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op7 103566
<br />insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed. placed or made against 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 ail taxes, assessments and other charges levied upon or assessed, placed or made
<br />against, or measured by, this Deed of Trust a* 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 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 />Tnistor 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 manner, by Trustor making payment at least fifteen (15) days prior to the due date, directly to the insurance
<br />carder. Beneficiary shall have the right to hold the policies and renewals thereof and Trustor shall promptly fumish to Beneficiary all
<br />renewal notices and aff 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 ansing 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 shat€ 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, all right, title and interest of Trustor in and to any insurance policy then in force
<br />shat/ pass to the purchaser at the trustee's safe or foreclosure safe. 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 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 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 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 alter 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 depreciate the value of the Trust Property and will not abandon
<br />Me 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 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, 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 of file 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 />fails 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 Trost, 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 Trustor thereto, then Beneficiary, at its option, may perform such covvenants 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 Trustor
<br />secured by this Deed of TrusL 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 rate,
<br />it 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 shaft, at its option, be subrogated to any encumbrance, lien, claim or demand
<br />and to all rights and securities for the payment thereof pad or discharged by Beneficiary under the provisions hereof and any such
<br />subrogafion rights shall be additional and cumulative security for this Deed of Trust.
<br />11. 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 pan thereof, or for conveyance in lieu of or in anticipation of condemnation, are hereby
<br />assigned to and shall be pad to Beneficiary. Trustor 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 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 Properti, is abandoned by Trustor, or, after notice by Beneficiary to Trustor
<br />that the condemnor otters to make an award or settle a clam 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 in the manner indicated herein. The
<br />proceeds of any award or claim may, after deducting ail 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 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 dee date of the Note or the payment of any
<br />installments calleu 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 successors in
<br />interest. Beneficiary shall riot 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 />L 13 Financial lnformabon. Upon request of Beneficiary. Trustor will provide to Beneficiary, within ninety (90) days of the close of each fiscal
<br />year of Trustor, the consolidated balance sheet and statement of earnings of Trustor and any and all guarantors of the Indebtedness
<br />secured hereby, if any, and will provide and deliver to Beneficiary such other financial information and in such manner as Beneficiary
<br />may reas_+nably request from time to time
<br />I* Financial Covenants_ fn addition to any other fnanciai covenants of Trustor made in any other agreement, instrument or document.
<br />Trusty shall comply, with and shall cause any and all guarantors of the Indebtedness secured hereby to comply with. or be in
<br />compliance with, the following financial covenants (This paragraph shalt not apply it covenants and requirements are not set
<br />forth herein i
<br />15 Schedule of LPases Within ten ( 10) days after demand_ Trustor shall furnish to Beneficiary- a schedule, certif rid te. [i,v fnistor. settwg
<br />Win, 34 leases of me Trust Property, or any pernoo there, rncH (1-i7 m each case. the name pit the tanan'S or rK:, upants a M-scnvfwr
<br />of the space occuoied by .such tenant or occupant, the rental payable for such space, aid x.;rit other info; rnatfo, and df ciuneni, r, in
<br />respticl to such teases and tenan, :,es i s Ben,,hciary mry reaflron ably req€ +fast
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