|
86_ la��s7
<br />IT IS MUTUALLY AGREED THAT:
<br />I .I'I'IGA'I'ION :'I'rustor shall defend this Trust in any action or proceeding purporting to affect such property, whether or not
<br />it afti -ets the security hereof, or purporting to affect the rights or towers of Beneficiary orrrustee, and shall file and prosecute
<br />all ne a eswtry claims and actions to prevent nr re cover for any damage to or destrurtion of such property. and either Trustee ear
<br />14•m-friary is hereby authorized, without obligation so tit do, to con'menev. appear in air defend any such action, whether
<br />broug lit by or. against Trustor, Henefciary or Trustee or with or without suit, to exercise or enforce tmy other right, remcyly or
<br />power :available or conferred hereunder, whether or not judgment be entered in any action or proceeding: and Trustor or Rene-
<br />Iii -i. may appear or intervene in any action or proceeding, and retain counsel therein: and take such action therein, as either
<br />inay he 'advised and may settle, compromise tar pity the same or tiny other claims and, in that behalf and for tiny of said pur-
<br />poses, may expend and advance such sums of money as either may deem necessary. Whether air not Trustor so appears orde-
<br />feods, Trustor on demand shall pity all costs and expenses of Beneficiary and Trustee, including cost of evidence of title and
<br />of lorn c's fees in a reasonable sum. in imy such action or proceeding in which Beneficiary or Trustee may appear by virtue of
<br />living made a `party defendant of otherwise and irrespec Liveut'whether the interest of Henefic•iary orTrustee in such property is
<br />directly questioned by such action, including but not limited tu, any action for the foreclosure of, or sale proceedings under, any
<br />secondary lien on such property, condemnation or partition of such property, and any suit brought'by Beneficiary to foreclose
<br />this Iced of Trust.
<br />CONDEMNATION: All sums due, paid or payable to Trustor, or any successor in interest of Trustor, whether by way of
<br />judgment, settlement or otherwise, (a) for injury or damage to such property, or (b) in connection with any condemnation for
<br />public use or injury to such property or any part thereof, or (c) in connection with the transaction financed by the loan secured
<br />hereby or td) arising out of all causes of action, whether accruing before or after the date of this Deed of Trust, sounding in tort
<br />or contract, including causes of action for fraud or concealment of a material fact together with the settlements, proceeds, a-
<br />wards and damages, direct and consequential, in connection therewith are hereby absolutely and irrevocably assigned and
<br />shall be paid to Beneficiary. Beneficiary shall be entitled, at its option, to commence, intervene in, appear in and prosecute in
<br />its own name. any action nr proceeding, orto make any compromise or settlement, in connection with anysuch taking ordam-
<br />age. Trustor agrees to execute such further asvignments of any compensation, award, damages, rights of action and proceeds
<br />as Hcnefic•iary may require.
<br />All amounts received by Beneficiary pursuant to this Deed of Trust under any lire or other insurance policy, in connection
<br />with anv condemnation for public use of or injury to such property, for injury or damage to such hereby are to be applied at the
<br />option of Henefic•iary upon any indebtedness secured hereby. The application, use or release of such amount shall not cure or
<br />waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
<br />CONSENT, PARTIAL RECONVEYANCE, ETC.: Trustee may, at. any time, or from time to time, without liability there-
<br />for, and without notice, upon written request of Beneficiary, and without affecting the personal liability of any person for
<br />Payment of the indebtedness secured hereby, or the lien of this Deed of Trust upon the remainder of such property for the full
<br />amount of the indebtedness then or thereafter, secured hereby, or the rights or powers of the Beneficiary or the Trustee with re-
<br />spect to the remainder of such property, (a) reconvey any part of such property, (b) consent to the making of any map or plat
<br />thereof. (c) join in granting any easement thereon, or (d) join in any extension agreement or any agreement subordinating the
<br />lien or charge hereof.
<br />FULL. RECONVEYANCE: That, upon written request of Beneficiary stating that all sums secured hereby have been paid
<br />and all obligations secured hereby have been satisfactorily performed, Trustee shall reronvey, without warranty. the property
<br />then held hereunder. The recitals in such reconveyance of any matters of fact shall he conclusive proof of the truthfulness
<br />I hereof. The grantee in such reconveyance may be designated as "the person or persons legally entitled thereto ". Such requests
<br />and reconveyance shall operate as a reassignment of the rents, income, issues and profits hereinbefore assigned to the Bene-
<br />ficiary.
<br />Rimn 1'O COLLECT AND RECEI VE RENTS AND PROFITS: Notwithstanding any other provisions hereof. Beneficiary
<br />hereby grants permission to Trustor to collect and retain the rents, income, issues and profits of such property as they become
<br />clue and payable, but reserves the right to revoke such permission at any time, with or without cause, by notice in writing to
<br />Trustor, mailed to ,rrustor at his last k.eown address. In any event, such permission to Trustor shall be automatically revoked
<br />upon default hereunder by Trustor.
<br />FINANCIAL. INFORMATION: Trustor will provide to Beneficiary, within fit) days of the close ofeach fiscal yearofTrustor,
<br />a consulidated balance sheet and statement of earnings of Trustor and any and all guarantors of the obligations secured here-
<br />by and will provide and deliver to Beneficiary such other financial information and in such manner as Beneficiary may direct
<br />from time to time.
<br />FINANCIAL COVENANT: Trustor shall comply with and shall cause any and :all guarantors of the obligation secured
<br />hereby to comply with, or he in compliance with, the following financial covenants: (This paragraph shall be non - applicable if
<br />covenants and requirements are not filled in below.)
<br />KVF:NTS OF DEFAULT: Any of the following events shall be deemed an event of default hereunder:
<br />(it) Default shall be made ir the payment of any installment of principal or interest or any other sum secured hereby when
<br />due; or
<br />tb) Trustor should breach or otherwise be in default under any term, covenant, agreement, condition, or provision contained
<br />herein oar in any building Ivan agreement or in tiny other agreement secured hereby; or
<br />(c) Any representation or covenant made herein, in any building lean agreement, or in anv other agreement secured tier: by
<br />ar given in connection herewith or any indebtedness secured hereby should be fake e, misleading; or
<br />t(h Trustor shall have procured, permitted or suffered, voluntarily nr involuntarily, an> creditor toehtain o lien out prrmattrd
<br />herein upon all or part of such property; -Trustor or any guarantor of the intlehtedness secured hereby shall bore ree unsulvent or
<br />admit in writing it's inability to pay its debts as they mature, or make an assignment for the benefit of creditors or apply for �r
<br />consent to the appointment of it receiver or trustee for it or for it substantial part of such property, or such :1 receiver or trustee
<br />shall he appointed and shall not he discharged within thirty (;to) days after appauattlncnt. ur
<br />
|