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201210351
<br /> DEED OF TRUST
<br /> Loan No: 872056509 (Colltlflu0d) Page 3
<br /> in any way by any act, omission or default ofi Trustor or any other person, Should the Real Property be located in
<br /> an area designated by the Director of the Federal Emergency Management Agency as a special filood hazard area,
<br /> Trustor agrees to obtain and maintain Federal Flood Insurance, if available, fior the maximum amount of Trustor's
<br /> credit line and the full unpaid principal balance of any prior liens on the property securing the loan, up to the
<br /> maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to
<br /> maintain such insurance for the term of the loan.
<br /> Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property. Lender may
<br /> make proof of loss i# Trusior fails to do so within fifteen (7 5) 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 apply
<br /> the proceeds to the reduction of the Indebtedness, payment of any Iien affecting the Property, or the restoration
<br /> and repair of the Property. If Lender elects to apply Yhe proceeds to restoration and repair, Trustor shall 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 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 shall be used first to pay any amount owing to Lender under this Deed ofi Trust, tnen to pay accrued
<br /> interest, and the remainder, if any, shall be applied to the principal balance ofi the Indebtedness. Ifi 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 /> LENDER'S EXPENDITURES. If Trustor fails (A) to keep Yhe Property free of all taxes, liens, security interests;
<br /> encumbrances, and other claims, (B) to provide any�equired insurance 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 affect Lender's
<br /> interests in the Property, 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. AII expenses incurred or paid by Lender for such purposes will
<br /> then bear interest at the rate charged under the Credit Agreement from the date incurred or paid by Lender to the date
<br /> of repayment by Trustor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A)
<br /> be payable on demand; (B) be added to the balance of the Credit Agreement and be apportioned among and be
<br /> payable with any installment payments to become due du�ing either (1) the term of any applicable insurance policy; or
<br /> (2) the remaining term of the Credit Agreement; or (C) be treated as a balloon payment wnich will be due and payable
<br /> at the Credit AgreemenYs maturity. The Deed of Trust also will secure payment of tnese amounts. The rights provided
<br /> for in this paragraph shall be in addition to any otner rights or any remedies to which Lender may be entitled on accounT
<br /> of any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any
<br /> remedy that it otherwise would have had.
<br /> WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed
<br /> of Trusc:
<br /> Title_ Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee Simple,
<br /> firee and clear of all liens and encumbrances other than those set forth in the Real Property description or in any
<br /> title insurance policy, fitle 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 right, powe�, and authority to execute and deliver this Deed 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 ProperYy against tne 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 defiend 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 may request firom 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 all
<br /> existing applicable laws, ordinances,a.nd regulations ofi governmental authorities.
<br /> � Survival of Promises. All promises, agreements, and statements Trustor has made in this Deed of Trust shall
<br /> survive the exeauiion 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 Indebtedness is paid in full�.
<br /> CONDEMNATION_ The following provisions relating to condemnation proceedings are a part ofi this Deed of Trust:
<br /> Proceedings. If any proceeding in condemnation is fiiled, 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 shall be entitled to participate in the proceeding and to be
<br /> represented in the proceeding by counsel ofi its own choice, and Trustor will deliver or cause to be delivered to �
<br /> Lender such instruments and docume�ntation as may be requested by Lender firom tirne to time to permit such
<br /> participation.
<br /> Applicatiort 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 ihe
<br /> net proceeds of the award be applied to the Indebtedness or the repair or resioration of the Property. The net
<br /> proceeds of the award shafl mean the award after payment of all reasonable costs, expenses, and attorneys' fees
<br /> incurced by Trustee or Lender in connection with the condemnation.
<br /> IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating
<br /> to governmental taxes, fees and charges are a 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, as described below, together 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 charges for recording or registering this 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 ot Trust or upon aIl or any part of ihe Indebtedness secured by this Deed of 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 tax on this type of Deed of Trust chargeable against the Lender or the holder of the Credit
<br /> Agreement; and (4) a specific tax on all or any portion of the Indebtedness or on payments of princi.pal and
<br /> interest made by Trustor.
<br /> Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date ofi this Deed of
<br /> Trust, ihis event shall have the same effect as an Event of Default, and Lender may exercise any or all ofi its
<br /> available remedies for an Event of Default as provided below unless Trustor either (1) pays the tax before it
<br /> becomes delinquent, or (2) contests the tax as provided above in ihe Taxes and Liens section and deposits with
<br /> Lender cash or a sufiFicieM corporate surety bond or other security satisfactory to Lender.
<br /> SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a
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