200501885 - Laserfiche WebLink

Browse

200501885 of Trust and the rights and interests in the Subject Property arising by virtue of this Deed of Trust in favor of Beneficiary or its successors in interest (which term shall include, without limitation, any foreclosure purchaser or purchaser acquiring by deed of lieu of foreclosure, and any transferee of the Subject Property following completion of foreclosure or deed in lieu thereof) shall be senior and superior to any taxes, assessments or impositions of any nature, or any liens (whether statutory, contractual or otherwise) levied or imposed upon the Subject Property or any portion thereof as a result of the inclusion of the Subject Property in such district or districts. 5.3 TAX AND INSURANCE IMPOUNDS. At any time following the occurrence and continuation of a Default, at Beneficiary's option and upon its demand, Grantor, shall, until all Secured Obligations have been paid in full, pay to Beneficiary monthly, annually or as otherwise directed by Beneficiary an amount estimated by Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi - public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed reduced by that portion of such taxes which are payable directly to the taxing authority in accordance with the terms of Approved Leases (with written evidence of such payment to Beneficiary within 10 days of payment) or that portion of such taxes which are payable by tenants annually to Grantor in one lump sum which shall be delivered to Beneficiary within 10 days of receipt by Grantor; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents to be maintained by Grantor when same are next due, reduced by that portion of insurance premiums payable in one annual lump sum by tenants pursuant to Approved Leases which shall be delivered to Beneficiary within 10 days of receipt by Grantor. If Beneficiary determines that any amounts paid by Grantor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Beneficiary shall notify Grantor of the increased amounts required to pay all amounts when due, whereupon Grantor shall pay to Beneficiary within thirty (30) days thereafter the additional amount as stated in Beneficiary's notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Beneficiary shall, unless Grantor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Beneficiary release said funds to Grantor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Grantor hereunder or under any Secured Obligations, Beneficiary may apply all or any part of said sums to any Secured Obligations and /or to cure such Default, in which event Grantor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Deed of Trust, Beneficiary shall have the right to assign all amounts collected and in its possession to its assignee whereupon Beneficiary and the Trustee shall be released from all liability with respect thereto. Within forty -five (45) days following full repayment of the Secured Obligations (other 11 #1060655 A