86106896 - Laserfiche WebLink

Browse

t rpr 106896 insurance premiums, ground rents, and all' charges whatsoever ieviefftwn or assessed, placed or made against the Trust Property . Trusts further agrees, upon written request by Beneficiary, to pranptly deliver to Beneficiary all receipts tar the payment of such charges. Trusts likewise agrees to pay all taxes, assessments and other charges levied upon or assessed, placed or made against, or measured by, this Deed of Trust or ft recordation hereof. 5. Application of Payments. Alf payments received by Beneficiary as to any debt, liability or obligation owed to Beneficiary by Trusts may be applied by Beneficiary to the payment of the Indebtedness or to any such other debt, liability or obligation, in any order or manner of application which Beneficiary, in its absolute discretion, deems appropriate. Unless otherwise elected by Beneficiary, any such payment shelf be deemed applied first to the payment of any debt, liability or obligation other than the Note. 8. Charges; t.ierm Trustor will keep the Trust Property free from all hens and encumbrances which in any way may, in the judgment of Beneficiary, have pnoity over, or impair the security of, this Deed of Trust but Trustor need not discharge any such lien so long as Trustor shall agree, in writing, to pay the obligation secured by such ken in a manner acceptable to Beneficiary and shag in good faith contest such Next by appropriate /agar proceedings effective to prevent the enforcement of the lien and the loss of any interest in or part of the Trust Property. 7. Hazard Insurance. Trustor shag keep the buildings and other improvements now existing or hereafter erected on the Trust Property Owed by insurance carriers satisfactory to Beneficiary against kiss by fire, hazards included in the term "extended coverage' and such other hazards, casualties and contingdncies as may be required by Beneficiary, in such amounts and for such periods as may be required by Beneficiary. The policy of insurance shag be in form acceptable to Beneficiary, provide that the same may not be canceled or modified without fifteen (15) days prior written Police to Beneficiary, and shall have loss payable provisions in favor of and in farm acceptable to Beneficiary . All premiums on insurance policies shall be paid in the manner provided under paragraph 4 hereof 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 carrier. Beneficiary shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Beneficiary all renewal notices and alf paid premium receipts received by it. In no event shall Beneficiary or Trustee be held responsible for failure to pay insurance premiums or for any kiss or damage arising out of a defect in any policy or arising out of any failure of any insurance company to pay for any loss or damage insured against or for failure by Trustor to effect the insurance required hereunder. In the event of loss, Trustor shall give prompt notice by mall to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made promptly or in proper form by Trustor. All policies of insurance and any and all refunds of unearned premiums are hereby assigned to Beneficiary as additional security for the payment of the Indebtedness. In the event of Beneficiary's exercise of the power of sale contained herein, or in the event of foreclosure, all right, tide and interest of Trustor in and to any insurance policy then in force shag 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 Beneficiary, be applied by Beneficiary upon the Indebtedness, or any part thereof, and in such order and amount as Beneficiary may determine; or said insurance proceeds, at the option of Beneficiary, may either be used in replacing or restoring the Trust Property partially or totally destroyed to a condition satisfactory to Beneficiary; or said insurance proceeds, or any portion thereof, may be released to Trustor . Unless Beneficiary and Trustor otherwise agree in writing, any such application of insurance proceeds shall not extend or postpone the due date of the Note, or any installments called for therein, or change the amount of such installments. If the Trust Property is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, tide and interest of 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 to Beneficiary and shag be applied first to the costs and expenses. including attorney fees, incurred in collecting such proceeds, then in the mariner and in the order provided herein. 8. Preservation and Maintenance of Trust Property. Trustor will keep the buildings and other improvements now or hereafter erected on Me Trust Property in good repair and condition and will not commit or permit waste, will not after the design or structural character constituting any building now or hereafter erected on and constituting the Trust Property without the prior written consent of Beneficiary. will not do any act or thing which would unduly impair or depreciate the value of the Trust Property and will not abandon the Trust Property. Trustor will not remove any fixtures constituting the Trust Property unless the same are immediately replaced with 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 all present and future ordinances, regulations and requirements of any governmental body which are applicable to the Trust Property 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 perform all of Trustor's obligations under the declarations or covenants creating or governing the condominium or the planned unit development, the bylaws and regulations of the condominium or planned unit development, and the constituent documents. 