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201206621
<br /> DEED OF TRUST
<br /> Loan iVo: 81000975 {Contlnued) Page 3
<br /> hazard, business interruption, end boiler insurance, as Lender m8y re9sonably require. Policies she[I be written in
<br /> form, amounts, coverages and 6asis reasonably acceptable to Lender and issued by a company or companies .
<br /> reesonably aoOept9bfe tp L�nC[�r_ Tru9tPr, uppn rBquESt of Lend�r, will dEliv�r t0 Lend2r frOm time t0 time #he
<br /> policies or certificates of insurance in form satisfiacYory to L.ender, including stipulations that coverages will not be
<br /> cancelled or diminished without ai least ten (70) days prior written notice io Lender. Each insurance polioy also
<br /> shall include an endorsement provid[ng that coverage in favor of Lender wilf not be impaired in any way by any act,
<br /> omission or default of Trustor or any other person. Shou[d the Real Properiy be focated in an area designaYed by
<br /> the Director of the Federal Errcergency Management Agency as e speciel fiood hazard erea, Trustor agrees to obtain
<br /> and maintain Federal Flood Insurance, if available, for the full unpaid principal balance of Yhe ]oan and any prior
<br /> liens pn the prpperty securing the loan, up ta the maximum pplicy limits set under ihe Netional Flood lnsursnce
<br /> Program, or as otherwise required by Lender, and to maintain such insurance far ihe Term of the loan.
<br /> Application of Proceeds. Trustor shal] prornptly notiiy Lender of any loss or damage to the Property. Lender may
<br /> make proof of loss if Trustor fails to dv so within 4ifteen (9 5) days of the casualty. Whether or not Lender's
<br /> seceirity is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance artd apply
<br /> the proceeds to Yhe reduction of Ehe Indebtadness, Aayment of any [ian a#feciing the Property, or ihe restoration
<br /> and repair of the Propsrly. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or
<br /> replace the damaged or destroyed Improvements in a manner saiisfactory to Lender. Lender shall, upon
<br /> satisfactory proof of such expenditure, pay or reimburse Trusior firom ihe proceeds for the reasonable cost of
<br /> repair or restoration if Tr�stor is not in defavlt under this beed of Trust_ Any proeeeds which have not been
<br /> disbursed within �80 days aiter their receipt and which Lertder has not committed to the repair or resioration of
<br /> the Property shail be used first to pay any amount owing Yo Lender under this Deed o�F Trust, then to pay accrued
<br /> interest, and the remainder, if any, shafl be appEied Ea Lhe principal balance of the [ndebtedness. If Lender holds
<br /> any proceeds afEer payment in ful[ of the [ndebtedness, svch proceeds sha[I be paid to Trustor as Trustor's
<br /> interests may aAPear.
<br /> Trustor's Heport on Insicrance. Vpon request of Lender, Ftowever �ot more than ance a year, Trustor shalf furnish
<br /> to �ende� a report on each existing poficy of insurance showing: (71 the namA o'f the insurer; {2} the risks
<br /> insured; (31 the amount of the poficy; (4) the property insured, Yhe then current replacement val�e of such
<br /> property, and the manner oi determining ihat valve; and f5) the expiration date of the policy- Trustor shall, upon
<br /> reqetest o'f Lender, have an Independent appraiser satisfactory to Lender deiermine the cash value repiacement cost
<br /> of the Property.
<br /> LENDER'S EXPENDITURES. I#any acYion or proceeding is commenced Yhat wouEd materlally a�Ffect Lender's Interest En
<br /> the Property or if Trustor faiis to comply wiih any provision of this Deed of Trust or any F�elated Documents, including
<br /> but not ]imitec[ to Trustor's failure to discharge or pay when due any amounts Trustar Es requEred to dlscharge or pay
<br /> under this Deed of Trust or any Fielated Documents, Lender on Trustor's behalf may (b�t shell not be obligated Yo) take
<br /> any aoti4n tha'C Lender deems apprqprlate, Including 6ut not I[mlted to dlscharging or paying ali taxes, Ilens, securlty
<br /> interests, enc�mbrances and other claims, at any time levied or placed on ihe Property and paying a]E cosis for insuring,
<br /> maintaening and preserving the Property. Al] such expenditures incurred or paid by Lender fior such purposes wfll 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 wil] become a part of the Indebtedness and, ai Lender's opYion, wi][ �A► be paya6le on
<br /> demand; tB) be added to the ba[ence of the ]Vote enc[ be eppartioned among and be payable wilh any instailmeni
<br /> paymenTs to becoma due during either ('1) the term of any applicable ins�rance policy; or (2) the remaining term of
<br /> the Note; or (C) 6e ireated as a balloon pgyment whiCh wil] pe d�ee and payab[e at the Note's maturlty. The Deed ot
<br /> Trust also will secura payment of these amounts. Such right sha[I be in addition tv all oiher rights and remedies to
<br /> which Lender may be entiiled upon Clefault_
<br /> 1hPARRAMTY; DEFENSE OF TITLE. The fol3owing provisions relating to ownership ofi the Property are a parY of this Deed
<br /> of Trust:
<br /> Titla. Trus#or warrants that: (a) TrusYor holds gaod and marketable title of record to the Property in fee simple,
<br /> free and clear of all liens and encum4rances otfier then #hp9e set forkh in the Real Property descripYion or 3n any
<br /> title insurance policy, title report, or �nal title opinion issued in favor of, and accepted by, Lender in connectiort
<br /> with#his �eed of Trust, and {b) TrusYor f�as the full rigF�t, power, and euthority ta execute and deliver this Deed of
<br /> Trust to Lender.
