|
,_..�
<br /> ,. . _ �
<br /> _....w._. -
<br /> I � ,. , °
<br /> , oa-�7-1997 DE�D OF TRUST' 9?� �ns��� Pnge 3
<br /> I � __---^=-^� (ContlnueU� _ _ _� � .
<br /> � Authoriia the approprlete povornmontul ot�cial lo doliver to Lender et eny time a written sfntemont o} the taxes an�assessments apalnst the '
<br /> � NropnAy.
<br /> Notice o}COnmtructlon. Trustor shfln no6y Lander nt Ippst lifteen(16)days before any wo�k�S commensed, any services are lurnlshod,or eny _
<br /> � metEtrlels arp suppllod to ihp Proporty. II nny moChunlC'S Iion, malarlalmon's Ilon,or other lipn could be asserted on flCCOUnt ot Ihe v�ork,
<br /> services,or meteriels. Trustor will upon reque5t of Londer furnish to Lender advanCe assurnnces satistactory to Londor 1hAI Trustor can nnd wlil
<br /> pny the cosl ot such Improvemerts.
<br /> � PROPERTY DAMAGE INSURAN6E. The folio•r�rtg prov�sions releting to insunnp thn Property are a parl of lhis Deed ol Trust.
<br /> MNntena�ce of InsuranCe. Trustor shal procure and mnlnfaln pollcles of fire Insurance with standard exlended coverage endorsementa on n
<br /> ' replacement basis for Ihe full Insureblo velua covering all Improvoments on the Roal Property In an amounl suNclent to nvold applicatinn of any
<br /> colnsurenco ciauso,nnd vrith a standerd mortflegee clause In f$vor of Lender,togother with such other hautrd nnd Ilabflity Insurnnce oa Lender
<br /> . may reasonebly requlre. Poilc;es shall buwhllen In form,amou��is,coverages and basls reasorutbly acceptable to Lender end Issued by a
<br /> company or companles reasonabty flCCeplable to Lender. Trustor,upon request of Lender,wili daliver to Lender from time to tima the poilcies
<br /> or cerlificatos ot Insurance In form satisfflclpry tn Lertder,Including stipuiatlons that coverages will not be aancelled or dimtnished without at
<br /> least tan(10)days'p�iw v1ritton notica 40 lortder. Each insuranca polfCy aiao shall Include an endorsement providing lhat coverage In favor o}
<br /> Lender wfli not be fmpalrod In any wny br any act,omisslon or de(ault of Trustor or any other person. Shouid the Reai Property at any time
<br /> bocome loc8ted In an aree deslgnated by ihe Director of the Faderei Emergency Management Agency as a special @ood hazerd area,Trustor
<br /> agrees to obtaln and mnintnin Federal Flood Insurence for the full unpald principal balance of the IoAn,up to the meximum poilcy Iimits set
<br /> . � under Ihe Nallonai Flood InsurenCe Progrem,or as othenvise requlred by Lender,and to malntain such insurance for the term of the ioan. .y,,�,�._
<br /> Ifaus t!dto o wfthln fifleen(16)days of'ttPiecasualty.tW etheeo�not Lendersdsecu ty�s impa ed ender may,et It eaect on,receiva end reta�n �_.�-
<br /> 1 the proceeds of any Insuranca and apptythe proceeds to the reduction of fhe Indebtetiness,payment of any Ilen aNecting the Properly,or the �`��•_�E
<br /> restorelien and repair of the Propertyr. II Lender elecis to upply Ihe proceeds to restoration and repeir, Truslor sht111 repair or reptaco ths ,.
<br /> ���:�
<br /> damaged or dssiroyed Improvomenls ina manner satisfactory to Lender. Lender shpll, upon satistactory proot of such expondilure,pay or ;.:T�_-,�i-, ---;t-«
<br /> raimburse Trustor Irom the proceeds for Iha reasonable cost of repalr or restoration I(Trustor is nat M detaWt under this Deed of Trust. Any :: �; ._�
<br /> � proceeds which have not been disbursedwithin 180 days atter thelr rc�ceipt and whiah Lender has not committed to the repalr or restoretlon of :4�,���
<br /> the Proparty shr.tll bo used first to pay anyamount owing to Lender under th(s Deed of Trust,then 90 pay eccrued Interest,and the remainder,if + _—
<br /> any,shall be applied to the pdncipal balenrs oi the Indebtedness. If Lender holds any proceeds afler payment in full of the Indebtedness,such ��7:-
<br /> , proceeds shail be paid to Trustor as Truslor's Interests may eppear. `'� .��•�_
<br /> Unexplred Inwrance et Sale. Any unexpired insurance shall Inure to the benafit ot,and pass to,the purchaser of the Property covered by this `°
<br /> Deed o}Trust at any trustee's sale or other sale held undar the provisions of lhis Deed ot Trust,or at any faeciosure saie of such Properiy.
