|
<br />I
<br />
<br />(/
<br />
<br />I
<br />
<br />84 _002795
<br />
<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 />
<br />3. Taxes and Assessments. To pay, when due, all taxes,
<br />special assessments and all 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 />
<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 acceptahle to Beneficiary, and with loss
<br />payable to Beneficiary. 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 />
<br />
<br />5. Repair, Maintenance and Use. To promptly repair,
<br />restore or rebuild any buildings or improvements now or hereafter
<br />on the property 1 to keep the property in good condition and
<br />repair, without waste and free from mechanics or other liens not
<br />expressly subordinated to the lien hereoil to not make, suffer or
<br />permit any nuisance to exist nor to diminish or impair the value
<br />of the property by any act or omission to actl and to comply with
<br />all requirements of law with respect to the property.
<br />
<br />6. Condemnation. In the event the property, or any part
<br />thereof, shall be taken by eminent domain, Beneficiary is entitled
<br />to collect and receive all compensation which may be paid for any
<br />property taken or for damages to property not taken, and Benefi-
<br />ciary shall apply such compensation, at its option, either to a
<br />reduction of the indebtedness secured hereby or to repair and
<br />re.tore the property so taken.
<br />
<br />7. Performance by Beneficiary. Beneficiary may, but shall
<br />have no obl1gat10n to, do any act which Trustor has agreed but
<br />failed to do, and Beneficiary 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 />purpo.e., and any sum so expended by Beneficiary shall be added
<br />to the indebtedness secured hereby and become s~cured by the lien
<br />hereof. Beneficiary shall not incur any personal liability
<br />because of anything it may do or omit to do hereunder.
<br />
<br />8. Assignment of Rents. Beneficiary shall have the right,
<br />power and authority during the continuance of this Deed of Trust
<br />to collect the rents, issues and profits of the property and of
<br />any personal property located thereon with or without taking
<br />possession of the property affected hereby, and Trustor hereby
<br />absolutely and unconditionally assigns all such rents, issues and
<br />profits to Beneficiary. Beneficiary, however, hereby consents to
<br />Trustor's collection and retention of such rents, issues and
<br />profits as they accrue and become payable, so long as Trustor is
<br />not, at such time, in default with respect to payment of any
<br />indebtedness secured hereby, or in the performance of any agree-
<br />ment hereunder. If any event of default described hereafter in
<br />respect to this Deed of Trust shall have occurred and be con-
<br />tinuinq, Beneficiary, as a matter of right and without notice to
<br />Trustor or anyone claiming under Trustor, and without regard to
<br />the value of the trust estate or the interest of the Trustor
<br />therein, shall have the right to apply to any court having juris-
<br />diction to appoint a receiver of the property.
<br />
<br />9. Inspections. Beneficiary, or its agents, representa-
<br />tives or workmen, are authorized to enter at any reasonable time
<br />upon or in any part of the property for the purpose of inspecting
<br />
<br />-2-
<br />
|