|
<br />103891
<br />8B~
<br />
<br />FIRE. CASUAL TV. ANDOTHEAINSURANCE: To keep such property insured against loss or damage by fire and other
<br />risk or risks which, in In!! sole opinion of Benellciary should be insured against, under policies of insuran\le with loss
<br />payable to Beneliciary in lorm, amount and companies acceptable to Beneliciary. Said policies shall be delivered to-and
<br />remain in possession of Beneliciary as further security forthe faithlul performance of these obligations, which delivery shall
<br />constitute an assignment by Trustor to Beneficiary of all rights thereunder, Including all return premiums; to deliver to
<br />Beneliciary a policy or policies renewing or extending any expiring insurance with a receipt showing premiums paid at
<br />least thirty (30) days belore expiration, II Trustor lails to so deliver any renewal policies, Beneficiary may procure such
<br />insurance as it may elect and may make payment of premiums thereon, which payment is repayable on demand. Neither
<br />Trustee nor Beneficia!)' shall be responsible lor obtaining or maintaining such insurance. Beneficiary, Irom time to time,
<br />may furnish to any insurance agency or company, or any other person, any information contained in or extracted from any
<br />insurance policy theretofore delivered to Beneficiary pursuant hereto. and any Information concerning the loan secured
<br />hereby. In no event and whether or not default hereunder has occurred shall Beneficiary, by the fact of approving,
<br />dccepting or obtaining such insurance, Incur any liability lor the amount of such insurance, the form or legal sufficiency of
<br />insurance contracts, solvency 01 insurers, or payment of losses by insurers, and Trustor hereby expressly assumes full
<br />responsibility therelore and liability, if any, thereunder, In the event 01 loss, Trustor shall give immediate written notice to
<br />Beneliciary, and Beneliciary may, but is not obligated to, make proof of loss If not made promptly by Trustor, In case of any
<br />loss the .amount collected under any policy of insurance on such property may, at the option of the Beneliciary, be applied
<br />by Beneficiary upon any indebtedness and I or obligation secured hereby and in such order and amount as Beneficiary may
<br />determine; or said amount or any portion thereof may. at the option of the Beneficiary, either be used in replacing or
<br />restoring the Improvements partially or totally destroyed to a condition satisfactory to said Beneficiary, or said amount or
<br />any portion thereol may be released to the Trustor. In any such event neither the Trustee nor the Beneficiary shall be
<br />obligated 10 see to the proper application thereof; nor shall the amount so released or used be deemed a payment on any
<br />indebtednes5 secured hereby, Such applicatIon. use and I or release shall not cure or waive any default or notice 01 default
<br />hereunder or invalidate any act done pursuant to such notice, Any unexpired insurance and all returnable insurance
<br />premiums shall insure to the benelit of. and pass to.lhe purchaser of the property covered thereby at any Trustee's sale held
<br />hereunder. If said property is sold pursuant to the power of sale contained herein or pursuant to any decree of loreclosure,
<br />all right. title and interest 01 Trustor in and to the proceeds of fire and other insurance policies for damage prior to the sale,
<br />which proceeds are not received prior to the date of said sale. shall belong to Beneficiary. Trustor will comply with such
<br />other requirements and provide such other type of insurance as BenefiCiary may require from time to lime for the protection
<br />by Insurance of the interest of the respective parties herelo
<br />
<br />TAXES AND OTHER SUMS DUE: To pay. satisfy and discharge. at least to ten ( 10) days before delinquency all general
<br />and speciallaxes and assessments and other public charges. and in no event later than the date such amounts become
<br />due and to further pay when due or requested: ( 1 ) all encumbrances. charges and liens. with interest. on such property, or
<br />any part thllreof. which are. or appear to beneficiary, in its sole discretion, to be prior to or superior hereto, (2) all costs, fees
<br />and expenses of this trust. whether or not described herein. ( 31 fees or charges for any statement regarding the obligation
<br />secured hereby in any amount demanded by BenefIciary. nolto exceed the maximum amount allowed by law therelore at
<br />the time when such request is made, ( 4 } such other charges as the Beneficiary may deem reasonable lor services rendered
<br />by Beneliciary and furnished at the request ofTrustor or any successor in interest to Trustor. (5) if such property includes a
