Laserfiche WebLink
the legality thereof shall be promptly and actively contested in good faith and by appropriate <br />proceedings, and (b) Trustor maintains reserves adequate to pay any liabilities contested pursuant <br />to this Section 3.1. With respect to taxes, special assessments or other similar governmental <br />charges, Trustor shall pay such amount in full prior to the attachment of any lien therefor on any <br />part of the Security; provided, however, if such taxes, assessments or charges may be paid in <br />installments, Trustor may pay in such installments. Except as provided in clause (b) of the first <br />sentence of this paragraph, the provisions of this Section 3.1 shall not be construed to require that <br />Trustor maintain a reserve account, escrow account, impound account or other similar account <br />for the payment of future taxes, assessments, charges and levies. <br />In the event that Trustor shall fail to pay any of the foregoing items required by this <br />Section to be paid by Trustor, Beneficiary may (but shall be under no obligation to) pay the <br />same, after the Beneficiary has notified the Trustor of such failure to pay and the Trustor fails to <br />fully pay such items within seven (7) business days after receipt of such notice. Any amount so <br />advanced therefor by Beneficiary, together with interest thereon from the date of such advance at <br />the maximum rate permitted by law, shall become part of the Secured Obligations secured <br />hereby, and Trustor agrees to pay all such amounts. <br />Section 3.2 Provisions Respecting Insurance. <br />Trustor agrees to provide insurance conforming in all respects to that required under the <br />Loan Documents during the course of construction, and at all times until all amounts secured by <br />this Deed of Trust have been paid and all Secured Obligations secured hereunder fulfilled, and <br />this Deed of Trust reconveyed. <br />All such insurance policies and coverages shall be maintained at Trustor's sole cost and <br />expense. Certificates of insurance for all of the above insurance policies, showing the same to be <br />in full force and effect, shall be delivered to the Beneficiary upon demand therefor at any time <br />prior to Trustor's satisfaction of the Secured Obligations. <br />Section 3.3 Advances. <br />In the event the Trustor shall fail to maintain the full insurance coverage required by this <br />Deed of Trust or shall fail to keep the Security in accordance with the Loan Documents, the <br />Beneficiary, after at least seven (7) days prior notice to Trustor, may (but shall be under no <br />obligation to) take out the required policies of insurance and pay the premiums on the same or <br />may make such repairs or replacements as are necessary and provide for payment thereof; and all <br />amounts so advanced therefor by the Beneficiary shall become part of the Secured Obligations <br />(together with interest as set forth below) and shall be secured hereby, which amounts the <br />Trustor agrees to pay on the demand of the Beneficiary, and if not so paid, shall bear interest <br />from the date of the advance at the lesser of ten percent (10%) per annum or the maximum rate <br />permitted by law. <br />7 <br />