|
87 1 1 �� (y
<br />insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed, p /acesd orin�d2 a��st the Trust
<br />Property. Trustor further agrees, upon written request by Beneficiary, to promptly deliver to Beneficiary all receipts for the payment of
<br />such charges. Trustor likewise agrees to pay all taxes, assessments and other charges levied upon or assessed, placed or made
<br />against, or measured by, this Deed of Trust or the recordation hereof.
<br />5. Application of Payments. All payments received by Beneficiary as to any debt. liability or obligation owed to Beneficiary by Trustor
<br />may be applied by Beneficiary to the payment of the Indebtedness or to any such other debt. liability or obligation, in any order or
<br />manner of application which Beneficiary, in its absolute discretion, deems appropriate. Unless otherwise elected by Beneficiary, any
<br />such payment shall be deemed applied first to the payment of any debt liability or obligation other than the Note.
<br />6. Charges: Liens. Trustor will keep the Trust Property free from all liens and encumbrances which in any way may. in the lodgment of
<br />Beneficiary, have priority over, or impair the security of, this Deed of Trust but Trustor need not discharge any such lien so long as
<br />Trustor shaft agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Beneficiary and shall in good faith
<br />contest such lien by appropriate legal proceedings effective to prevent the enforcement of the lien and the loss of any interest in or
<br />part of the Trust Property.
<br />7, Hazard Insurance. Trustor shall keep the buildings and other improvements now existing or hereafter erected on the Trust Property
<br />insured by insurance carriers satisfactory to Beneficiary against loss by fire. hazaros included in the term "extended coverage' and
<br />such other hazards, casualties and contingencies as may be required by Beneficiary, 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 />cancelled or modified without fifteen (15) days prior written notice to Beneficiary, and shall have loss payable provisions in favor of and
<br />in form acceptable to Beneficiary. All premiums on insurance policies shall be paid in the manner provided under paragraph 4 hereof
<br />or if not paid in such manner, by Trustor making payment at least fifteen (15) days prior to the due date, directly to the insurance
<br />carver. 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 failure 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. Beneficiary may make proof of loss if not
<br />made promptly or in proper form by Trustor. All policies of insurance and any and all 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, aft 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 of any loss, the insurance proceeds may, at the option of
<br />Beneficiary, be applied 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 of 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 shaft 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 proceeds payable as a result of damage to the Trust Property prior to the sale or acquisition shalt pass
<br />to Beneficiary and shall be applied first to the costs and expenses. including attorney 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 will not commit Or permit waste. will not after the design or structural character
<br />constituting any building now or hereafter erected on and constitutin_q the Trust Property without the prior written consent of
<br />Beneficiary. will not do any act or thing which would unduly impair or depreciate the value of the Trust Property and wilt 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 subleci to the lien and secunty interest of this Deed of Thist and of at least equal value and utility. Trustor will comply w#h
<br />all present and future ordinances. regulations and requirements of any governmental 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 Trustdrshaft
<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 of the condominium or planned unfit 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 shalt have no duty to make such inspection and shall not be liable ro Trustor or to any person in possession it it makes or
<br />tails to make any such inspection.
<br />10_ Protection of Security- if Trustor fails to perform any of the covenants and agreements contained in this Deed of Trust. or it any action
<br />or proceeding is commenced which does or may adversely affect the Trust Property or the interest of Trustor or Beneficiary ttierein or
<br />the title of Trustor thereto, then Beneficiary, at its option, may perform such convenants and agreements, make such appearances,
<br />defend against and investigate such action or proceeding and take such other action as Beneficiary deems necessary to protect its
<br />interest including, but not limited to, disbursement of reasonable attorney fees and entry upon the Trust Property to make rep.wrs. 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 Beneficiary agree to other terms of payment. such amounts shall be payable upon
<br />notice from Beneficiary to Trustor requesting payment thereof. and shall bear interest from the date of disbursement at the default rare,
<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 authorizes and empowers Beneficiary to enter upon
<br />the Trust Property as Trustor s agent and. in Trustor's name or otherwise to perform any and all covenants and agreements to be
<br />performed by Trustor as herein provided. Beneficiary shalt, at its option, be subrogated to any encumbrance. lien, claim or demand
<br />and to all rights and securities for the payment thereof paid or discharged by Beneficiary under the provisions hereof and any such
<br />subrogation rights shall be additional and cumulative security for this Deed of Trust
<br />I1. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or
<br />other taking of the Trust Property, or any part thereof. 01- for conveyance in lieu of or in anticipation of condemnation, are hereby
<br />assigned to and shall be paid to Beneficiary. Trustor will file and prosecute, in good faith and with due diligence. its clam for any such
<br />award or payment. and will cause the same to be collected and paid to Beneficiary, and, should it fail 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 for and retain the proceeds. If the Trust Property is abandoned by T, ustor. 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 (30) days
<br />after the date such notice is mailed, Beneficiary is authorized to collect and apply the proceeds m the manner indicated herein. The
<br />proceeds of any award or claim may, after deducting alt reasonable costs and expenses, including attorney fees, which may have
<br />bean inrlined by P—fi -- — the dflociion thOr mf at the sole diSzrw-;sOn of Banefivrary, be released to Trustor. applied to
<br />restoration of Trust Property, or applied to the payment of the Indebtedness. Unless Beneficiary and Trustor otherwise agree in writing,
<br />any such application of proceeds to Indebtedness shall not extend or postpone the due date of the Note or the payment of any
<br />installments called for thereunder.
<br />12. Trustor Not Released. Extension of the time for payment or modification of any amortization of the Indebtedness granted by Beneficiary
<br />to any successor in interest of Trustor shall not operate to release. in any manner the liability of Trustor and Trustor's suc ^essors in
<br />interest Beneficiary shall not be required to commence proceedings against such successor or refuse to extend time for payment or
<br />otherwise modify amortization of the Indebtedness by reason of any demand made by Trustor and Trustor's successors
<br />in interest
<br />11 Financial Information. Upon request of Beneficiary, Trustor will provide to Beneficiary within ninety r90; days of the close of each fiscal
<br />year of Trustor, the consolidated balance sheet and statement of earnings of Trusror ano any and ail guarantors of the Indebtedness
<br />secured ,hereby, it any, and will provide and deriver to Beneficiary such other financial information and in such manner as Beneficiary
<br />may reasonably request from time to rime
<br />14 Financiat Covenants in addition to any other financial Covenants of Trustor made in any Other agreement =nsr+ument ur
<br />Trustor snn" Comply with anti shall ci)use any and ail quarantors of the iodehtedness set urea here tit- fc i
<br />Harp anU• V,th Ih« hill"W'ng Gnanciai (ovenant% i(hl paraq €aph ;hA }t •r °,t alp( -y .i �penants ani7
<br />75 S? her fir -r J J r S Within € r q7y . ttlPi +ie . u <! Ir r r y t r „ i t)t i 'r
<br />l.yrth fi i, y ri rhf 1.-t i ;,pf,ny
<br />e�i titre r f ,1 ' r r r n ft . ri.,r i J rntr rtait nr t t€ r i ii + r,i s
<br />rr,f l J
<br />. t . ._ , , - �' r• .. i.
<br />t.
<br />/n= (., -.. .,- f n ., ..ir._1 .r n,f -�. !F•, 1 Ne -plii4 ,airy + +ern' - i'a -,,'r it 'y
<br />r.
<br />7
<br />
|