86102257 - Laserfiche WebLink

Browse

86-. 102257 4. Insurance. To keep the Property insured against damage by fire, hazards included within the term "extended coverage ", and such other hazards as LENDER may require, in amounts and with companies acceptable to the LENDER, and with loss payable to the LENDER. In case of loss under such policies, the LENDER is authorized to adjust, collect and compromise, all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as LENDER may determine, (ii) to the BORROWER to he used for the repair or restoration of the Property or (iii) for any other purpose or obiact satisfactory to LENDER without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder. 5. Maintenance Repairs and Compliance with Laws. BORROWER. shall keep the Property,in good condition and repair; shall promptly repair, or replace any improvements which may be damaged or destroyed; shall not commit or permit any waste or deterioration of the Property; shall not remove, demolish or substantially alter any of the improvements on the Property; shall not commit, suffer or permit any act to be done in or upon the Property in violation of any law, ordinance, or regulation; and shall pay and promptly discharge at BORROWER's cost and expense all liens, encumbrances and charges levied, imposed or assessed against the Property or any part thereof. 6. Condemnation under Eminent Domain. LENDER is hereby assigned all compensation, awards, damages and other payments or relief (hereinafter "Proceeds "), in connection with condemnation or other taking of the Property or part thereof, or for conveyance in lieu of condemnation. LENDER shall he entitled at its option to commence, appear in and prosecute in its own name, any action or proceedings, and shall also he entitled to make any com profnise or settlement in connection with such taking or damage. In the event any portion of the Property is so taken or damaged, LENDER shall have the option, in its sole and absolute discretion, to apply all such Proceeds, after deducting therefrom all costs and expenses incurred by it in connection with such Proceeds, upon any indebtedness secured herebv and in such order as LENDER may determine, or to apply all such Proceeds, after such deductions, to the restoration of the Property upon such conditions as LENDER may determine. Any application of Proceeds to indebtedness shall not extend or postpone the due date of any payments under. the *dote, or cure any default thereunder or hereunder. 7. Performance by Lender. In the event of BORROWER's failure to perform any o the covenants herein or make any payments required hereby, or if any act is taken or legal proceeding commenced which -3- Is eh3 u"