200210366 - Laserfiche WebLink

Browse

200210366 of Beneficiary's exercise of the power of sale contained herein, or in the event of foreclosure, all right, title and interest of Tmstor in and to any insurance policy then in force shall pass to the purchaser at the trustee's sale or foreclosure sale. In case of any loss, the insurance proceeds may, at the option of Beneficiary, be applied by Beneficiary upon the Indebtedness, or any part thereof, and in such order and amount as Beneficiary may determine (without any prepayment premium); or said insurance proceeds may, at the option of Beneficiary, either be used in replacing or restoring the Trust Property partially or totally destroyed to a condition satisfactory to Beneficiary; or said insurance proceeds or any portion thereof may, at the option of Beneficiary, be released to Tmstor. Unless otherwise provided in the Note, any such application of insurance proceeds shall not extend or postpone the due date of the Note, or any installments called for therein, or change the amount of such installments. If the Trust Property is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, title and interest of Tmstor in and to any insurance proceeds payable as a result of damage to the Trust Property prior to the sale or acquisition shall pass to Beneficiary and shall be applied first to the costs and expenses, including attorney fees, incurred in collecting such proceeds, then in the manner and in the order provided in this Deed of Trust. 8. Preservation and Maintenance of Trust Property. Tmstor will keep the buildings and other improvements now or hereafter erected on or constituting the Trust Property in good repair and condition and will not commit or permit waste, will not materially alter the design or structural character of any building now or hereafter erected on or constituting the Trust Property without the prior written consent of Beneficiary, will not do any act or thing which would unduly impair or depreciate the value of the Trust Properly and will not abandon the Trust Property. Truster will not remove any fixtures constituting the Trust Property unless the same are immediately replaced with like property subject to the lien and security interest of this Deed of Trust and of at least equal value and utility. Truster will comply with all present and future ordinances, requirements and regulations of any government body which are applicable to the Trust Property and to the occupancy and use thereof. 9. Inspection. Beneficiary or its agents may, at all reasonable times, enter upon the Trust Property for the purpose of inspection. Beneficiary shall have no duty to make such inspection and shall not be liable to Truster or to any person in possession if it makes or fails to make any such inspection. 10. Protection of Security. If Trustor fails to perform any of the covenants and agreements contained in this Deed of Trust and such failure continues for a period of ten (10) days after written notice from Beneficiary to Truster (except in the event of emergency in which case no notice need be given to Tmstor), or if any action or proceeding is commenced which does or may adversely affect the Trust Property or the interest of Tmstor or Beneficiary therein or the title of Truster thereto, then Beneficiary, at its option, may perform such covenants and agreements, make such appearances, defend against and investigate such action or proceeding and take such other action as Beneficiary deems necessary to protect its interest including, but not limited to, disbursement of reasonable attorney fees and entry upon the Trust Property to make repairs. Any amounts disbursed by Beneficiary pursuant to this paragraph 10, with interest thereon, shall constitute Indebtedness of Truster secured by this Deed of Trust. Unless Truster and Beneficiary agree to other terns of payment, such amounts shall be payable upon demand from Beneficiary to Tmstor, and shall bear interest from the date of disbursement at the highest rate permitted by law. Nothing contained in this paragraph shall require Beneficiary to incur any expense or take any action hereunder. Truster irrevocably authorizes and empowers Beneficiary to enter upon the Trust Property as Truster's agent and, in Trusters time or otherwise, to perform any and all covenants and agreements to be performed by Tmstor as herein provided. Beneficiary shall, at its option, be subrogated to any encumbrance, lien, claim or demand and to all rights and securities for the -4-