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a i I , DEED OF TRUST 97° 105ef13 Pace 3 07-•15-1997 Liar. No 516146 (Continued) uctirlp water Payment. TnaStoc sheA pay when due (and in all events prior to delinquency) all tnd axes. apectel may, assessments, charges (Inci and surer). fines and impositions levied against or on account of the Property, and star pay when due all nylaims for wowr or equal to the sorviaas rendered or material furnished to the Property. Truslor sheg rrWnWn the. Property free of an Hens having priority In this Dead interosl r/, Lander under ft Deed of Trust, ew,ept for the Ron of texas and. assessments not due and except as otherwise provided 1 of Tnm4 . 1 ! Right. To Contest. Truster may withhold payment of any tax, essessment,'ar claim in connection with it good fatth dispute over the obligation to pay. so long as Lender's Interest in tt`ia Property Is not jeopardized. If a Non arises or is fled as a recu ft of nonpayment, Trustor stall within Ytaan (15) days after the Non arises or, If a Non Is filed, within fifteen (15) days after Trustor has notice of the fling, secure the discharge o th tisfac lien, of N requested by Lender, deposit with Lender cash or a sufficient corps C ~ tbo~ eras moult of tort' to and unsafe a foreclosure amount suffiuianl to discharge the lien plus any costs and attorneys' few or under the lien. In any contest. Trustor shall defend Itself and Lender and stall satisfy any adverse Judgment before enforcernenl against the Property. Truslor shall name tender as an additional obligee under any surety bond hrn'shad in the contest proceedings. Evidence of Payment. Trustor shall upon demand furnish to Lander satisfactory evidence of payment of the taxes or assmff-rots and shall authorize the appropriate governrnentai of i*J to delver to Lander at any lime a written statement of the taxes and asseswAnts against the Property. j Notice of Construction. Truslor shall notify Lender at toast flflaen (15) days before any work Is commenced, any services are furnished, or any me.ter4tls are supplied to the Property, If any mechanic's lien, malerialmon's Non, or other Non could be asserted on account of tho work, sxviot x, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trusor can and will pay the cost of such Improvements. i PROPERTY DAMAGE INSURANCE. The following provisions relating to lrutring the Property are a part of fhb Deed of Trial. Maintenance of insurance. Truslor shall procure and maintain policies of fire Insurance with standard a danded coverage endorserwnts on a mplacement basis for the full insurable value covering all Improvements on the Real Properly !n an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of lender. Truslor shall also procure and maintain comprehensive general liability Insurance In such coverage amounts as Lender may request with trustas and Lender being named as additional Insureds in such NabOty Insurance policies. Additionally. Trustor shah mcinialn such other Insurance, including but not Nmitad to hazard, business Interruption, and boiler Insurance, as Lander may reasonably require. Policies stall written In form, amounts, o coverages and ndbasis reasana* er, will deliver tea table to horn Lander and issued by a company or companies reasonably acceptable to Londe(. T will not be Lander f r or lime to lime the policies or certificates of Insurance In form satisfactory to Lander, including stipulations that coverages diminished without at least ten (10) days' prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage In favor of Lender will not be impaired in any way by any W. omission or default of Trustor or any other person. The Real Property is sal agrees the located in an area designated by thw Director of the Federal Emergency Management of the cans a to Mme flood d hz policy limits Trustor obtain and maintain Federal Flood Insurance for the full unpaid principal 4a under National Flood Insurance Program, or as otherwise required by Lender, and to maintain such Insurance for the term of the ban. Application cf Proceeds. Truslor shall promptly notify Lender of any loss or damage to the Properly' Lender may make proof of loss If Truslor fails to do so within fifteen (15) days of the casualty. Whether or not Landers security Is Impaired. Lender may, at Its election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the eddt~NOnam rat of any Ron r affecting the Property, or the shag repair replace the and restoration and repair of the Property. If Lender elects to apply proceeds damaged or destroyed improvements in a manner satisfactory to Lander. