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86-- 107456
<br />such charges Trustor likewise agrees to pay all taxes, assessments and other charges levied upon or assessed, placed or made
<br />against, or measured by, this Deed of Trust or the recordation hereof
<br />a. Application of Payments. All payments received by Beneficiary as to any debt. liability or obligation owed to Beneficiary by Trustor
<br />or Borrower may be applied by Beneficiary to the payment of the Indebtedness or to any such other debt, liability or obligation,
<br />in any order or manner of application which Beneficiary, in its absolute discretion, deems appropriate. Unless otherwise elected
<br />by Beneficiary, any such payment shall be deemed applied first to the payment of any debt, liability or obligation other than
<br />the / ndebtaess.
<br />5. Charges; Liens. dn Trustor will keep the Trust Property free from all liens and encumbrances which in any way may, in the judgment of
<br />Beneficiary, have priority over, or impair the security of this Deed of Trust but Trustor need not discharge any such lien so long as
<br />Trustor snail agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Beneficiary 2nd shall in good faith
<br />contest such ken by appropriate legal proceedings effective to prevent the enforcement of the lien and the loss of any interest in or
<br />part of the Trust Property .
<br />6. Hazard Insurance. Trustor shall keep the buildings and other improvements now existing or hereafter erected on the Trust Property
<br />insured by insurance carriers satisfactory to Beneficiary against loss by fire, hazards included in the term "extended coverage" and
<br />such other hazards, casualties and contingencies as may be required by Beneficiary, in such amounts and for such periods as may be
<br />required by Beneficiary. The policy of insurance shall be in form acceptable to Beneficiary, provide that the same may not be
<br />cancelled of modified without fifteen (15) days prior written notice to Beneficiary, and shall have loss payable provisions in favor of and
<br />in form acceptable to Beneficiary. All premiums on insurance policies shall be paid in the manner provided under paragraph 3 hereof
<br />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
<br />carrier. Beneficiary shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Beneficiary aff
<br />renewal notices and all paid premium receipts received by it. In no event shall Beneficiary or Trustee be held responsible for failure to
<br />pay insurance premiums or for any loss or damage ansing out of a defect in any policy or ansing out of any failure of any insurance
<br />company to pay for any loss or damage insured against or for failure by Trustor to effect the insurance required hereunder. In the event
<br />of loss, Trustor shall give prompt notice by mail to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not
<br />made promptly or in proper form by Trustor. All policies of insurance and any and all refunds of unearned premiums are hereby
<br />assigned to Beneficiary as additional security for the payment for the Indebtedness. In the event of Beneficiary's exercise of the power
<br />of sale contained herein, or in the event of foreclosure, all right, title and interest of Trustor In and to any insurance policy then In force
<br />shall 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
<br />Beneficiary, be applied by Beneficiary upon the Indebtedness, or any part thereof, and in such order and amount as Beneficiary may
<br />determine: or said insurance proceeds. at the option of Beneficiary. may either be used in replacing or restoring the Trust Property
<br />partially or totally destroyed to a condition satisfactory to Beneficiary, or said Insurance proceeds, or any portion thereof, may be
<br />released to Trustor. Unless Beneficiary and Trustor otherwise agree In writing, any such application of insurance proceeds shall not
<br />extend or postpone the due date of the Note, or any installments called for therein. or change the amount of such installments. If the
<br />Trust Property is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right. title and Interest of
<br />Trustor in and to any insurance proceeds payable as a result of damage to the Trust Property prior to file sale or acquisition shall pass
<br />to Beneficiary and shall be applied first to the costs and expenses. Including attorney fees. incurred in collecting such proceeds. then
<br />in the manner and in the order provided herein.
<br />7. Preservation and Maintenance of Trust Property. Trustor will keep the buildings and other improvements now or hereafter erected on
<br />the Trust Property in good repair and condition and will not commit or permit waste. will not after the design or structural character
<br />constituting any building now or hereafter erected on and constituting ?he Trust Property without the prior written consent of
<br />Beneficiary, will not do any act or thing which would unduly Impair or depreciate the value of the Trust Property and will not abandon
<br />the Trust Property Trustor will not remove any fixtures constituting the Trust Property unless the same are immediately replaced with
<br />like property sublect to the lien and security Interest of this Deed of Trust and of at least equal value and utility. Trustor will comply
<br />with all present and future ordinances, regulations and requirements of any governmental body which are applicable to the Trust
<br />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.
<br />Trustor shall perform all of Trustor s obligations under the declarations or covenants creating or governing the condominium
<br />or the planned unit development. the bylaws and regulations of the condominium or planned unit development, and the
<br />constituent documents.
