|
<br />200603018
<br />
<br />3. Taxes. Assessments. To pay before delinquent all taxes, special assessments and all
<br />other charges against the Property now or hereafter levied.
<br />
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with
<br />the term "extended coverage" and such other hazards as Lender may require in amounts and with
<br />companies acceptable to Lender, naming Lender as an additional named insured with loss
<br />payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust,
<br />collect and compromise all claims thereunder and shall have the option of applying all or part of
<br />the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender may
<br />determine, (ii) to the Trustor to be used for the repair or restoration of the Property, or (iii) for
<br />any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust
<br />for the full amount secured hereby before such payment ever took place. Any application of
<br />proceeds to indebtedness shall not extend or postpone the due date of any payments under the
<br />Note, or cure any default thereunder or hereunder.
<br />
<br />5. Escrow. If required by Lender, Trustor shall pay to Lender, in such manner as Lender
<br />may designate, sufficient sums to enable Lender to pay as they become due in respect to all
<br />taxes, assessments and other charges against the Property. Further, upon written demand by
<br />Lender, Trustor shall pay to Lender, in such manner as Lender may designate, sufficient sums to
<br />enable Lender to pay as they become due, one or more of the following: (i) the premiums on the
<br />property insurance required hereunder, and (ii) the premiums on any mortgage insurance
<br />required by Lender.
<br />
<br />6. Maintenance. Repairs and Compliance with Laws. Trustor shall keep the Property in
<br />good condition and repair; shall promptly repair, or replace, any improvement which may be
<br />damaged or destroyed; shall not commit or permit any waste or deterioration of the Property;
<br />shall not remove, demolish or substantially alter any of the improvements on the Property; shall
<br />not commit, suffer or permit any act to be done in or upon the Property in violation of any law,
<br />ordinance or regulation; and shall promptly discharge at Trustor's cost and expense all liens,
<br />encumbrances and charges levied, imposed or assessed against the Property or any part thereof.
<br />
<br />7. Eminent Domain. Lender is hereby assigned all compensation, awards, damages and
<br />other payments or relief (hereinafter "Proceeds") in connection with condemnation or other
<br />taking of the Property or part thereof, or for conveyance in lieu of condemnation. Lender shall
<br />be entitled at its option to commence, appear in and prosecute in its own name any action or
<br />proceedings, and shall also be entitled to make any compromise or settlement in connection with
<br />such taking or damage. In the event any portion of the Property is so taken or damaged, Lender
<br />shall have the option, it its sole and absolute discretion, to apply all such Proceeds, after
<br />deducting therefrom all costs and expenses incurred by it in connection with such Proceeds, upon
<br />any indebtedness secured hereby and in such order as Lender may determine, or to apply all such
<br />Proceeds, after such deductions, to the restoration of the Property upon such conditions as
<br />Lender may determine. Any application of Proceeds to indebtedness shall not extend or
<br />postpone the due date of any payments under the Note, or cure any default thereunder or
<br />hereunder. Any unapplied funds shall be paid to Trustor.
<br />
<br />8. Performance bv Lender. Upon the occurrence of an Event of Default hereunder, or if
<br />any act is taken or legal proceeding commenced, which materially affects Lender's interest in the
<br />Property, Lender may in its own discretion, but without obligation to do so, and without notice to
<br />or demand upon Trustor and without releasing Trustor from any obligation, do any act which
<br />Trustor has agreed but fails to do and may also do any other act it deems necessary to protect the
<br />security hereof. Trustor shall, immediately upon demand therefor by Lender, pay to Lender all
<br />costs and expenses incurred and sums expended by Lender in connection with the exercise by
<br />Lender of the foregoing rights, together with interest thereon at the default rate provided in the
<br />Note, which shall be added to the indebtedness secured hereby. Lender shall not incur any
<br />liability because of anything it may do or omit to do hereunder.
<br />
<br />9. Hazardous Materials. Trustor shall keep the Property in compliance with all
<br />applicable laws, ordinances and regulations relating to industrial hygiene or environmental
<br />protection (collectively referred to herein as "Environmental Laws"). Trustor shall keep the
<br />Property free from all substances deemed to be hazardous or toxic under any Environmental
<br />Laws (collectively referred to herein as "Hazardous Materials"). Trustor hereby warrants and
<br />
<br />2
<br />
|