201005334 - Laserfiche WebLink

Browse

,, 201005334 (c) The payment of any sum or sums of money with interest thereon which may be hereafter paid or advanced under the terms of the Deed of Trust. NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OF TRUST, Trustor does for Trustor and for Trustor's heirs, representatives, vendees, successors and assigns, the owners of said Property, hereby expressly covenant, agree and warrant to and with the Trustee and Beneficiary, and their successors, vendees and assigns: FIRST: "That the Trustor hereby covenants and agrees, to the extent permitted bylaw, as follows: (a) to pay promptly when due the principal and interest and other sums of money provided for in the Note and in this Deed of Trust; (b) to promptly pay before delinquency all taxes, assessments and other charges imposed by law upon the Property, including Homeowners Association Dues, garage fees and downtown fees, the Trustor's interest therein, or upon this Deed of Trust or the Note; provided, however, that in the event of any change of the law providing for the taxation of deeds of trust or debts thereby secured so as to affect this Deed of Trust, the entire indebtedness secured hereby shall, at the option of the Beneficiary, become due and payable; (c) to keep the above-described Property and the improvements thereon in good condition and repair and not to commit or suffer waste thereof, and except as authorized in any schedule annexed hereto and forming a part hereof, neither to remove nor permit the removal of any timber, buildings, oil, gas, minerals, stone, rock, clay, fertilizer, gravel or top soil without the prior written consent of Beneficiary; (d) to maintain and deliver to Beneficiary policies of insurance against such hazards on the buildings and improvements now or hereafter located on or constituting a part of the Property as the Beneficiary shall require, in an amount not less than the total outstanding indebtedness herein and with such loss payable clauses as shall be satisfactory to the Beneficiary; that in the event of loss, Beneficiary is expressly authorized to settle or compromise claims under said policies and the proceeds thereof shall be paid to the Beneficiary who may apply the same or any part thereof on the indebtedness secured hereby or toward the reconstruction or repair of said buildings and improvements or release same to the Trustor; (e) to pay any lien, claim or charge against the Property which might take precedence over the lien hereof; (f) to pay on demand all legal expenses, title searches, appraisal or attorneys' fees reasonably incurred or paid by Beneficiary to collect the Note or foreclose or protect the lien of this Deed of Trust; (g) that in the event Trustor shall fail to comply with the provisions of (a) through (f) above, the Beneficiary may expend such funds and take such action as is necessary to remedy such failure and all sums paid by the Beneficiary pursuant hereto with interest at the rate hereinafter provided shall constitute a lien upon the Property, shall be secured by this Deed of Trust, and shall be immediately due and repayable to the Beneficiary; (h) not to sell the Property or any portion thereof without the approval of the Beneficiary in writing; and in the event of any sale herein prohibited, then the entire indebtedness secured by this Deed of Trust shall, at the option of the Beneficiary, become due and payable; and in the event of any sale herein prohibited, then the entire indebtedness secured by this Deed of Trust shall, at the option of the Beneficiary, become due and payable; (i) that if the Property or any part or parcel thereof shall be taken or damaged under the power of eminent domain, the award for any Property so taken or damaged (including severance damages to the remaining premises) shall be paid to the Beneficiary and applied in full or in part at the option of the Beneficiary in reduction of the indebtedness hereby secured; (j) that the Beneficiary shall have the right to inspect the Property at such reasonable times as the Beneficiary may desire to determine Trustor's compliance with the covenants contained in this Deed of Trust; (k) that the Beneficiary may release from the lien hereof any part or parcel of the Property without requiring any consideration therefor, and (1) that Trustor is lawfully seized of said premises and Property in fee simple, that the same are free from all liens and encumbrances except as may otherwise be specifically noted herein or waived in writing by the Beneficiary; that Trustor will execute or procure any further necessary assurances oftitle and does hereby warrant generally the title to said Property and will forever defend the same against the claims and demands of all persons whomsoever, and that Trustor's separate estate, whether vested, contingent or in expectancy, is hereby conveyed and Trustor does hereby expressly waive, release all rights and benefits of any homestead, dower, curtesy, appraisement, exemption and stay laws of this state. It is agreed that the interest provided for in subsection (g) above shall be at the same rate as specified in the Note secured hereby on the principal thereof after default and maturity. SECOND: In the event Trustor, without the prior written consent ofBeneficiary, shall sell, transfer or convey or contract to sell, transfer or convey the Property, ar any part thereof or any interest therein, the entire balance of the indebtedness hereby secured shall become and be immediately due and payable at the option of Beneficiary; provided, however, Beneficiary may waive such option to accelerate if, prior to such sale, transfer or conveyance or contract therefor, Beneficiary and the person to whom the property is to be sold or transferred reach an agreement in writing that the credit of such person is satisfactory to Beneficiary Page 2 of 6