|
1.5 Grant and Release of Easements. The Grantor shall not
<br /> grant easements, licenses, rights of way or any other rights or
<br /> privileges in the nature of easements with respect to any part of
<br /> the Property or release existing interests, easements, licenses,
<br /> rights of way and other rights or privileges with or without
<br /> consideration, without the prior written consent of the
<br /> Beneficiary, which shall not be unreasonably withheld.
<br /> 1.6 Insurance. Grantor shall keep, or cause to be kept, the
<br /> Improvements on the Property insured by an insurance carrier at all
<br /> times satisfactory to Beneficiary against loss by fire, hazards
<br /> included within the term "extended coverage" , rent loss and such
<br /> other hazards, perils, casualties, liabilities and contingencies
<br /> and for such periods as Beneficiary shall require as more
<br /> particularly set forth on Exhibit C to the Contract. During the
<br /> term of this Deed of Trust, all such insurance shall be maintained
<br /> continuously and the Grantor shall pay, or cause to be paid, as the
<br /> same become due, all premiums in respect thereof. The Grantor
<br /> shall also maintain, or cause to be maintained, if required by the
<br /> Beneficiary, insurance against such other hazards as the
<br /> Beneficiary may reasonably require.
<br /> 1.7 Other Liens. The Grantor shall keep, or cause to be
<br /> kept, the Property free from all other liens or encumbrances,
<br /> whether or not same may have priority over the lien and encumbrance
<br /> of this Deed of Trust, except any lien or other encumbrance
<br /> appearing on any title opinion delivered to Beneficiary which is
<br /> issued contemporaneously herewith, any lien for taxes not yet due,
<br /> and any other exception, lien or other encumbrance permitted under
<br /> the Contract or this Deed of Trust (collectively, the "Permitted
<br /> Encumbrances") and shall not directly or indirectly create, incur,
<br /> assume or suffer to exist any mortgage, pledge, lien, charge,
<br /> security interest, encumbrance or claim on or with respect to the
<br /> Property, or any interest therein, except for Permitted
<br /> Encumbrances.
<br /> 1. 8 Taxes. The Grantor shall pay, or cause to be paid, all
<br /> taxes and assessments, if any, levied against or which constitute
<br /> liens on the Property prior to the date on which they shall become
<br /> delinquent, but the Grantor may appropriately and in good faith
<br /> contest the levy of any such tax or assessment provided that it
<br /> makes whatever provision for the protection of the Property,
<br /> including the payment of or the provision of a bond for the payment
<br /> of such tax or assessment, that the Beneficiary may reasonably
<br /> require. Receipts evidencing payment of all taxes and assessments,
<br /> if any, levied against or that constitute liens on the Property
<br /> shall be delivered to the Beneficiary prior to the delinquency
<br /> thereof.
<br /> 1.9 No Conveyance of Property. The Grantor will make no sale
<br /> or conveyance of the Property or any part thereof or any interest
<br /> therein. No conveyance will release the Grantor from its
<br /> 4
<br />
|