200505595 - Laserfiche WebLink

Browse

200505595 (c) if Grantor shall fail to pay when payment is due, any installment of any assessment against the Trust Property for local improvements heretofore or hereafter laid, which assessment is or may become payable in annual or periodic installments and is or may become a lien on the Trust Property, notwithstanding the fact that such installment may not be due and payable at the time of such notice and demand and such failure continues for ten (10) days after the giving of notice by Beneficiary to Grantor of such failure; (d) if without the consent of Beneficiary any Leases are made, cancelled or modified or if any portion of the Rents is paid for a period of more than one (1) month in advance or if any of the Rents are further assigned; (e) if Grantor or other person shall be in default under any deed of trust or mortgage covering any part of the Trust Property whether superior or inferior in lien to this Deed of Trust, and including, without limitation, any such deed of trust or mortgage now or hereafter held by Beneficiary; (i) if the Trust Property shall become subject (i) to any tax lien, other than a lien for local real estate taxes and assessments not due and payable, or (ii) to any lis pendens, notice of pendency, stop order, notice of intention to file mechanic's or materialman's lien, mechanic's or materialman's lien or other lien of any nature whatsoever and the same shall not either be discharged of record or in the alternative insured over to the satisfaction of Beneficiary by the title company insuring the lien of this Deed of Trust within a period of thirty (30) days after the same is filed or recorded, and irrespective of whether the same is superior or subordinate in lien or other priority to the lien of this Deed of Trust and irrespective of whether the same constitutes a perfected or inchoate lien or encumbrance on the Trust Property or is only a matter of record or notice; or (g) if an Event of Default shall occur following notice and the expiration of any cure period under any other note, deed of trust, mortgage or security agreement now or hereafter entered into by Grantor or an affiliate of Grantor in favor of Beneficiary for purposes of securing the Debt and/or any other indebtedness or obligation now or hereafter owed by Grantor or an affiliate of Grantor to Beneficiary. 19. Impound Account. Upon the occurrence of an Event of Default under this Deed of Trust or any other Loan Document, Beneficiary may require Grantor to pay to Beneficiary sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums. Upon such requirement, Beneficiary will estimate the amounts needed for such purposes and will notify Grantor to pay the same to Beneficiary in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Deed of Trust. Should additional funds be required at any time, Grantor shall pay the same to Beneficiary on demand. Grantor shall advise Beneficiary of all taxes and insurance bills which are due and shall cooperate fully with Beneficiary in assuring that the same are paid. Beneficiary may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Beneficiary. Interest or other gains from such funds, if any, shall be the sole property of Beneficiary. In the event of any default by Grantor, Beneficiary may apply all CL'1" 837349v1 10