|
DEED OF TRUST 2 0�. 2 0 6 7 5 5
<br />Laan No: 101245912 r � (Col�tinued) Page 4
<br />disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br />the Property shall be used first to pay eny emount owfng to Lender under this Deed of Trust, then to pey eccrued
<br />interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds
<br />any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's
<br />interests may appear.
<br />Trustor's RepoR on Insurence. Upo�t request of Lender, however not more than once a year, Trustor shall furnish
<br />to Lender a report on each existing policy of insurance showing: (1) the name of the insurer; (2) the risks
<br />insured; (3) the amount of the policy; (4) the property insured, the then current replacement value of such
<br />property, and the manner of determining that value; and (5) the expiretion date of the policy. Trustor shall, upon
<br />request of Lender, have en independent appraiser setisfectory to Lender determine the cash value replacement cost
<br />of the Property.
<br />LENDER'S EXPENDITURES. If eny ection or proceeding is commenced that would materially affect Lender's interest in
<br />the Property or if Trustor fails to comply with eny provision of this Deed of Trust or any Related Documents, including
<br />but not limited to Trustor's failure to discharge or pay when due any amounts Trustor is required to discherge or pay
<br />under this Deed of Trust or any Related Documents, Lender on Trustor's behalf may (but shall not be obligated to) take
<br />any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security
<br />interests, encumbrences and other clair�s, at any time levied or placed on the Property and payirlg ell costs for insuring,
<br />mainteining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will the�1
<br />bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repeyment by
<br />Trustor. All such expenses will become a part af the Indebtedness end, at Lender's option, will (A) be payable on
<br />demand; (B) be added to the balance of the Note and be epportioned art�ong end be payable with any installment
<br />payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of
<br />the Note; or (C) be treated as a balloon peyment which will be due end peyable et the Note's maturity. The Deed of
<br />Trust also will secure payment of these amounts. Such right shall be in eddition to all other rights arld remedies to
<br />which Lender may be entitled upon Default.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownersliip of the Property are a part of this Deed
<br />of Trust:
<br />Title. Trustor warrents that: (a) Trustor holds good and marketeble title of record to the Property in fee simple,
<br />free and clear of all liens and encumbrences other than those set forth in the Resl Property description or in eny
<br />title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection
<br />with this Deed of Trust, and (b) Trustor has the full right, power, and authority to execute and deliver this Deed of
<br />Trust to Lender.
<br />Defense of Title. Subject to the exception in the peragraph above, Trustor warrants,and will forever defend the
<br />title to the Property against tfie lawful claims of all persons. In the event any action or proceeding is commenced
<br />that questions Trustor's title or the interest of Trustee or Lender under this Deed of Trust, Trustor shall defend the
<br />action at Trustor's expense. Trustor may be the nominal party in such proceeding, but Lender shall be entitled to
<br />participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br />Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender mey request from time to time
<br />to permit such participation.
<br />Compliance With Laws. Trustor warrants that the Property and Trustor's use of tY�e Property complies witN all
<br />existing applicable laws, ordinances, and regulations of goverrtmental authorities.
<br />Survival of Representattons artd Warranties. All representations, werranties, end agreementa made by Trustor in
<br />this Deed of Trust shall survive the execution and detivery of this Deed of Trust, shall be continuing in nature, and
<br />shall remain in full force and effect until such titne es Trustor's Indebtedness shall be paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Tr+�st:
<br />Proceedings. If eny proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and
<br />Trustor shall promptly take such steps as may be necessary to defend the action end obtain the award. Trustor
<br />mey be the nominal party in such proceedirtg, but Lender shall be entitled to particfpate in the proceeding end to be
<br />represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to
<br />Lender such instrumerlts and docume�tation as may be requested by Lender from time to time to permit such
<br />participation.
<br />Application of Net Proceeds. If all or any part of the Property is condefnned by eminent dorriain proceedings or by
<br />any proceeding or purchase in lieu of condemnetion, Lender may et its election require that all or any portion of the
<br />net proceeds of the award be applied to the Indebtedness or tHe repair or restoration of the Property. The net
<br />proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees
<br />incurred by Trustee or Lender in connection with tile condemnation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions releting
<br />to governmantal taxes, fees and charges are e part of this Deed of Trust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to
<br />this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lender's lien on
<br />the Real Property. Trustor shall reimburse Lender for all taxes, es described below, together with all expenses
<br />
|