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outstanding indebtedness or the above stated minimum sum, whichever <br />is greater, in accordance with the following schedule, to -wit: one - <br />fourth thereof before the Trustee issues a notice of hearing on the <br />right to foreclosure; one -half thereof after issuance of said notice; <br />three - fourths thereof after such hearing; and the greater of the full <br />commission or minimum sum after the initial sale. <br />And the said Grantor does hereby covenant and agree with the <br />Trustee as follows: <br />1. TAXES, ASSESSMENTS, CHARGES The Grantor shall pay all <br />taxes, assessments and charges as may be lawfully levied against said <br />Premises within 30 days after the same shall become due. In the event <br />that Grantor fails to so pay all taxes, assessments and charges as <br />herein required, then Beneficiary, at his option, may pay the same <br />and the amounts so paid shall be added to the principal of the Note <br />secured by this Deed of Trust, and shall be due and payable upon <br />demand of Beneficiary. <br />2. WASTE. The Grantor will keep the Premises herein conveyed <br />in as good order, repair and condition as they are now, reasonable <br />wear and tear excepted, and will comply with all governmental <br />requirements respecting the Premises or their use, and will not <br />commit or permit any waste. <br />3. CONDEMNATION. In the event that any or all of the Premises <br />shall be condemned and taken under the power of eminent domain, <br />Grantor shall give immediate written notice to Beneficiary and <br />Beneficiary shall have the right to receive and collect all damages <br />awarded by reason of such taking, and the right to such damages <br />hereby is assigned to Beneficiary who shall have the discretion to <br />apply the amount so received, or any part thereof, to the <br />indebtedness due hereunder and if payable in installments, applied in <br />the inverse order of maturity of such installments, or to any <br />alteration, repair or restoration of the Premises by Grantor and to <br />account to the Grantor with respect to any surplus thereof. <br />4. WARRANTIES. Grantor covenants with Trustee and Beneficiary <br />that it is seized of the Premises in fee simple, has the right to <br />convey the same in fee simple, that title is marketable and free and <br />clear of all encumbrances, and that it will warrant and defend the <br />title against the lawful claims of all persons whomsoever, except for <br />the exceptions hereinafter stated. <br />5. SUBSTITUTION OF TRUSTEE. Grantor and Trustee covenant and <br />agree to and with Beneficiary that in case the Trustee, or any <br />successor trustee, shall die, become incapable of acting, renounce <br />his trust, or for any reason the holder of the Note desires to <br />replace said Trustee, then the holder may appoint, in writing, a <br />trustee to take the place of the Trustee; and upon the probate and <br />registration of the same, the trustee thus appointed shall succeed to <br />all rights, powers and duties of the Trustee. <br />