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88100097
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Last modified
3/9/2007 5:40:57 PM
Creation date
3/9/2007 4:28:46 AM
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DEEDS
Inst Number
88100097
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<br /> <br />;~ <br />~ . <br />Ie <br />l <br /> <br />t: <br />~:,- <br /> <br />r <br />f <br />f,"-. <br />[~- <br />t <br />r <br />t. <br />, <br />r <br />iL <br />t <br />f <br />! <br /> <br />88- 100097 <br /> <br />11. Condemnation. The proceeds of any award or claim <br />for damages, direct or consequential, in connection with any <br />condemnat ion or other taking of the Trust Pt~opet'ty, c.r any <br />part thereof, of for conveyance in lieu of or in anticipation <br />of condemnation,. are hereby assigned to and shall be paid to <br />Beneficiary. Trustor will file and prosecute, in good faith <br />and with due diligence, its claim for any such award or <br />payment, and will cause the same to be collected and pa~d to <br />Beneficiary, and should it fail to do so, Trustor irrevocably <br />authori.zes and empowers Beneficiary, iy. the name of Trustor <br />or otherwisey to file, prosecute, settle or compromise any <br />such claim and to collect, receipt for and retain the <br />proceeds. If the Trust Property is abandoned by Trustor, or, <br />after notice by Beneficiary to Trustor that the condemnor <br />offers to make an award or settle a claim for damages, <br />Trustor fails to respond to Beneficiary within thirty (30) <br />says after the date such notice is mailed, Beneficiary is <br />authorized to collect and apply the proceeds in the manner <br />indicated herein. The proceeds of any award or claim may, <br />after deducting all reasonable costs and expenses, including <br />attorney fees, which may have been incurred by Beneficiary in <br />the collection thereOf, at the sole discretion of <br />Beneficiary, be released to Trustor, applied to restoration <br />Of Trust Property, or applied to the payment of the <br />Indebtedness. Unless Beneficiary and Trustor otherwise agree <br />in writing, any such application of proceeds to Indebtedness <br />shall not extend or postpone the due date of the Note or the <br />payment of any installments called for thereunder. <br /> <br />12. Trustor not Released. Extension of the time for <br />payment or modification of any amortization of the <br />Indebtedness granted by Beneficiary to any successor in <br />interest of Trustor shall not operate to release, in any <br />manner, the liability of Trustor and Trustor's successors in <br />interest. Beneficiary shall not be required to commence <br />proceedings against such successor or refuse to extend time <br />for payment or otherwise modify amortization of the <br />Indebtedness by reason of any demand made by Trustor and <br />Trustor's successors in interest. <br /> <br />13. Financial Information. Upon request of Beneficiary, <br />Trustor will provide to Beneficiary, within ninety (90) days <br />of the close of each fiscal year of Trustor, the consolidated <br />balance sheet and statement of earnings of Trustor and any <br />and all guarantors of the Indebtedness secured hereby, if <br />any, and will provide and deliver to Beneficiary such other <br />financial information and in such manner as Beneficiary may <br />reasonably request from time to time. <br /> <br />14. Financial Covenants. In addition to any other <br />financial covenants of Trustor made in any other agreement, <br />instruments or document, Trustor shall comply with and shall <br />cause any and all guarantors of the Indebtedness secured <br /> <br />L <br /> <br />L <br /> <br /> <br /> <br />j;~ <br />'.J' <br />.," <br />, <br />.'-; <br /> <br />r- <br />I <br /> <br />I <br /> <br />~ <br /> <br />~ <br /> <br />~.. '. <br />
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