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<br /> 3. ConstrucGOn of Improvements. Trustor shail complete in gooC and warkmanlike manner any buiidings,improvements �f . -`�`_
<br /> j or repairs retating thereto whieh may De begun on the Trust Property or contemplated by the loan evidenced by the
<br /> Note secured hereby,to pay when due all costs and liabiliiies incuned therefore,and not to permit any construction i ..
<br /> � � ' Iten agatnst such Trust Property- In the e�ent construction of buildings,improvements or repairs are contemptated, ��°
<br /> " � � ���i Trustor atso agrees,anything in this Qeed of Tnut to the contrary notwithstandfng: (a>to prompUy commence any i , ; _ ,
<br /> • � such work and to eomplete t�e proposed tmprovements promptty,(bj to complete the same in accordance with the � f
<br /> : . � piens and speeificattons as epproved by Beneficiary.(c)to compty with ali the terms o!a building loan agreement,it f - .
<br /> � , :: � any, between Trostor anC Beneflciary. the tercns oi whicA are incorporated herein by referanCe and made a part . ' .
<br /> he[eot,(d)to allow Benefidary to tnsped the Tnist Property at ail times during construdion,xnd(e)to reptaoe ar�y work or materia�s � �
<br /> � , ; � unsa6gtactory to BenaBdary withln tifteeo (15)days atter wrftten rtatice tram Beneftciary of such fact. �
<br /> 1 4. Funds tor Payment ot Charges. Sobject to applicable 1aw or to a written walver by 8eneflciary.Trustor shail pay to �: `. � ,
<br /> � BeneBciary an the flrst day of each month,or such other date each month as may be speGfieO by Beneficiary,untit � t
<br /> � � the Indebtedness is pafd in tuii.a sum (hereinafter called the'FunCs")equal to 1l121h of the yearly taxes and : ,
<br /> ` . � assessments which may attain priorlty over this Deed of Trust and ground rents on the Trust Property.if any.plus 1/ _
<br /> � � � :� 12th of the yeariy premium instailments for hazard insurance, ptas fll2th o}tiis yeariy premium installments(or � _ ___ � .
<br /> � � moKgage insurance,ii any,ail as reasonab�y estimated initiatly and from time to time by Beneficiary on the basis of , . .
<br /> " assessments and bilis and reasonabls estimates thereof. The Funds shalt be held in an institution,the deposits or .,.�
<br /> accounts of which are insured or guaranteed by a federal or state agency including Beneftaary. Beneficiary shall , y
<br /> • •� appty ths Eunds to pay said taxes,assessments.insurance premiums and ground rents. Beneficlary shatl not be � - � ,
<br /> •• required to pay Trustor any interest or eamings on the Funds. Beneflciary shatl give to Trustor,without charge,an __ : E`
<br /> - annual aecounting of the Funds showing credits and debits to the Funds and the purpose for vYhich each debit to the ,�:.c ..-=�
<br /> _ �� � Funds was made. The Funds are pledged as addiUonal security for the Indebtedness secure6 by this Qeed of Trust. ,., <
<br />'- . ',� lf the amount of the Funds heid by Beneftciary,tagether with the future monthly insWilments of Funds payabte pdor to �.i.;:.;;. _�
<br /> .j the dua dates of taxes,assessments,insurance premiums and ground rents,shall exceed the amount required to pay � ;,;,.�_-�,_,..
<br /> said taxes. assessments,insurance premiums and gruund rents as the�f tall due,such excess shatl he.at Trustor's � _ _�_
<br /> ' opdon,either prompUy repaid to 7rustor or txedited to Trustor against future monthly instatlments of Funds. It the �: , -'
<br /> �� ��;: � amount of the Funds hetd by Seneficiary shait not be sa�Geot to pay taxes,assessments.insurance premiums and - -
<br /> _ , ground rents as they fall due,7nutor shall pay to Beneflciary any amount necessary to make up the defictency within
<br /> � ffiirty days from the dats nodce is maited by BenefiGary to Trustor�equesting payment thereot. Upon payment in fuU - + ::�
<br /> ° � ot aii tndebtedness.Benettcfary shail prompUy refund to Trostor any Funds haid by 8eneflcFary. If ihe Trust Property . _ _ _
<br /> - � � is so1C under the power of sale or the Trust Property is otherwise acquired by BeneHciary,Beneflciary shall apply. � . :"-`��
<br /> immediatety pdot to the sale of tKe Trust Prope r t y or t t s a c q u i siti on b y Beneficiary.any Funds held by Beneficiary at �4.- �.� k_._�,�
<br /> . ;� the time of application as a credit against the(ndebtedness. tt Beneficiary executes a mltten waiver of Trustors :_ . �_
<br /> obligations under this paragraph 4,Trustor covenants and agrees to pay,before the same become deiirtquant,aU t�crs. , :�,;,�.
