84000723 - Laserfiche WebLink

Browse

84 ---~~ (i x'72 3 the power of sale herein conferred and/or foreclosure of this Trust Deed and shall run with the Property. TRUSTOR FURTHER COVENANTS AND AGREES AS FOLLOWS: 1. Application of Payments. All payments received by Lender as to any indebtedness or as to any other debt, liability or obligation owed to Lender by Borrower may be applied by Lender to the payment of the Indebtedness or to nay such: other debt, liability or obligation, in any order or manner of application which Lender, in its absolute discretion, deems appropriate. Unless otherwise elected by Lender, any such payment shall be deemed applied first to the payment of any debt, liability or obligation other than the Note. 2. Taxes; Charges; Liens. Trustor will pay all taxes and- assessments before the same become delinquent and will otherwise keep the property free from all liens not subordinate to this Trust Deed and upon written demand of Lender, will promptly pay and procure the release of any lien, whether arising prior or subsequent to the execution of this Trust deed, which in any way may, in the judgment of Lender, have priority over, or parity with, ar impair the security of, this Trust Deed but Trustor need not discharge any such lien so long as Trustor shall agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Leader and shall in good faith contest such lien by appropriate legal proceedings effective to prevent the enforcement of the lien and the loss of any of the Property. Trustor will dulq and punctually pay any existing mortgage or lien identified hereinbelow according to its terms. Receipts evidencing payments required under this Paragraph 2 shall be promptly furnished to Lender. 3. Hazard Insurance. Trustor will keep the buildings and other improve- ments now existing or hereafter erected on the Property insured by insurance carriers satisfactory to Lender against loss by fire, hazards included in the term "extended coverage" and such other hazards, casualties and contingencies as may be required by Lender, in such amounts and for such periods as may be required by Lender. The policy of insurance shall be in form acceptable to Lender, shall have a replacement cost endorsement, and shall have loss payable provisions in favor of and in form acceptable to Leader. All premiums on insurance policies shall be gaid by Trustor making payment, at least ten (10) days prior to the due date, directly to the insur- ance carrier. Lender shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Lender all renewal notices and all paid premium receipts received by it. Tn no event shall Lender be held responsible for failure to pay for any insurance or for any loss oc damage arising out of a defect in any policy or arising out of any failure of any insurance company to pay for any loss or damage insured against or for failure by Trustor to effect the insurance required hereunder. In the event of loss, Trustor shall give prompt notice by mail to the insurance carrier and Lender. Lender may make proof of loss if not made promptly or in proper form by Trustor. All policies of insurance and any and all refunds of unearned premiums are hereby assigned to Lender as additional security for the payment of the Indebtedness. In the event of Lender's exercise of the power 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 shall pass to the purchaser at the trustee's sale ar foreclosure sale. Unless Lender and Trustor otherwise agree is writing, insurance proceeds shall be applied to restoration or repair of the property damaged, provided such restoration or repair is economically feasible and the security of this Trust Deed is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Trust Deed would be impaired, insurance proceeds shall be applied to the Indebtedness, with the excess, if any, paid to Trustor. If the Prop- erty is abandoned by Trustor, or if Trustor fails to respond to Lender within thirty (30) days from the date notice is mailed by Lender to Trustor that the insurance carrier offers t.o settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds, at Lender's ogtion, either to restoration yr repair of the Property or to the Indebtedness. If, under paragraph 15 hereof, the Property is acquired by Lender, all right, title and interest of Trustor in and to any insurance proceeds payable as a recult of damage to the Property prior Co the sale or acquisition shall pass to