|
<br /> c
<br />
<br />
<br />
<br /> Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain
<br /> the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's
<br /> rights in the Property according to the terms of this Deed of Trust.
<br /> All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage
<br /> clause" and, where applicable, "beneficiary loss payee clause." Trustor shall immediately notify Beneficiary of
<br /> cancellation or termination of the insurance. Beneficiary shall have the right to hold the policies and renewals. If
<br /> Beneficiary requires, Trustor shall immediately give to Beneficiary all receipts of paid premiums and renewal
<br /> notices. Upon loss, Trustor shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary may
<br /> make proof of loss if not made immediately by Trustor.
<br /> Unless Beneficiary and Trustor otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br /> repair of the Property damaged if the restoration or repair is economically feasible and Beneficiary's security is
<br /> not lessened. If the restoration or repair is not economically feasible or Beneficiary's security would be lessened,
<br /> the insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to
<br /> Trustor. If Trustor abandons the Property, or does not answer within 30 days a notice from Beneficiary that the
<br /> insurance carrier has offered to settle a claim, then Beneficiary may collect the insurance proceeds. Beneficiary
<br /> may use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The
<br /> 30-day period will begin when the notice is given.
<br /> Unless Beneficiary and Trustor otherwise agree in writing, any application of proceeds to principal shall not
<br /> extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property
<br /> is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage to the
<br /> Property before the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before
<br /> the acquisition.
<br /> B. Trustor agrees to maintain comprehensive general liability insurance naming Beneficiary as an additional insured
<br /> in an amount acceptable to Beneficiary, insuring against claims arising from any accident or occurrence in or on
<br /> the Property.
<br /> C. Trustor agrees to maintain rental loss or business interruption insurance, as required by Beneficiary, in an
<br /> amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to
<br /> separately in writing), under a form of policy acceptable to Beneficiary.
<br /> 22. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not be
<br /> required to pay to Beneficiary funds for taxes and insurance in escrow.
<br /> 23. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor will provide to Beneficiary upon request, any financial
<br /> statement or information Beneficiary may deem necessary. Trustor warrants that all financial statements and
<br /> information Trustor provides to Beneficiary are, or will be, accurate, correct, and complete. Trustor agrees to sign,
<br /> deliver, and file as Beneficiary may reasonably request any additional documents or certifications that Beneficiary may
<br /> consider necessary to perfect, continue, and preserve Trustor's obligations under this Deed of Trust and Beneficiary's
<br /> lien status on the Property. If Trustor fails to do so, Beneficiary may sign, deliver, and file such documents or
<br /> certificates in Trustor's name and Trustor hereby irrevocably appoints Beneficiary or Beneficiary's agent as attorney in
<br /> fact to do the things necessary to comply with this section.
<br /> 24. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Deed
<br /> of Trust are joint and individual. If Trustor signs this Deed of Trust but does not sign the Evidence of Debt, Trustor
<br /> does so only to mortgage Trustor's interest in the Property to secure payment of the Secured Debt and Trustor does
<br /> not agree to be personally liable on the Secured Debt. Trustor agrees that Beneficiary and any party to this Deed of
<br /> Trust may extend, modify or make any change in the terms of this Deed of Trust or the Evidence of Debt without
<br /> Trustor's consent. Such a change will not release Trustor from the terms of this Deed of Trust. The duties and
<br /> benefits of this Deed of Trust shall bind and benefit the successors and assigns of Trustor and Beneficiary:
<br /> If this Deed of Trust secures a guaranty between Beneficiary and Trustor and does not directly secure the obligation
<br /> which is guarantied, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim
<br /> against Trustor or any party indebted under the obligation including, but not limited to, anti-deficiency or one-action
<br /> laws.
<br /> 25. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Deed of Trust is governed by the laws of the jurisdiction
<br /> in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where the
<br /> Property is located. This Deed of Trust is complete and fully integrated. This Deed of Trust may not be amended or
<br /> modified by oral agreement. Any section or clause in this Deed of Trust, attachments, or any agreement related to the
<br /> Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the
<br /> variations by written agreement. If any section or clause of this Deed of Trust cannot be enforced according to its
<br /> terms, that section or clause will be severed and will not affect the enforceability of the remainder of this Deed of
<br /> Trust. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the
<br /> sections of this Deed of Trust are for convenience only and are not to be used to interpret or define the terms of this
<br /> Deed of Trust. Time is of the essence in this Deed of Trust.
<br /> 26. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a
<br /> successor trustee by an instrument recorded in the county in which this Deed of Trust is recorded. The successor
<br /> trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon the
<br /> Trustee by this Deed of Trust and applicable law.
<br /> ~ /page 6 of 8)
<br /> pL- M © 1993, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO-RESI-NE 1/17/2003
<br />
|