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87- 103347
<br />insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed, placed or made against the Trust
<br />Property. Truster further agrees, upon written request by Beneficiary, to promptly deliver to Beneficiary all receipts for the payment of
<br />such charges. Truster likewise agrees to pay a8laxes, asseasmants and other charges levied upon ur assessed, placed or made
<br />against. or measured by, this Deed of Trust or the recordation hereof.
<br />Appli'cavor; of Payments. All payments received by Beneficiary as to arty debt, liability or obligation owed to Bone rcia , by Truster
<br />may to applied by Beneficiary to the payment of the Indebtedness or to any such other debt, liability or obligation., it any order or
<br />manner of application which Beneficiary. in its absolute ,Ys,cretion, deems appropriate. Unless otherwise et &cted by Beneficiary, any
<br />such payment shall be doomed applied first to the payment of any debt, liability or obligation other than the Note.
<br />6. Charges, tens. Truster will keep the Trust Property free from ail !ions and encumbrances which in any tvay may, in the judgment 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 />Truster shall 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, hazards 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 nanner. by Truster making payment at least fifteen (15) days prior to the due date, directly to the insurance
<br />car, ier. Beneficiary shall have the right to hold the policies and renewals thereof and Truster 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 Truster to effect the insurance required hereunder. In the event
<br />of loss, Truster 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 Truster. 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. all right, title and interest of Truster 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 Truster. Unless Beneficiary and Truster 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 m and to any insurance proceeds payable as a result of damage to the Trust Property prior to the sale or acquisition shall pass
<br />to Beneficiary and shall be ;F�oplied 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. Truster 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 alter the design or structural character
<br />constituting any budding 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 depreciate the value of the Trust Property and will not abandon
<br />the Trust Property. Truster 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 interr est of this Deed or Trust and of at least equal value and utility. Truster will comply with
<br />all present and future ordinances. regulations and requirements of any government&.' 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, Truster shall
<br />perform ail of Truster's obligations under the or covenants creating or governing the condominium or the planned unit
<br />development, the bylaws and regulations of the condominium or planned unit development, and the constituent documents.
<br />9 Inspection- Beneficiary or its agents may, at ail 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 Truster or to any person in possession if it makes or
<br />falls to make any such inspection_
<br />l0 Protection of Security, It Truster fads to perform 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 title of Truster 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 repairs - Any
<br />amounts disbursed by Beneficiary pursuant to this paragraph 10. with interest thereon, shall constitute Indebtedness of Truster
<br />secured by This Deed of Trust Unless Truster and Beneficiary agree to other terms of payment, such amounts shall be payable upon
<br />notice from Beneficiary to Truster requesting payment thereof, and shall bear interest from the date of disbursement at the default rate,
<br />if any. set forth in the Note. or otherwise at the highest rate permitted by few. Nothing contained in this paragraph shall requira
<br />Beneficiary to incur any expense or take any action hereunder. Truster irrevocably authorizes and empowers Beneficiary to enter upon
<br />the Trust Property as Truster s agent and. in Trusters name or otherwise to perform any and all covenants and agreements to be
<br />performed by Truster as herein provided Beneficiary shall, 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 Geed of Trust
<br />1. 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, or for conveyance in lieu of or in anticipation of condemnation, are hereby
<br />assigned to and shall be paid to Beneficiary. Truster will file and prosecute, in good faith and with due diligence. its claim for any such
<br />award or payment, and will cause the same to be collected and paid to Beneficiary. and. should it fad to do so, Truster irrevocably
<br />authorizes and empowers Beneficiary, in the name of Truster 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 Truster, or, after notice by Beneficiary to Truster
<br />that the condemnor offers to .make an award or settle a claim for damages. Truster fails to respond to Beneficiary within thirty (30) days
<br />alter the date such notice is mailed. Beneficiary is authorized to collect and apply the proceeds in the manner indicated herein. The
<br />proceeds of any award or claim may, after deducting all reasonable costs and expenses, including attorney fees, which may have
<br />been incurred by Beneficiary in the collection thereof, at the sole discretion of Beneficiary, be released to Truster, applied to
<br />restoration of Trust Property. or applied to the payment of the Indebtedness Unless Beneficiary and Truster 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. Truster Not Released. Extension of the time for payment or modification of any amortization of the Indebtedness granted by Beneficiary
<br />to any successor m interest of Truster shall not operate to release, in any manner, the liability of Truster and Trusters successors in
<br />interest Beneficiary shalt 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 Truster and Truster 's successors
<br />ire interest
<br />I Financial information. Upon request of Beneficiary, Trustor w,11 p code to Beneficiary, within ninety (90) days of the clo: e of each fiscal
<br />year of T(uster. the consolidated balance sheet and statement of earnings of Truster and any and all guarantors cf the Indebtedness
<br />secured hereby, it any, and will provide and deliver to Senefic�ar- such other financial Information and in such manner as Beneficiary
<br />may reasonably request from time to time
<br />t4 Financial Covenants in addition to any other frnanr_iai covenants of Truster made rn any other agreement. rnstrurrient or oo riment
<br />Truster shall comply with and shall eause any and all guarantors of the Indebtedness secured hereby to c=�mpiy pith a be in
<br />compliance with, file foltowirig hrianc:al covenants 'Thi, ,, ^,ata_graph Shall rv)t appl,- d covPnatirs and re ;mien rws „re nor set
<br />forth herein i
<br />L5 Schedule of I €ases W-,thin ten t in,, days after (tenoar,d T; ,Isrfi, snaii i!untfr 10 boner, in: y q h 1 „'p ;'oG r n
<br />forth al! le.. t,_, al the 'rust P,Cpeiry nr any nom, >n there—of nc;l .r. r. , , n.. .ha n,rr.e , •h., mpa, j q c k, }. ,
<br />or the st'i r? by —01 ,ri rant ru , t, urr„:.i it r. - a. r..ir E, r. r -, .. a ,,.. v -• ,?•MU AfA , _, .. , w +O%
<br />re51•f,+f I ': 4... h ooa, '+- ji,ij limn i, -, ;i? t-If r ".litre ]y .11&,1r i r =. •i -_
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