|
<br />I
<br />RERECORDED 88-105422 . 86- 106069
<br />msuranco prom/urns, ground ronts, and ttll O''''OT chargos whatsoovor lovled upon or assossod. pfacod or modo DOD/nsl 1110 Trust
<br />Properry Trustor further sgrnas, upon wrlrran roql'Dst by Beneflc/ary, to promptly dollver 10 BenDt/clary a/I roco/pts (or tho paymant 01
<br />such chargos. Trustor likewiso 8gmos to pay 0/1 taxes. assessments and other chargos levied upon or assessed. place-d ':."r modo
<br />against. or mOBsurod by, this Deed 01 Trust or the recordation hereof.
<br />Applicahon 0/ Paymonrs. All payments received by Beneficiary as ro any dobt. liability or obligallon owed to Bene/lciary by Trustor
<br />may b8 applied by Benoficiary to tho paymolll of tho Indebtedness or to any such other debt, liability or obligation, In any ordor or
<br />mannor of app/icsrion whiCh Beneficiary, in its absolute discretion. deems appropriato. Un/ass otherwise ejected by Beneficiary, any
<br />such payment shell b6 daomed epplled first to the payment 01 any debt. liability or obligation other then the Note.
<br />6. Charges; Usns. Trustor will keep the Trust Property free from all liens and encumbrances which In any way may, In the judgment of
<br />Beneficiary, have priority over, or impair the security of, this Deed o( Trust but Trustor need not discharge any such lien so long as
<br />Trustor sh8llegree. /n wrillng. to pay the obliger/on secured by such lien in a manner accept.ble to aenellclary end shell In good /8Ith
<br />contest such lien by appropnate legal proceedings effective to prevent the enforcement of the lien and the loss of any Interest In or
<br />part 0/ the Trust Property.
<br />7. Hazard Insurance. Trustor shall keep the buildings and other improvements now existing or hereefter erected on the Trust Property
<br />insured by insurance cemers satisfactory to Beneficiaty against loss by fire, hazards Included 1(1 the term "extended coverage" and
<br />such other hszards, casualties and contingencies as may be required by BElOeficiary, In such amounts and for such periods as may be
<br />required by Beneficiary. The policy of insurance shall be in form acceptable to Beneficiary, provide that the same may not be
<br />cancelied or modified without fifteen (15) days prior written notice to Beneficiary, and shali have loss payable prov-Islons In favor of and
<br />In fOfm acceptable to Beneficiary. All premiums on insurance policies shall be paid in the manner provided under paragraph 4 heraof
<br />or, if not paid in such manner, by Trustor making payment at least fifteen (15) days pn'or to the due date, directly to the Insurance
<br />carrier. Beneficiary shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Beneficiary all
<br />renewal notices and all paid premium receipts received by it. In no event shall Beneficiary or Trustee be held responsible for failure to
<br />pay insurance premiums or for any loss or damage arising out of a defect in any policy or arising out of any fal/ure of any insurance
<br />company to pay for any loss or damage insured against or for failure by Trustor to effect the insurance required hereunder. In the event
<br />of loss, Trustor shall give prompt notice by mail to the insurance carrier and Beneficiary. Ben.eficiary may make proof of loss If not
<br />made promptly or in proper fonn by Trustor. All policies of insurance and any and afl refunds of unearned premiums are hereby
<br />assigned to Beneficiary as additional security for the payment of the Indebtedness. In the event of Beneficiary's exercise of the power
<br />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
<br />shall pass to the purchaser at the trustee's sale or foreclosure sale. In case 01 any loss, the insurance proceeds may, at the option of
<br />Beneficiary, be appfied by Beneficiary upon the Indebtedness, or any part thereof, and in such order and amount as Beneficiary may
<br />determine; or said insurance proceeds, at the option at Beneficiary, may either be used in replacing or restoring the Trust Property
<br />partially or totally destroyed to a condition satisfactory to Beneficiary; or said insurance proceeds, or any portion thereof, may be
<br />released to Trustor. Unless BenefiCIary and Trustor otherwise agree in writing, any such application of insurance proceeds shall not
<br />extend or postpone the due date of the Note, or any installments called for therein, or change the amount of such installments. If the
<br />Trust Property is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, title and Interest of
<br />Trustor in and to any insurance proceeo's payable as a result of damage to the Trust Property prior to the sale or acquisition shall pass
<br />to Beneficiary and shall be applied first to the costs and expenses, including artomey fees, incurred in collecting such proceeds, then
<br />in the manner and in the order provided herein.
