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Res 1986-116
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Res 1986-116
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8/28/2007 8:45:29 AM
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8/28/2007 8:45:28 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
1986-116
Date
9/24/1986
Volume Book
83
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<br />is made for the security and enforcement of the payment of the <br />present indebtedness evidenced by the Note and any future indebt- <br />edness of Grantor to the Corporation incurred in connection with <br />the Property or incurred in connection with this Deed of Trust. <br /> <br />6. SPECIAL COVENANTS. Grantor represents that it owns the <br />Property, in fee, and has the right to convey the same and that <br />the Property is free from all enclli~brances, except as may be here- <br />inafter set forth in Exhibit "B" attached hereto. Grantor further <br />covenants and agrees as follows: <br /> <br />(a) Taxes and Assessments. To protect the title and <br />possession of the Property and to pay when due all taxes, assess- <br />ments, and other governmental, municipal or other public dues, <br />charges, fines or impositions, now existing or hereafter levied or <br />assessed upon such Property, and to preserve and maintain the lien <br />herein created on the Property. Grantor shall deliver to <br />Corporation, at least thirty (30) days before said taxes or <br />assessments are delinquent, paid receipts evidencing payment of <br />same. Grantor may contest the validity or ænount of any tax or <br />assessment ("Imposition") for which Grantor is responsible. In <br />the event of any such contest, the payment of a cont~sted <br />Imposition may be deferred during the pendency of such contest, if <br />diligently prosecuted. Nothing herein contained, however, shall <br />be so construed as to allow such items to remain unpaid for such <br />length of time as shall permit the Property, or any part thereof, <br />to be sold by any governmental authority for the non-payment of <br />"the same. This para9raph 6(a) is subject to paragraph 19 of this <br />Deed of Trust so long as Corporation chooses to collect the tax <br />and insurance reserve described therein. <br /> <br />(0) Repairs and Condition of the Property. To keep the <br />Property in good repair, working order and condition, and not to <br />permit or co~TIit any waste thereof¡ <br /> <br />(c) Hazard Insurance. To insure and keep insured all <br />applicable portions of the Property against loss or damage by fire <br />or windstorm or any other hazard, as may be reasonably required <br />from time to time by Corporation, for the full insurable value of <br />such applicable Property, in such form and in such insurance com- <br />pany or companies as may be approved by Corporation. Such policy <br />or policies of insurance shall be delivered to Corporation, after <br />having been endorsed by loss payable or mortgage indemnity clau- <br />ses, as Corporation may direct. All renewals of such policies <br />shall be delivered to Corporation at least thirty (30) days before <br />any such policies expire, and any sums which may become due under <br />such policy or policies may be applied by Corporation, at its <br />option, to reduce Grantor's debt, or Corporation may permit <br />Grantor to use such proceeds to repair or replace the improvements <br />damaged or destroyed; <br /> <br />(d) Attorneys' Fees and Expenses. To pay all <br />reasonable attorneys' fees and expenses which may be incurred by <br />Corporation in any suit in which it may become a party, where this <br />Deed of Trust or the Property is involved in any manner, and to <br />pay any expenses incurred by it in presenting a claim against an <br />estate of decedent or bankrupt to enforce this Deed of Trust or <br />where necessary to protect the lien hereof, except any suit <br />brought by a prior lienholder of record to enforce or protect its <br />1 ien. <br /> <br />(e) Inspection. To allow Corporation to inspect the <br />Property at any time upon reasonable notice; <br /> <br />(f) Annual Statements. To furnish Corporation, within <br />90 days after the end of each fiscal year, annual income and <br />expense statements correctly reflecting the operation of the <br /> <br />2. <br />
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