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. 201209429
<br /> DEED OF TRIJST
<br /> Loan IVo: 10004528 (Continued) Page 3
<br /> insurance poficy also shall include an endorsement providing that coveraae in favor of Lender will not 6e impaired
<br /> in any way by any act,omission or defauit of Trustor or any other person�. Shoutd the Real Property 6e located in
<br /> an area desigrated by the Director of�he Federal Emergency Managemer;t Agency as a special flood hazard area,
<br /> Trustor agrees to obtain and maintain Federal Rood Insarance,if available,for#he fulf unpaid principal balance of
<br /> the ban and any prior liens on the property securing the loan, up to the maximum policy limits set under ihe
<br /> National F{ood Insurence Program,or as otherwise required by Lender,and to maintatr.such insurance for the term
<br /> of the loan.
<br /> Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage m the Property. Lender may
<br /> make proof of loss if Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's
<br /> security is impaired,Lender may,at Lender's election,receive and retain the proceeds of any insurance and appiy
<br /> the proceeds to the reduction of the Inde6tedness,payment of any lien affecting the Property,or the restoration
<br /> and repair of the Property. If Lender elects fo apply the proceeds to restoration and repair,Trustor shall repair or
<br /> repface the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br /> satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of
<br /> � repair or restoration if Trustor is not in defautt under this Deed of Trust. Any proceeds wnicn have not been
<br /> disbursed within 180 days after their receipt and which Lender Fas not eommitted to the repair or restoration o�f
<br /> tfie Property shall be used iirst.o pay any amount owing to Lender under,this Deed of Trust,then to pay accrued
<br /> interest,and the remainder,if any,shall be applied to the principai balance of the lndebtedness. If Lender holds
<br /> any proceeds afier payment in full oi tfie Indebtedness, such proceeds shafl be paid to Trustor as Trustor's
<br /> inierests may appear. �
<br /> Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is
<br /> in effect, compliance with the insurance provisions contained in the instrument evidencing such Existing
<br /> Indebtedness shall constitute compliance with the insurance provisions under this Deed of Trust, to the extent
<br /> compliance with the terms of this Deed of Trust would constitute a dupiication of insurance requirement. If any
<br /> proceeds from the insurance become payable on.bss,the provisions in th��.is Deed of Trust foe division of proceeds
<br /> shap apply only to that portion of the proceeds not payable to the holder of the Fxisting Indebtedness.
<br /> LENDER'S IXPENDITURES. If Trustor faiis (A) to keep the Property free of all taxes, liens, security interests,
<br /> eocumbrances, and other claims, (B) to provide anv required insurance on tlie Property, (Ci to make repairs to the
<br /> Property or to comply with any obligation to maintain F�cisting Indebtedness in good standing as required below,then
<br /> Lender may do so. If any action or proceeding is commenced that would materially affect Lender's interests in the
<br /> Properry, then Lender on Trustor's behalf may, but is not req��ired to, take any action that Lender 6elieves to be
<br /> appropriate to protect Lender's interesTs. AIl expenses incu:red or paid by Lender for such purposes will then bear
<br /> 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 will become a part of the Indebtedness and, at Lender's option, will (A) be payable on
<br /> demand; (B) be added to the balance of the Note and be appartioned among and be payable with any instaliment
<br /> payments to become due during either (1) the term of any applica6le insuYance policy;or (2) the remaining term of
<br /> the Note;or (C) be treated as a balloon payment which will be due and paya'ble at the Note's maturity. The Deed of
<br /> Trust also will secure payment of these amounts. The rights provided for in Yhis paragraph shall be in addition to any
<br /> other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender
<br /> shafl not be construed as curing the defauit so as to bar Le�der from any remedy that it otherwise would have had.
<br /> WARRANTY;DEFENSE OF TITLE. The foilowing provisions relating to ownership of the Property are a part of this Deed
<br /> of Trust: ��
<br /> Title. Trustor warrants that: (a)Trustor holds good and marketable title'of record m the Properiy in fee simple,
<br /> free and dear of alf fiens and encumbrances other than thase sei forth in the Real Prooerty description or in the
<br /> Existing Indebtedness section below or in any title insurance policy,tiUe report,or final title opinion issued in favor
<br /> of,and accepted by, Lender in connection with this Deed of Trust,and (b)Trustor has the full right, power,and
<br /> authority to execute and deliver this Deed of Trust to Lender.
<br /> Defense of Title. Subject to ihe exception in the���paragraph above,Trustor warrants and willforever defend the
<br /> title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced
<br /> that questions Truscor's title or the interest of Trustee or Lender under this Deed of Trust,Trustoe shall defentl�the
<br /> action at Trustor's expense. Trustor may be the nominal party in such proceeding,but Lender shall be e�titled Yo
<br /> participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br /> Trustor wili tleliver;or cause to be delivered,to Lender such instruments as Lender may request from time to time
<br /> to permit such participation. �
<br /> Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with ali
<br /> existing appli�cable iaws,ordinances,and regulaiions of govemmental authorities.
<br /> Survival of Promises. All promises; agreements, and s.atements Trustor has made in this Deed of Trusi shall
<br /> survive the execution and delivery of this Deed of Trust,shall be continuing in�nature and shall remain in full force
<br /> and effect unYil such time as Borrower's Indeotedness is paid in full.
<br /> EXISTING INDEBTEDNESS. The following provisions conceming Existing Indebtedness are a part of this Deed of Trust• �
<br /> F�cisting Lien. The lien of this �eed of Trust securing the Indebtedness may be secondary and inferior to an
<br /> existing lien. Trustor expressly covenants and agrees to pay,or see to the payment of,the Existing IndebYedness
<br /> and to prevent any default on such indebtedness;any defa.ult under the instruments evidencing such indebtedness,
<br /> or anv default under any security documents for such inde6tedness. '
<br /> No Modification. Trustor shall not enter into any agreement with the holder of any mortgage, deed of trust, or
<br /> oiher security agreement which has priority over this Deed of Trust by which tfiat agreement is modified,
<br /> amentled, extended,. or renewed without the prior written consent of Lender, Trusmr shail neither request nor
<br /> accept any future advances under any such security agreenent without th'e prior written consent of Lender.
<br /> CONDEMNATION. The following provisions relati.ng to condemnaTion proceedings are a part of this Deed of Trusi:
<br /> Proceedings. If any proceeding in condemnation is filed, Trusfor shall promptly notify Lentler in writing, and
<br /> Trustor shall promptly take such steps as may 6e necessary to defend the action and obtain the award. Trustor
<br /> may be the nominal party in such proceeding,but Lender shall be entitled to participate in the proceeding and to be
<br /> represented in the proceeding by counset of its own choice, and Trustor will deliver or cause to be delivered to
<br /> Lender such instruments and documentation as may be requested by Lender from time to time to permit such
<br /> participation.
<br /> Application of Net Proceeds. lf all or any part of the Property iS condemned by eminent domain proceedings or by
<br /> any proceeding or purchase in lieu of condemnatinn,Lender may at its election require that all or any portion of the
<br /> net proceeds of the award be applied tc the tndebtedness or the repair or restoration of the Pr�perty. The net
<br /> proceeds of tne awarci shail mean the award aiter payment of all reasonable costs,expenses,and attorneys'fees
<br /> incurred by Trustee or Lender in connection with the condemnation.
<br /> fMPOSITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating
<br /> to governmenta[taxes,fees and charges are a part of this Deed of Trustr �
<br /> Currerrt Ta�ces,Fees and Charges. Upon request by Lender,Trustor shall execute such documents in addition to
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