|
86- 106983
<br />To protect the security of this Deed of Trust Construction Security
<br />Agreement, Trustor hereby covenants and agrees as follows:
<br />1. Payment of Indebtedness. To pay when due, the principal of, and
<br />the interest on, the indebtedness evidenced by the note, charges, fees and
<br />all other Suns as provided in the loan instruments.
<br />2. Title. Trustor is the owner of the property and has the right and
<br />authority to execute this Deed of Trust Construction Security Agreement in
<br />$,r
<br />respect to the property.
<br />�Y
<br />3. Taxes and Assessm.. -nts. To pay, when due, all taxes, special assessments
<br />and all other charges against the property, before the same became delinquent,
<br />and, in the evert Beneficiary shall so require, to add to the payments required`'
<br />under the note secured hereby, such gaunt as may be sufficient to enable
<br />z .'
<br />Beneficiary to pay such taxes, assessments or other charges as they became due.'
<br />4. Insurance. To keep the improvements now or hereafter located on the
<br />real estate described herein insured against damage by fire and such other hazards
<br />as Beneficiary may require, in amounts and companies acceptable to Beneficiary,
<br />and with loss payable to Beneficiary. In case of loss under such policies,
<br />Beneficiary is authorized to adjust, collect and compromise, in its discretion,
<br />all claims thereunder but, is authorized to apply all insurance proceeds only to the
<br />restoration of the property, if property is partially destroyed, or, at its sole option,
<br />is authorized to apply proceeds to the restoration of the property or upon the indebted-
<br />ness secured hereby if the property is totally destroyed, but payments required by the
<br />note shall continue until the sums secured hereby are paid in full.
<br />5. Repair, Maintenance and Use. To pronptly repair, restore or rebuild
<br />any buildings or improvonents now or hereafter on the property; to keep the
<br />property in good condition and repair, without waste and free from mechanics
<br />or other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />or permit any nuisance to exist nor to diminish or impair the value of the property
<br />by any act or anission to act; and to comply with all requirements of law with
<br />respect to the property.
<br />6. Condemnation. In the event the property, or any part thereof, shall be
<br />taken by eminent domain, Beneficiary is entitled to collect and receive all com-
<br />pensation which may be paid for any property taken or for damages to property
<br />not taken, and Beneficiary shall apply such compensation, at its option, either
<br />to a reduction of the indebtedness secured hereby or to repair and restore the
<br />property so taken.
<br />7. Performance by Beneficiary. Beneficiary may, but shall have no obliga-
<br />tion to, do any act which Trustor has agreed but failed to do, and Beneficiary
<br />may also do any act it deems necessary to protect the lien hereof. Trustor
<br />agrees to repay, upon demand, any sins so expended by Beneficiary for the above
<br />purposes, and any sun so expended by Beneficiary shall be added to the indebted-
<br />ness secured hereby and became secured by the lien hereof. Beneficiary shall
<br />not incur any personal liability because of anything it may do or snit to do
<br />hereunder.
<br />8. Inspections. Beneficiary, or its agents, representatives or workmen,
<br />are authorized to enter at any reasonable time upon or in any part of the property
<br />for the purpose of inspecting 'the same and for the purpose of performing any of
<br />the acts it is authorized to perform under the terms of any loan instruments
<br />executed by Trustor.
<br />9. Assignment of Rents. Beneficiary shall have the right, power and
<br />authority during the continuance of this Deed of Trust Construction Security
<br />Agreement to collect the rents, issues and profits of the property and of any
<br />personal property located thereon with or without taking possession of the
<br />property affected hereby, and Trustor hereby absolutely and unconditionally
<br />assigns all such rents, issues and profits to Beneficiary. Beneficiary,
<br />however, hereby consents to Trustor's collection and retention of such rents,
<br />issues and profits as they accrue and beanie payable, so long as Trustor is
<br />not, at such time, in default with respect to payment of any indebtedness
<br />secured hereby, or in the performance of any agreement hereunder. If any
<br />event of default described hereafter in respect to this Deed of Trust: Construction
<br />Security Agreement shall have occurred and be continuing, Beneficiary, as a
<br />matter of right and without notice to Trustor or anyone claiming under Trustor,
<br />and without regard to the value of the trust estate or the interest of the Trustor
<br />therein, shall. have the right to apply to any court. having jurisdiction to appoint
<br />a receiver of the piY)pert.y.
<br />M
<br />
|