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201209196
<br /> DEED OF TRIJS"!"
<br /> Loan No: '10004288 (Gontinued) Page 3
<br /> coverages will not be cancelled or diminished without at least ten (1O) days prior writfen notice to Lender. Each
<br /> insurance policy also shall include an endorsement providing that caverage,in favor ofi,Lender will not„be impaired
<br /> in any way by any.act,omission"or default of Tr'ustor at any othe� per5on: Shauld the Real Prap`erty 6elocated`in
<br /> an acea;�designated by fhe Director of�he.Federaf 5mergency Management Agency as a special'flood hazard area,
<br /> Trustar agrees to obtain anci maintain Federai Flood Insurance, if available, fior the full unpaid prineipal balance o#
<br /> the loan and any prior liens on the properiy securing the loan, up tq 2h� maximum_policy limits set,under tfte
<br /> Nation3l Flood'i`n§urance'Program; or as otherwise requireti by Lender, and;fo rriaintain such insutance fot the term
<br /> ofi the loan_ '
<br /> Applicatron of Proceeds,. Trustor shall promptly notify Lender of any los5 or damage to the Property. Lender may
<br /> make proofi af loss if Trustor fails to do.so wifihin fifteen (1 5) days of the casuaity., Whether or not Lender's
<br /> secunty is iinpaired, Lerscler'may,'at Lender's el�ctio�, receive ar`nd.retain the proceeds ofi any insurance antl appfy
<br /> the proce�ds [o the reductioh of,the lndetitedness,,payment af any lien afifecting the Property,r,or th�,restorati�n
<br /> and r�paii'di the`Prop`erfy." Ifi Le'nder elecis to apply the proceeds to restoration and repair, TruStor shall r�pair or
<br /> replace the� damaged or destro'yed Improvernents in a manner satisfactory to Lehder: Lender shall, upon
<br /> satisfactary proaf of such expendittire> pay:ot reimburse TrusYor from 'the•proceeds tor 2he reasonable cost:of
<br /> repair or restoration:if.7[irstor is not irt'default u�der this Deed'of TrusY.' qny proeeeds which hav� noY been
<br /> disbursed vuithi`m 180 days after,their receipt antJ which Lender Firas not;,c'ommftted to the repair-6r�restoration ofi
<br /> the.Property shall be used first.to pay any amount owing to Lerieler underFthis Deed of7rust;tN`en Yo'pay accrued
<br /> intere"st,�:�and the��rem�inder��,if�any,.shalf����be�'applied-to"Yh�e princig�al�ba�ance of the I�d'ebtednes5`;'.`�Ifi Lender holds
<br /> any proceecis after payment in full of the indebtedness, such proceeds shall be paid to T�ustor as 'Trustor's
<br /> �nte�ests'may appear. ,., ,
<br /> LENDEF['S EJCP�NDITURES. If*Trustor fails` (A) tio keep the Projperty free o'F all taxes,;Iiens, SeBurity interests';
<br /> encumbrances, and otPrar claims, �(B) ;#o provide any required insurance on fhe,Pro{ierty, or,.(G) to make repairs to:the
<br /> Property Yhen Lentler-may'do so: If�any Sction�or proceeding is commenced that would maferi811y affeEt Lender's
<br /> interests in the Property, tiien Lender an Trustor`s„behalf may, but.is not required,to, fake any action thst Lendet
<br /> believes to be approp�iate to �5rbteat Lender's"inrerests, All,eXpenses:incurred'or paid,by Lender for such purposes will
<br /> then bear interest°af tfie r`ate charged under tFie Note firom the`da`t� incurred or paid by LendeY to'the tlate of repayment
<br /> by Trustor. �AII such expeNses will b�com� arpart oi ihe Ind'ebtedness and, at Lender`s,option, wiil (A) be payable on
<br /> demand; (6); be addad Yo�the;balance of:tMe Note and be'apportianed among and'be payable with'�ny installment
<br /> paymen�s tg.becorr5e due duCing',either ('I). the term-�of any applicable•insuran�e p6licy; Or F�) the remaining>term of
<br /> the Note; or (C) be treated as a balloon payment which wili be due and paya6fe a"t the Note"s maturity. The Deeci ofi
<br /> Trust�also wiLf secure;,�payment of ttiese amounts. The rights.provided for,in�this para9raph shall be in addition tp.aln.y
<br /> other"rights or any remedies to"whicfi Lender msy be entStled on accdunt ofi any defiault. Any,such:action.by Lender
<br /> shall not be construec3,as auYing'the defaUlt so,as to bar Lender;from any remedy that.iY otherWiss would ha�e had. ..:
<br /> WARRANTY;-DEEEIVSE OF TI`fLE: The following provisions�relating to'nwnership o�'the Pro`�Se�ty are a'part of this Deed
<br /> � of Trust: � � � � � � -
<br /> Title. ,Trustor�w�rranYs tha'C: (�j��-TrusYor'holds'go6d and�marke'Eable�.tifl'e=of record Yo the Pr'op8tty in fee simple; �
<br /> firee and.clear ofi.all liens and erle4mbrances other than thbse seY fiorth in the Real Property description or in any
<br /> title�insurance policy, title reporf, or�inaC title opinion issued in favor of;�and accepted,�by, Lender (n eqonnection
<br /> witFs�this'�D�ed of�Trust;and .(6)�Trustor has�tNe�full Yight, power�.'�and��authority t�execute�ana deliver this Deed�ofi
<br /> Trus�.to'-Lender. . :. ,. ;. . , ,
<br /> De#ense���bf Title:�. Subjec'[to the exception in the parag�aph above, Trustor warranfs and will forev�r defend the.
