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<br /> ' ` i by owner's and aperators of similar properties and as Benefidery mey require for its protectcan. Trustor w� comply - - -
<br /> � � ��!j with such other requirements as Beneficiary may fram time to time request far the protection by insurance of the � � ; - � •
<br /> 1 ir►terest of the raspective parties. AD insurance policies maintained pursuant to this Deed of Trust shatl name Trustoz •` _
<br /> � �� and Reneflciary as insured,as their respective interest may eppear and provtde that there shall be na cancellauon or �
<br /> � � modifIcatton without fifteen (151 days prior written notification to Trustea and Beneficfary. IN Ute event any policy _ � ` ,
<br /> � ' hereunder ia not renewed on or before fifteen t15)days prior to its expiration date,Trustee or Beneficiary may procure ����''�.��:�� . .
<br /> • ; suah Insurartce in accordence with tha provisions of Paragraph 7. trustor shall deliver to @eneficiary the originaf , :
<br /> policies of insurance and renewals thereof or copies of such pnlicies and renewats thereof. Failure to furnish such � r ;
<br /> � insurance by Trustor,or renewels as required hereunder,shail,at the option of Beneficiary, constitute a default. All
<br /> - �- � - -- unearned premiums sre hereby assigned to Trustes as additione!security, and e sate and conveyance of the Property _ _ _ � _
<br /> : by the Trustee sha11 operate to convey to the purchaser the Trustor's interest in and to sil policies of insuranae upon � , s, ^`
<br /> i � the Trust Property. , - -
<br /> � - • b. Taxes and Assessments. Trustor shall pay all taxes end special assessments tev+ed or assessed against,or _
<br /> .` ' � due upon,the Property 6efore detinquency and will deiiver to Beneficiary copies of receipts showing payment of such _ ,
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<br /> � taxes and special essessrnents. , �.
<br /> 6. Additional Uens. Trustor shall mske all payments flf interest and principal,and payments of any other charges, . • � .
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<br /> • fees, and expenses conuacted to be paid to any existing lien holders or prior beneficiaries under any prior Deed of • -
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<br /> . • � Trust, Mortgage or other security agreement, before ffie data they ere delinquent and to pay any other claim which = ,f'.,.�•3•,
<br /> ieopard'aes the security granted herein. � ,T���.`�_
<br /> " 7.i 7. Protectlon of BenefIdary'a SecuritH• Shoutd T►ustor fail to make any payment, fail to da any act as herein —
<br /> . _ � �. ' ..; prov[ded or if any action or proceading is commenced which materialty affects Beneficiary's Interest in the Property, ..
<br /> � . �;�� including, but no Gm:ted to, eminent domain. Insolvency, arrangements or proce�dings involving a bankrupt or . ,. ;,,�
<br /> ' decedent,then Beneficiary or Trustee,but without obligation to do so,artd without noUCe to or demand upon Trustor, -
<br />.. .. � =,..�,.j and without releasing Trustor from any obligatlon hareunder, may make or do the same, and may pay, purchase, __
<br /> , � contest or compromise andy encumbrance, charge ar i[en, which in the judgement of either appears to affect said ..�. �- �
<br /> ' ,: �� Property;in exercising ar►y such powers,the Beneficiary or Trustee may incur a liability and expend whatever amounts, •�`��a.,-
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<br /> r � • �..'� inctuding disbursements of reasonable attorney's fees,which in their absolute discration may be necessary. In tfie - '•� '�,:;F.�,;
<br /> ` '�1 ever�t that Trustor shali fail to procure lnsurance, tail to pay taxes and speciai assessmeMS or fail to make any ' �.-�":`"�
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<br /> -�.; ' . payments to existing or pr�or lien hotders or beneficiaries,the Beneficiary may procure sucti insura�ce and make such ._� .:;;�-�•�
<br /> �. '� payments. All sums incurred or expended by Beneficiary or Trustee in accordance with the provisions of the Deed of .. �•:"�"^•:
<br />� Trust are secured hereby and,without demand,shatl be immediatety due and payable by Trustor and sfi21t bear interest �'-°'��`
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<br /> ' � at the rete provtded for advances under the Loan Agreement;provided,however,that at the option of tha Beneficiary . .�>�.�•�`
<br /> � � or Trustee,such sums may be added to this principai balance uf any indebtedness secured hereby and shall bear the '�` .� ' �' "'
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<br /> same interest as such indebtedness and shall be payabte ratabSy over the remaining term thareof. ' '�+�-�^^-