<br />8. Preservation and Maintenance of Trust Property. Trustor will keep the buildings and other improvements now or hereafter erected on
<br />the Trust Property in good repair and condition and wifl not commit or permit wBste, will not aiter the design or structural character
<br />constituting any building now or hereafter erected on and constituting the Trust Property without the prior written consent of
<br />Beneficiary, will not do any act or thing which would unduly impair or depreclale the value of the Trust Property and will not abandon
<br />the Trust Property, Trustor will not remove any fixtures constituting the Trust Property unless the same are Immediately replaced with
<br />like property subject to the lien and security Interest of this Deed of Trust and of at least equal value and utility. Trustor will comply with
<br />all present and future ordinances, regulations and requirements of any govBrnmental body which are applicable to the Trust Property
<br />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
<br />perform all of Trustor's obligations under the declarations or covenants creating or governing the condominium or the planned unit
<br />development, the bylaws and regulations at the condominium or planned unit development. and the constituent documents.
<br />9. Inspection. Beneficiary or its agents may, at all reasonable times, enter upon the Trust Property for the purpose of inspection.
<br />Beneficiary shall have no duty to make such inspection and shall not be liable to Trustor or to any person in possession if it makes or
<br />falls to make any such inspection.
<br />10. Protection of Security. It Trustor tails to pertonn any of the covenants and agreements contained In this Deed of Trust, or if any action
<br />or proceeding IS commenced which does or may adversely affect the Trust Property or the interest of Trustor or Beneficiary therein or
<br />the tille of Trustor thereto, then Beneticiary, at Its option, may perform such convenants and agreements, make such appearances,
<br />defend against and Investigate such acrion or proceeding end lake such other action as Beneficiary deems necessary to protect ils
<br />interest including, but not limited to, disbursement 0/ reasonable attorney fees and entry upon the Trust Property 10 make repalrs. Any
<br />amounts disbursed by Beneficiary pursuant to this paragraph 10, with interest thereon, shall constitute Indebtedness of Trustor
<br />secured by this Deed of Trust. Unless Trustor and Benefic/ary agree to other terms of payment, such amounts s/lalJ be payable upon
<br />notice from Beneficiary to Trustor requesting payment thereof, and shall bear interest from the date of disbursement at the default rale,
<br />if any, set forth in the Note, or otherwise at the highest rate permitted by law. Nothing contained in this paragraph shall require
<br />Beneficiary to incur any expense or take any action hereunder. Trustor Irrevocably authoflzes and empowers Beneficiary 10 enter upon
<br />the Trust Property as Trustor's agent and, in Trustor's name or otherwise 10 perform any and all covenants and agreements to be
<br />performed by Trustor as herein provided. Beneficiary shall, at its option, be subrogated to any encumbrance, lien, claim or demand
<br />and to all rights and securities tor the payment thereol paid or discharged by Beneficiary under the provisions hereol and any such
<br />subrogation rights shall be additional and cumulative security for this Deed of Trust.
