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Deed of Trust MTLG LLC
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Deed of Trust MTLG LLC
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9/22/2020 10:09:10 AM
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9/22/2020 9:41:01 AM
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CM City Clerk-City Council
Document Date (6)
4/10/2019
Recorded Document Type
Assignment of Rents
Deed of Trust
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PERM
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the lien or forfeiture of the Property or any part thereof. Trustor shall post security for <br />the payment of such contested claims as may be requested by the Beneficiary. <br />5.7 Insurance. Truster shall keep.the Property insured by a standard all~risk <br />property insurance policy in an amount equal to the replacement value of the Property <br />with loss payable to.the Beneficiary. The insurance carrier providing such insurance <br />shal.l be licensed to do business in the State of California and may be chosen by <br />Trustor, subject to approval by Beneficiary. All insurance policies and renewals thereof <br />will be in a form acceptable to the Beneficiary, and will include a standard mortgagee <br />clause with standard lender's endorsement in favor of the holder of any senior lien and <br />the Beneficiary as their interests may appear and in a form w:ceptable to the <br />Beneficiary. The Beneficiary shall have the right to hold, or cause its designated agent <br />to hold, the policies and renewals thereof, arid Trustor shall promptly furnish to the <br />Beneficiary, or its design~ted agent, the original insurance policies or certificates of <br />ir:isurance, all renewal notices and all receipts of paid premiums. In the event of loss, <br />Trustor will give prompt notice to the insurance carrier and the Beneficiary or its <br />designated agent. The Beneficiary, or its designated agent, may make proof of loss if <br />not made promptly by Trustor .. The Beneficiary shall receive .thirty (30) days advance <br />written notice of the cancellation, expiration or termination, or any material change in the <br />coverage afforded by any of the insurance poiicies required under this Section. <br />Unless otherwise permitted by the Beneficiary in writing, insurance procee,ds, <br />subject to the rights of the holder of any senior lien, will be applied to restoration or <br />repair of the Property damaged. If the Property is abandoned by Trustor, or if Trustor <br />fails to respond to the BE;)neficiary, or its designated agent, within thirty (30) days from <br />the date notice is mailed by. either of them to Trustor that the insurance carrier offers to <br />settle a claim for insurance benefits, the Beneficiary, or its designated agent, is <br />· authorized to collect and apply the insurance proceeds at the Beneficiary's option either <br />to restoration or repair of the Property or to pay amounts due under the Agreement and <br />the Note . <br />. If the Property is acquired by the Beneficiary, all right, title and interest of Trustor <br />in and to any insurance policy and in and to the proceeds thereof resulting from damage <br />to the Property prior to the sale or acquisition will pass to the Beneficiary to the extent of <br />the sums secured by this Deed of Trust immediately prior to such sale or acquisition, <br />subject to the rights of the holder of any senior lien. · <br />Renewal. policies and any replacement policies, together with premium receipts <br />satisfactory to the Beneficiary, shall be delivered to the Beneficiary at least thirty (30) <br />days prior to the expiration of existing policies: Neither Trustee nor the Beneficiary shall <br />by reason 0f accepting, rejecting, approving, or obtaining insurance incur any liability for <br />the existence, nonexistence, form, or legal sufficiency of such insurance, or solvency of <br />any insurer for payment of losses. <br />Exhibit C Page 5 of 16
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