|
insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed, placed or made against the Trust
<br />Property. Truster further agrees, upon written request by Beneficiary, to promptly deliver to Beneficiary all receipts for the payment of
<br />such charges. Truster 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 />5. Application of Payments. All payments received by Beneficiary as to any debt, liability or obligation owed to Beneficiary by Truster
<br />may be applied by Beneficiary to the payment of the Indebtedness or to any such other debt, liability or obligation, in any order or
<br />manner of application which Beneficiary, in its absolute discretion, deems appropriate. Unless otherwise elected by Beneficiary, any
<br />such payment shall be deemed applied first to the payment of any debt, liability or obligation other than the Note.
<br />6. Charges; Liens. 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 shall agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Beneficiary and shall in good faith
<br />contest such lien 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 />0 7. 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 or 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 4 hereof
<br />or, if not paid in such manner, by Truster 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 all
<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 arising out Of a defect in any policy or arising 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 ac additional security for the payment of the indebtedness. In the event of Beneficiary's exercise of the power
<br />of sale contained herein, or ip the event of foreclosure, all right, title and interest of Truster n and to any insurance policy then in force
<br />shall pass to the purchaser at the trustee's sale or foreclosure sale. In rase 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 rn writing, any such application of insurance proceeds shall not
<br />extend or postpone the due date of the Note, or any Installments catied 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 sae or other Ilorec.'osure, all right, title and interest of
<br />Trustor in and to any insurance proceeds payable as a result of damage to the Tns! Proper; y prior to the sale or acquisrtron shatl pass
<br />to Beneficiary and shall be applied first to the, costs and e rcnses, ,nciude ^q a!::; lees, Incurred in collee :ling such proceeds, then
<br />in the manner and in the order provided herein.
<br />8. Preservation and Maintenance of Trust Property. Trustor w,:i ket,p vie tr ati;;n.1.; ;:rr_f c;!r.er unprovements now or hereafter erected on
<br />the Trust Property in good repair and condition and will no! r:,,n:.�a ;,r tact -r,; _sic! _ hail r;t Biter the design or stnretural character
<br />COrtStitut %rig any building now or hereafter ore cn and +as!, •, ^,�;- : Urr,r. Mnc�rrt rte prroe written consent of
<br />Beneficiary, will not do any act or thing which ,ao:rJ,! [i „ e ; ,w,! rreperfy and w4l not abandon
<br />the Trust Property. Trustor will not reprove any twrurrs , .arc immediately replaced with
<br />like property subject to the hen and security ar7;1 utility Trstor will comply with
<br />all present and future ordinances, requlat.ons env r =c1. 1, .r a ,. , aoie to the Tru;r Property
<br />and to the occupancy and use moreot. 1i this rh r d iezc;'opinent. T/UStG/ 5r %ail
<br />perform all Of Trustee's obligations under Me d i.<i�; rid e'. cr the• planned ante
<br />development, the bylaws amt regutetioru: of it, r ,j L1i:,;rL7;.a;15
<br />9. Inspection. Beneficiary or its agents nt i at e 1 p Se
<br />of inset nvn.
<br />Beneficiary shall have no duty !a make , .r, h , isi sses Sin r o ;! makes or
<br />fails to make any such inspection.
<br />10. Protection cl Security. It Trustor fads !n per'orrn raced of Trust, Or it any action
<br />or proceeding is commenced which does or r ar ear. ;luster ar tiusr, or therein or
<br />the title of Trustor thereto, !hen Benrfic,�ry , al its ut ! -i,r ,, , .- • 1 rs. n;,t, e suety appearances,
<br />defend against and rove ^(igate such aclrori nr p .;ce>rr Urns nece�;ary to protect its
<br />interest including, bat not limited to l !.hursen e , v7 r,_ , i rc 0enj- tr Any
<br />amounts disbursed by Benetic;ary pur,uH a t ) f1w, i -,r,, r, ' _ ;, ! :c 5 •1 it aster
<br />secured by this Dead of Trust Unless
<br />n0t/ee from Beneficiary to y [ r li
<br />n
<br />p.e dr r iG!! riite.
<br />it any set forth in the Note, or nthet is6 at In(" t r y ,rw / t ...y ! ,,, rrrr t ?,y sr i ,.iturre e
<br />Beneficiary to incur, any expo nsc or r tKe in y i l [ 1 i,.:•r- h. r ,.c s .130"'0 ry !0 enter urn ;n,
<br />the Trust Property as Trustor s rig©nt .nd, ri nil ,r=.,: n:rnr- i of cirri . r ant: rn Ge
<br />performed by Trustor as herein provided Benehc,ary;h t ;r,, rite , claim u; denranv
<br />and to all rights and securities for (tic payinunt in"rco; t r r r i : < :1 _ • iI,
<br />su,..
