|
P
<br /> unexpired hazard or other insurance on or obtained in connection with the
<br /> property so sold shall pass to and insure to the benefit of the purchaser of
<br /> the property at the sale, and Beneficiary is hereby irrevocably authorized to
<br /> assign in Trustor's name to the purchaser all such policies, which may be
<br /> amended or rewritten to show the interest of the purchaser.
<br /> Beneficiary shall have the exclusive right to compromise and settle
<br /> all insurance claims, and all insurance proceeds shall be paid by the insurer
<br /> directly to Beneficiary, who shall be a loss payee thereof.
<br /> Trustor shall have the right to contest diligently and in good faith,
<br /> the validity or amount of any tax, assessment or charge affecting the property
<br /> encumbered hereby or any part thereof and, so long as the validity or amount
<br /> thereof is being contested diligently and in good faith, Trustor may, to the
<br /> extent permitted by law, defer payment of such tax, assessment or charge,
<br /> provided that Trustor protects the property encumbered hereby against any lien
<br /> arising out of any such tax, assessment or charge or out of any such contest by
<br /> obtaining a surety bond in form and substance satisfactory to Beneficiary and
<br /> issued by a corporate surety satisfactory to Beneficiary.
<br /> 2. Trustor agrees to keep all buildings, improvements, fixtures,
<br /> machinery, equipment and appliances in good repair and condition, not to commit
<br /> or permit waste of any part of the premises covered hereby, to replace from
<br /> time to time any fixtures, machinery, equipment and appliances which may become
<br /> obsolete or worn out with fixtures, machinery, equipment and appliances of at
<br /> least the same utility, quality and value, all such replacements to be free of
<br /> any liens or security interests. Trustor will perform all such acts on said
<br /> buildings, improvements, fixtures, machinery, equipment, and appliances as may
<br /> be reasonably necessary in the opinion of Beneficiary under the
<br /> circumstances of its character and use, will keep all buildings free of
<br /> termites, dry rot, wood borers and all destructive pests, and will keep all
<br /> plants and lawns in good condition.
<br /> 3. Trustor will comply with all laws, ordinances, governmental
<br /> rules or regulations and any easements, agreements, covenants, conditions or
<br /> restrictions affecting the property or the use thereof or requiring any
<br /> alteration or improvement thereof, and will permit or cause no violation of any
<br /> such law, ordinance, governmental rule or regulation, or of any easement,
<br /> agreement, covenant, condition or restriction affecting the property. Trustor
<br /> will permit or cause no extraordinary repairs, and will not permit or cause any
<br /> expansion, relocation, removal or demolition of, or structural or material
<br /> change in any improvements, fixtures, machinery, equipment or appliance on the
<br /> property, without prior written consent of Beneficiary. Trustor will promptly
<br /> and in good workmanlike manner, and in conformity with the plans and
<br /> specifications approved in advance by Beneficiary, complete any improvement
<br /> which may be commenced, and restore any which may be damaged or destroyed
<br /> thereon. Trustor will promptly pay when due all claims for work performed or
<br /> materials furnished on or in connection with all or any part of the property.
<br /> Trustor will not create or permit to be outstanding against any of the property
<br /> covered hereby, any lien, encumbrance or security interest affecting the
<br /> security hereof or prior or superior hereto or on a parity or of equal priority
<br /> herewith or inferior hereto without the express written approval of
<br /> Beneficiary.
<br /> c:HDGDT.EHI Page 3.
<br />
|