|
201209915
<br /> DEED OF TRUST
<br /> Loan No: 173051732 (Continued' Page 3
<br /> Trust.
<br /> Maintenance of Insurance. Trustor shalf procure and maintain policies of fire insur2nce with standard extended
<br /> coverage endorsements on a reolacement basis for the fi;lf insurable value covering all Improvements on the Real
<br /> Property in an amount sufficient to avoid application of any coinsurance cfause, and �.vith a stardard mortgagee
<br /> ciause in favor of Lender,.together with such other hazard and liability insurance as Le�der may reasona6ly require.
<br /> Policies shall be written in iorm,amounts, wverages and basis reasonably acceptz�ble to Lender and issued by a
<br /> company or companies reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver�o Lender
<br /> From time to time the palicies or certificates of insurance in form satisfiactory to Lender,including stipulations that
<br /> coverages will not be cancelled or diminished without at least ten (10} days prior writien notice to Lender. Each
<br /> insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired
<br /> in any way by any act,omission or defauk of Trustor or any other person. Should the Real Properfij pe located in
<br /> an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area,
<br /> Trustor agrees to obtain and maintain F�deral Flood Insurance,if available,for the full unpaid principal balance of
<br /> the Ioan and any prior liens on the property securing the loan, up to the maximum policy limits set under the
<br /> National Flood Insurance Program,or as otherwise required by Le�der,and to maintain such insurance for Yhe term
<br /> of the loan.
<br /> Application af Proceeds. Trustor shalf promptly notify Lender of any loss or damage-to Yhe Property. Lendet may
<br /> make proof of loss if rrustor fails to do so within tifteen (15) days of the casualty. Whether or not Lender's
<br /> securlty is impaired, Lender may,at Lender's election,receive and retain the procaeds of any insurance and apply
<br /> the proceeds io the reducCion of the Indebtedness, payment of a�y�lien affecting the Property, or the restoration
<br /> and repair of the Property. If Lender elects Yo apply the proceeds to restoration and repair,Trustor shail repair or
<br /> replace 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 defauli 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 shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued
<br /> interest,and the remainder, if any,shall 6e applied to ihe principal balance of the lndebtedness. If Lender holds
<br /> any proceeds aftPr payment in full of the Indebtedness, such procecds shall be paid to Trustor as Trustor's
<br /> interests may appear,
<br /> LENDEft'S EXPENDITURES. If Trustor fails (qJ te keep the Property free of all taxes, iiens, securiiy interests,
<br /> encumbrances,and otfi.er daims, (B) to provide any required insurance on the Property,or (C) to mal<e repairs to the
<br /> Property ihen Lender may do so. !f any action or aroceeding is commenced that would materially affect Lznder's
<br /> interests in the Properiy� then Lender on Trustor's behalf may, but is not required to, take any action that Lender
<br /> believes to be appropriate to protect Lender's interests. All expenses incurred or paid by LendOr for such purposes wi0
<br /> then bear interest at the rate charged underthe Note from the date incurred or paid by Lender to the date of repayment
<br /> by Trustor. All such expenses will become a part of rhe Indebtedness and,at Lender's option,will (A) be paya6le on
<br /> demand; (B) be added to the balance of the Note and be apportioned among and be payable vvith 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 payment which will be due and payable at the Note's maturity. The Deed of
<br /> Trust also will secure payment of these amounts. The rights provided for in this 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 aciion by Lender
<br /> shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise woufd have had.
<br /> WARRANTY;P,EFENSE OF TITLE. The iollowing pravisions relating to ownership of the Property are a part of this Deed
<br /> of?rust:
<br /> Title. Trustor vJarrants that: (a}Trustor holds good and markeiable title of record to the Properly in fee simple,
<br /> free and clear of all liens and encumbrances other than tihose set forth in the Real Properxy descripcion or in any
<br /> tit!e insurance po�icy, title report, or final title opinion issued in favor of, and accepted by, Lender in connecTion
<br /> with this Deed of Trust,and (6)Trustor has the full righ#,power,and authority to execute and deliver this DeeB of
<br /> Trust to Lender.
<br /> Defense of Title. Subject to the exception in the paragraph above,Trustor warrants and will forever 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 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 sfiall be entitled to
<br /> parFicipate in the proceeding and io 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 may request from time io time
<br /> to permif such oarticipation.
<br /> Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with all
<br /> existing applicable faws,ordinances,and regufations of govemmental authonties.
<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 nature and shall remain in full force
<br /> and effect until such time as Trustor's Inde6tedness is paid in full.
<br /> COfVDEMNATION. The iollowing provisions relating to condemnation proceedinys are a part of this Deed of Trust:
<br /> Proceedings. If any proceeding in condemnation is filed, Trustor shall prompYly 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,6ut Lender shall be entitled to participate in the proceeding and i:o be
<br /> represented in tne proceeding by counsel of its own choice, and Trustor will tlelive.�or cause to be delivered to
<br /> Lender such instruments and documentation as may be requested by Lender from time to time to pennit such
<br /> participation. �
<br /> Application of Net Proceeds. If all or any part of the 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 of the award be applied to the indebtedness or#he repair or restoratior �f the Property. The net
<br /> proceeds of the award shall mean the award after payment ofi all reasonable costs,expenses,and attomeys'fees
<br /> incurred by Ttustee or Lender in connection with the condemnation.
<br /> IMPOSITfON OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating
<br /> to governmental taxes,fees and charges are a part ot this Dezd of Trust:
<br /> Current Taxes, Fees and Charges. Upon request by Lender,Trustor shall execute such documents in addition io
<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, as described below, togeiher with all expenses
<br /> incurred in recording, perfecting or continuing this Deed of Trust, including without limitation all taxes, fees,
<br /> documentary stamps,and other cfiarges for recording or registering[his Deed of Trust.
<br /> Taxes. The following shall constitute taxes to which this section applies: (1} a specific tax upon this type of
<br /> Deed of Trust or upon all or any part of the Indebtedness secured by this Deed.of Trust; (2) a specific tax on
<br /> Trustor which Trustor is authorized or requireci to deduct from payments on the indebtedness secured by this type
<br /> of Deed ot Trust; (3) a tax on this type of Deed oF Trust chargca6le against the Lender or the holder of the Noie;
<br />
|