CONSTRUCTION DEED OF TRUST - Laserfiche WebLink

Pr Trustor or to its successor in interest, from time to time; and for the purpose of securing performance of every obligation contained herein, in the Note or any such additional note(s), in the HDG Loan Agreement between Trustor and Beneficiary relating to the construction or repair of improvements on said property, in the Owner /Grantee Agreement between Trustor and Beneficiary, or in any instrument now or hereafter evidencing or securing any indebtedness hereby secured, and in any and all agreements, supplemental agreements, or other instruments of security executed by Trustor as of even date herewith or at any time subsequent to the date hereof for the purpose of further securing any indebtedness hereby secured, or any part thereof, or for the purpose of supplementing or amending this Deed of Trust or any instrument secured hereby. A. TO PROTECT AND MAINTAIN THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES THAT: 1. Trustor will pay when due all monies secured hereby with interest in lawful money of the United States. Trustor will pay at least ten (10) days before delinquency all taxes and assessments, if any, and insurance premiums affecting the property or any part thereof and deliver to Beneficiary receipts therefor. Trustor will keep all of the property insured, with loss payable to Beneficiary, as its interest may appear, against fire (extended coverage), flood (if said property is located in a flood hazard area) and such other hazards and in such companies, on such forms, on such terms, and in such amounts for each hazard and shall provide such other coverages, all as Beneficiary from time to time may require. Trustor will pay all premiums therefor by the respective due dates thereof, will deliver all policies, renewals, and premium receipts thereof to Beneficiary at least thirty (30) days before the effective dates thereof, and will do all things necessary to obtain prompt settlement for each loss or claim covered by any such policy. All insurance policies shall be noncancellable and not subject to material change by any party without thirty (30) days' prior written notice to Beneficiary, will name Beneficiary as an insured as its interest may appear, and will include such endorsements as Beneficiary deems advisable to protect its interests, including, but not limited to a standard mortgagee loss payable endorsement in form and substance satisfactory to Beneficiary and a waiver of subrogation endorsement, where available. Without waiving or curing any default in any obligation hereby secured, Beneficiary may deduct and retain from the proceeds of such insurance the amount of all expenses incurred by it in connection with any such settlement, and shall release, pay or apply the balance of such proceeds, in such order and proportion as determined by Beneficiary in its absolute discretion and without regard to the adequacy of its security (a) to Trustor, or (b) to the cost of restoration, repair, or alteration of any or all of said property to Beneficiary's satisfaction, or (c) on account of any item of indebtedness or obligation hereby secured. Any monies released to Trustor or paid or applied to the cost of restoration, repair or alteration shall in no event be deemed a payment on the indebtedness hereby secured, and shall be disbursed to Trustor under such reasonable disbursement procedures as may be prescribed by Beneficiary to ensure the full, prompt and lien free completion of such restoration, repair or alteration. No insurance proceeds held by Beneficiary hereunder shall be deemed to be held in trust, and Beneficiary may commingle such proceeds with its general assets and shall not be liable for the payment of any interest thereon. Upon sale of the property for default in performance of any obligation hereby secured, all c:HDGDT.EHI Page 2.