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<br /> <br /> <br />f. <br />I <br /> <br />L <br /> <br />I <br /> <br />88-100097 <br /> <br />COy.stt~uction liey. agail'"lst such Trust Prc.perty. In the evel'".t <br />cOl'"lstrllctioy. of buildil'".gs, improvements c.t~ repair"'s at~e <br />contemplated, Trustor also agrees, anything in this Deed of <br />Trust to the contrary notwithstanding; (a) to promptly <br />commence any such work and to complete the proposed <br />imprc.vemel'".ts prc.mpt ly, (b) to complete the same il'"l accordance <br />with the plans and specifications as approved by Beneficiary, <br />Cc) to comply with all the terms of a building loan <br />agreement, if any, between Trustor and Beneficiary, the terms <br />of which are incorporated herein by reference and made ~ part <br />hereof, Cd) to allow Beneficiary to inspect the Trust <br />Property at all times during construction, and (e) to replace <br />any work or materials unsatisfactory to Beneficiary within <br />fifteen (15) days after written notice from Beneficiary of <br />such fact. <br /> <br />4. Funds for Payment of Charges. SubJect to applicable <br />law or to a written waiver by Beneficiary, Trustor shall pay <br />to Beneficiary on the first day of each month, or such other <br />date each month as may be specified by Beneficiary, until the <br />IY,debtedness is. paid il'". full, a SlUn (het~einafter called the <br />"Fuy,ds") equal to 1/12th of the yeat~ly taxes al'".d assessments <br />which may attain priority over this Deed of Trust and ground <br />rents on the Trust Property, if any, plus 1/12th of the <br />yearly premium installments for hazard insurance, plus 1/12th <br />of the yearly premium installments for mortgage insurance, if <br />any, all as reasonably estimated initially and from time to <br />time by Beneficiary on the basis of assessments and bills and <br />reasonable estimates thereof. The Funds shall be held in an <br />institution, the deposits or accounts of which are insured or <br />guaranteed by a federal or state agency including <br />Beneficiary. Beneficiary shall apply the Funds to pay said <br />taKes, assessments, insurance premiums and ground rents. <br />Beneficiary shall not be required to pay Trustor any interest <br />or earnings on the Funds. Beneficiary shall give to Trustor, <br />without charge, an annual accounting of the Funds showing <br />credits and debits to the Funds and the purpose for which <br />each debit to the Funds was made. The Funds are pledged as <br />additional security for the indebtedness secured by this Deed <br />of Trust. If the amount of the Funds held by Beneficiary, <br />together with the future monthly installments of Funds <br />payable prior to the due dates of taxes, assessments, <br />insurance premiums and ground rents, shall exceed the amount <br />required to pay said taxes, assessments, insurance premiums <br />and ground rents as they fall due, such excess shall be, at <br />Trustor's option, either promptly repaid to Trustor or <br />credited to Trustor against future monthly installments of <br />Funds. If the amount of the Funds held by Beneficiary shall <br />not be sufficient to pay taKes, assessments, insurance <br />premiums and ground rents as they fall due, Trustor shall pay <br />to Beneficiary any amount necessary to make up the deficiency <br />within thirty days from the date notice is mailed by <br />Beneficiary to Trustor requesting payment thereof. Upon <br />payment in full of all Indebtedness, Beneficiary shall <br /> <br />L <br /> <br />L <br /> <br /> <br />r-- <br /> <br />~ <br /> <br />( <br />