<br /> #' EXPENDITURES BY LENI)ER. If Trusta fail5lo camply wilh any prov�slon oi this Deed ot Trust,or�f any acVOn or prxeeding fs commenced that ti �
<br /> •, • t haif ma but shall nat be re uired to,take any acUon that Lender !��r
<br /> would matedaily aftect Lender's Interests In the PropeAy,Lender on Truslo s be y, Q � - ♦,r'
<br /> deems appropriate. Any amount that Lender expends In so doln�7 will bear interest at the rate provided tor in the Note hom the date Inaurred or pald ��
<br /> by Lender to the date of repayment by Trusta.All Such expenses,at Lender's option,will (e)be payahla on demand, (b)be added to the balance ��' , s�
<br /> of the Note and be apporlioned among and be payable with any Installment payments to become due during efther (i)the term of eny epplicabte :� ,
<br /> �.y.. � ::,�tiw „mo���, � m� ino t���Q,nr rr�ha trnntwd es u balioon ayment whlch will be due and payable a4 the Note's maturity. •z•• `�'` . ;
<br /> __ auCi o Nv..�L'.�.:: _ � S...w !�.�.. } Q �
<br /> _. .� T�;�o nm.�nf Tn�ct wlcn•WIII u�r.urp QBymant ot Ihese amounts. The rights provlded(ar In thls paragra�h shall6e In addition to any othor rl�hts or any ���-� ,�p,"'.
<br /> remedles to which Lender may be ontitled on eccount of the default. Any such acnon by L�nc;n�o��a�>>+�7 te c���str�;o�aa c�����:`�d���°w�=!^ �';'��``�'a�'�:
<br /> bar Lenderhom any remedy that it otherv+ise would have had. ,`:��`��� ', �
<br /> � WARRANTY;DEFENSE OF TITLE.The fallmving provlsions relaAng to ownorshlp of ihe Property are a part ol this Deed of Trust. ,�,
<br /> Tltl�e.Trustor warrents that: (n)TNStor lalds good and marketable title of rocord to the Properly In fee simple,free and clear o}aU 0erts snd "�;. ��
<br /> oncumbrances other than those set lorth In the Real Properly descriptlon or in any fl11e Insurance poliCy,tille reporf,�r finai title opinlon Issued in •�.! _
<br /> • tavor of,and acCepted by,Lender In eonnection with this Deed of Trust,&nd (b)7rustor has the fuli rfghl,power,end authority to execute and ��
<br /> ' delivef this Deed ot Trust to Lendef. r��•
<br /> � DCtEnse o}Title. SubJect to Ihe sxceptlon in the paragreph above,Trustor warrants and will forsver defend the fitle ta the Property agalnst the
<br /> � ,4 �
<br /> lawEul clafm9 of all persons. In the evenl any actlon or proCeeding Is commenced that questions Truslor's tiile or tho Interest ot Trustee or - ;,
<br /> Lender under this Deed of Trust,Trustor shall tlotend the action at Trustor's expense. Trustor may be tho nominal parry In such proceedinp,but .�
<br /> " Londer shall be entitied to participate In ihe procoeding and to be ropresented In 4he proceeding by Counset of Lender's own cho�o,end 'w ,;�
<br /> ' Trusta wiil deliver,or cause to be delivered,to Lender such instruments es Lender may request hom time to timo to permit such part�ipation. ' ..: �l
<br /> � CornpllanCe Wlth LawB. Trustor wartants Ihat ihe Properly and 7rusfor's use of the Properiy comp�es with flIi existing eppllCable laws,
<br /> '�` ordinencss,and re�utnflons of governmenlel authorities. � -��
<br /> ���';;�`' CONDEMNATIOH. The fWlowinfl provislons relating to condemnation proceedings are a part of thls Deed o}Trust. �:-^� ��_
<br /> �`A.�s+�—
<br /> . Applicetion of N!t Proceeds. It flll a any part of tt�Property Is condemned by eminent domatn proceedings or by any proceeding or —••
<br /> � purchese In lieu of condomnation,Lender rnay at Its etectlon require that all or any portion of the net prOCeBds of the award be epplled to tho ��+���_'
<br /> Indsbtedness or tho ropalr or rostaation of tho Property. The net proceeds of the award shall mean the award atter payment of all reasonable f���..�'«.,�- —
<br /> %�:;�:. �• cos4s,expenses,and attornoys'fees ir�curred by Trustee or Lender In connflCflon wllh tho co�idemnsNon. ���"�'
<br /> '• Proceedtnpa. If¢ny proceoding In condemnation Is filed,Trustor shall promatly notity Lender In writing,and Trustor shatl prompfly take such h7�����
<br /> ,�'+�'..�..
