|
85- 00580,1
<br />3. Taxes and Assessments. To pay, when due, all taxes, special
<br />assessments and all other charges against the property, before the
<br />same became delinquent, and, in the event Beneficiary shall so require,
<br />to add to the payments required under the note secured hereby, such
<br />amount as may be sufficient to enable Beneficiary to pay such taxes,
<br />assessments or other charges as they become due.
<br />4. Insurance. To keep the improvements now or hereafter located
<br />on the real estate described herein insured against damage by fire and
<br />such other hazards as Beneficiary may require, in amounts and companies
<br />acceptable to Beneficiary, and with loss payable to Beneficiary. In case
<br />of loss under such policies, Beneficiary is authorized to adjust, collect
<br />and compromise, in its discretion, all claims thereunder and, at its sole
<br />option, is authorized to either apply the proceeds to the restoration of
<br />the property or upon the indebtedness secured hereby, but payments required
<br />by the note shall continue until the sums secured hereby are paid in full.
<br />S. Repair, Maintenance and Use. To promptly repair, restore or
<br />rebuild any buildings or improvements now or hereafter on the property; to
<br />keep the property in good condition and repair, without waste and free from
<br />mechanics or other liens not expressly subordinated to the lien hereof; to
<br />not make, suffer or permit any nuisance to exist nor to diminish or impair
<br />the value of the property by any act or emission to act; and to comply with
<br />all requirements of law with respect to the property.
<br />6. Condemnation. In the event the property, or any pan thereof, shall
<br />be taken by eminent domain, Beneficiary is entitled to collect and receive all
<br />compensation which may be paid for any property taken or for damages to
<br />property not taken, and Beneficiary shall apply such compensation, at its
<br />option, either to a reduction of the indebtedness secured hereby or to repair
<br />and restore the property so taken.
<br />7. Performance by Beneficiary. Beneficiary may, but Khali have no
<br />obligation to, do any act which Trustor has agreed but failed to do, and
<br />Beneficiary may also do any act it deems necessary to protect the lien hereof.
<br />Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for
<br />the above purposes, and any sum so expended by Beneficiary shall be added to
<br />the indebtedness secured hereby and becer.:� secured by the lien hereof.
<br />Beneficiary shall not incur any personal liability because of anything it may
<br />do or snit to do hereunder.
<br />S. Inspections. Beneficiary, or its agents, representatives or workmen,
<br />are authorized to enter at any reasonable time upon or in any part of the
<br />property for the purpose of inspecting the same :Intl for the purpose of per -
<br />forming any of the acts it is authorized to perform under the terns of Luny
<br />loan instruments 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 />hcm- ever, hereby consents to Trustor's collection and retention of such rents,
<br />issu e-s and profits as they accrue and become payable, :o long as Ttust.or is
<br />tot, at such time, in default with respect, to payment of any indebtedness
<br />secured hereby, or in the performance of any agrecn ent hereunder. If any
<br />event of default described hereafter in respect to this Deed of 'Trust
<br />Construction Security Agreement shall have oc-curred and he continuing,
<br />Beneficiary, as a. matter of right and without notice to Trustor or anyone
<br />claiming; under Trustor, and without regard to the value of the trust estate
<br />or the interest of the T stor therein, shall have the right to apply to env
<br />(x)urt having jurisdiction to appoint a receiver of the proixrty.
<br />10. Transfer of prolx'rty. If all or any part of the prol:x,rty or any
<br />interest of Tru.,:tor therein is sold, transforrtKi or fur•thev one ax -rtxl without
<br />I he express or writtcsn consent of Deneficiary, lk- no nuty, at its: :talc
<br />option, declare all ,tm5 sexure�d icy this Do(,d of Trust Con:;t rttcl ion So.t•ut•ity
<br />Agre(m -mt to Ix! irmk- diatc-ly duo. ;and t >a °able and procoed tr, th,• rc�ntdic>rj
<br />available to it under thc� default ptYrvi >,fnn� cor;taint�i h!rc in.
<br />W
<br />
|