|
<br />88-103490
<br />cancellation or modification without no less than 15 day's prior written
<br />notification to Trustee and Beneficiary. In the event any polic;:y hereurK1er is
<br />not renewed on or before 15 days pnor to its expirat10n date, Trustee or
<br />Benefici~ ma:y procure such inSurance in accordarice with the provisions of
<br />paragra~h numbered 7 hereof. Trustor shall deliver to Beneficia~ the
<br />origrnaT policies of Insurance and renewals thereof or menD copies of such
<br />polIcies and renewals thereof. Failure to furnish such insurance by Trustor,
<br />or renewals as recruired hereW1der shall, at the option of the Beneficiary,
<br />constitute a defauIt.
<br />5. ~~. of Rents. Beneficiary sl1all have the ricrht, POWer, and
<br />authority dufina the continuance of this Deed of Trust to collect 1:he rentsl.
<br />issues and profits of the Property and of an~rsonal pro~rty locatea
<br />thezeon with or without takina possession of the affected .~, and
<br />Trustor h~ absolutelY ana unconditionally assigns a 1 such rents, 1Ssues
<br />and profits to the Beneflci~. Benefic4tz:y, however, herebY' consents to the
<br />Trustor's collection and retention of such rents, issues and !?I'Ofits as thev
<br />a~ and become payable so lorg as Trustor is not, at such t1me, in default:
<br />W1th respect to payment of any indebtedness secured hereby, or in the
<br />perfoI1llanCe of artY. a~t hereunder. Upon itiIlY such defaulf, Benef1ciary
<br />!1BY at anv ~L either in peJ;:sonf.by agent, or bY a receiver to be appointea
<br />bY a COUl'!:!\_Y41:QOut notice and wimout I'ega,j:d to l:he ~cy of any SE!curi~
<br />fOr the inaeo1:E!CUlesS ~ secured, fa) enter upon and take P9ssessl.on of the
<br />Pror;Ierty or itiIlY part thereof r and ii1 l.ts own name sue for or otherwise collect
<br />sucf1 rents, issues and profits includina those past due and unpaid, and ~y
<br />the same, less costs and expenses ~ 9PE!X:.atian and collecfion, incl
<br />reasonable attomey's fees, ~n aJ)Y inael:ltedness secured her.ebY, and in
<br />order as Benefic1a~ may determine, (b) perform such acts of repair or
<br />protection as may be necessary or proper to conserve the value of the
<br />Property, (c) lease the same or fU1Y ~ thereof for such rental, term, and
<br />DP:!n suCh amditions as the Beneficl.~'s jud9JI!ePt nw dictate or terminate or
<br />aajust the terms and conditions of any' existing lease or leases. Unless
<br />TrUstor and Beneficiary agree otherwise in writ:i.ncJ, aJW application of rents,
<br />issues or prOfits to any indebtedness secured hereoy snall not extend or
<br />postpone the due date of the installment payments as ~rovided in said
<br />Pranis~ Note or chanQe the amunt of such installments. The enterina upon
<br />and t:aId.riCI' possession Of the Property, the collection of such rents, issues
<br />and ~fifs, and the application thereof as aforesaid, shall not waive or cure
<br />aqy default or notice or default hereunder, or invalidate any act done
<br />pursuant to such notice. Trustor also assigns to Benefici~, as further
<br />security for the performance of thecbliqations secured 1lerebt, all PJ:'eI)aid
<br />rents and lIDI1ies Which II!'iY. have been or may hereafter be deDosl. ted with Said
<br />~tor by ~ lessee of the _ property, to secure the paynen1: of ~ rent or
<br />uculageS, and up;m default in tne perfoI1llanCe of al!Y of tf1e provisions hereof
<br />Trustor aqn;!eS to deliver such rents and deposits fa Beneficl.B!Y.. Deli~ of
<br />written notice of Benefici~'s exercise of the ri~ts granted herein, to amr
<br />tenant QOCUPYlpq said premises shall be sufficient to i"equire said tenant to
<br />pay said rent to the Beneficiary until further notice.
