|
<br />.J
<br />
<br />88- ~106994
<br />.'-.
<br />
<br />3. 'l'rums amlllssessnents. '1'0 pay, when due, all taxes, special nssei':EII1Cllls
<br />and all other charges against the propel'ty, beIore the snme becane deHnquent,
<br />and, in tbe event l3ene!icinry shall so require, to add to the paYl...~~s required
<br />WIder the note secured hereby, such woount as my be sufficient to enable 13eneIiciary
<br />to pay such taxes, DSSessnents or other cbarges as they becane due.
<br />
<br />4. . Insurance. To Iteep the .improvements J1O\V or hereafter located on the real
<br />estate described herein insured against tlnrmge by fire Md such other hllZlU"ds os
<br />BeneIiciary may requi.l"e, in OOI)l111ts and canpanies acceptable to BeneIicinry, and
<br />witb loss payable to Ileneficiary. In case of loss under SUdl pt'licies, BeneficiarY
<br />is autborized to ndjust, collect and canpranlse, in its discretion, all cla.iJn9
<br />thereunder and, at its sole OI>I:ion, is authorized to either apply the proceeds to
<br />the restoration of the property or upon thE' L,debtedness secured hal:eb)', but pay-
<br />ments required by the note sball continue until the SUllS secured hereby are paid
<br />in full.
<br />
<br />5. Ilcpair. A111intena.l1ce lUld Use. To pranptly repair, restore or rebuild any
<br />buildings or in1provenents now or hereafter on the property; to keep the property
<br />in good condition and repair, without. waste and free fran mechnnics or other liens
<br />not expressly subordinated to the lien hereof; to not maltE', suffer or pemt1t any
<br />nu.is1UlCe to exist nor to d.iJninisll 01' in1pair the value of the property by any act
<br />or aniBsion to act; and to canply with all requirements 01 lllW witb respect to the
<br />property.
<br />
<br />6. Condemation, In the event the pl"Operty, or any part tbereof, shall be
<br />tnlten by eminent danain, Beneficiary is entitled to collect and receive all can-
<br />pensation whicb may be paid for any property taken or for tlnrmges to property not
<br />taken, and Ileneficiary shall apply such canpensation, at its option, either to a
<br />reduction of the indebtedness. secured hereby or to repair and restore the property
<br />so taken.
<br />
<br />7. PerIonlCnce by Dcneficiary. IleneUciary may, but shall have 110 obligation
<br />to, do any act whicb '1'l"llStor haa agreed but failed to do, Bnd Ileneficinry III:IY also
<br />do DIIY act it deems necessary to protect the lien hereof. Trostor agrees to repay,
<br />upon daIDnd, MY SllIIS so expended by nenUciary ror tbe above purposes, and any
<br />SIIIG so expended by llcnefica.ry sball be ndded to the indebtcdneE-s S(eured hereby
<br />and becana secured by the lien hereof. Ileneiiciary shall not incur ony persooal
<br />liability because of anytldng it may do or anit to do hereunder.
<br />
<br />8. Insl>cctions. Beneficiary, or its agents, representatives or wol"lvnen,
<br />lU'e authorized to enter at DIIY rel15Onoble time upon or in any part 01 the propElI'ty
<br />for the purpose of inspecting the SlII1B DIld ror the pupose oJ: pcrJ:omting any 01
<br />the acts it is authorized to perJ:onn under the tenm of IUIY loan :lnstruDeIlts
<br />executed by 'Crustor.
<br />
<br />9. lIss.iglvllCnt 01 llents. BeneIicilU'Y shall have the richt, power and auUlOrlty
<br />during the continuance of this Deed of 'l'1'Ust Construction Security t1grearent to
<br />collect the rents, issues and 1>1"OIits of tile property Wid 01 any personal property
<br />10Cllted tlllll"OOll with or without taking possession of the lll'01>eJ.'ty afIected hereby,
<br />and 'l'rustor hereby :ibsolutely Wid Wlcollditionally assigns all such rents, issues
<br />and proiits to BeileIicill1'y, BeneIiciary, howcver, hereby consents to Trustor's
<br />collection and retention of such rents, issues and proUts DB they accrue and becane
<br />payable, so long os 'l'1"l1Stor is not, at such time, in default .itll respect to payment
<br />of any indebtedness secured hereby, or in the perIol1lDnce of any agreaoont hereunder.
<br />If DIIY event of derault described berea!ter in respect to this Deed 01 Trust Con-
<br />stroction Security lIgreeoont shall have occurred and be continuing, Ileneficiary, lIB
<br />a natter of right and without notice to Trustor or anyone claiming W1der Trustor,
<br />IIIId wltbout regurd to the vlllue of the tnast estate or the interest 01 the Trustor
<br />therein, shall MVEl the right to apply to IUIY court having Jurisdiction to appoint
<br />a receiver of the property. .
<br />
<br />10. 'l'rwlSfer of Propcl.ty. if nll or any part of the property or nny interest
<br />01 Trostor tl181'ein is sold, transIerred or further encmiJered without tile express
<br />or written OOIlSent oJ: lleneiiciary, neneflciary may, at its sole option, declare all
<br />fI\II8 BIICU1'9ll by tlds Deed o.C 'l'rust Const:ructioo Security AgreElllSnt to be Jmnedlately
<br />due and payable and proceed to tbe renedieII availllble to it under the dellWlt pro-
<br />vJs100s cootained herein.
<br />
<br />-2-
<br />
|