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201210678
<br /> DEED OF TRUST
<br /> Loan No: 81001791 (COt7tI11Ued) Page 3
<br /> Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee
<br /> clause in fiavor of Lender. Trustor shall also procure and maintain comprehensive general liability insurance in such
<br /> coverage amounts as Lender may request with Trustee and Lender being named as additional insureds in such
<br /> liability insurance policies. AdditionalLy, Trustor shall maintain such other insurance, including but not limited to
<br /> hazard, business interruption, and boiler insurance, as Lender may reasonably require. Policies sha:ll be written in
<br /> fiorm, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies
<br /> reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver io Lender from time to time the
<br /> policies or certificates of insurance in form satisfactory to Lender, including stipulaYions that coverages will not be
<br /> cancelled or diminished without at least ten (1 O) days prior written notice to Lender. Each insurance policy also
<br /> shall include an endorsement providfng that coverage in favor of Lender will not be impaired in any way by any act,
<br /> omission or default of Trustor or any other person. Should the Real Property be located in an area designated by
<br /> the Director of the Federal Emergency Management Agency as a special flood hazard area, Trustor agrees to obtain
<br /> and maintain Federal Flood Insurance, if available, for the fiull unpaid principal balance of the loan and any prior
<br /> liens on tne property securing the loan, up to the mvcimum policy limits set under the National Flood Insurance
<br /> Program,or as otherwise required by Lender, arid to maintain such insurance for the term of the loan.
<br /> Application of Proceeds. Trustor shall promptfy notify Lender of any loss or damage to 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 apply
<br /> the proceeds to the reduction of the Indebtedness, payment of any lien afifecting the Property, or the restoration
<br /> and repair of the Property. If Lender elects to apply the 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 witnin 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br /> the Property snall 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 be applied to the principal balance of the Indebtedness. If Lender holds
<br /> any proceeds after payment in full of the Indebtedness, such prnceeds shall be paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Trustor's Report on Insurance_ Upon request of Lender, however not more than once a year, Trustor shall furnish
<br /> to Lender a report on each existing policy of insurance showing: (1) the name ofi the insurer (2) the risks
<br /> insured; (3) the amount of the policy; (4) the property insured, the then current replacement value of such
<br /> property, and the manner of determining that value; and (5) tne expiration date of the policy. Trustor shall, upon
<br /> request of Lender, have an independent appraiser satisfactory#o Lender determine the cash value replacement cost
<br /> ofi the Property.
<br /> LENDER'S EXPENDITURES. If any action or proceeding is commenced th�at would materiaily affect Lender's interest in
<br /> the Property or if Trustor fails to comply with any provision of 2his Deed ofi Trust or any Related Documents, induding
<br /> but not li�mited to Trustor's fiai�lure to discharge or pay when due any amounts Trustor is required to discnarge or pay
<br /> under this Deed of Trust or any Related Documents, Lender on Trustor's behalf may (but snall not be obligated to) iake
<br /> � any action that Lender deems appropriate, including but not limited to discharging or payi.ng all taxes, liens, security
<br /> interests, encumbrances and other elaims, at any time levied or placed on the Property and paying all costs for insuring,
<br /> maintaining and preserving the Property. All such expenditures incurred or paid by Lender fior such purposes will then
<br /> bear interest ai 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 apportioned among and be payable with any installment
<br /> payments to become due during either (1) the term of a�ny applicable insurance policy; or (2) the remaining term of
<br /> the Note; or (G) be treated as a balloon payment which wFll be due and payable at the Note's maturity. The Deed of
<br /> Trust also will secure payment of these amounts. Such right shall 6e in addition to alI other rignts and remedies to
<br /> which Lender may be entitled upon Default.
<br /> WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed
<br /> of T�ust:
<br /> Title. Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee simple,
<br /> free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any
<br /> tiYle insurance policy, title report, or fiinal title opinion issued in favor of, and accepted by, Lender in connection
<br /> witn this Deed of Trust, and (b) Trustor has the full right, power, and authority to execute and deliver this Deed ofi
<br /> Trust to Lender.
<br /> Defiense of Title. Subject to the exception in the paragraph above, Trustor warrents and will forever defend the
<br /> title to the Property against the lawful claims of all persons_ In the event any actiort 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 shall be entitled to
<br /> participate in the p�oceeding 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 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 compli.es with all
<br /> existing applicable laws, ordinances, and regulations of governmental authorities. �
<br /> Survival of Representations and Warranties. All representations, warranties, and agreements made by Trustor in
<br /> this Deed of Trust shall survive the execution and delivery of this Deed of T�ust, shall be continuing in nature, and
<br /> shall remain in full force and effect until such time as Trustor's Indebtedness shall be paid in full.
<br /> CONDEMNATION_ The following provisions relating to condemnation proceedings are a part of this Deed of T�ust:
<br /> Proceedings_ If any proceeding in condemnation is filed, Trustor snall promptly notifiy 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 ihe nominal party i.n such proceeding, but Lender shall be entitled to participate in the proceeding and to be
<br /> represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to
<br /> Lender such insYruments and documentation as may be requested by Lender firom time to time to permit sucn
<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 Indebiedness or the repair or restoration of the Property. The net
<br /> proceeds of the award shall mean the award a'Fter payment of all reasonable costs, expenses, and attomeys' fees
<br /> incurred 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 ofi 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 Iien on
<br /> the Real Property. Trustor shall reimburse Lender fior all iaxes, as described below, Yogether with all expenses
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