<br /> assessments,i�urance premiums,ground rents,and all other charges whafsoever levied upon or assessed,pieced ar made �•'' �:_ -_
<br /> against U�e Tnisl PropeRy.Tnutor further agrees.upon written reqvest by Benefidary,to prompUy deiiver to Beneficia�y ail receipts . t� �_,
<br /> - ' - - •�.� �1 = •�
<br /> tor the payment of such charges. 7rustor Gkewise agrees to pay ali taxes,assessments and other charges tevied upon or ' � .
<br /> assessed,piaoed or made against,or measured by,thiS Dee d o f T r u s t or t h e r e c o r dation hereof. �u,�.y;_.,a ;
<br /> �,i 5. Applicatlon ot Payments. Alt payments received by Beneficiary as to any debt,liability or obtigation owe0 to Benefi- , , •:,
<br /> ' ° � ciary by Trustor may be applied try Beneflciary to the payment of the Indebtednass or to any sucb other debt,liability ,...a������t
<br /> ;I or ob►igatlon,in any order or manner of appiicaUon whtch Benefiefary,tn tts absolute diseretton,deems eppropriate. ` .�,,:,�s,-:`..
<br /> � � ��� Unless otherwlse elected by Beneflciary,any such payment shall be deemed apptied flrst to the payment of any debt, ''f,����,
<br /> ` 11_:��:.
<br />' � c; liah8fry or obiigation other than the Note. �`'"' ,,._
<br /> ' 6. Charges:Uens. Trustor witl keep the Trust Property hee from ail liens and encumbrances which in any way may,in ..�;--��.
<br /> ,�� ,� . :r. _
<br /> ;.�� the judgmant ot Beneflciary. have priority over, ot impair the security of, this Deed of Trhst but Trustor need not 7,__.�..
<br /> a.r-•;:.
<br /> : r . discharge any such Iien so long as Trustor ahall agree, in writing,to pay the obligatinn secured by such lien in a ; � .;;.
<br /> manner acceptabte to Beneflciary and shall in good faith contest such lien by approprlate legal proceedings effective ., .�,�. -.`
<br /> . to prevent the enforcement of the lien and the loss of any interest fn ar part of the Trust Property. • •.�"
<br /> .4:.�����:
<br /> 7. HazarO Insurance. Trustor shall keep the bufidings and othe�improvements now existing or hereafter erecced on the
<br /> ' Trust Property insured by insurance carriers satisfactory to Beneficiary against loss by fire,hazards inetuded in the '���_.
<br />_ .�` - jn.; .�:
<br /> ' term'extended coverage'and such other hazards,casualtfes and contingencies as may be required by Benaficiary, l�� .:
<br /> in such amounts and tor such pe�iods as may be required by Beneflciary. The policy oi insurance shail be in form K�_
<br /> � acceptabte to Beneflciary, provide that the same may not be canceteC or modifled wfthout flfteen (15)days prtar �.,:.
<br /> . .:�;.--
<br /> • written notice to Beneflciary.and shall have loss payable provlsions in favor of and tn fottn acceptabie to Benefldary. ,. �__•.