<br />leasehold estate. all payments and obligations required ollhe Trustor or his successor in inlerest under the terms of the
<br />instrument or Instruments creating such leasehold. (6) all payments and monelary obligallons required 01 the owner of
<br />such property under any declaration of covenants. conditions and restrictions pertaining 10 such property or any
<br />modification thereof; (7) all mortgage Insurance or guaranty lees. premiums. or charges of any nature pertaining to such
<br />property. Trustor agrees to notify Beneliclary immedialely upon receipt by Trustor of nollce of any increase in the assessed
<br />value of such property and agrees that BenefiCiary. In the name 01 Trustor. may contest by appropriate proceedings such
<br />increase in assessment
<br />
<br />In the event of Ihe passage of any law deducting from the value of real property for Ihe purposes 01 taxation any lien
<br />thereon or changing in any way the laws lor Ihe taxation of deeds oltrust or debts secured by deeds oltruslfor state or local
<br />purposes, or the manner of the collecllOn ot any such taxes. so as to altecl thIS Deed of Trust, the holder of this Deed ofTrusf
<br />and of the obligations which It secures shall have Ihe nghtlo declare all sums secured hereby due as 01 a date to be
<br />specified by not less than 30 days' wntten notice to be gIven to Truslor by Beneficiary; provided, however, that such
<br />election shall be ineltecllve it Trustor IS permitted by law to pay the whole of such tax in addition to ",I other payments
<br />required hereunder and ,f. pnor 10 such speCIfied dale. does pay such tax anc agrees to pay any such tax when hereafter
<br />levied or assessed against such property. and such agreement shall conslllute a modification of this Deed of Trust
<br />
<br />FUNDS FOR TAXES AND INSURANCE II BenefiCiary shall so request. Trustor agrees that there shall be added to the
<br />periodical payment reqUired to be made hereunder an amount estimated by Trusled to be sulticientto enable Trustor to
<br />pay, at least thirty t 30) days belore delinquency. all general and special taxes. assessments, or other public charges
<br />against such property. the Promissory Note. or upon or on account of the debt or the lien of this Deed 01 Trust. together with
<br />premiums lor insurance required 10 be provided under Ihi9 Deed of Trusl and all mortgage insurance or guaranty lees.
<br />premiums or simitar charges and no interest shall be payable 10 Trustor In respect thereof, Upon demand by Trustee,
<br />Trustor shall deliver to Trustee such additional sums of money as are necessary to make up any deficiency in the amounts
<br />necessary to enable Trustee to pay any 01 the foregoing items.
<br />
<br />SUMS ADVANCED TO BEAR INTEREST: To pay Immedialely upon demand any sums advances or paid by Beneficiary
<br />or Trustee under any clausa or provision ofthis Deed of Trust Any such sums, until so repaid. shall be secured hereby and
<br />bear interesl from the date advanced or paid at the same rate as set forth In such Promissory Note and shall be secured by
<br />this Deed 01 Trust
<br />
<br />ASSIGNMENT OF DEPOSITS: That as addibonal security if Ihls be a construction loan. Trustor hereby transfers and
<br />assigns to Beneficiary during continuance of these Trusts, all nght. title and interesllo any and all monies deposited by
<br />Trustor or deposited on behallo! Trustor with any city, county. public body or agency. sanitary district, gas and/or electric
<br />company, telephone company and any other body or agency. for the installation or to secure Ihe installation ot any utility by
<br />rrustor. pertaining to Inis property.
<br />
<br />FAlL.URE OF TRUSTOR TO COMPLY WITH DEED OF TRUST: In the eventTrustor should fail 10 make any payment or to
<br />do any act as provided in Ihis Deed of Trust. or fail to perform any obligatIon secured by this Deed of Trust or do any act
<br />Truslor agreed no! to do. Beneficiary. but without obligation so to do and Without nobce to or demand upon Trustor and
<br />without releasing Trustor from any obligallon hereof and without contesting the validity or amount of the same. may (a) pay.
<br />make or do the same In such manner and to such elllenl as it may deem necessary to protect the secunty hereo'.
<br />Beneficiary being authorized to enter upon such property for such purposes. and (b) pay. purchase. contesl or
<br />compromise any encumbrance. charge or hen. which In .tsJudgementls or appenrs to be pnor Of supenor hefeto. and (c I
<br />In e.erc1Sing any such power. pay necessary costs. lees. and e.penses. employ counsel and pay counsel's f1!Bsonable
<br />t_ Truslor 89'"SI0 repay any amount so expended on demand 01 BenefiCIary
<br />
|