<br />8. inspection. Beneficiary or its agents may at all reasonable times, enter upon the Trust Property for the purpose of inspection
<br />Beneficiary shall have no duty to make such Inspection and shall not be liable to Trustor or to any person in possession If)? makes or
<br />fails to make any such inspection.
<br />9. Protection of Security. if Trustor fails to perform any of the covenants and agreements contained in this Deed of Trust. or it any action
<br />or proceeding is commenced which does or may adversely affect the Trust Property or the Interest of Trustor or Beneficiary therein or
<br />the title of Trustor thereto, then Beneficiary. at its option. may perform such covenants and agreements, make such appearances,
<br />defend against and investigate such action or proceeding and take such other action as Beneficiary deems necessary to protect its
<br />interest including, but not limited to. disbursement of reasonable attorney fees and entry upon the Trust Property to make repairs Any
<br />amounts disbursed by Beneficiary pursuant to this paragraph 9. wilt, interest thereon. shall constitute indebtedness of Trustor secured
<br />by this Deed of Trust. Unless Trustor and Beneficiary agree to other terms of payment. such amounts shall be payable upon notice
<br />from Beneficiary to Trustor requesting payment thereof. and shall bear Interest from the date of disbursement at the highest Interest
<br />rate permitted by law. Nothing contained in this paragraph shalt require Beneficiary to incur any expense or take any action hereunder
<br />Trustor Irrevocably authorizes and empowers Beneficiary to enter upon the Trust Property as Trustor 's agent and In Trustors name of
<br />otherwise to perform any and all covenants and agreements to be performed by Trusror as herein provided. Beneficiary shall, at Its
<br />option, be subrogated to any encumbrance. lien, claim or demand and to all rights and securities for the payment thereof paid or
<br />discharged by Beneficiary under the provisions hereof and any such subrogation rights shall be additional and cumulative security for
<br />this Deed of Trust.
<br />10. Condemnation The proceeds of any award or claim for damages direct or consequential In connection with any condemnation or
<br />other taking of the Trust Property. or any pan thereof, or for conveyance in Ileu of or in anticipation of condemnation. are hereby
<br />assigned to and shall be paid to Beneficiary Trustor will file and prosecute. in good faith and with due diligence, its claim for any such
<br />award or payment, and will cause the same to be collected and paid to Beneficiary. and, should It fail to do so. Trustor irrevocably
<br />authorizes and empowers Beneficiary, in the name of Trustor or otherwise, to file. prosecute. settle or compromise any such claim and
<br />to collect. receipt for and retain the proceeds If the Trust Property is abandoned by Trustor. or If, after notice by Beneficiary to Trustor
<br />that the condemnor offers to make an award or settle a claim for damages. T.•ustor tails to resp?nd to Beneficiary within thirty (30; days
<br />after the date such notice Is marled. Beneficiary Is authorized to collect and apply the proceeds In the manner Indicated herein The
<br />proceeds of any award or claim may. after deducting all reasonable costs and expenses including attorney fees, which may have
<br />been incurred by Beneficiary In the collection thereof, at the sole discretion of Beneficiary be released to Trustor. applied to
<br />reVoration of Trust Property. or applied to the payment of the Indebtedness Unless Beneficiary and Trustor otherwise agree in
<br />writing, any such application of proceeds to Indebtedness shall not extend or postpone the due date of any Installments called for
<br />under the Guaranty.
<br />11 Trusror Not Released Extension of the time for payment or modification of any amortization of the Indebtedness granted by Beneficiary
<br />to, any successor in Interest of Trustor shall nor operate to release. in any manner the tiabiliry of Trustor and Trustor s successors in
<br />interest Beneficiary shall nit be required to commence proceedings against such successor or refuse to extend time for payment or
<br />otherwise modify amortization of the Indebtedness by reason of any demand made by T,usinr and Trustor s successors +t: Interest
<br />12 Financial information, Upon request of Beneficiary. Trustor will provide to Senefrcra y within n nery 190 dal s o' the Close 0 oadi f,tca
<br />year of Trustor the consolidated balance sheet and statement of earnings of Trusror arnd will p oije and ticvver 1. Ferrel c iary sui
<br />other financial information and in such manner as Beneficiary may reasonably rr-.luesr from 9me to time
<br />s3 Ftrran!iw Covenants in addition rn any other financial covenants of Trustor made ,n IM, prher agree-c-, ,nsrrumenr Of ,ro; Mire"!
<br />Trustor .shall �YUmply with or be in compliance with the lollowrnq f nancra c,irvrnanrs �ar ac: atl�7 a , •, r
<br />noqurrtmgnrc are ❑Or set forth herein ,
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