<br /> Ail premiums on insurance poticies shatl be paid in the manner provided under paragraph 4 hereof or,it not paid io . ;�,�,��
<br /> • such manner, by Trustor making payment at teast fifteen(15)days prior to the due date,directty to the insurance ,.�:��,,y,,,
<br /> � • carrler. Beneflciary shatl have the right to hoid the Dolicles and renewals thereof and Trustor shati Dromptty tumish . f�:; ,
<br /> to BeneAciary a0 renewal notices an0 ail pald premium reeeipts received by it. In no event shall Beneflciary or Trustee • 'y�
<br /> � be heid responsibte for!aiture to Day insurance premiums or for any toss or damage arising out of a defect in any ,
<br /> • `• poliey or ar►sing out of any failure ot any insurance company to pay tor any loss or damage Insured against or for ^
<br /> � � • faiiure by Trustor to eHect the insuranca required hereunder. in the event oi lass.Trustor shall give prompt rtatice by
<br /> � � meil to the tnsurance carrlet and Beneflciary. 8eneflclary may make proof ot toss if not made promptiy or in Droper . _.
<br /> ' form by Ttustor. All po►icies oi insurance and any and all refunds of unearned premiums are hereby a9slgned to �
<br /> � Beneflclary as additional security for the payment of the Indebtedness. In the event of Beneflclary's exercise of the
<br /> � • power o! sale conta��sd herein, or in the event of toreclosure,ali right, title and fnte�est ot Truato�In and to eny ,
<br /> ' ' insurance policy then in force shatl pass to the purchaser at the trustee's sale or foreclosure sale- In case ot any
<br /> ' toss,the insurartce proceeds may,at the option of Beneflciary,be applied by Beneflciary upon the Indebtedness,br ,
<br /> any part thereol,and in such order and amaunt as Beneflciary may determine: or satd lnsurartce p�oceeds,at the �
<br /> option of Beneticlary,may elther be used in replacing or restoring the Trust Property partialty or totaily destroyed to
<br /> a condltion satistactory to Beneticiary: or seld insurance proceeds, or any porNOn thereof, may be released to .
<br /> Trustor. Unless 8eneficiary and Trustot otherwise agree in writing,any such application ot insurance proceeds shall .
<br /> � not extend or po9tpOne the due date o}the Note,or any installments catled for therein,or change the amount of such
<br /> • • Instaliments. If the Trust Property Is acquired by Beneficiary pursuant to the exercise of the power oi sate or other
<br /> � foreGosure.ail rtght,tiUe and interest of Trustor in and to any Insurance praceeds payable as a resutt of damage to the Tnut PropeRy
<br /> . prior to the sate or acquisitlon shall pass to 8eneflGary and shall be aDDlied first to the costs and expenses,inGud7ng attomey Tees.
<br /> incurted in ootlecting such proceeds,then in the manner and In the or0er provided herein. • •
<br /> 8. Preservation and Maintenance of Trust Property. Trustor wlll keep ihe buildings and other Improvements now ot �
<br /> hereafter etected on the Trust Properiy in good repalr and condition and will not commit or permit waste,wlil not aite�
<br /> � ��` the design or structutal charaCtor constituting any building now or hereafter erected on and constituting the Trust . .
<br /> Properly without the prlor written consent of 8eneficiary,will not do any act or thing which would unduly Impalr o�
<br /> � depreciate the value of the Trust Property and witt nol abandon the Trust Property. Trustor witl no!remove any
<br /> ' • , fixtures consUtu6ng the Trust Properly untess the same are immediately replaced with like property subJect to the Ilen and sewrity
<br /> � Interest of thls Deed ot Trust and o}af least equal value and utitity. Trustor will comply with all present and tuture ordinances.
<br /> Rogulauons and requtrements of any governmental body whlcti are applipble to the Trust Property and to the occupancy and use . .
<br />' „' . • `• thereof. If this Oeed of Trust is on a unit in a condommlum o�a ptanned unit development.Trustor shall peAorm all of Trostor's
<br /> � r obUgations under the tleGarations or covenants cteating or goveming the condommtum or the planned unit deveiopment,the bylaws
<br /> " � and regutatlons of the condominium or ptanned unit devolopment,and the consUtuent documents.
<br /> 9. InspeCtton. Beneficiaty or its agents may,at all reasonable hmes.enter upon the Trust Praperty tor the purpose of .
<br />' ' '; � i inspection. BonofiCiary shail have no duty to make such inspeCtion and shall not be��able to Trustor or to any person .
<br /> �n possess�on�f It makes or talls to make any such inspeetlon.
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