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<br /> File No. 958 ~�-` ,
<br /> _ -�_ 2.0898 ,
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<br /> . . 98-- 141018 �� :
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<br /> � pay such amounts as msy be due thereunder out of the funds ao daposited. If at , ,.�,�.I.
<br /> • •� v- any timo and for any reaaon the funds so deposited are or wil.l be inaufficient , �
<br /> � to pay euch amounta as may ehen or eubaequently be due, B al to such deficiency -
<br /> •. ��•R�,�. Trustor and Truator ahall immediacely depoait an amount equ -�.,.'~
<br /> ''� with Heneficiary. Notwithetanding the foregoing, nothing containad herein 3ha11 n•
<br /> cauee Beneficiary to be deemed a truatee of such funds ar to be obligated to �
<br /> • �i�� expend any amounta in excdss of the amount of funds s� depoaitWalveuTrustor�a
<br /> '- thi.a Section 1.06. In ite aole diecration, Seneficiary may
<br /> ° . obligation to eomply with the dapoait raquirementa of thia Section 1.06, provided
<br /> � that BeneEiciary may, at any tin�e �hereaftor, in ita eole diacretion, rescind _ _
<br /> � auch waiver by notice, whereupon Truator eliall reaume depositing such amounta
<br /> . � in the snanner required hereunder. If Seneficiary wa�.ves Trustor's obligation to
<br /> deposit amounts in the manner deacribed above, Truator shall pay all inaurance
<br />�. premiums at least thirty (30) daya prior to their due dates and ahall, within ten
<br /> (10) daya of such payment, deliver proof thereof to Beneficiary.
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<br />- .. Beneficiary may, at any time at Beneficiary's apti�n, apply any 3uma or
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<br /> �� amounts received purauant hereto, or as rQnts or income of the Mortgaged Property —
<br /> ae' or otherwise, upon any Secured Obligation in such manner and order ae Beneficiary -
<br />=°" may elect. The receipt, uae or application of any such auma by Beneficiary �__
<br /> hereunder ahall nat be construed to a£fect the maturi.ty of any Secured Obl3gation
<br /> -; ,,,, or any of the rights or powers of Beneficiary under u�antor�under he Loan
<br /> Documenta or any o£ the obligations of Trustor or any g
<br /> , � � Documenta.
<br /> . Section 1.07. ���"ane• proaesde. After the occurrence of any casualty
<br />- , ro the Mortqaqed Property, or any parC thereof, Trustor ahall give prompt written
<br /> i, .� notice thereof to Bene�iciary and each insurer and pz�ci�Ntljr sulsmit a �la±m r.o
<br />= inaurer for payment of inaurance proceedej Trustor shall provide Beneficiary with
<br />��. . . a copy of such claim.
<br />-�: � (a) R11 procaeds of insurance paid or payable under any insurance
<br />;?: � , policy (the "insurance Proceeds") with respect to the Mortgaged Propcsrty
<br />-'hr � • `•�.: . shall be paid to Seneficiaryj each inaurer is hereby authorized and
<br />'"A directed to make payment for any euch losa directly to Benef iciary instead
<br />'°" ' � of paymant to Truator. Any Inaurance Proceeds ahall be applied f iret to
<br />��-, > the payment of all coats and expenaes incurrad by Beneficiary in obtaining
<br /> ��'�r' , �__f,,;, such proceeds. Provided no Event of Default has occurred hereunder, or an
<br /> --=:u.�.•. : event which, with the passage of time or the giving of notice, would
<br />----•`'`' , constitute rui Event of Default hereunder, the balance of the proceeds, if
<br />- �� any, ehall be (i) applied by Beneficiary toward altering, restoring or
<br /> rebuilding the Mortgaged Proper*y or auch portion thereof that may have
<br /> been altered, ciamaged or deatroyed, and (ii) the balance against au�na
<br /> - secured hereby, in euch order as Beneficiary may in ita aboolute
<br /> _ . . �' discretion elect. Such damage or deatruction shall not affect the 11en of _
<br /> .� thie DQed of Trust or the obligations of Trustor hereunder, and
<br /> Beneficiary is authorized at Bene£iciai�y's option to compromise and settle
<br /> � all loea claima on said policies if not adjusted promptly by Triistor. The
<br /> ' application of Inaurance Proceeda in the manner aet forth above ahall be
<br /> conditional upon Truator first depoaiting wiCh Beneficiary such amount as
<br /> � Benef ioiary may, in its reasonable discretion, determine to be required _
<br /> ,: beyond the Insurance Proceeds to complete the altering, restoring or
<br /> rebuilding of the Mortgaged Property, or auch portion thereof as may have =-_
<br /> baen altered, damaged or destroyed ("Additional Funds") . Diabursement of
<br /> Insurance Proceeds, together with the Additional Funds, i£ any, required
<br /> to be so depoaited by Truator with Beneficiary ahall be in accordance with
<br /> Beneficiary's then current construction loan procedurea. If, however, an
<br /> Event of Default has occurred which was not cured within the applicable
<br /> cure period, if any, or Truator hae failed to provide the deposit of the
<br /> � Additional Funda within thirty (30) daya following the date o£ receipt of
<br /> the tnsurance Proceeds, then the balance of the proceeds, if any,Mmay be
<br /> � applied at the option of Seneficiary, {1) r.oward aiiC�ir,g, :.��•.�----� --
<br /> rebuilding the Mortgaged ProperCy or such portion thereof that may have
<br /> � been altered, damaged or deatroyed, or (ii) against sums secured hereby in
<br /> _ , auch order ae Seneficiary may in its absolute discreCion el.ect.
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