|
200505400
<br />insurance policy theretofore delivered to BENEFICIARY pursuant hereto, and any
<br />information concerning the loan secured hereby. In no event and whether or not default
<br />hereunder has occurred shall BENEFICIARY, by the fact or approving, accepting or
<br />obtaining such insurance, incur any liability for the amount of such insurance, the form
<br />or legal sufficiency of insurance contracts, solvency of insurers, or payment of losses by
<br />insurers, and TRUSTOR hereby expressly assumes full responsibility therefore and
<br />liability, if any, thereunder. In the event of loss, TRUSTOR shall give immediate written
<br />notice to BENEFICIARY, and BENEFICIARY may, but is not obligated to, make proof of
<br />loss if not made promptly by TRUSTOR. In case of any loss the amount collected
<br />under any policy of insurance on SUCH PROPERTY may, at the option of the
<br />BENEFICIARY, be applied by BENEFICIARY upon any indebtedness and /or obligation
<br />secured hereby and in such order and amount as BENEFICIARY may determine; or
<br />said amount for any portion thereof may, at the option of the BENEFICIARY, either be
<br />used in replacing or restoring the improvements partially or totally destroyed to a
<br />condition satisfactory to said BENEFICIARY, or said amount or any portion thereof may
<br />be released to the TRUSTOR. In any such event neither the TRUSTEE nor the
<br />BENEFICIARY shall be obligated to see to the proper application thereof; nor shall the
<br />amount so released or used be deemed a payment on any indebtedness secured
<br />hereby. Such application, use and /or release shall not cure or waive any default or
<br />notice of default hereunder in invalidate any act done pursuant to such notice. Any
<br />unexpired insurance and all returnable insurance premiums shall inure to the benefit of,
<br />and pass to, the purchase of the property covered thereby at any TRUSTEE'S sale held
<br />hereunder. If said property is sold pursuant to the power of sale contained herein or
<br />pursuant to any decree of foreclosure, all right, title and interest of TRUSTOR in and to
<br />the proceeds of fire and other insurance policies for damage prior to the sale, which
<br />proceeds are not received prior to the date of said sale, shall belong to BENEFICIARY.
<br />Taxes and Other Sums Due: To pay, satisfy and discharge, at least ten (10)
<br />days before delinquency, all general and special taxes and assessments affecting
<br />SUCH PROPERTY, and in no event later than the date such amounts become due, (1)
<br />all encumbrances, charges and liens, with interest, on SUCH PROPERTY, or any part
<br />thereof, which are, or appear to BENEFICIARY to be prior to or superior hereto, (2) all
<br />costs, fees and expenses of this trust, whether or not described herein, (3) fees or
<br />charges for any statement regarding the obligation secured hereby in any amount
<br />demanded by BENEFICIARY, not to exceed the maximum amount allowed by law
<br />therefore at the time when such request is made, (4) such other charges as the
<br />BENEFICIARY may deem reasonable for services rendered by BENEFICIARY and
<br />furnished at the request of TRUSTOR any successor in interest to TRUSTOR, (5) if
<br />SUCH PROPERTY includes a leasehold estate, all payments and obligations required
<br />of the TRUSTOR or his successor in interest under the terms of the instrument or
<br />instruments creating such leasehold. TRUSTOR hereby agreeing not to amend,
<br />change, or modify his leasehold interest or the terms on which he has such leasehold
<br />Page 4 of 12
<br />#MGWL_285892_3.DOC
<br />
|