9. inspection. Beneficiary or its agents may, at all reasonable times, enter upon the Trust Property for the purpose of inspection. Beneficiary shag have no duty to make such inspection and shall not be liable to Trustor or to any person in possession if it makes or fails to make any such inspection. to. Protection of Security. if. Trustor fails to perform any of the covenants and agreements contained in this Deed of Trust, or if any action or proceeding is commenced which does of may adversely affect the Trust Property or the interest of Trustor or Beneficiary therein or the title of Trustor thereto, then Beneficiary, at its option, may perform such convenants and agreements, make such appearances, defend against and investigate such action or proceeding and take such other action as Beneficiary deems necessary to protect its interest including, but not hinitea to, disbursement of reasonable attorney fees and entry upon the Trust Property to make repairs. Any amounts disbursed by Beneficiary pursuant to this paragraph 10, with interest thereon, shall constitute Indebtedness of Trustor secured by this Deed of Trust. Unless Trustor and Beneficiary agree to other terms of payment, such amounts shall be payable upon notice from Beneficiary to Trustor requesting payment thereof, and shall bear interest from the date of disbursement at the default rate, it any, set forth in tyre Note, or otherwise at the highest rate permitted bylaw. Nothing contained in this paragraph shall require Beneficiary to incur any expense or take any action hereunder. Trustor irrevocably authorizes and empowers Beneficiary to enter upon Um Trust Property as Trusters agent and, in Trustor's name or otherwise to perform any and all covenants and agreements to be performed by Trustor as herein provided. Beneficiary shag, at its option. be subrogated to any encumbrance, lien, claim or demand and to all rights and securities for the payment thereof pad or discharged by Beneficiary under the provisions hereof and any such subrogation rights shall be additional and cumulative security for this Deed of Trust - 11. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Trust Property, or any part thereof, or for conveyance in lieu of or in anticipation of condemnation, are hereby assigned to and shalt be paid to Beneficiary . Trustor will file and prosecute, in good faith and with due diligence. its claim for any such award or payment. and will cause the same to be collected and paid to Beneficiary, and, should it fail to do so, Trustor irrevocably authorizes and empowers Beneficiary, in the name of Trustor or otherwise, to hie, prosecute. settle or compromise any such claret and to collect receipt for and retain the proceeds. If the Trust Property is abandoned by Trustor, or, after notice by Beneficiary to Trustor that the condemnor offers to make an award or settle a claim for damages, Trustor fails to respond to Beneficiary within thirty (30) days after the daft such notice is mailed. Beneficiary is authorized to collect and apply the proceeds in the manner indicated herein. The proceeds of any award or claim may, after deducting all reasonable costs and expenses, including attorney fees. which may have been incurred by Beneficiary in the collection thereof, at the sole discretion of Beneficiary, be released to Trustor. applied to restoration of Trust Property, or applied to the payment of the Indebtedness. Unless Beneficiary and Trustor otherwise agree in writing, any such application of proceeds to Indebtedness shall not extend or postpone the due date of the Note or the payment of any instadmera caged for thereunder. 12. Trustor Not Released. Extension of the time for payment or modification of any amortization of the Indebtedness granted by Beneficiary to any successor in interest of Trustor shall not operate to release, in any manner, the liability of Trustor and Trustor's successors in interest. Beneficiary shag not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the Indebtedness by reason of any demand made by Trustor and Trustor's successors in interest. 13. Financial! Information. Upon request of Beneficiary. Trustor wig provide to Beneficiary, within ninety (001 days or the ck%se of each f scal year of Tre 'rw. the consolidated balance sheet and statement of earnings of Trustor and any and all guarantors of the indebtedness secured hereby, 4 any, and will provide and deliver to Beneficiary such other financial information and it such manner as Beneficiary may reasonably request from time to urine. 14. Financial Covenants. In addition to any other financial covenants of Trustor made in any other agreement. mstru'nent or do umew Trustor she# comply with and shall cause any and all guarantors at the lndebiedress secured hereby to com.p1V wnh, ov be it" compliance with, thte following financial covenants: ;Th es paragraph shaii nor apply if covenants and reuiweri"Ts are let set forth hww".,t 85, 1kh&dule of leases. Wilhtrt ter: 1 10) days alter demand, Tnusfor shall turrush ri: Beneficiary a s .hc ower_ v te0,0(1 rc t Tr rsr_ tiettrr>q kffi so ieas+os or the Tnrsi Propwty, a r any l?rufio, aherw)f, rutrding .r, each case, the rare the rent s c _i i. r,nfs a 0 the space occupied by Such tehdm or iii- culoamnt. th?o renrat payurbie har such space fn.7 suc r. w"-f an t tats air-,h as andl te?ivtc"ies dx Bene#c ry may e quest