<br /> �efense of Title. Subject to the exception in the paragraph abvve, TrusEor warrants and will forever defend the
<br /> title Yo the Property against the lawful claims ot atl persons. ]n the avent any action or procseding is commenced
<br /> #hat questions Trustor's title or the interest o#Trustee or Lender under this Deed of Trust, Trustor shall defend the
<br /> action at TrusLor's exPense. TrustOr rrEay be the nominal party in such proceeding, but Lender sha[I be entitled to
<br /> participate in the proceeding and to be represented in the proceeding by counsel pf Lander's own choice, and
<br /> Trustor wi11 deliver, or cause to be delivered,to Lender such instr�ments as Lender may request from time to iime
<br /> io permit such participation.
<br /> Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property compGes with afl
<br /> cxisting applicable l3ws, ordinances, and regulations of governmaniaf au#horities_
<br /> Suruiwal of RePr@sen#ations and Warranties. All representaYions, warranties, and agreements made 6y Trusior in
<br /> Ehis Deed of Trust shall survive the execution and delivery of this Deed of'f'r�st, sha]! be continuiny in nat�re, and
<br /> shall remain in full force and effect until such time as Trustor's Indebted�ess shall be paid in full.
<br /> COIVDEMIVATION_ The following provis3ons relating to condemnaYion proceedings are a part afi this �eed af Trus#:
<br /> Proceedings. [f any proceeding in condemnaYion is fled, Trus#or shall promptly notify Lnnder ic7 wri�ing, and
<br /> Trustor shalf promptly ta[ce sucF� steps as may be necessary to deferid the ac#ion and obtain the award- Trustar
<br /> may he ihe nominal party in such proceedin3, but Lender shall be entitled to participate in the proceeding and to be
<br /> represented in the proceeding by counse] of its own cholce, and Trustor w9[I deliver or cause tv be delivered to
<br /> Lender such instrvments and documentatior� as may be requested by Lender from time to time to permit such
<br /> pa rtici pation.
<br /> AppFication of[�let Proceeds. ]f a][ or any part of the Proper[y is condemned by eminent domain proceedings or by
<br /> any proceeding or purchase in Eieu of condemnation, Lender may at its election require that all or any partion of ine
<br /> neL proceeds of the award be applied io the ]ndebtedness or the repair or restoration of the Property. The net
<br /> proceeds af the award sfial[ rnean ihe award af[cr payment of a]l reasona6fe costs, expenses, and attarneys' fees
<br /> incurred by Trusiee or Lender in connection with the condemnation.
<br /> � IMPOSITIOl1[ OF TAXES. FEES AND CHARGES BY GOVERl11ME1VTA!AUTHOHITIES. The foElowing prpvisiqns re[ating
<br /> co governmentaE taxes, fees and charges are a part of this Deed ot-frust:
<br /> Current Taxes, Fees and Charges. Upon requesx by Lender, Trustor shall execute such documents in addition #o
<br /> this Deed of Trus�and cake whatever other action is requested by Lender to perFect and conYinue Lender's lien on
<br /> the Real Property. Trustor shall reimburse Lender for a!I taxcs, as described 6elow, together with all expenses
<br /> incurred in r�cording, perfecting or continuing this Deed of Trust, including without fimitation all taxes, fees,
<br /> doc�mentary stamps, and nther chPrges fnr recnrding or registering this Deed of Trust.
<br /> Taxes_ The fo][owiny ahdl] consii[uee taxes to which this section app3ies: (l) a specific tax upon this rype of
<br /> Deed of Trust or upon alf or any p�rt of xhe IndPhredness sece�red by ihis Dced of Trust; (2) a specific tax on
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