|
86--104954
<br />1. Payment c.f Indebtedness. To pay !when due, the principal of, and the interest
<br />on, the indebtedness evidenced by the note, charges, fees and 811 other sums as pra7
<br />vided in the loan instruments.
<br />2. Title. , Trustor is the owner of the property and has the right and authority
<br />to execute this Deed of Trust in respect to the property.
<br />3. Taxes and Assessments, To pay, when due, all taxes, special. assessments
<br />and all other charges against the property, before the same, become. delinquent, and,
<br />in the event Beneficiary shall so require, to add to the L payments required under
<br />such
<br />t n
<br />the note secured hereby, I amount as maybe sufficient to nable Beneficiary- to
<br />'pay such taxes, assessments or other charges as they become due -.
<br />4.- insurance, To keep the improvements now or hereafter located .on,the real
<br />estate described herein insured against damage by fire and such , other' hazards as
<br />Beneficiary may require, in amounts and coinpanies acceptable, to Beneficiary and
<br />witti'loss payable to Beneficiaxy. In case of lots under such policies,' Beneficiary
<br />is authorized to adjust, collect and.compromise,,in its discretion, all claims there-
<br />under and, at its sole option, is authorized to either apply the proceeds to the
<br />restoration 'of the property or upon the indebtedness secured hereby, but paymznts
<br />required by the note shall continue until the sums secured hereby'are paid in full.
<br />S. Repair, and Use. 7o promptly repair, restore
<br />or rebuild any
<br />buildings at improvements ncrw , or hereafter an the property; to::keep the property
<br />in good condition and repair, w-3
<br />ithout waste, and free from rnechanics'ar other liens-
<br />�
<br />not expressly subordinated ta the lien hereof; to not make, suffer er - or, permit any
<br />nuisance to exist nor, to ditianish or impair the value of the property by any :act
<br />or omission to act; and to comply with all requirement of law with respect to the
<br />property.
<br />6. Condemnation. in the event the property, or any part thareaf,' shall be
<br />-akeh by eminent domain, Beneficiary is entitled to collect and receive all compensa-
<br />.,tion- which may be paid for any property taken or for damages to proper")' fiat taken,
<br />and Beneficiary sahl-I apply such compensation, 6t its option, either to ' "a reduction
<br />of the indebtedness secured hereby or to repair and restore the property so taken-
<br />7. Performance by Beneficiary. Beneficiary mays but shall have'-no- o . bligati . G-f-I
<br />to, do any act which Trustor has agreed cut I ailed o, do, and Beneficiary may- also
<br />4��
<br />:do, any act, it deems necessary to protect the lien hereof. Trustor agrees to repay,,
<br />upon demand, any sums so expended I by Seneficiary for the above purpose I s, ajf4d any
<br />sum Eo expanded by Beneficiary shall tie added to. the indebttedness secu'--ed hereby
<br />and become secured by the lien hereof. Benefciary shall not incur any Personal
<br />liability because of, anythin,i it may do or afrdt,' 0 do hereunder.
<br />'8- Assignment of Rents. Beneficiaty shall have the right, power and authority,.,
<br />during the continuance of this Deed of Trust to collect the rents,. issues and profits
<br />of the property and of any personal property located thereon with or without taking
<br />possession of the property affected hereby, and Trustor hereby absolutely and uncandi-
<br />tionally assigns al_ rents, issues and profits to Beneficiary. Beneficiary,
<br />however, hereby consents to Trustor'5 collection and retention of such rents issues
<br />and profits as they accrue and became payable, so long -as Trustor is flat, at , Such,
<br />time, in default with respect to paynent of any indebtedness secured hereby, or in
<br />the performance of any agreement hereunder. If any event of default described here-
<br />after in respect to this Deed of Trust shall have - cccQ-reo and be co,,itinn -rg, Senefi-
<br />ciary, as a matter Pf right and t Lnout otice to Trustor or anyone clailaing utider-
<br />Trustor, and without regard to the value of t- t::L��jt or tne ;
<br />1'e - - li� inter--5t Of the
<br />Trustor therein, shall.' have the right to apply to any court L,--, t nav I rig iurisdIction to
<br />appoint a receiver of ttio proper+y.
<br />9. Transfer of Property. if it a � of t e properLty or any -interest
<br />of Trustor the-rein is Sold, transfe�.,red u: rtr,F-,-- er,:�vmt)ered without the express
<br />or written consent of Beneficiary, beneflc3'a.-Y ma',, at its sole option, aeclaxe all
<br />sums secured by this Deed of trust
<br />to bt '--,Ped`ately due a:,-Id payable and proceed
<br />to the remedies available to It under the default arovi-aio'ns contained herein.
<br />f
<br />""j."' _V
<br />10. Events of Default. Any of the stia 11 be dec-red �n eLvent
<br />Of default her;und&f",
<br />(a) Trustoi shaji i,,,avLj
<br />,ke p�jy,,_
<br />stallfTient of interest, i . i p al cj, �'�3 Y I!, 1-p a i and ter S -:r
<br />any other Elu.,7,5 hervby
<br />
|