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86-u- MUM
<br />insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed. placed or made against the Trust
<br />Property. Trustor turTher 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. (finless 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; Lens. 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 />Trustor 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 Joss 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 en the crust 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 w 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 poll ^ies shall be paid in the manner provided under paragraph 4 hereof
<br />or, if not paid in such manner, by Trustor making payment at feast fifteen (15) days prior to the due date, directly to the insurance
<br />carrier. 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 it 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 />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 ma y
<br />determine; or said insurance proceeds, at the option of Beneficiary, may either be used in replacing or restoring the T^ ,zt Property
<br />partially or totally destroyed to a condition satisfactory to Beneficiary; or said insurance proceeds, or any portion thereu r .ay 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 ineerest of
<br />Trustor in and to any insurance proceeds payable as a result of damage to the Trust Property prior to the safe 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 />the 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 the 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 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 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 repairs. Ann
<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 rate.
<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 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 sucn
<br />subrogation 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 part thereof, or 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 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. it the Trust Property is abandoned by Trustor. or, after notice by Beneficiary to Trustor
<br />that the condemnor offers to make an award or settle a claim for Carriages, Trustor fails to respond to Beneficiary within thirty (30) days
<br />after the date such notice is marled, 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 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 successors in
<br />interest. Beneficiary shall not be required to commence proceedings against such successor or refuse to extend time for payment at
<br />otherwise modify amortization of the Indebtedness by reason of any demand made by Trustor and 7rustor'5 successors
<br />in interest.
<br />%3 Financial Information. 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 ail guarantors of the indebtedness
<br />secured hereby tf any. and will provide and deliver to Beneficiary such other financial information and in such m rr ne r r BPne, r c::aty
<br />may reasonably request from time to time
<br />74 Financial Givenants In addition io any other frriancial covenants of 'rrw4or made rn any other ap,eeme Ir.. 1slron , ! �,r di? ,✓ ni ��
<br />Trustor shall Comp; with, and Sh7! i cause any and all guarantors of tie_ indelNedn,s ser wr - erRtby ti ia,nrt:ry n; ,
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