<br />". Condemnation. The proceeds at any award or claim for damages, direct or consequentIal, In connect/on with any condemnation or
<br />other taking of the Trust Property, or any pan thereof, or for conveyance In lieu of or 10 anticipation of condemnation, are hereby
<br />assigned to and shall be paid to Beneficiary. Trustor wiJ/ file and prosecute. in good taith and with due diligence, its claim tor any such
<br />award or payment, and will cause the same to be collected and paid to Beneficiary, af/d, should it fall to do so, Trustor irrevocably
<br />authorizes and empowers Beneficiary, in the name of Trustor or otherwise, to file, prosecute, settle or compromise any such claim and
<br />to collect, receipt tor and retain the proceeds. If the Trust Property is abandoned by Trustor, or. after notice by Beneficiary to Trustor
<br />that the condemnor offers to make an award or settle a claim for damages, Trustor fails to respond to Beneficiary within thirty (3D) days
<br />after the date such notice is mailed. Beneficiary is authorized to collect and apply the proceeds in the manner mdicated herein. The
<br />proceeds of any award or claIm may, after deducting aU reasonable costs and expenses, Including aNorney fees, which may have
<br />been incu"ed by Beneficiary 10 the collection thereof, at the sole discretIon of BenefiCIary, be released to Trustor. appfied to
<br />restoraD'on of Trust Property, or applied to the payment of the Indebtedness, Unless Beneficiary and Trustor otherwise agree In wnting.
<br />any such application of proceeds to Indebledness shall not extend or posrpone the due date at the Note or the payment of any
<br />installments called for thereunder.
<br />72 Trustor Not Released. Extension of the time tor payment or modification of any amortization at the Indebtedness granted by BenefiCiary
<br />to any successor;n interest of Trustor shall not operate to release, In any mannor. the /Jabiflty of Trustor and Trustor's successors In
<br />Interest. BenefiCIary shall not be required to commence proceedings against such successor or refuse 10 extend tIme for payment or
<br />otherwise modify amort/zaDon of the Indebtedness by reason 01 any demand made by Trustor and Trustor's successors
<br />In ,"rerest.
<br />'3 FinanciallnfotmaJion. Upon request of BenefiCiary, Trustor w/II proVIde to BenefiCiary. Within ninety (90) days of the close of each fiscal
<br />re81 of Trustor, the consolidated balance sheet and statement 0' earnings of Trustor and any and all guarantors of the Indebtedness
<br />SDcured hereby, jf any, and wif/ provide and detiver to BenefiCiary such other fmanClal Inlormatlon and In such manner dS BenefiCIary
<br />may fOssonably request from time to tIme
<br />,.., Fmaf1c,aJ Covonanrs In addlflon to any olher finanCIal covenants of rrustor mado In any other agreement, msfrumenl or documonf
<br />Trustor shalf comply with and shall cause any and aU guarantors of the JndebredntJs,,> secured hereby ro comply WIth, or he In
<br />compllBnco With the lollowlng fmanClal covonants (ThIS paragraph shalt not apply" covenants and reqUlrfnne"'~ fl'" '1< II Sf'1
<br />'orr" rJoreln}
<br />,~ Scflodu/e 01 Loases With," 1&0 f 101 days aftor demand, T'"5tor sholl IUffll!>h to Bone/w.I,l"" iJ scflmllJJu Cl'r1I!JI',1 '(' fl, r'I)"II" ~I'mrttJ
<br />IrYrh a1J 1.,8.10501 the TruSI Proporty Of any portmn rhereat. including In "itcfl ..{:ISO, "18 numo ot the (Pneml'> fl( 11('I'tJ/lil.'l(~ ,f lIt'M'''prJll/l
<br />"Ut,. 'DflttCO occ~ped bV suc" lonan' or occupant. rho rontllt payablo'rv ..urn '>pl1f'o Ilnd "UI'f1 .Irhl/l ,nrnfrtllfrll'" 1m,} (,." 1I~It'tll~ WII"
<br />'I'ISpor' '0 such /f)s!Ul'I and ronanCtfl5 liS Bnnollclsry moV roo5onllbly ,,,quos'
<br />
|