87107406 - Laserfiche WebLink

Browse

87- 107406 r- "extended coverage" and such other hazards, casualties and contingencies as may be required by Beneficiary, in such amounts and for such periods as may be required by Beneficiary. The policy of insurance shall be in form acceptable to Beneficiary, provide that the same may not be cancelled or modi fied without fifteen (15) days prior written notice to Beneficiary, and shall have loss payable provisions in favor of and in form acceptable to Beneficiary. All premiums on insurance policies shall be paid in the manner provided under paragraph 4 hereof or, if not paid in such manner, by Trustor making payment at least fi fteen (15) days prior to the due date, directly to the insurance carrier. Beneficiary shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Benefi- ciary all renewal notices and all paid premium receipts received by it. In no event shall Beneficiary or Trustee be held respon- sible for failure to pay insurance premiums or for any loss or damage arising out of a defect in any policy or arising out of any failure of any insurance company to pay for any loss or damage insured against or for failure by Trustor to effect the insurance required hereunder. In the event of loss, Trustor shall give prompt notice by mail to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made promptly or in proper form by Trustor. All policies of insurance and any and all refunds of unearned premiums are hereby assigned to Beneficiary as addi t ional securi ty for the payment of the Indebtedness. In the event of Beneficiary's exercise of the power of sale contained herein, or in the event of foreclosure, all right, title and interest of Trustor 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 Benefi- ciary upon the Indebtedness, or any part thereof, and in such order and amount as Beneficiary may determine; or said insurance proceeds, at the option of Beneficiary, may 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 be released to Trustor. Unless Beneficiary and Trustor otherwise agree in writing, 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 Trustor 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 herein. L 8. of Trust Pro ert. Trustor will now or hereafter good repair and condi t ion and will not alter the design or structural character constituting any building now or hereafter erected on and 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 Property and will not abandon the Trust Property. Trustor will not remove any fixtures constituting the Trust Property unless the same are immediately replaced with like property subject to the 1 ien and securi ty interest of this Deed of Trust and of at least equal value and utility. Trustor will comply \"ith all present and future ordinances, regulations and requirements of any governmental body which are applicable to the Trust Property and to the occupancy and use thereof. If this Deed of Trust is on a unit in a condominium or a planned unit development, Trustor shall perform all of Trustor's obligations under the declarations -4- ,--- I t:..