Laserfiche WebLink
in full force and effect, shall be delivered to the Beneficiary upon demand therefor at any time <br />prior to the Beneficiary's receipt of the entire Principal and all amounts secured by this Deed of <br />Trust. <br />3.3 Advances. In the event the Trustor shall fail to maintain the full insurance <br />coverage required by this Deed of Trust or shall fail to keep the Security in accordance with the <br />Loan Documents, the Beneficiary, after at least seven (7) days prior notice to Trustor, may (but <br />shall be under no obligation to) take out the required policies of insurance and pay the premiums <br />on the same or may make such repairs or replacements as are necessary and provide for payment <br />thereof; and all amounts so advanced therefor by the Beneficiary shall become an additional <br />obligation of the Trustor to the Beneficiary (together with interest as set forth below) and shall be <br />secured hereby, which amounts the Trustor agrees to pay on the demand of the Beneficiary, and <br />if not so paid, shall bear interest from the date of the advance at the lesser of ten percent (10%) <br />per annum or the maximum rate permitted by law. <br />ARTICLE 4. <br />DAMAGE, DESTRUCTION OR CONDEMNATION <br />4.1 Awards and Damages. Subject to the rights of senior lenders, all judgments, <br />awards of damages, settlements and compensation made in connection with or in lieu of (1) <br />taking of all or any part of or any interest in the Property by or under assertion of the power of <br />eminent domain, (2) any damage to or destruction of the Property or in any part thereof by <br />insured casualty, and (3) any other injury or damage to all or any part of the Property ("Funds") <br />are hereby assigned to and shall be paid to the Beneficiary by a check made payable to the <br />Beneficiary. The Beneficiary is authorized and empowered (but not required) to collect and <br />receive any funds and is authorized to apply them in whole or in part upon any indebtedness or <br />obligation secured hereby, in such order and manner as the Beneficiary shall determine at its sole <br />option. The Beneficiary shall be entitled to settle and adjust all claims under insurance policies <br />provided under this Deed of Trust and may deduct and retain from the proceeds of such <br />insurance the amount of all expenses incurred by it in connection with any such settlement or <br />adjustment. All or any part of the amounts so collected and recovered by the Beneficiary may be <br />released to Trustor upon such conditions as the Beneficiary may impose for its disposition. <br />Application of all or any part of the Funds collected and received by the Beneficiary or the <br />release thereof shall not cure or waive any default under this Deed of Trust. The rights of the <br />Beneficiary under this Section 4.1 are subject to the rights of any senior mortgage lender. <br />Notwithstanding the provisions of this Section, the Beneficiary shall release the Funds to Trustor <br />to be used to reconstruct the improvements on the Property provided that Beneficiary reasonably <br />determines that Trustor has sufficient funds to rebuild. <br />ARTICLE 5. <br />AGREEMENTS AFFECTING THE PROPERTY; FURTHER <br />ASSURANCES; PAYMENT OF PRINCIPAL AND <br />INTEREST <br />5.1 Other Agreements Affecting Property. The Trustor shall duly and punctually <br />perform all terms, covenants, conditions and agreements binding upon it under the Loan <br />7 <br />144\221\1488737.2