|
201200047
<br /> DEED OF TRIDST
<br /> Loan No:810292 (GOdltillued)
<br /> Page 3
<br /> dause in favor of Lender. Trustor shall also procure and maintai�comprehensive general liabiliry insurance in such
<br /> coverage amoums as Lender may request with Trustee and Lender being named as additional insureds in such
<br /> liability insurance policies. Additionally,Trustor shall maintain such other insurance, including but not limited to
<br /> hazard, business iMerruption,and boiler insurance,as Lender may reasonably require.. Policies shali be written in
<br /> fiorm, amounts, coverages and 6asis reasonably acceptable to Lender and issued by a company or companies
<br /> reasona6ly acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the
<br /> policies or certificates of insurance in form satisfiactory to Lender,including stipulations that coverages wilf not 6e
<br /> canceUed or diminished without at least ten f10) days priot written notice to Lender. 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 default ofi Trustor or any other person. Should the Real Pro�erty be located in an area designated by
<br /> the D'frector 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 full�unpaid principal balance of Yhe toan and any prior
<br /> liens on the property securing the loan, up to the maximum policy limits set under the Nati�onal Flood Insurance
<br /> Program,or as otherwise required by Lender,and to maintain such insurence for the term of the loan.
<br /> Applicafion of Proceeds. Trustor shall promptiy�otify Lender of any loss or damage Yo the Property. LendeY 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 Yetain the proceeds of any insurance and apply
<br /> the proceeds to the reduction of the Indebtedness,payment of any lien affecting the Property,or the restoration
<br /> . and repair of the Property. �f Lender elects to apply the proceeds to restoeation and repair,Trustor shall repair or
<br /> replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br /> satisfactory proof of such ezpenditure, pay or reimburse Trustor from the proceeds for tNe reasonable cost of
<br /> renair Or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have not�been
<br /> disbursed within 180 days after Yheir receipt and which Lender has�ot committed to the repair or restoration of
<br /> the Property shali be used firsF to pay any amount owing to Lender under this Deed of Trust,then to pay accrued
<br /> interest,a�d the remainder, if any,shall be appfied to the principal balance of the Indebtedness. If Lender hoids
<br /> any proceeds after payment in full of the Indebtedness, sueh proceeds shali be paid� to Trustor as Trustor'S
<br /> interests may appear. .
<br /> Compliance with Fxisting Indebtedness. Dueing the period in which any Existing Indebtedness deseribed below is
<br /> in effect, complia�ce with the insurance provisions contained in the instrument evidencing Such F�cisting
<br /> Indebtedness shali constitute compiiance with the insurance pro�isions under this Deed of Trust, to the extent
<br /> compliance with the terms of this Deed of Trust would constitute a duplication of insurance requirement. If any
<br /> proceeds from the insurance become payable on loss,the provisions in this Deed of Trust for division of proceeds �
<br /> shall apply only to that portion of the proceeds not payatile to the holder of the Existing Inde6tedness.
<br /> Trustor's Report on Insurance. Upon request of Lentler,however not more than once a year,Trustor shall furnish
<br /> � to Le�der a report on each existing policy oF insurance sBowing: (1) the name of the insurer, (2) the risks
<br /> insured; (3) the amount of the policy; (4)�,:the proper2y insured, the then current replacement value of such
<br /> property,and the m�nner of determini�g that value;and (5) the expiration date of the policy. Trustor shall,upon
<br /> request of Lender,have an independent appraiser satisfactory to Lender determine the cash value replacement cost
<br /> oi the Property. '
<br /> LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materiaily affect Lender's interest in
<br /> the Property or if Trustor fails to comply with any provision of this Deed of T�ust or any Related Documents,including
<br /> but not limited to Trustor's failure to comply with any obligation to maintain Existing Indebtedness in good standing as
<br /> required below,or to discharge or pay when due any amounts Trustor is required to discharge or pay under this Deed of
<br /> Trust or any Related Documents. Lender on Trustor's behalf may �but shali not be obligated to)take any action that
<br /> Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests,:
<br /> encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring,
<br /> �maintaining and preserving the Propetty. A!I such expenditures incurred or paid by Lender for such purposes will then
<br /> bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by
<br /> Trustor. All such expenses will become a part of�the Indebtedness and, at Lender's option,will (A) be payable on
<br /> demand; (BJ be added to the balance of the Note and 6e apportioned among and be payable with any instalfinent
<br /> payme�ts to become due tluring either (7) the term of any appiicable insurance policy;or (2? the remaining Lerm of
<br /> the Note;or IC) 6e treated as a 6alloon payment which will tie due and payable at the Note's mawrity.. The Deed of
<br /> TrusY also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to
<br /> which Lender may 6e entitled upon Default. � �
<br /> WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the E'roperty are a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants thatr (a}Trustor holds good and marketable title of�record to the Prpperty in fee simple,
<br /> free and clear of all liens and encumbrances other than those set forth in the Real Property description or in the
<br /> Existing Indebtedness section below or in any title insueancz policy,title report,or final title opinion issued in favor
<br /> of,and accepted by,Lender in connection with this Deed of Trust, and (b1 Trustor has the full right, power,and
<br /> authority to execute and deliver this Deed of Trust to Lender.
<br /> Defense of Titl�. Subject to the exception in Yhe paragraph above,Trustor warrants and�will forever defend the
<br /> title to the Property agains�t the lawful claims ofi all persons. In the event any action or proceeding is commenced
<br /> that questions Trustor's litle or the interest of Trustee or Lender under this Deed of Trust,Trustor shall defend.he
<br /> action at Trustor's expense. Trustor may be the nominal party in such proceeding,but Lender shali be entitled Yo
<br /> participate m the proceeding and to be represented in the proceeding by counse! 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 Trustor's use of the Property complies with all
<br /> existing applicabl�e{aws,ordinances,and regulations of governmenial authorities.
<br /> Surv'fval of Representations and Warrenties, All representations,�warranties,and agreements made by TrusYOr in
<br /> this Deed of Trust shall suroive the execution and delivery o#this Deed of Trust,shall be continuing in nature,and
<br /> shall remain in full force and effect until such tfine as Trustor's Indebtedness shall be paid in full.
<br /> EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Deed.of Trust:
<br /> Existing Lien. The lien of this Deed of Trust securing the indebtedness may be secondary and inferior to an
<br /> existing lien. Trustnr,expressly covenants and�.agrees to pay;or see to the payment of,the Existing Indebtedness
<br /> and to prevent any default on s�ch inde6tedness,any default under the instrurnents evidencing such indebtedness,
<br /> or any default under any security documenis foF such indebtedness.
<br /> N�o Modification. Trustor shall not enter into any agreement with the holder of any mortgage, deed of trust,or
<br /> other�security agreement which has priority'ove.r this Deed of T�ust by which that agreement is modified,
<br /> amended, eztended, or renewed without the prior written consent of Lender. Trustor shall neither request �or
<br /> � accept any future advances under any such security agreement without the prior written consent of�Lender.
<br /> CONDEMNATION. The following provisions relating:to condemnation proceedings are a part of this Deed oF Trust:
<br /> Proceedings. If any ptoceeding in condemnation is filed, Trustor shail promptly notify Lertder in writing, ar�d
<br />
|