<br />6. 2'aD!S, Asses-.ents and~. Trustor shall PlllY all taxesr.
<br />assessments and other charges, inClUding, _without limitation, fines ana
<br />!nPJsitions attributable to me P.!'OPe!1:Y before the same become del~t.
<br />TrUstor shall PI'QlI)tly furnish to Beilefidary all notices of amunts due Urder
<br />this ~~:~; ana ih the event Trustor Shall make P.!!lYment directly, Trustor
<br />shall ly fumish to Beneficicuy rece Pt:s evidenciD1 sudl payments.
<br />Trustor sHall pay all taxes and assessmen1:s which may be levlea upon
<br />Beneflc~'s interest h~in or upon this Deed of Trust without regcu:d to any
<br />law that Ipay be enacted 1IlpOs1nq payment of the whole or any part tfiereof upon
<br />the Benefl.Clary.
<br />7. ltdlIit:ianal Liens and Pa..A:c,.;Uaa of Benefic:i.al:Y's 8ecuritv. Trustor
<br />shall make all ~ of interest and principal and ~ts of any other
<br />~s, fees am ~es contracted to De ~fd to any existing lieriholders
<br />or prior benefici~ies W1der any prior deed of trust or nm1:qage before the
<br />date they are del~ and ~ly pay and discharge any and all other
<br />liens, claims or c:h8rges whicfi maY Jeopardize the security granted herein.
<br />T1:ustOr expz:essly represents that there are ro such interests or liens in the
<br />Property Which are prior or senior to the interests hereby created in the
<br />Beneficl~. If TrUstor fails to make any _such . ~~t or fails to Pfl!rform
<br />any of the covenants and a~ts conta1tied in this Deed of Trust or in amr
<br />pr10r mortgage or deed of trust, or has made any misrepresenfations in
<br />connection herewith, or if any action or ~ is commenced which
<br />IlBterially affects Beneficiary's interest in l:he y, inel uding but rot
<br />limited to, eminent donain Pi'bceedinq!3( or p fhvolV1nq a decedent,
<br />or if Trustor fails to ~ Trustor'sOeots ~rally as they beOOme_ due., then
<br />Beneficiazy, at Beneficicu;y's option and without notice to or demana uppn
<br />Trustor ana without releasmq TrUstor from any c:bligation hereW1der, may make
<br />s~ a~aJJQeljl, ~sburse sUch SI.UIIS" and take sudl action as is necessary to
<br />prot:eCt- Senef1C1ary s interests, including but not limited to, disbursemenl: of
<br />reasonable attorney's fees, payment, purChase, contest or COI!Promise of BOY
<br />encunm:ance ~ or lien ana en~ upon the Property to maKe r:m;s. In
<br />the event that Trustor shah fail to procure insurance or to pa e taxes,
<br />assessments or ~ other ~s or tb make any payments to ~s prior
<br />lien holders or beneficiaries, Benefici~ IllY. p'rocure such insurance aDd make
<br />SUch POYment. Anv arounts diSbursed by Beneficiary pursuant to this ~~apIJ
<br />7 sball-becaJe adaitianal indebtedness of the Trustor secured :Py this Deed of
<br />Trust. SUCh nonies shall be payable \.l.P9rl notice from Beneficiazy to Trustor
<br />r~estinq payment thereof, and shall bear interest from fhe date of
<br />diribursementaf the rate payable from time to time on outstanding pr1nci~1
<br />under the Note qnless payment of interest at such ra~ would be contr~ to
<br />applicable I., 1n whidl event such anounts ~1l bear i:ntereElt at the higllest
<br />ral:e pelllliss1ble under applicable law. Noth1rg contained in the paragrr;tph
<br />Jl\IItlefed 7 shall require Beneficiary to incur any expense or take any action
<br />hereunder.
<br />8.~. If title to any paz:t of the property shall be taken in
<br />condennation p~s, by right of eminent domain or similiar ,,"cHon, Qr
<br />shall be sold under threat of cOndemnation, all awards, damages, and proceecls
<br />
<br />2
<br />
|