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<br />--� ' - 8. Asatgnmeirt of Rems. Beneflciary shail have the right,power and authority during the conUnuance of this Deed :�
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<br /> of Trust to coUect the rents,issues and profits of the Propesty and of any personai property located thareon with or ':;.;;�:�,i:
<br /> � without taking possession of the Property affected herehy,and Trustor hereby absolute{y and unconditionally assigns '-•�'=�
<br /> - ali such rents,issues end profits to Beneficiary. Beneflciary,however,hereby consents to the Trustor's coltectton and • _ .�;��-'
<br />_-- --- �etentIon of such rents,issues and prottts as they accrus and becorne Rayable so long as Trustor is not,at sucB ttme, ' ,. . .•'��--'
<br /> r � in default with respect to payment of any indebtedness secured hereby or in the performance of any agreement ' _sti:<
<br /> �' hereunder. Upon any such default, Beneficiary may at any time, either in pe;son. by agent or by a receiver to be • •��:�
<br /> - • f..��., appointed by a court,without notice and without regerd to the adequacy of any securlty for the lndebtedness hereby " . ��•
<br />- secured: Ia) erner upon and take possession of the Property or any paR thereof and in its own name sue for cr ,:. . :�';���'
<br /> � otherwise coliect such rents, issues and proflts, including those past due and unpaid, an apply the same, less costs :' �•
<br /> � � and expenses of operation and collection,includtng reasonable attomey fees,upon any indebtedness secured hereby .''�_;
<br /> � � and in such order as Benefrciary may determine: (b)perform such aats of repair or protection as may be necessary or - �
<br /> . proper to conserve the vatue o4 the Property:(c)Isase the same or any part hereaf for such rental term and upon such � �
<br /> � conditions as its judgment may dictate. Unless Trustor and Beneftciary agree otherwise in writing,any application of . .. �
<br /> rents,lssues or proflts to any indebtedness secured hereby sha11 not extend or postpone the due date of the instattment �•
<br /> . ' payments as provided in the Loan Agreement, and the appUcation thereof as aforesaid shali not waive or cure any �
<br /> • defeult or notica of default hereunder or invaltdate any act done pursuant to such r�otice. T�ustor also assigns to
<br /> Beneficiary, as further securisy for the performance of the obllgations secured t�acsby,all prepaid rents and ell monies � • - .� �
<br /> � which may have been or rnay hereafter be deposited wi4h said Trustor by arry lessee of the Property,to secure the • _
<br /> paV�ent of any rent,and upon default in the periormartce of any of the provisions hereof, Trustor agrees to deliver '.
<br /> .�/.l • such rents and deposits to the Beneflclary. Deiivery of written rtot�ce of Beneficiary's exercise of the rights granted : , ,;
<br /> herein to any tenant occupying said premises shall be sufficient ta require said tenant to pay seid rent to the . �:
<br /> � � Beneficiary until further notice. '
<br /> • 9. Condemnation. If titto to any part of the Property shall be taken in condemnation proceedings, by rlght of •
<br /> . . eminent domain or similar action, or shall be sold under threat of condemnation,all awards,damages and proceeds �
<br /> are hereby assigned and shall be paid to Beneficiary who shail apply such award,damages end proceeds to the sums
<br /> ' secured by the Deed of Trust,with the excess, If any,paid to the Trustor. � :
<br /> 10. Future Advancea. The Loan Ag�eement provides for advances from time to time to Trustor by Beneficiary � "
<br /> • as provided tharein. In addition, upon request of 7rustor,Beneficiary, at 8eneficiary's option,prior to reconveyance
<br /> � of the Property to the Trustor, may make addltional tuture advances to the Trustor. Such future advances, with
<br /> i�terest thereon,shall be secured by thls Deed of Trust when evidenced by promissory notes stating that said notes
<br /> �,`:;_ � � are secured hereby; provided that at no time shali the securad principal anu iutu�a dJva:;.es, not including sums
<br /> • . advanced to protect the security, exceed one hundred percent (100%) of the origina! principaf amounts secured
<br /> - heteby. � '
<br /> 11. Remedie� Cumulative. AII remedies provided in this Deed of Trust are distinct and cumulative to any other �
<br /> , • right or remedy under this Deed of Trust or afforded by law or equity, and may he exercised coRCUr►entty, � ' .
<br /> =•;.'�� independentfy or successively. �
<br /> . 12. Acceleration; Remedies;Sate. A default shall ex�si in the event of: � .
<br /> :. • IA1 Any fraud or misrepresentation by the Trustor in connection with the tine ot credit which this Desd ot Trust
<br /> secures; " �
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<br /> ' 9194 408-2
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