201108630 - Laserfiche WebLink

Browse

2Q1108630 hereinafter called the "Note��, bearing even date herewith made payable to the order of Beneficiary, executed by Gosda Car Wash, LLC, and providing for the payment of said indebtedness in installments, subject to acceleration of maturity on default in the payment of any installment of principal or interest or in the performance of any covenant, agreement or warranty cantained in this Deed of Trust; (b) The performance of each agreement, covenant and warranty of Trustor herein contained or set forth in the Note or any agreement or instrument executed by Trustor in connection with the indsbtedness hereby secured; and (c) fihe payment of any sum or sums of money with interest thereon which may be hereafter paid or advanced under the terms of this Deed of Trust. NOW, THEREFORE, TO PROTECT THE SECURTTY 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 by law, 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 Propert�r, the Trustor's interest therein, or upon this Deed of Trust or the Note; (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; (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 such companies and amounts 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 recon- struction or repair of said buildings and improvements or release same to the Trustor; (e} to pay any lien, claim or charge against the Proper�y 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) n.ot 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 pa�rable; (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 indeb�edness 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 consider- ation therefor, and (1) that Trustor is lawfully seized of said premises and Property in fee simple, that the same are free from