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2012p592�
<br />DEED 4F TRUST
<br />(Continuedl Page 3
<br />policiea or sertificetea of inaurance In fo�m satlsfectory to Lender, incEuding atipulations that coverages will not be
<br />cencelied or dlminiahed without at least thfrty (3Q1 days prior written. notice to Lender. Esch insurance policy also
<br />shall include an endorsement provlding that ooverage 1n favor of Lender wlll not be impslred in any wey by any act,
<br />omisaion or default of 7ruator or any other person. Should the Real Property.be loaeted in an a�ea d�signated by
<br />the D€recmr of the Federal Emergency Management Agency es a spacial flood hazard area, i'rustor agrees ta•obtaln
<br />and mafntain Federal Flood Fnaurance, if avelleble, for the full unpaid principal balance of the loen and aay prior
<br />liens on the property seauring the loan, up to the maxlmum polioy limits set under the (dational Flood Insurance
<br />Program, or as otherwise required by Lender, and to maintain such l�rsu�ance for the Yerm of the inan.
<br />Appltcatlan of Proceeds. Trustor shall promptly notlfy Lender of any loss at damage to the Praperty. Lender may
<br />make proof of loss ff Trustor fails to do so within fifteen (151 days of the casualty. Whether or not Lerrcisr's
<br />security is impetred, Lender may, et Lender's election, receive and retain tf►s proceeds of any insurence and apply
<br />the proceeds to the reduction of the Indebtedneas, paym�nt of any qen effecNng the Property, or the resto�atiort
<br />ar►d repei� of the Properry. If Lender•eleo� to apply the p�oceeds to restoration and repair, Trustor shaU repafr or
<br />replace the damaged or destroyed kmprpvem�nta i� a maraser satlsfeotory to Lender. Lender ahall, upon
<br />• satisfaciory proof of such expenditure, ,pay or reimburee Truator from the prooseds for the reasanable oost of
<br />repair or restaratlon if Tnastor Is not in default under this Deed of Trust. Any proceeds which have not been
<br />disbursed within 980 days after their receipt and which Lender has not committed to the repair or restoration of
<br />the Property shalt be used first to pay any amount owing to Lender under this Desd of 7rust, then to pay accrued
<br />interest, end Ute remainder, 1f any, shall be applied to the principel balance of the Indebtedn�s. If Lender holda
<br />any. proaeeda after paymerrt in full of the Indebtedne�, auoh proceeda shall be paid to. Truator as Trustor's
<br />interests may eppear.
<br />Trustor's Report on lnsuranoe. Upon request of Lender, however not more then once a year, Trustor shall furnish
<br />to l.ende� a report on eaoh existing poliay ot Inaurance showing: (11 the name of the Insurer; t2) the riaks
<br />insured; (3} the amount of the polloy; (4} the property insured, the then current replaoemerrt value of auch
<br />property, and ths manner of determining that value; and t5} the expiretion date of the pollcy. 7ruator shall,•upcn
<br />request of Lender, have en independent appraiser satiafactory to Lender determine the cash value �eplacement cost
<br />of the Property.
<br />LEIYbEit'S �JCi+ENDITURES. If any actlon or proceedt�g Is commenced thet would meterlapy affect Lender's intereat in
<br />the Prnpc�rty or ff Truetor fa11s to comply with any provlsion of tltis Deed of Trust or arry Relsied Doauments, tncluding
<br />but not limhed to 7�usmr's failure to discherge or pay when due any amounta 7'rustor is requEred to d[scharge or pay
<br />under this peed of 7rust or any Related Dooumen'ts, Lender on Trustar's behelf may ibut shall not be obligated to) take
<br />any actlon that Lender deema epproprlate, fncluding but not Eimited to diacharging or paying ep taxes, liens, aecurity
<br />intereste, encumbrances and other clafma, at any ttme levied or placed on the Properry and paying all oosta for insuring,
<br />maintaining and preaerving the Property. All"such expendltures incurred' o� pa(d by Lender for such purposes will then
<br />bear interest at the rate charged under the Note #rom the date incurred or paid by Lender to the date of repayment by
<br />T►ustor. AU such expenses wTll become a part of the Indebtedness and, at E.ender's option, will {A) be payebte on
<br />demend; (B) be added to the bslance of the No4e and be apportioned among and be payable with any i�taqment
<br />peyments to become due durEng either (11 the term of eny appltceble I�urance policy; or (2} the remaining'term of
<br />the Note; or iCy be trsated as a balloon peyment whioh will be'due and payable at the Note's mattirity. The Deed of
<br />Trust also will secure gayment of theae amounts. Suoh Hght shell be in eddition to all other �ights and remedies Yo
<br />whi�h Lender may be entltled upon Defauit.
