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200605551
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Last modified
6/21/2006 12:38:00 PM
Creation date
6/21/2006 12:37:58 PM
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DEEDS
Inst Number
200605551
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<br />" <br /> <br /># I 060655 v4 <br /> <br />200605551 <br /> <br />Note, Beneficiary shall execute and deliver to Grantor or the then record owner of <br />the Subject Property an authorization to the Trustee to release the lien hereof. <br /> <br />5.13 RELEASE. When the Subject Property has been fully released, the last such <br />release shall operate as a reassignment of all future rents, issues and profits of the <br />Subject Property to the person or persons legally entitled thereto. <br /> <br />5.14 SUBROGATION. Beneficiary shall be subrogated to the lien of all <br />encumbrances, whether released of record or not, paid in whole or in part by <br />Beneficiary pursuant to the Loan Documents or by the proceeds of any loan <br />secured by this Deed of Trust. <br /> <br />5.15 RIGHT OF INSPECTION. Beneficiary, its agents and employees, may enter <br />the Subject Property at any reasonable time for the purpose of inspecting the <br />Subject Property and Collateral and ascertaining Grantor's compliance with the <br />terms hereof and of the other Loan Documents. <br /> <br />5.16 CONSTRUCTION LOAN PROVISIONS. Grantor agrees to comply with the <br />covenants and conditions of the Loan Agreement, if any, which is hereby <br />incorporated by reference in and made a part of this Deed of Trust. All advances <br />made by Beneficiary pursuant to the Loan Agreement shall be indebtedness of <br />Grantor secured by this Deed of Trust, and such advances may be obligatory as <br />provided in the Loan Agreement. All sums disbursed by Beneficiary prior to <br />completion of the Improvements to protect the security of this Deed of Trust up to <br />the principal amount of the Note shall be treated as disbursements pursuant to the <br />Loan Agreement. All such sums shall bear interest in accordance with the <br />provisions of the Note and the Loan Agreement. <br /> <br />From time to time, as Beneficiary deems necessary to protect Beneficiary's <br />interest after an event of default which continues after expiration of any <br />applicable notice or cure period, Grantor shall, upon request of Beneficiary, <br />execute and deliver to Beneficiary, in such form as Beneficiary shall direct, <br />assignments of any and all rights Or claims which relate to the construction of the <br />Subject Property and which Grantor may have against any party supplying or who <br />has supplied labor, materials, or services in connection with construction of the <br />Subject Property. In case of breach by Grantor of the covenants and conditions of <br />the Loan Agreement, Beneficiary, at Beneficiary's option, with or without entry <br />upon the Subject Property, (a) may invoke any of the rights or remedies provided <br />in the Loan Agreement; (b) may accelerate the sums secured by this Deed of Trust <br />and invoke those remedies provided herein; or (c) may do both. If, after the <br />commencement of amortization of the Note, if any, the Note and this Deed of <br />Trust are sold by Beneficiary, from and after such sale the Loan Agreement shall <br />cease to be a part of this Deed of Trust and Grantor shall not assert any right of <br />setoff, counterclaim, or other claim or defense arising out of or in connection with <br />the Loan Agreement against the obligations of the Note and this Deed of Trust. <br /> <br />16 <br />
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