<br /> title to the Property against the-lawful claims of all p�rsorss. Iri"the evenr any action o'r proceeding is commenced
<br /> that questiort5 Trustor's Yitle or the interest of Tfustee or Lender under thisDeed of Trust,T't�stor shall defieno t15e
<br /> ac4ion at Trustor`a expense. Trustor may be the nominal'party,iui such praceeding, but LendeX,shaii be:entitleci;to
<br /> :parfecipa�e in tfie proceeding and to be �e�aresenYecr fn'tihe proceeding 5y courise! of Lender°s awn �hofca, and
<br /> Trustor vvill deiiver, or cau'se to..Fie delivered, 26"Lender sucFt insYrumenis as Lender may r'equest from time to time
<br /> . :,to permiTsuch participatidri. '�.-� •. . . ��:: ,. .�.�..:. .� � ; . ..� . . �.r�. � .. .
<br /> 'Compliance,;WifFi�Laws.'��,Trus�to��warrants tllat the Properfy and�Trusfor's use of�the Rroperty.complieS-��with all
<br /> �existing�applica6le'laws,:'ordinances; and��Cegeilations of governmental autharities_�,�: , - .. .��. �
<br /> . ` � Survival�;of Promises. All promises, agreements, and� statements Trustor has made in this Deed of Trust shall
<br /> . Suroive iF�e ezecution and,deliver;y of this,.Deed.of Trust„shall be continuing in;nature and,shal! remain in�full force �
<br /> antl afifect until siach time as Borrower�s IndebtedneSs is paitl in`fult_
<br /> CONDEMNATION_ The fioflowing provisions relaYing��:to candemnation-proceedings are'a part,of`�this Deed ofi�Trust ��
<br /> Proceedings. lfi��arrty proceeding�in condemnation is filed, Trustot shall promptly notify Lender in writing, and
<br /> TrusEo'r'shall proinptly,ta[ce sucklsteps as irtray be neCessary to defend the action and obtain the award. TrusYor
<br /> may be�.the nomin'aI party in sucli�proceeding, bu€.�Lender�shall'be-etitiCled�-to�pertiicipate"in-.�the�proc�ed7ng��and td�be
<br /> represented im,tiia pr.oseeding��by counsel ofi its'�owrt:C�hili�e, ati�d.Trustor wiii deliGer or'-ca`vse`��Ya be delive�^ed����io '
<br /> Lender such insirumenfs and documentation as may be FeqLBst�d by Lender'from �irrme to time to 'permit such
<br /> participa2ion. � _:., .
<br /> . Appticafiori of Net Proceads_ If all�or any part bf�Yhe,Property is Condemned by'eminent.dorrlain phoceedings or.by
<br /> any proeeeding,ot purchase in lieu of condemr5ation, Lender may at its elecYion.require ttsat�If or::any por'kion of,the
<br /> net proceeds af the award be,applied to'the.lndetitedness or tkie repair.,or resforafion of ihe P�operty. The net
<br /> proceeds 6�ftie award shall mean the award after payme�t_of a31 reasonable co5ts,,expenses, and 3ttorneys' fees
<br /> incurred'b Trus,fee or L�nder in connection wiih the 6onde('i'ination.. ., „ ,
<br /> Y .. ..: ,
<br /> IMPOSITIDN:OF TA
<br /> XES, FEES AIVD CHARGES BY GOVERNMENTAL AUTHORITIES.� The follow�ng provisions relatirig
<br /> rid charges are a part ofi tliis Deed of Trust ;,,, ;. , ,
<br /> to"gov,ernmerital taxes,-Fees a' :
<br /> 'Current Taxes. �e� and Charges. Upon request by Lender, Trustor strall axecute such documents in addition to
<br /> � th�s'CJeed of Trust and take whatever other action is'requested by Lender to perfiecY and.continue L,ender'.s lien�on �
<br /> the Real"Properfy. Trustor sfiall reimburse Lend�k fior all �Yaxes;,as dQscYibed helow, together vvitia all expenses
<br /> inqurred'��in recoeding, perfecting or continuing-�this' Deed ofi Trust, �incfuding,without limitatian all taxes, fiees,:
<br /> documentary stamps,and oihe�:charges for recording'or registering this Deed of Trust_
<br /> Taxes: �T}ie iofiowing�shall constitute taices tb;WtSich this secfoon ap7.�lies: (7 j..�,a.specific tax upon this type of �
<br /> . Deed of.'Trust or upon all or ariy-part of'.the, IndebYedness s�cuPed by�his Deed of.Tru§t; (2) ,�.a specifio tax on
<br /> BorrovrFer which Borroiiver is,authorized ar required to deduct from,payments orr;the,Indebtedness secuced by,tFris
<br /> type of Deed of T`rusr;, {�)„a taxon this',type of Deed of Trust�hargeable.against the;Lender or the ho(der.af the
<br /> Note; and (4) :a specific"'tax ofi�al7 or�,any.porfion of`the lndeb'fednesS;or on�payment5�of prineipal and ir�tereSt
<br /> made by 8orrower. - , 4. , .
<br /> Subsequent�Taxes. ifi ariy taz-rQ whieh this secfion applies�is-enacted sutisequenT to;iF�e c�ate of�th`is Deetl'of
<br /> Trust, this eve,nt sFrall heve,tlie same effect as an E"vent ofi Default; and Lender may exercise any or all of lts
<br /> available remedies iror�an EvenY.of Defiault as.provided:below,.r�nless.,Trus'tor either,..(1) pays-the-tax�befiore.it
<br /> � iSecomes clelintjuent, or '.�{2�' contests the tax as:provided above:�in the Tsxes arid Liens.seotion:and deposits wjth
<br /> Cender'cash or�a s�fficient corporate Surety 6ond�or other security satisfactory to�Lender. - �. � � �
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