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12.4884/4X 84.- 088388 r In the event of the passage of any law deducting from the value .r:tl real property for the purposes of taxation any lien thereon, or ch~, in any way the law8 for the taxation of deeds of trust, or debts ~ by deeds of trust tor state or local purposes, or tile .m81l~ tie> collection of any such taxes, so as to affect this Deet.1 ofT, holder of this Deed of Trust and of the obligations, wbiCbJt have the right to declare all sum, secured hereby. due a.c:d(~ specified by not less than 30 days' written notice to be _Y4iIfl,to/<> by Beneficiary; provided, however, that such eltlC'tiori ..lIJlllR.'. ineffective if Trustor is permitted by law to pay the whole of s~ in addition to all other payments required hereunder and. if, p~to such specified date, does pay such tax and agrees to pay any suchtU: when hereafter levied or assessed against such property. Trustor further covenants and agrees to pay to Beneficiary'oathe first day of each month, in addition to the instll11nM:lnt payments p~.ded. for under th~ Promissory Note, one-twelfth of the anticipated .uti taxes. assessments and public charges, general and specla1, levleiland assessed against the Real Estate and the indebtedness hereby HeUred' as estimated by Beneficiary, The amount of such depositshaU be adjusted by Beneficiary periodically so that sufficient sums wtIlbe available to pay all of the foregoing before interest accrues, and upon. demand in writing by Beneficiary. Trustor shall promptly deposit with Beneficiary any amount in excess of said monthly payments which sJuill be l'E-tuired to pay such taxes, assessments and charges prior to delinQuencv. Trustor shall promptlv forward to Beneficlarv allb taxes. 8SSe&Sments and public charges upon the Real Estate. Such payments by Trustor to Beneficiary shall not bear interest and shall be applied by Beneficiary to the payment of said taxes, assessment. and public charges prior to delinquency. In case of default by Trustor in the observance or performance of any of the terms of this Deed of Trust or any other securing agreement now or hereafter given in connection with the loan secured hereby. all funds paid to and deposited with Beneficiary. 8S provided in this paragraph. shall constitute additional security for all sums secured by this Deed of Trust and may be appHed by neneficiary as 8 credit upon the indebtedness secured hereby. Beneficiary may, from time to time, at its option. waive. and after such wavier reinstate, any and aU provisions of this paragraph regarding such payments and deposits. by notice to Trustor in writing. While such waiver is !n (,ffect. Trustor shall pay all taxes. assessments and \>..olic charges as above provided. 6. Sums Advanced to Dear [nterest; To pay immediately upon del 'and any BurnE advanced or paid by Beneficiary or Trustee under any clause or provision of this Deed of Trust, Any such sums. until so repaid. shall be !~ecured hereby and bear interest from the date advanced or paid at the same rate as on Promissory Note and shall be secured by this Deed of Trust. L 7. and Assi ment of De In addition payments requ re 0 e p d under the Promissory Note and the tax escrow deposits required to be made monthly under Paragraph 5 above. Trustor rurth~r covenants and agrees to establish and continue to maintain a reserve fund for replacements in Ii bank or savings and loan association savings account which is insured by I\n agency of the United States government by depositing monthly, beginning on the first day of the second month following the date of this Deed of Trust, thl~ sum of $1,000.00 per month, Such funds. including interest earned thereon from time to time. shall at ItJl times be under the control of Beneficiary and no withdrawals !ilhall be madc. by TruBtor, except pursuant to authorization executed by Beneficiary . DisbulI'Sements from Bueh fund, whether froo) principal or interest. shan be used solely for the purposc~ of effecting replacements of furniture. fixturc!!'! and equipment owned lind used by the Trustor in the operation of till' Ronl f:6tate. which furniturE', fixtures !lnd l'!quipment would havt~ a normltJ us@ful life of lj{lVf'l1 (7) velU.K or lesl\!, !'Iueh lUll. but not limited tn. bedn, dr(!!lser!l, dudr;;, linen. Ilil' conditioning !!md hellUng units, At Ilueh time 1111 the IlcCI'IH.'d hllllilnl'l' of princlpal and inh!rl~!lt in ttw rcserve lic{'ount reAd'!"H th,~ lunounl of S50.000.00, (urthE'r monthly dl1poaih will he dl!f'errmJ, until Much tlm'1 1111 wHhdl'llwlIl!I from th.e Itccount rI'(luce the htlll.ltH.'o in the !'l"pwrv() Ilccount to 1$"'11 Hum $fIO. 000.00, !~t which tinll' monthly ,h~pni"it" rnUH! N'''llllll''. .:; ,........'......,'..... .....'" .,.. -1