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37W-- 103276
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<br />h-• pd,•e,l, ` ,.laid Inrr ,[a, .r loco; ,poly,. e,, nr' ther I of `th
<br />rollectiou of � any such taxes, so AS to affect this Decd `er Trust, the
<br />holder of thin Deed of Trust and of the obligations which it secures .,hail
<br />have the right to declare ail sums secured hereby due as of a date to be
<br />specified by not less than 30 days' written notice to be given to Trustor
<br />by Beneficiary; provided, however, that such election shall be
<br />Ineffective if Trustor !z; nermitted by law to pay the whole of such tax
<br />In addition to all older payments required hereunder and if, prior to
<br />such specified date, does pay such tax and agrees to pay any such tax
<br />when hereafter levied or assessed against such property.
<br />Trustor further covenants and agrees to pay to Beneficiary on the
<br />first day of each month, in addition to the installment payments provided
<br />for under the Promissory Note, one - twelfth of the anticipated annual
<br />taxes, easesaments and public charges, general and special, levied and
<br />assessed against the Real Estate and the indebtedness hereby secured,
<br />as estimated by Beneficiary. The amount of such deposit shall be
<br />adjusted by Renefieiarc periodically no that sufficient sums will be
<br />available to pay Ali of the foregoing hefore interest accrues, and upon
<br />demand in writing by nearfirinrc. Trustor shall promptly deposit with
<br />Benefirinry env Amount i . rxers, of said monthly pavments which shall
<br />be rrqut",! in pay such taxes. as,ecma•nts and charges prier to
<br />delinquency. Tru,t snail promptly fonsrd to lieneficinrr all bills for
<br />ns,r,.ments and puhiic charges upon the Real Estntr. Such
<br />payments h: �mtstor to Ieneficiary shall not hear interc,t and ,hAli be
<br />Applied by Beneficiary to the payment of said taxes. As,e„mcnts and
<br />puhiic charge -, p rinr to delinquency. In rase of default by Tmictnr in
<br />the observance or performance of any of the terms of this Decd of Trust
<br />or any other securing agreement now or hereafter given in connection
<br />with the loan secured hereby, all funds paid to and deposited with
<br />Beneficiary, as provided in this paragraph, shall constitute additional
<br />security for all sums secured by this Deed of Trust and may be applied
<br />by Beneficiary as -a credit upon the indebtedness secured hereby.
<br />Beneficiary may, from time to time, at its option, waive, and after such
<br />wavier reinstate. any and all provisions of this paragraph regarding
<br />such payments and deposits, by notice to Trustor In writing. While
<br />such waiver is in effect. Trustor shall pay all taxes, assessments and
<br />public charges as above provided.
<br />6. Sums Advanced to Bear Interest: To pay immediately upon
<br />demand any sums advanced or paid by Peneficiary or Trustee under any
<br />clause or provision of this Deed of Trust. Any such sums, until so
<br />repaid. shall be secured hereby and bear interest from the date
<br />advanced or paid at the some rate as on Promissory Note and shall be
<br />secured by this Deed of Trust.
<br />Reserve Replacement Account and Assignment of Deposits:
<br />In addition to t e moot }• installment payments require to be petal
<br />under the Promissory rote and the tax escrow deposits required to be
<br />made monthly under Paragraph 5 Above, Trustor further covenants and
<br />agrees to establish and continue to maintain a reserve fund for
<br />replacements in a bark or savings and loan association savings account
<br />which is insured by an agency of the United States government by
<br />depositing monthly, beginning on the first day of the second month
<br />following the date of this Deed of Trust, the sum of 21,000.00 per
<br />month. Such funds, Including interest earned thereon from time to time,
<br />shall at all times be under the control of Beneficiary and no withdrawals
<br />shall be made by Truster. except pursuant to authorization executed by
<br />Beneficiary. Disbursements from such fund, whether from principal or
<br />Interest, shall be used solely for the purpose of effecting replacements
<br />of furniture, fixtures and equipment owned and used by the Trustor in
<br />the operation of the Real £state, which furniture, fixtures and
<br />equipment would have a normal useful life of seven (7) years or less.
<br />such as, but not limited to. beds• dressers, chairs, linen, air
<br />conditioning and heating units. At such time as the accrued balance of
<br />principal and interest in the, reserve account reaches the amount of
<br />S50.000.00, further monthly deposits will be deferred, until such time As
<br />withdrawals from the account reduce the balance in the reserve account
<br />to less than 550.000.00. At which time monthly deposits must resume.
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