200205434 - Laserfiche WebLink

Browse

200205434 L. Notwithstanding myrof the language contained in this Deed of Trust to the contrary, the terms of this section shall survive any foreclosure or satisfaction of this Deed of Trost regardless of any passage of title to Beneficiary or any disposition by Beneficiary of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 20. CONDEMNATION. Trustor will give Beneficiary prompt notice of any action, real or threatened, by private or public entities to purchase or take any or all of the Property, including any casements, through condemnation, eminent domain, or any other means. Truster further agrees to notify Beneficiary of any proceedings instituted for the establishment of any sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part of it. 'Tmstor authorizes Beneficiary to intervene in Tmstor's name in any of the above described actions or claims and to collect and receive all sums resulting from the action or claim. 'Trustor assigns to Beneficiary the proceeds of any award or claim fit damages connected with a condemnation or other taking of all or any part of the Property. Stich proceeds shall be considered payments and will be applied as provided in Otis Deed of Trust. This assignment of proceeds is subject to the terms of any prior security agreement. 21. INSURANCE. Truster agrees to maintain insurance as follows. A. Truster shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably associated with the Property due to its type and location. Other hazards acrd rusks may include, for example, coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the periods that Beneficiary requires. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. It 'Tmstor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Deed of Trust. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "beneficiary loss payee clause." Trustor shall immediately notify Beneficiary of cancellation or termination of the insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Tmstor shall immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon loss, Truster shall give innnediate notice to the insurance carrier and Beneficiary _ Beneficiary may make proof of loss if not made immediately by Truster_ Unless Beneficiary and Trustor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Prorarly damaged if the restoration or repair is economically feasible and Beneficiary 's security is not lessened. It the restoration or repair is not economically feasible or Beneficiary's security would be lessened, the insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to Trustor. If Trustor abandons the Property, of does not answer within 30 days a notice from Beneficiary that the insurance carrier has offered to settle a claim, then Beneficiary may collect the insurance proceeds. Beneficiary may use the proceeds in repair or restore the Property Or to pay the Secured Debt whether or not then due. The 30 day period will begin when the notice is given_ Unless Beneficiary and Trustor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of scheduled payments or change the amomn of the payments. If the Property is acquired by Beneficiary, Irustor'a right to any insurance policies and proceeds resulting from damage ro the Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition_ B. Trustor agrees or maintain comprehensive general liability insurance naming Beneficiary as an additional insured in an amount acceptable to Beneficiary, insuring against claims arising from any accident or occurrence in or on the Property. C. Trustor agrees to maintain rental loss or business interruption insurance, as required by Beneficiary, in an amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing), under a form of policy acceptable to Beneficiary. 22. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Truster will not be required to pay to Beneficiary funds for taxes and insurance in escrow. 23. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. 'Trustor will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem necessary. Truster warrants that all financial statements and information Trustor provides to Beneficiary are, or will be, accurate, correct, and complete. Trustor agrees to sign, deliver, and file as Beneficiary my reasonably request any additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve 'Trustor's obligations under this Deed of Trust and Beneficiary's lien status on the Property. if Trustor fails to do so, Beneficiary may sign, deliver, and file such documents or certificates in Trustor's name and Trustor hereby irrevocably appoints Beneficiary or Beneficiary's agent as attorney in fact to do the things necessary to comply with this section. 24. JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Deed of 'Trust are joint and individual. If Trustor signs this DOW of Trust but dues not sign the Bvidcncc of Debt, Trustor does so only to mortgage Truster's interest in the Property In secure payment of the Secured Debt and Truslir dues not agree to be personally liable on the Secured Debt. Trustor agrees that Beneficiary and any party m this Deed of Torsi may carved, modify or make any change in the temps of this Deed of Trust or the Evidence of Debt without 'Luster's consent. Such a change will not release Trustor from the terms of this Deed of Trust_ The duties and benefits of this Deed of Trust shall bind and benefit the successors and assigns of'I'nnstor and Beneficiary. If this Deed of Trust secures a guaranty between Beneficiary and Trustor and does not directly secure Ne obligation which is guarantied, 'Trustor agrees to waive any rights that may prevent Beneficiary from bringing any achon or claim against Trustor or any party indebted under the obligation including, but not limited to, anti -deficiency or one action laws. 25. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Deed of Trust is governed by die laws of the jurisdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the Jurisdiction where the Property is located. This Deed of Trust is complete and fully integrated. 'Phis Deed of Trost may not be amended or modified by oral agreement. Any section or clause in this Deed of Trust, attachments, or any agreement related to the Secured Debt that conflicts with applicable paw will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section or clause of this Deed of 'Trust cannot be enforced according to its terms, that section or clause will be severed and will not affect the enforceability of the remainder of this Deed of Trust. Whenever used, the singular shale include the plural and the plural the singular. The captions and headings of the sections of this Deed of Trust are for convenience only and are not to be used to interpret or define the terms of this Deed of Trust. Time is of Nc essence in this Deed of Trost. 5 pl 6 v.FCI�' 1 1999 tankers SVrems. I,,, Sl 11au,.N rmm AcllO RNC ] /x2001 ,