|
~ ~"'' OOI970
<br />To protect the security of this Deed of ?'rust, Trustor
<br />hereby covenants and agrees as follows:
<br />1. Payment of Indebtedness. To pay when due, the
<br />principal of, and the interest on, the indebtedness evidenced by
<br />the note, charges, fees and all other sums as provided in the
<br />loan instruments.
<br />2. Title. Trustor is the owner of the property and has
<br />the right and authority to execute this Deed of Trust in respect
<br />to the property.
<br />3. Taxes and Assessments. To pay, when due, all taxes,
<br />special assessments and al.l other charges against the property,
<br />before the same become delinquent, and, in the event Beneficiary
<br />shall so require, to add to the payments required under the note
<br />secured hereby, such amount as may be sufficient to enable
<br />Beneficiary to pay such taxes, assessments or other charges as
<br />they become due.
<br />4. Insurance. To keep the improvements now or hereafter
<br />located on the real estate described herein insured against
<br />damage by fire and such other hazards as Beneficiary may require,
<br />in amounts and companies acceptable to Aeneficiary, and with loss
<br />payable to Aeneficiary. In case of loss under such policies,
<br />Beneficiary is authorized to adjust, collect and compromise, in
<br />its discretion, all claims thereunder and, at its sole option, is
<br />authorized to either apply the proceeds to the restoration of the
<br />property or upon the indebtedness secured hereby, but payments
<br />required by the note shall continue until the sums secured hereby
<br />are paid in full.
<br />5. Repair, Maintenance and flee. To promptly repair,
<br />restore cr reboil ary ui dings or improvements now or hereafter
<br />on the property; to keep the property in good condition and
<br />repair, withou*_ waste and free from mechanics or other liens not
<br />expressly subordinated to the lien hereof; to not make, suffer or
<br />Hermit any nuisance to exist nor to diminish or impair the value
<br />of the property by any act or omission 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 part
<br />thereof, shall- he taken by eminent domain, Beneficiary is
<br />entitled to collect and receive all compensation which may be
<br />paid for any property taken or for damages to property not taken,
<br />and Beneficiary shall apply such compensation, at its option,
<br />either to a reduction of the indebtedness secured hereby or to
<br />repair and restore the property so taken.
<br />~. Performance by Beneficiary. Aeneficiary may, but shall
<br />have no obligation to, do any act which Trustor has agreed but
<br />failed to do, and Aeneficiary may also do any act it deems
<br />necessary to protect the lien hereof. Trustor agrees to repay,
<br />upon demand, any sums so expended by Beneficiary for the above
<br />purposes, and any sum so expended by Beneficiary shall be added
<br />to the indebtedness secured hereby and become secured by the lien
<br />hereof. Aeneficiary shall not incur any personal liability
<br />because of anything it may do or omit to do hereunder.
<br />8. Ins ections. Beneficiary, or its agents, representa-
<br />tives or wor en, are authorized to enter at any reasonable time
<br />upon or in any part of the prnperty for the pnrpase of inspecting
<br />the same and far the purpose of performing any of the acts it is
<br />authorized to perform under the terms of any loan instruments
<br />executed by Trustor.
<br />9. Assi nmes:t of. Rents. Aeneficiary shall have the right,
<br />power and ant or:ty u~~ng~tTie continuance of this Deed of Trust
<br />to collect the rants, issues and profits of the property and of
<br />any pez€+anal property Located thereon with or without tak,inq
<br />possession of thy: property affected hereby, and Trustor hereby
<br />abssalutPl.y and uncanditianall~- aasiyns all such -ents, issues anu
<br />
|