<br />subrogation rights shall be adUNrrr, ial and cunudatrva se ..cant,- ..n lrll, ,�, _ r, .,r "L—.
<br />11. Condemnation. The proceeds of any award or claim fur damages. &Iect ur oil :,wlui ' t', i1; connect: -,h 4,411 ;t „y COnilernn'thOr1 of
<br />other taking of fiu Trust Property, or any part thereof, of for i;(,inVOyancc m lieu -1 err dl anfrc.,pabon of r:�;nrL:lnndhiiih, are hprelV
<br />assigned to and shalt be paid to Berteheiary. Tnr4for well file dnd i se,c,,ro n yo;:,; l e tr' 1 v', !F1 dim d, iq illco, es Claim fcr ar y such
<br />award or payment, and will causo the same fo be (70HOMd and p tic? tci e e f r , ry, and h uld it fill to o so Trustor
<br />authonl0s and empowers Beneficiary, in the name of Tru -tor or i, I cat- to 1, y;rr, cr : eft (1` c on rr n se any .,uCh ca,,n and
<br />to collect. receipt for and relain lho proceeds. If the Taus! Proti,rty I, a..and .,r a .ry Tr ,sect. ,it.,. r.,ta:,r by Beret ciary to l ttisror
<br />That the condemnor offers to make an award or seltle a r fain) for rr In rile ;, Tr .. rr 1,,, r °.p, nri tc ?3err t „:eery s,!hih !fairy r'3,1; days
<br />after the date such notice is marled, Benoticidry [ ; au,'hon.'ed fu t' i r r ,tr:r, i,,ply the err, , ,.c,,is ,n !rte ire f r ii4ii �,ted herew; 7ha
<br />proceeds of any award of ciaiirh may, alter deducting a'I r0agrnaflr ^os;s Hod open ,i:a;ltalrnq dtton:ey tees, rahiCh may !;are
<br />been incurred by Beneficiary it, the eollectierh tllereof, ill the solo CfUCtef,r yr! of Peneil, 411y, ta' released t0 Tiihsfe'r, apillwd to
<br />restoration of Trust Property, or applied to the paynuutr of rho 1 t A t tr dnc s. unit,ss Isuinli<•,ary a1.d T'lls"or ; dhcrn%Iji, 11'Ve r h wr. tpy.
<br />any such application of proceeds to lndebfeifness :rsu, rant r xte n 1 if ,e tai.. d.,r.'iota n! ri;U PJ xe c r ,tr,r f;ay,
<br />installments called for thereunder r
<br />12. Truster Not neleased, Extension of fire time lot payment or 1116dr6cation of airy ainnrt:Tatioo of the in[teblUdr,U ;.ti grantwI by B,znU!a:cuy
<br />to any successor in tnfarest of Truster shall not operate to release, in ;.,iy inanner, the. habillry of Trustc,i and haste; c sN,:, es•,01; r„
<br />ntere5l Benefciary shale not he required to comnwnry pror.UCd ug; egarc;'surh sot r .xlr n1 n h, .r; 1n r it,�nu Rn r r,r p;tyn.
<br />Otherwise olodlly amorf,LahOn e1 the
<br />In Interest,
<br />13 Financi ) Intormatlort, l?pon requ'e.Sf of Balleli! i try T/' /sine well pluV t fr IJw r , tt}•, w ",:J) emery i ar t, NnyS 01 !lid r',r>. i h , �., ,1;
<br />Year of truster, (h0 cOnsohdalnrl balance shemf and slab moan! of e i,;,;Ii i of
<br />secured hereby. it any, and wrb� pnivule iarnd duhvw to 13 .nefa;rary .u, , w :.[. n.r,l, ...... 1,r _
<br />may reasonably request front tune to t it+.
<br />F4 frnen,`ri91 Govoriarrf, In sedition to ally nthr,r feria i r if c,6 e r.n,••, .. , . 11 ..., i:,•, .n,,;,l r �,. ,,, ri, , k ,
<br />Trrlc.r h11a11 cptap,y Willi ant?
<br />cf,opliance with, the h,llrrWrh,l linen,,Ji r o�oi „i !; r7!r. 1 e tar,y r
<br />forth hyreiri
<br />15 .SOi hilt r l r t r4':th , h r i Io) ! y' i1,r v:,
<br />!crib , ,i s r /.,r i , .4 rq
<br />pf!hr ,lier..r ,rnr•7by irh c_na „rt,i r ,!'u' . i ., '.:. ,, ,. :....
<br />P
<br />t1S
<br />-1
<br />
|