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IVA
<br />13.
<br />fact to sign Trustor's name or pay any amount necessary %`p�oo fiance beneficiary's right to perform for Truster shall not
<br />create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not
<br />carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the
<br />Property, including completion of the construction.
<br />ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably grants, bargains and sells to Trustee, in trust for the benefit of
<br />Beneficiary, as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any
<br />other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals,
<br />modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as
<br />"Rents "). Trustor will promptly provide Beneficiary- with true and correct copies of all existing and future Leases. Truster may
<br />collect, receive, enjoy and use the Rents so long as Truster is not in default under the terms of this Security Instrument.
<br />Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to
<br />notify any of Trustor's tenants to make payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees that
<br />only on default will Beneficiary notify Trustor and Trustor's tenants and make demand that all future Rents be paid directly to
<br />Beneficiary. On receiving notice of default, Truster will endorse and deliver to Beneficiary any payment of Rents in Trustor's
<br />possession and will receive any Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any
<br />amounts collected will be applied as provided in this Security Instrument. Truster warrants that no default exists under the Leases
<br />or any applicable landlord/tenant law. Trustor also agrees to maintain and require any tenant to comply with the terms of the
<br />Leases and applicable law.
<br />LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisions of
<br />any lease if this Security Instrument is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned
<br />Unit Development ( "PUD "), Truster agrees to the following:
<br />A. Obligations. Truster shall perform all of Trustor's obligations under the Constituent Documents. The "Constituent
<br />Documents" are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and any
<br />homeowners association or equivalent entity ( "Owners Association"); (ii) by -laws; (iii) code of regulations; and (iv) other
<br />equivalent documents. Truster shall promptly pay, when due, all dues and assessments imposed pursuant to the
<br />Constituent Documents.
<br />B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master"
<br />or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance
<br />coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included
<br />within the term "extended coverage," then Trustor's obligation under Section 19 to maintain hazard insurance coverage
<br />on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy.
<br />Truster shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution
<br />of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common
<br />elements, any proceeds payable to Trustor are hereby assigned and shall be paid to Lender for application to the sums
<br />secured by this Security Instrument, with any excess paid to Trustor.
<br />C. Flood Insurance. Trustor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to
<br />form, amount and extent of coverage to Lender.
<br />D. Public Liability Insurance. Trustor shall take such actions as may be reasonable to insure that the Owners Association
<br />maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender.
<br />E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Trustor in
<br />connection with any condemnation or other taking of all or any pan of the Property, whether of the unit or of the common
<br />elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds
<br />shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 18.
<br />F. Lender's Prior Consent. Truster shall not, except after notice to Lender and with Lender's prior written consent, either
<br />partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project or
<br />PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other
<br />casualty or in the case of a taking by condemnation or eminent domain, (ii) any amendment to any provision of the
<br />Constituent Documents if the provision is for the express benefit of Lender, (id) termination of professional management
<br />and assumption of self - management by the Owners Association; or (iv) any action which would have the effect of
<br />rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender.
<br />G. Remedies. If Trustor does not pay condominium or PUD dues and assessments when due, then Lender may pay them.
<br />Any amount disbursed by Lender under this section shall become additional debt of Truster secured by this Security
<br />Instrument. Unless Trustor and Lender agree to other terns of payment, these amounts shall bear interest from the date of
<br />disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Trustor requesting
<br />payment.
<br />EQ 127c (04;2001)
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