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201109475
<br /> DEED OF TRUST
<br /> Loan No: 810287 (Continued) �age 3
<br /> or assessments and shall authorize the appropriate govemmental official to deliver to Lender at any time a written
<br /> statement of the taxes and assessments against the Property.
<br /> Notice of Construction. Trustor shall notify Lender at least fififeen(151 days before any work is commenced,any
<br /> services are furnished,or any materials are supplied to the Property, if any mechanic's lien,materialmen's lien,or
<br /> other lien could he asserted on account of the work,services,or materials. Trustor will upon request of Lender
<br /> fumish to Lender advance assurances satisfactory to Lender that Trustor can and will pay the cost of such
<br /> improvements.
<br /> PROPERTY DAMAGE INSURANCE.. The following provisions relating to insuring the Property are a part of this Deed of
<br /> Trust.
<br /> Maintenance of Insurence. Trustor shall procure and maintain policies of fire insurance with standard extended
<br /> coverage endorsemeMS on a replacement basis for the full insurable value covering all Improvements on the Real
<br /> Property in an amount sufficient to avoid appiication of any coinsurance clause, and with a standard.mortgagee
<br /> clause in favor of Lender. Trustor shall also procure and maintain comprehensive general liability insurance in such
<br /> coverage amounts as Lender may request wiih Trustee and Lender 6eing named as additional insureds in such
<br /> liability insurance policies.. Additfonally,Trustor shall maintain such other insurance, including but not limited to
<br /> hazard, business interruption,and boller insurance,as Lender may reasonably requi�.re. Policies shall be written in
<br /> form, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies
<br /> reasonably acceptabie to Lender. Trustor, upon request of Lender, wifl deliver to Lender from time to time the
<br /> policies or certificates of insurance in form satisfactory to Lender,inciudfng stipulations that coverages will not be
<br /> cancelled or dimi.nished without at least ten (10) days prior written notice to Lendec Each insurance policy also
<br /> shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,
<br /> omission or defauit ot Trustor or any other person. Should the Real Property be located in an area designated by
<br /> the Director of the Federal Emergency Management Agency as a special flood hazard area,Trustor agrees to�obtain
<br /> and maintain Federal Flood Insurance, if available, for the fuil unpaid principal balance of the loan and any prior �
<br /> liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance
<br /> Program,or as otherwise required by Lender,antl to maintain such insurance for the term of the loan.
<br /> Application of Proceeds. Trustor shali promptly notify Lender of any loss or damage to the Property. Lender may
<br /> make proof of loss if Trustor fails to do so within fifteen�(15) days of the.casualty. Whether or not Lender's
<br /> security is impaired,Lender may,at Lender's election,receive and retain the proceeds of any insurance and apply
<br /> the proceeds to the reduciion of the Indebtedness,payment of any lien affeeting the Property,or the restoration
<br /> and repair of the Property. If Lender elects to apply the proceed5 to restoration and repair,Trustor shall repair or
<br /> replace the damaged or destroyed Improvements irt a manner satisfactory to Lender. Lender shall, upon
<br /> satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of
<br /> repair or restoretion if Trustor is not in default under this Deed of Trust Any proceeds which have not been
<br /> disbursed within 180 days after theit receipt and which Lender has not committed to the repair or restoration of �
<br /> the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued
<br /> interest,and the remainder, if any,shall be applied to the principal balance of the Indebtedness. If Lender holds
<br /> any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's
<br /> Pnterests may appear.
<br /> Trustor's Report on Insurance. Upon request of Lender,however not more than once a year,Trustor shall fumish
<br /> to Lender a report on each existing policy of insurance showing: (1) the name of The insurer; (2) the risks
<br /> insured; (3) the amount of the policy; (4) the property i:nsured,the then current replacement value of such
<br /> property,antl the manner of determining that value;and (5) the expiretion date of the policy. Trustor shall,upon
<br /> request o#Lender,have an independent apptaiser satisfactory to Lender determine the cash value replacement cost
<br /> of the Property.
<br /> LENDER'S EXPENDITURES. if any action or proceeding is commenced that would materially affect Lender's interest in
<br /> the Property or if Trustor fails to comply with any provision of this Deed of Trust or any Related Documents, including
<br /> but not limited to TrustoPs failure to discharge or pay when due any amounts Trustor is required to discharge or pay
<br /> under this Deed of Trust or any Related Documents,Lender on Trustor's behalf may(but shall not be obligated to)take
<br /> any action that Lender deems appropriate, induding buY not limited to discharging or paying ali taxes, liens, security
<br /> interests,encum6rances and other claims,at any time levied or piaced on the Property and paying all costs for insuring,
<br /> maintaining and preserving the Property. All�such expenditures incurred or paid by Lender for such purposes will then
<br /> bearinterest at the rate charged underthe Note from the date incurred or paid by Lender to the date of repayment by
<br /> � TrusYOr. All such expenses will become a part of the Inde6tedness and, at Lender's option, will IA) be payable on
<br /> demand; (B) be added to the balance ofi the Note and be apportioned among and be payable with any installment
<br /> payments to become due during either (1) the term of any applicable insurance policy;or (2) the remaining term of
<br /> the Note;or (C) be treated as a balioon payment which will be due and payable.at the Note's maturity. The Deed of
<br /> Trust also will secure payment of these amounts. Such right shall 6e in addition to all other rights and remedies to
<br /> which Lender may be entitled upon Default.
<br /> WARRANTY;DEFENSE OF TITLE. The following provisions relating ta ownership of the Properry are a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants that: (a)Trustor holds good and marl<etable title of record to the Property i�n fee simple,
<br /> free and clear of all liens and encumbrances other than those set forth in the fteal Property description or in any
<br /> title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection
<br /> with this Deed of Trust,and (b)Trustor has the full right,power,and authority to execute and deliver this Deed of
<br /> Trust Yo Lender. �
<br /> Defense of TiUe. Subject to the exception in the paragraph above,Trustor warrants and wiliforever defend the
<br /> title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced
<br /> that questions TrusYOr's tiile or the interest of Trustee or Lender under this Deed of Trust;Trustor shall defend the
<br /> action at Trustor's expense. Trustor may be the nominal party in such proceeding,but Lender shall be entitled to
<br /> participate in the proceeding and to be represented in the proceeding by counsel of Lender's own� choice, and
<br /> . Trustor will deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to time
<br /> to permit such participation.
<br /> Compliance With Laws. Trustor warrants that the Property and TrustoPs use of fhe Property complies with alf
<br /> existing appficable laws,ordinances,and regulations of governmental authorities.
<br /> Survival of Representations and Warranties. All representations, warranties,and agreements made 6y Trustor in
<br /> . this Deed of Trust shall survive the execution and delivery of this Deed of Trust,shall be coMinuing in nature,and
<br /> shall remain in full force and effect until such time as Trustor's Indetrtedness shall be paid�in full.
<br /> CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br /> � Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and
<br /> Trustor shall promptly take such.steps as may be necessary to defend the action and obtain the award. Trustor
<br /> may be tfie nominal party in such proceeding,but Lender shail be entitled to parYicipate in the proceeding and to 6e
<br /> represented in the proceeding by counsel of its own choice; and Trustor will deliver or cause to be delivered to
<br /> Lender such instruments and documentation as may be requested by Lender from time to time to permit such
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