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Inst 2007196717
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Inst 2007196717
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Last modified
5/13/2010 12:35:09 PM
Creation date
6/14/2007 3:04:13 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
4/24/2007
Recorded Document Type
Subordinate Deed of Trust
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PERM
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<br />5. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned <br />Unit Developments. Borrower shall keep the Property in good repair and in accordance with <br />the Community Preservation Ordinance and shall not commit waste or permit impairment or <br />deterioration of the Property and shall comply with the provisions of any lease if this Deed of <br />Trust is on a leasehold. If this Deed of Trust is on a unit in a condominium or a planned unit <br />development, Borrower shall perform all of Borrower' s obligations under the declaration or <br />covenants creating or governing the condominium or planned unit development, the by-laws <br />and regulations of the condominium or planned unit development, and constituent documents. <br /> <br />6. Protection of Lender' s Security. If Borrower fails to perform the covenants <br />and agreements contained in this Deed of Trust, or if any action or proceeding is commenced <br />which materially affects Lender's interest in the Property, then Lender, at Lender's option, <br />upon notice to Borrower, may make such appearances, disburse such sums, including <br />reasonable attorney's fees, and take such action as is necessary to protect Lender's interest, <br />including reinstating any default under the senior loan by payment of the amount in default, <br />excluding accelerated principal, but including reasonable costs and expenses and trustees' and <br />attorneys' fees. If Lender required mortgage insurance as a condition of making the loan <br />secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such <br />insurance in effect until such time as the requirement for such insurance terminates in <br />accordance with Borrower's and Lender's written agreement or applicable law. <br /> <br />Any amounts disbursed by Lender pursuant to this paragraph 6, with interest thereon, <br />at the Note rate, shall become additional indebtedness of Borrower secured by this Deed of <br />Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be <br />payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained <br />in this paragraph 6 shall require Lender to incur any expense or take any action hereunder. <br /> <br />7. Inspection. Lender may make or cause to be made reasonable entries upon and <br />inspections of the Property, provided that Lender shall give Borrower notice prior to any such <br />inspection specifying reasonable cause therefore related to Lender's interest in the Property. <br /> <br />8. Condemnation. The proceeds of any award or claim for damages, direct or <br />consequential, in connection with any condemnation or other taking of the Property, or part <br />thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to <br />Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a <br />lien which has priority over this Deed of Trust. <br /> <br />9. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of <br />the time for payment or modification or amortization of the sums secured by this Deed of Trust <br />granted by Lender to any successor in interest of Borrower shall not operate to release, in any <br />manner, the liability of the original Borrower and Borrower's successors in interest. Lender <br />shall not be required to commence proceedings against such successor or refuse to extend time <br />for payment or otherwise modify amortization of the sums secured by this Deed of Trust by <br />reason of any demand made by the original Borrower and Borrower's successors in interest. <br />Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded <br />by applicable law, shall not be a waiver of or preclude the exercise of any such right or <br />remedy. <br /> <br />3 <br />
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