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201208582
<br /> DEED OF Tl�US7'
<br /> Loan No: 'I0004131 (Contltlued) Page 3
<br /> replace the damaged or desYroyed Improvements in a manner satisfiactory to Lender. Lender shall�, upon
<br /> satisfactory oroof ol' such expenditure, pay or reimburse Tr�stor from the proeeeds for the reasonable cosi of
<br /> repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have not been
<br /> disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br /> the Property shali 6e used first to pay any amount owing to Lender unde�r this Deed of Trust, ihen to pay accrued
<br /> interest, and the remainder, if any, shall be applied to the princi.pal balance of the Indebtedness. Ifi Lender hoids
<br /> any proce.eds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as Trus2or's
<br /> interests may appear.
<br /> LENDER'S EXPENDITURES_ If Trustor feils (A) to keep ihe Property free of aU taxes, lians, security interests,
<br /> encumbtances, and other claims, (B) to provide any required insueance on the Property, or (C) to make repairs to the
<br /> Property then Lender may do so. if any action or proceeding is commenced that would materially a�fect Lender's
<br /> interests in the Property, then Lender on Trusmr's behalf may, but is not required to, ta�ke any action that Lender
<br /> believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will
<br /> then.bear interest at the rate charged under the Note from the date incurred or paid by Lender m the date of repayment
<br /> by Trustor, All such expenses will become a part ef the Indebiedness and, at �ender's option, w91! (A) be payable on
<br /> demand; (B} be added. to the [�alance of the Note and be apportioned among and be payable with any instaliment
<br /> payments to become due d�uring eiti�er (l) tne term af ary applicabie insurance poiicy, or (2) the remaining term of
<br /> the Note; or (C) be treated �s a balloon payment which wili be due and. payable at the ;vote's maiurity. The Deed of
<br /> Trust also wiil secure payment of these amounts. The rights prov�ded �or in this paragraph sf�a91 be i�n additicn ta any
<br /> other rights or any remedies to which Lender may be entitled on account of any defiault. Any such action by Lender
<br /> shall not be construed as curing the default so as to bar Lender from any remedy that it otnerwise woutd have had.
<br /> WARRANTY;DEFENSE OF TITLE_ The foliowing provisions relating to ownership of the Properiy are a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants thai: (a) Trustor� holds good and marketable tiile of record to She Property in fee simple,
<br /> free and clear of all liens and encumbrances other than those set forth in the Real Property descri�tion or in any
<br /> title insurance policy, title report, or final title opinion issued in favor of, and �ccepied by, Lender in connection
<br /> with this Deed of Trust, and�. (b) Trusto�r has the full right, power, and auth�rity to execute and�deliver this Deed of
<br /> Trust to Lender.
<br /> Defense of'Fitle. Subject to the exception in the paragraph 2bove, Trustor warrants and will forever defend the
<br /> titfe to the Property against the lawful claims of afl� peesons. In the event any aciion or proceeding is aommenced
<br /> that questions Trustor's title or the interest ot Trustee or Lender under this Deed of Trust, Trustor shali defencf the
<br /> action at Trustor's expense. Trustor may be tne nomina! party in such proceeding, but Lender shall be entifled to
<br /> participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br /> Trustor wili deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time
<br /> to permit such participation. �
<br /> Gompliance Wit➢� Laws_ Trustor warrants that the Pro�perty and Trustior's use ofi the Property complies with all
<br /> existing applicabie laws, ordinances, and regulations of governmental au'thorities.
<br /> Survival of Promises. All. promises, agreements, and statements Trustor has made in this Deed of Trust shall
<br /> survive the execution and delivery of this Deed of Trust, shall be continuing in naYure and sha.11 remain in full fiorce
<br /> and effect until such time as Trustor's Indebtedness is pai�d in full.
