THE PAYMENT OF THE DEBT AND THE PAYMENT AND PERFORMANCE OF THE OTHER OBLIGATIONS
(INCLUDING, WITHOUT LIMITATION, ANY INTEREST WHICH ACCRUES AFTER THE
COMMENCEMENT OF ANY BANKRUPTCY OR INSOLVENCY PROCEEDING WITH RESPECT TO TRUSTOR,
WHETHER OR NOT ALLOWED OR ALLOWABLE AS A CLAIM UNDER ANY BANKRUPTCY OR
INSOLVENCY PROCEEDING), IN EACH CASE WHETHER NOW OR HEREAFTER DUE, OWING OR
INCURRED IN ANY MANNER, WHETHER DIRECT OR INDIRECT, ACTUAL OR CONTINGENT,
WHETHER INCURRED SOLELY OR JOINTLY WITH ANY OTHER PERSON AND WHETHER AS
PRINCIPAL OR SURETY (AND INCLUDING ALL LIABILITIES IN CONNECTION WITH ANY NOTES,
BILLS OR OTHER INSTRUMENTS ACCEPTED BY BENEFICIARY IN CONNECTION THEREWITH),
TOGETHER IN EACH CASE WITH ALL RENEWALS, MODIFICATIONS, CONSOLIDATIONS OR
EXTENSIONS THEREOF, SHALL BE REFERRED TO COLLECTIVELY HEREIN AS THE
"OBLIGATIONS".
ARTICLE III.
TRUSTOR COVENANTS
Trustor represents, warrants, covenants and agrees that:
SECTION 3.1.
PAYMENT OF DEBT.
TRUSTOR WILL PAY THE DEBT AT THE TIME
AND IN THE MANNER PROVIDED IN THE LOAN AGREEMENT, THE NOTE AND THIS SECURITY
INSTRUMENT.
SECTION 3.2.
INCORPORATION BY REFERENCE.
ALL THE COVENANTS,
CONDITIONS AND AGREEMENTS CONTAINED IN (A) THE LOAN AGREEMENT, (B) THE NOTE AND
(C) ALL AND ANY OF THE OTHER LOAN DOCUMENTS, ARE HEREBY MADE A PART OF THIS
SECURITY INSTRUMENT TO THE SAME EXTENT AND WITH THE SAME FORCE AS IF FULLY SET
FORTH HEREIN.
SECTION 3.3.
INSURANCE.
TRUSTOR SHALL OBTAIN AND MAINTAIN, OR CAUSE
TO BE MAINTAINED, IN FULL FORCE AND EFFECT AT ALL TIMES INSURANCE WITH RESPECT
TO TRUSTOR AND THE PROPERTY AS REQUIRED PURSUANT TO THE LOAN AGREEMENT.
SECTION 3.4.
MAINTENANCE OF PROPERTY.
TRUSTOR SHALL CAUSE THE
PROPERTY TO BE MAINTAINED IN A GOOD AND SAFE CONDITION AND REPAIR.
THE
IMPROVEMENTS, THE FIXTURES, THE EQUIPMENT AND THE PERSONAL PROPERTY SHALL NOT BE
REMOVED, DEMOLISHED OR MATERIALLY ALTERED (EXCEPT FOR NORMAL REPLACEMENT OF THE
FIXTURES, THE EQUIPMENT OR THE PERSONAL PROPERTY, TENANT FINISH AND
REFURBISHMENT OF THE IMPROVEMENTS) WITHOUT THE CONSENT OF BENEFICIARY OR AS
OTHERWISE PERMITTED PURSUANT TO THE LOAN AGREEMENT.
TRUSTOR SHALL PROMPTLY
REPAIR, REPLACE OR REBUILD ANY PART OF THE PROPERTY WHICH MAY BE DESTROYED BY
ANY CASUALTY OR BECOME DAMAGED,
7
WORN OR DILAPIDATED OR WHICH MAY BE AFFECTED BY ANY CONDEMNATION, AND SHALL
COMPLETE AND PAY FOR ANY STRUCTURE AT ANY TIME IN THE PROCESS OF CONSTRUCTION OR
REPAIR ON THE LAND.
SECTION 3.5.
WASTE.
TRUSTOR SHALL NOT COMMIT OR SUFFER ANY WASTE OF
THE PROPERTY OR MAKE ANY CHANGE IN THE USE OF THE PROPERTY WHICH WILL IN ANY WAY
MATERIALLY INCREASE THE RISK OF FIRE OR OTHER HAZARD ARISING OUT OF THE
OPERATION OF THE PROPERTY, OR TAKE ANY ACTION THAT MIGHT INVALIDATE OR ALLOW THE
CANCELLATION OF ANY POLICY, OR DO OR PERMIT TO BE DONE THEREON ANYTHING THAT MAY
IN ANY WAY MATERIALLY IMPAIR THE VALUE OF THE PROPERTY OR THE SECURITY OF THIS
SECURITY INSTRUMENT.
TRUSTOR WILL NOT, WITHOUT THE PRIOR WRITTEN CONSENT OF
BENEFICIARY, PERMIT ANY DRILLING OR EXPLORATION FOR OR EXTRACTION, REMOVAL, OR
PRODUCTION OF ANY MINERALS FROM THE SURFACE OR THE