03-08-10 Special Called Regular Meeting of the Fiscal Affairs Committee minutes

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~ ~ ~ Q I ~ ~l! I ~ 1~ ~~ ~ ; 2.3 Insurance Policy Covenants. Grantor shall do the following things related to the above-mentioned insurance policy: 2.3.1 comply at all times with the requirements ofthe 80% coinsurance clause; 2.3.2 deliver the insurance policy to Beneficiary and deliver renewals to Beneficiary at least ten days before expiration; and 2.3.3 keep any buildings occupied as required by the insurance policy. 2.4 Prior Liens. If this Deed of Trust is not a first lien, Grantor shall pay all prior lien notes that Grantor is personally liable to pay and abide by all prior lien instruments. 2.5 Subsequent Liens. Grantor may obtain other liens or security interests securing the lending of money for the construction, affixation, creation, purchase, or addition of improvements of any type or nature to the Property (including, but not limited to, so called construction loans), and such other liens shall be superior to this Deed of Trust. Article III BENEFICIARY'S RIGHTS 3.1 Successor Trustees. Beneficiary may appoint in writing a substitute or successor trustee, succeeding to all rights and responsibilities of Trustee, provided that Beneficiary does so in writing, provides a copy of the same to Grantor promptly upon doing so, and records the same in the Real Property Records of Harris County, Texas. 3.2 Application ofInsurance Proceeds. Beneficiary may apply any proceeds received under the insurance policy either to reduce the Note or to repair or replace damaged or destroyed improvements covered by the policy. 3.3 Beneficiary Performance of Obligations. If Grantor fails to perform any of Grantor's obligations, Beneficiary may perform those obligations and be reimbursed by Grantor on demand for any sums so paid, including attorney's fees, plus interest on those sums from the dates of payment at the rate stated in the Note for matured, unpaid amounts. The sum to be reimbursed shall be secured by this Deed of Trust. 3.4 Grantor Default. If Grantor defaults on the Note or fails to perform any of Grantor's obligations and the default continues after Beneficiary gives Grantor notice of the default and the time within which it must be cured, as may be required by law or by written agreement, then Beneficiary may: 3.4.1 declare the unpaid principal balance and earned interest on the Note immediately due; 3.4.2 request Trustee to foreclose this lien, in which case Beneficiary or Beneficiary's agent shall give notice of the foreclosure sale as provided by the Texas Property Code as then amended; and Page 3 RECORDER'S MEMORANDUM: . d r II this instrument was At the time .0\ recor t: f~r 'the best photographic found to be maboequase of illegibility, CllrbOfl or reproductIOn ecau . ete All oIllckoutb photo copy. dlscolored paper, . t at the urllot additions and changes were p~sen the Instrument was filed and rece e~.