84006368 - Laserfiche WebLink

Browse

l2.4884/4X 84.- 008368 r All interest earned upon the principal deposited in the reserve account shall be accumulated until the $50.000.00 minimum reserve is. rQChe4. Thereafter, interest may be paid out periodically, as authorbed by.tti4t Benef"1ciary. The reserve account shall be pledged at aU~<~ Beneficiary as further security tor the repayment of.t~. lnc!cJbt~ evidenced by the Promissory Note and the obaervanClf.and ' of all the terms. conditions and provisions of the Dee40f other Security Instruments. In the event that TrwiI~ replace any of the cNlateral for which the reserve rep~nt maintained, Trustor shall present to Beneficiary an inVCJt.cecSet cost of such proposed replacement items and identifying tile unit within the Improvements in which the replacement. it.. located, Upon inspection and written approval of .>.B Beneficiary will authorize the withdrawal of funds from. the 0., ...':c...' reserve account in the approved amount. Withdrawals flooID,the.r~.!~ replacement account to less than a balance of $50.008.00 8h'JI<~~ immediate reinstatement of the $1.000.00 monthly deposit, ~,<~ minimum amount is again attained. At such time as theln~~ secured by this Deed of Trust is reduced to $924,000. 00 by~t8 other than those resulting from an involuntary conversion. app~of insurance proceeds or other payment resulting f!'Om diminution. in value of the security. and provided that no Event ot Default has occurred _4 is continuing under the terms. conditions an4 provisions of the Promissory Note, Benef"1ciary shall authorize disbursement ot the b~. of the replacement reserve account to the Trustor. That all further additional security if this be a construction loan. Trustor hereby transfers and assigns to Beneficiary during continuance of these Trusts. all right. title and interest to any and aU monies deposited by Trustor or deposited on behalf of Trustor with any city, county, public bocly or agency. sanitary district, gas and/or electric company. telephone company and any other body or agency. tor the installation or to secure the installation of any utility by Trustor, pertaining to such property, 8. Com I with need of Trust: Should Trustor f to ma e any payment, or 0 0 any act 88 pro ed in this Deed of Trust. or raU to perform any obligation undertaken under or secured by this Deed of Trust, or do any act Trustor agreed not to do. T1'ustor shall be in default under this Deed of Trust, Beneficiary. but 'vithout obligation 80 to do and without notice to or demand upon Trustor ~. 'ld without releasing Trustor from any obligation hereof and without CQ,"\testing the validity or amount of the same, may (a) make or do the san.e in such m8 Inl!!' and to such extent as it may deem necessary to protect the security hereof, Beneficiary being authorized to enter upon such property for such purposes. and (b) pay, purchase. contest or compromise any encumbrance. charge or lien, which in its judgment is or appears to be prior or superior hereto. and (e) in exercising any such power. pay necessary expenses. employ counsel and pay his reasonable fees. Trustor agrees to repay any amount so expended on demand of Beneficiary. IT IS MUTUALLY AGREED TIIAT: L 9, Litigation: Trustor shall defend this Trust in any action or proceeding purporting to affect such property, whether or not it affects the l'lecurit}. hereof. or purporting to affect the rip:Ms or powers of Beneficiary or Trustee. and shall file Ilnd prosecute all necessary claims and actions to prevent or recover for uny damage to or destruction of such property. and either Trustee or Beneficiary is hereby authorized. without obUg-lltion 50 to do, to commence, appear in or defend /lny such action. whether hrought by or against Trustor. Beneficiary or Trustee, or with or without !'Iult. to exercise or pnforce llny other right, remedy or power availllble or confm'Y'<>.d herelmdcr. whether or not judgment be entered III any action or proccmllng-: tlJld Trustor OJ' Beneficiary may apf)4!!IlJ' or intervene in !lny action 01' proceeding. And retAin counsel therein; and tak€' "\let! IlCtioll therein. !HI either I1lIiV be ndvilwfl And mav ~t'ttltl. compl'f>mlSt'! or. relY t ht'! fillme ot. Hny oth!'!'!' ehlims Ilnd, in th'(' ht'l}:udf and for Ilny of !Hllll put'poseR, may expend unfi flfivnnce 1\uch lIum!'! of monlilV lIfll ..!ther may del'lll neCe!lIlArv. Whether or !lot 'l'1'lIl!1tOT' so lIppelUIII . or (If'fendm, TrUl!lto!' 011 demflnd' II hall pll~' 1111 e01iltll lUll'! ('xpen"'.'I< of' Bl'lflenrollll'V /lnd Trulltef!. 1rH'ludin~ ('ol'llo of "vl~f'!'cf' of hth' 1111/1 f1 I ~