<br /> CONDEMNATION_ The fopewing provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br /> Proceedings. If any proceeding ir� 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 and obtain the award.. Trustor
<br /> may be the nominal party in such proceeding, but Lender shail be entitled Yo participate in the proceedi�ng and to be
<br /> � represented in the pro�ceeding by counsel of its own cho�ice, and Trustor wili deliver or cause to be d�elivered to
<br /> Lender such instruments and documentation as may be requested by Lender from time to time to permit such
<br /> participa'tion. �
<br /> Applieation of Net Proceeds. If all or any part of ihe Property is condemned by eminent domain proceedings or by
<br /> any proceeding or purchase in lieu of condemnation, Lender may at its election require that all or any portion of the
<br /> net proceeds ofi 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 atl reasona�ble costs, expenses, and attorneys' fiees
<br /> incurred by Trustee or Lender in connection with the condemnation.
<br /> IMPOSITION QF TAXES, FEES AND CHARGES BY GO`VERNMENTAL AUTFiORITiES. "rhe following provisions relaCing
<br /> to govemmer2tai iaxes, fees and cha�ges are a part of this Deeci of Trusi-:
<br /> Current Taxes, Fees and Gharges. lJpon request by Lender, Trustor shall execute sucfh documents in addition to
<br /> this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lende�'s lien on
<br /> the Rea! Properry. Trustor shall reimburse Lender Yor all taxes, as described below, together with a�l expenses
<br /> i.ncu�rred in recording, perfecting or continuing this Deed of Trust, including witnout limitation all taxes, fees,
<br /> documentary stamps, and other ch8rges for recording or regisYering this Deed of Trust.
<br /> Taxes. The following shall constitute taxes to which this section applies: (1) a specifiic tax upon this type of
<br /> Deed of Trust or upon all or any part of the Indebtedness secured by this Deed ofi Trust; (2) a specific tax on
<br /> Trustor which Trustor is authorized or required to deduct from payments on the Indebtedness secured by this type
<br /> of Deed of Trust; (3) a iax on this type of Deed ofi Trust chargeable against the Lender or the hold�er of the Note;
<br /> anc! i4) a sPecifi�c tax on ail or any portion of ti�e indebtedness or on �iayments ofi principal and interest made by
<br /> Trustor.
<br /> Su6sequent Taxes. if ar.y tax to which this sectio� applies is enacced subsequent to tne date of this Deed of
<br /> Trust, this event shail nave tha same efifecY as an Event o# DefaulY, and Lender may exercise any or ai9 of its
<br /> availa�bie remedies for an Event of De#ault as provided below t�nVess Trustor either ("I) pays the tax 6efiore it
<br /> becomes delinqueni, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with
<br /> Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
<br /> SECURITY AGREEMEIVT; FINANCING STATEMENTS_ The following provisions relati.ng to this Deed of Trust as a
<br /> security agreement are a part of this Deed of Trust:
<br /> Security Agreement This instrumeM shall constitute a Security Agreement to the exYent any ofi the Properiy
<br /> constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code
<br /> as amended from time to time. �
<br /> Security Interest. Upon request by Lender, Trustor shail take whatever action is requested by Lender to perfect
<br /> and continue Lender's security interesY in the Personal Property. In atldition t� recording tnis Deed ofi TrusY in Yhe
<br /> reai property records, Lender may, at any time and witho�t further authorization frorn Trustor, file executed
<br /> counterparts, copies ar reproductions of this Dsed of Trust as a fiinancing statement. i�rustor si�all reimburse
<br /> Lender for ail expenses incurred in perfecting or continuing this security interest. LJpon defiault, Trustor shail no?
<br /> remove, sever or detacF� the Persona7 Property from the Property. Upon defiault, Trustor shall assemble 'any
<br /> Persanai ProperLy not afi(ixed to the Property in a rnanner and at a piace reasonably convenient to� Trustar and
<br /> Lender and mal<e it available to Lender within. three (31 days after receipt ofi written d�emand from. Lender to the
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