<br />WARFiANTY; DEFENSE OF TiTLE. The following provfalona relating to ownership of the Properly are a part of thls Oeed
<br />of Trust:
<br />Title. Trustor warrants that: ta) Trustor holda good and ma�ketable title of record to the Property In fee simple,
<br />•free and alear of all liens and encumbranc� other then those set forth in the Real Propetty descHption or in any
<br />title Ensurance poficy, tltle report, or final tltle opinion tssued in favor of, and accepted by, Lender In oonneation
<br />with thia Ueed of 7rust, and (bf Trustor has the full �1ght, power, end authorify to execute and deliver thia Qeed of
<br />Trust to Lander. •
<br />befense af Titte. Subject to the exception in the peragraph ebove, Trustor warrants and will forever defend the
<br />title to ihe Property agalnst the Iswful claims of alf persons. In the event any action ar proceeding fs commenoed
<br />that questions Trustor's title or the interest of Trustee or Lender under thls Deed of Trust, Truetor aha11 defend the
<br />action at Trustor's expenae. 1'rustor may be the nominal party in euch proceed(ng, but Lender shall be entitled to
<br />participate in the proceeding end to be represented in the p�oceeding 6y counael of Lender's own chatce, end
<br />Trustor will delivar, or cause to be delivered, to Lender auch instruments as Lender may request from time to t�me
<br />to permit such participation.
<br />CompllaRCe With Laws. Trustor wanarns that the Property and Trustor's use of the Property oomplles with all
<br />exiating applloabie Eawa, ardinances, and regulattone of governmentet authorities.
<br />Survival of Repreae►rtations and Warrerrttea. All representations, warrsntiea, and agreements made by Trustor in
<br />this baed of 7ruet shal! survive the executfon end dellvery of this Deec!'of Truat, shall be continuing in nature, and
<br />shall remain tn full force and effeot untll suoh time as Trustor's Indebtedneas ehall be paid in fuli.
<br />COND6MNATION. The following piovlaions relating to oondemnetton proceedings are a pert of this Deed of Trust:
<br />Prooeedirtgs. If any proceeding fn aondemnation Is ftled, Trustor shall promptly nottty Lender fn writing, and
<br />Trustor ehail promptly take auch st�pa ea may be necessary to defend the action and obtain the award. Trustor
<br />mey be the nominal party in euch prooeeding, but Lender shell be entitled to participete in the proceeding end to be
<br />represented in the proceeding by counsel ot its own choice, and Trustor will deliver or aause to be deltvered to
<br />Lender such Instruments and docuinentation as may be requested by lender from time to time to permit euoh
<br />participation.
<br />Application of AEet Proceeds. If at! or any part of the Property fs condemned by emfnent domain procaedings or by
<br />any proceeding or purchase In Aeu of condemnation, Lender may at its electton require that ell or any poRion of the
<br />net proceede of the awerd ba appped to the Indebtedness or the repair or restoration of the Property. Tha net
<br />proceede of the eward.shall mean the eward after paymant of aQ reasonable coats, expenses, and attomeys' fees
<br />incuned by Trustee or Lender in aonnection wlth the oondemnation.
<br />IMPOiSIT10N OF 7AXES, FEES A111D CHARGES BY OOVERPUNENTAL AUTHORI7'IES. The following provisior�s relating
<br />to governmerital taxea, fees and chargea are a part'of thia Osed of Truat:
<br />Currern Taxes, Faes and Chargas. Upon request by Lender, Trustor shall execute such documents in addition to
<br />this Deed of Trust and take whatever other aotlon is requeated by Lende� to perfect and continue Lender's lien on
<br />the Real Properly. Trustor shall reimburse Lender for all taxes, as deacribed below, togethe� with all expenses
<br />incurred in recording, perfecting or conttnuing this Deed of Trust, fncluding withoui Rmitation sll taxes, fees,
<br />documerrtary etamps, and other charges for recording or registering thia Deeil ot Trust.
<br />Taxes. �7he following ahall consUtute taxes to which this sectfon applies: {1) a speciHc tax upon this type of
<br />Deed of Trust or upon a!I or any pert of the Indebtednesa aecured by thls Deed of Trust; (2) a epeoifia tax on
<br />Trustor which Trustor ts authori2ed or required to deduci from paymeMs on the Indebtedness secured by thls type
<br />af Deed of Trust; (3) a tax on thls type of Deed of Truat chargeable ageErtat the Lender or th� holder of the IVote;
<br />and t4) a speciffc tax on all or any portion of the Indebtedneas or on payments of princlpaf and interest made by
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