RecDoc 612 Jefferson Ave. #601 - Laserfiche WebLink

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the sale or acquisition will pass to the City to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition, subject to the rights of the holder of any senior lien. Renewal policies and any replacement policies, together with premium receipts satisfactory to the City, shall be delivered to the City at least thirty (30) days prior to the expiration of existing policies. Neither Trustee nor the City shall by reason of accepting, rejecting, approving or obtaining insurance incur any liability for the existence, nonexistence, form or Iegal sufficiency of such insurance, or solvency of any insurer for payment of losses. The application of proceeds pursuant to this Section shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. 8. ,�a ds and n�..,9 . Subject to the rights of senior lienholders, all judgments, awards of damages, settlements and compensation made in connection with or in lieu of(a) taking of all or any part of or any interest in the Property by or under assertion of the power of eminent domain, (b) any damage to or destruction of the Property or any part thereof by insured casualty, and (c) any other injury or damage to all or an y Part of the Property, are hereby assigned to and shall be applied to the restoration or repair of the Property (f applicabI) or paid to the City. The City is authorized and empowered (but not required) to collect and receive any such sums and is authorized to apply them in whole or in part upon any indebtedness or obligation secured hereby, in such order and manner as the City shall determine at its option be entitled to settle and adjust all claims under insurance policies provided und er this Deed . The City shall of Trust and may deduct and retain from the proceeds of such insurance the amount of all expenses incurred by it in connection with any such settlement or adjustment. All or any part of the amounts so collected and recovered by the City may be released to Trustor upon such conditions as the City may impose for its disposition. Application ofall or any part ofthe amounts collected and received by the City or the release thereof shall not cure or waive any default under this Deed of Trust. if the Property is abandoned by Trustor, or if, after notice by City or its designated agent to Trustor that the condemnor or insurer offers to make an award or settle a claim for damages, Trustor fails to respond to City within thirty (30) days after the date such notice is mailed, City or its designated agent is authorized to collect and apply the proceeds, at City's option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust. 9. MAtenancE. Trustor shall maintain the Property in good condition and repair. Trustor agrees to complete or restore promptly and in good and workmanlike manner any damage to the Property, and agrees to pay when due all claims for labor performed and materials furnished therefor, and to comply wit], all laws affecting the Property or requiring any alterations or improvements to be made thereon. Trustor shall not commit or permit waste thereof, and shall not commit or permit any act upon the Property in violation of applicable laws. Trustor will comply with all applicable laws, ordinances and governmental regulations affecting the Property or requiring any alteration or improvement thereof, and will not suffer or permit any violations of any such law, ordinance or governmental regulation, nor of any covenant, condition or restriction affecting the Property. If there arises a condition in contravention of this Section, and if the Trustor has not cured such condition within thirty (30) days after receiving a notice from City of such a condition, then in addition to any other rights available to City, City shall have the right (but not REV: 08-02-22 SK ATTY/AGR.2022.208/Habitat 612 Jefferson 601 (05. City Housing Grant — Deed of Trust— 601) (Page 4 of 15)