<br /> � � steRs as may be neces�try to detond the actlon and obtafn the award. Trustor may be the nomtnei party In such proceeding,but Lander shall •°�'';�A,�;
<br /> be o�litlad to participate in the proceeding and to be represented In the proceeding by counsel ot Its own cholce,Hnd Trustor will dellvPr or " �•�•.
<br /> cause to be doflvered to Lender such Enstruments as may ba roquostod by it from flme to time to p9rm►t such particlpation, � _.l '���'
<br /> , IMPOS1TlON OF TAXES,FEES AND CMARGES BY GOVERNMENTIU.AUTFIbRIT1ES. The following proNSlons relating to governmental texes, �� '•��"�
<br /> }ees and charges are e part of this Doed of Trustc �<t'��;:'••,
<br /> � C�rrent Taxes,Fees end Chorges. Upon request by Lender,Trustor shall execute such documents 1�addition to thls Dc3ed of Trust end tako `��;:,�i�
<br /> �,����''� whatevar olher action Is requested by Lender to pertect nnd conflnue Lender's Ilen on the Fieal Property.Trustor shail relmburse Lender tor 811 ��� �'
<br /> taxes,as described below, together witA au expenses Incurred in reCOrding, pertectlng or contlnuing ihis Deed of Trust,Includinp without
<br /> IlmftaUon all taxes,fees,documentnry stemps,and othor charoes for recording or registering thls Oeed of Trust.
<br /> �'�'! Taxes. The foilowing shall constituto tezes to whlch this secHOn applfos: (a)n specific tax upon this lype of Deed�f Trust or uNon all or any
<br /> ' ' part of tho Indoblednoss secur�d by tNS Deed of Trust; (b)a specific tex on Trustor which Truslor Is authorized or roquired to deduct from _ . :
<br /> he holder of the1Note;tad (d)a spedfic�tax on al�lf or any�porlion ofcthet debodnespseorton paymentstot prncipal andli terest maderby -����'��
<br /> ,�,..
<br /> Trusla. '.
<br /> Subsequent Taxes. If any tax to which this soction spplies Is enscted subsequent to the dato of this Deed of Trust,this ovent shatl have the
<br /> same eiteCt ns nn Event ot Default(as detined below),and Lender may exorCise flny or all o�fts avaftahle remedles for an Event ot Default us
<br /> proNded below unless Trustor either (a)pays the tax befo�e It bacomes delinquent,or (b)contests the lax as provtded above in the Texes and �
<br /> � % Liens 6eCtlOn flnd deposits with Lendc3rcash or a sufficlent Corporato surety bond or other securlty satisfactory to Lender. `• `�
<br />- . _.�` -- ----
<br /> � SECURITY AGREEMENT;FINANClNti STATEMHNTS. The follOwing ptovlslons relating to tllls DeaO 0� i r�st as e serun'ry agreemeni are a pari oi � - . -----
<br /> this Deed of Trust.
<br /> i Security Apr�ement. This Instrumenl st�an constituto a security agreement to the extenl any of the Property constitutes fixturos or other
<br /> ; personal property,and Lender shall have au of the rights of u secured purty under the Unrtorm Commercial Code es emended Irom time to i
<br /> ume.
<br /> � Securlty Interest. Upan request by Lender,Trustor shnll execute financing statements and take whataver olher action Is rvquestod by Lender
<br /> 1 to pedc�:l and continue Lender's secunty inlorest In thu Rents and Personal Property. In nddfUOn to rocording this Decjd of Trust In the real
<br /> Iproperty records,Lender may,at nny time end vvilhout furfher nuthorizatfon from Trustar,tile executed counterparts,coptes or reproductions of
<br /> � this Deed of 7rust ns a financing statement. Trustor shali relmburse lender for all expenses incurred In perteCting or conUnuing this seCUrity
<br /> intergSt. Upon defeult,Trustor shall assemblp the Porsonal Property In a manner flnd et a place reasoalbly convenient to Trustor and Lender
<br /> and mako It avallabie to Londer wdhin three(3)days ailer roCeipt of wnden dmm�nd trom Lender.
<br /> f
<br /> � Addressos. The mu�iing addresses d Truslor (dsbtor)und Lendsr (secured party),from whiCh infamation conCeming the Secunty mtprost �
<br /> ; granlod by this Deed of Trust mny be ohtained(each as required by tha Unilorm Commercfal Code),areas stated on Ihct firsl pape of Ihis Deed
<br /> ot Trust.
<br /> � � �� � � .
<br /> .
<br /> i �_ _
<br />
|