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration If Truslor b not In default under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lend- under this Deed of Trust, than to pay accrued Interest, and the remainder, If any, shall be applied to the principal balance of the Indebtedness. Ii Lander holds any proceeds after payment In full of the Incnublodness, such proceeds shall be paid to Truslor as Trustoes Interests may appear. Unexpired Insurance at Sale. Any unexpired Insuranca shall Inure to the benefit of, and pass to, the purchaser of the Property covered by this Dead of Trust at any trustee's sale or other sale held under ft provisions of this Deed of Trust, or at any foreclosure sale of such Property. Trustor's Report on Insurance. Upon request of Lender, however not more than once a year, Trustor stall furnish to Lander a repot on each existing policy of Insurance showing: (a) thq name of the Insurer, (b) the risks Insured; (c) the amount of the poky; (d) the properly Insured, the then current replacement value of such property, and the manner of determining that value; and (u) the expiration dale of the policy. Truslor shall, upon request of Lender, have an Independent appraiser satisfactory to Lender determine the cash value replacement rust of the Property. EXPENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, or If any action or proceeding Is commenced that would materially affect Lenders Interests In ft Property, Lender on Trustors behalf may, but shall not be required to, take any action flat Lander dooms appropriate. Any amount that Lender expends In so doing will bear Interest at the rate provided for In the Note from the date Incurred or paid apportioned among and be payable ~nannyy~Instalmmeent paymen to become due during Other p) the term ofany applicable of then Nootte to the and be date insurance poik-; or (ill) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the Note's maturity. This Deed of Trust arse will. secure payment of those amounts. The rights provided for In this paragraph shah be in addition to any other rights or any remedies to which Lender may be entitled on account of the default. Any such action by Lander shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have had. WARRANTY; DEFENSE OF TITLE. The fosvwing provisions relating to ownarahip of the Property are a part of this Deed of Trust. Title. Trustor warrants that: (a) Truslor holds good and marketable title of record to the Prdparty In fee simple, free and clear of all Bans and or final encumbrances other than those in In the with this DeedbM description and (b) Trustor has the pt bhOtis t, power. ,and authority to opinion and favor of, and accepted by, Lander deliver this Deed of Trust to Lander. Defense of Title. Subject to the exception in the paragraph above, Truslor warrants and will forever defend the titre to the Properly against the lawful claims of all persons. in the event any action or proceeding Is commenced that questions Trustoes title or the Interest of Trustee or Lender under this Deed of Trust. Truslor shag defend the action at Truslors expanse: Trustor may be the nominal party In such proceeding, but Lander shall be entitled to participate In the proceeding and to be represented in the proceeding by counsel of Lnndoes own choice, and Trustor will delver, or cause to be delivered. to Lander such Instruments as Lander may request from time to Ime to psmilt such participation. Compliance With Laws. Trustor warrants that the Property and Trustoes use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. CONDEMNATION. The folowing provisions relating to condemnation proceedngs are a part of this Deed of Trust. Application of Net Proceeds. If all or any part of the Property In condemned by eminent domain proceedings or by any proceeding or purchase In Neu of condemnation, Lender may at ft election require that all or any portion of the net proceeds of lh award he applied to the Indebtedness or the repair or restoration of the Property. The net proceodr of the award shall mean the award after payment a' all reasonable costs, expenses, and attorneys' lees Incurred by Trustee or Lender In connection with the condemnation. Proceedings. If any proceeding In condemnation is Mod, Truslor shall promptly notlly Lander In writing, and Trusto' shall promptly take such steps as may be recess" to defend the action and obtain the award. Truclor may be its nominal party In such proceeding, but Lender that be entitled to participate in the proceeding and to bs represented In the proceeding by counsel of ILI own choice, and Truslor will deliver or cause to be delivered to Lender such Instruments as may be requested by;t from lima to time to permit such partlrlpadon. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The fosow'Ag provisions n"Ong to governmenW taxes, leas and charges are a part of this Dead of Trust: Current Taxes, Fees and Charges. Upon request by Lender, Trustor shag execute such documents in addition to this Deed of Trust and take whatever other action Is requested by Lender to perfect and continue Lenders son on the Real Property. Trustor shag reimburse Lender for ag taxes, as described below, together with erg expenses Incurred in recording, perfecting of continuing this Dead of Trust. including without limitation all taxes, lees, documentary stamps, and other charges for recording or reglatring this Deed of Trust. Taxes. The following shall constitute lures to which this section applies: (a) a specific lax upon this type of Deed of Trust or upon all or any part of the Indebtedneo secured by fibs Deed of Trust; (b) a aoedfic to on Trustor which Truslor Is authorized or requited to deduct from payments on the Indebtedness secured by this type of Deed of rust; (c) a tar on !h!s We of Decd of Trust chargeable against the Lander or the holder of the t:ola; and (d) a specitie tax on 1111 of any portion of the indebtedness or on payments of principal and Interest made by