<br />for damages connected ralra condemnation : or other- taking of all or any part of the Property. Such proceeds shall be
<br />considered payments acid will be "Applied as provided in this Deed of Trust. This assignment of proceeds is subject to the
<br />terms of any prior security agreement.
<br />21. INSURANCE. Trustor agrees to maintain insurance as follows:
<br />A. Trustor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably associated
<br />with the Property flue to its type and location. Other hazards and rusks may include, for example, coverage against
<br />loss due to floods or flooding. This insurance shall be maintained in the amounts and for the periods that
<br />Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to
<br />Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage
<br />described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the
<br />Property according to the terms of this Deed of Trust.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage
<br />clause" and, where applicable, "beneficiary loss payee clause." Trustor shall immediately notify Beneficiary of
<br />cancellation or termination of the insurance. Beneficiary shall have the right to hold the policies and renewals. If
<br />Beneficiary requires, Trustor shall immediately give to Beneficiary all receipts of paid premiums and renewal
<br />notices. Upon loss, Trustor shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary may
<br />make proof of loss if not made immediately by Trustor.
<br />Unless Beneficiary and Trustor otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged if the restoration or repair is economically feasible and Beneficiary's security is not
<br />lessened. If the restoration or repair is not economically feasible or Beneficiary's security would be lessened, the
<br />insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to Trustor.
<br />If Trustor abandons the Property, or does not answer within 30 days a notice from Beneficiary that the insurance
<br />carrier has offered to settle a claim, then Beneficiary may collect the insurance proceeds. Beneficiary may use the
<br />proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The 30 -day period
<br />will begin when the notice is given.
<br />Unless Beneficiary and Trustor otherwise agree in writing, any application of proceeds to principal shall not extend
<br />or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired
<br />by Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage to the Property before
<br />the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition.
<br />B. Trustor agrees to maintain comprehensive general liability insurance naming Beneficiary as an additional insured in
<br />an amount acceptable to Beneficiary, insuring against claims arising from any accident or occurrence in or on the
<br />Property.
<br />C. Trustor agrees to maintain rental loss or business interruption insurance, as required by Beneficiary, in an amount
<br />equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately
<br />in writing), under a form of policy acceptable to Beneficiary.
<br />22. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not
<br />be required to pay to Beneficiary funds for taxes and insurance in escrow.
<br />23. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor will provide to Beneficiary upon request, any
<br />financial statement or information Beneficiary may deem necessary. Trustor warrants that all financial statements and
<br />information Trustor provides to Beneficiary are, or will be, accurate, correct, and complete. Trustor agrees to sign,
<br />deliver, and file as Beneficiary may reasonably request any additional documents or certifications that Beneficiary may
<br />consider necessary to perfect, continue, and preserve Trustor's obligations under this Deed of Trust and Beneficiary's lien
<br />status on the Property. If Trustor fails to do so, Beneficiary may sign, deliver, and file such documents or certificates in
<br />Trustor's name and Trustor hereby irrevocably appoints Beneficiary or Beneficiary's agent as attorney in fact to do the
<br />things necessary to comply with this section.
<br />24. JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under
<br />this Deed of Trust are joint and individual. If Trustor signs this Deed of Trust but does not sign the Evidence of Debt,
<br />Trustor does so only to mortgage Trustor's interest in the Property to secure payment of the Secured Debt and Trustor
<br />does not agree to be personally liable on the Secured Debt. Trustor agrees that Beneficiary and any party to this Deed of
<br />Trust may extend, modify or make any change in the terms of this Deed of Trust or the Evidence of Debt without
<br />Trustor's consent. Such a change will not release Trustor from the terms of this Deed of Trust. The duties and benefits of
<br />this Deed of Trust shall bind and benefit the successors and assigns of Trustor and Beneficiary.
<br />If this Deed of Trust secures a guaranty between Beneficiary and Trustor and does not directly secure the obligation which
<br />is guarantied, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim against
<br />Trustor or any party indebted under the obligation including, but not limited to, anti - deficiency or one - action laws.
<br />25. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Deed of Trust is governed by the laws of the
<br />jurisdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where
<br />the Property is located. This Deed of Trust is complete and fully integrated. This Deed of Trust may not be amended or
<br />modified by oral agreement. Any section or clause in this Deed of Trust, attachments, or any agreement related to the
<br />Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the
<br />variations by written agreement. If any section or clause of this Deed of Trust cannot be enforced according to its terms,
<br />that cvrtinn nr rla„ce will he cevererl and will not affect the enforceahility of the remainder of this Deed of Trust.
<br />
|