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201400238
<br /> DEED OF TRUST
<br /> Loan No: 810Q4638 (Confiinued] Page 3
<br /> ser�ices are furnished, or any materials are supplied to the Property, if any mechanic's Iien, materialmen's [ien, or
<br /> other lien could be assarted on account of the wor[c, services, or materiafs. Trustor wili upon request of Lender
<br /> furnisf� to Lender advance assurances satisfactory ta Lender that Trustor can and will pay the cost of such
<br /> improverrtents.
<br /> PROPERTY DAMAGE [l1[SUfiANCE. Tha following provisions relating to insuring the Proper€y are a part of this Deeci of
<br /> Trust.
<br /> Maintenance of Insurance. 7rustor sh�fl procure and rnaintain poEicies of firs ir�surance with standard extended
<br /> coverage endorsements on a replacement basis for the ful] insurabEe �alue co�ering all [mprovements or� the Real
<br /> Property in an amount su#ficient to avoid application of any coinsurance clause, and with a standard mortgagee
<br /> clause in favor of Lender. Trustor shall also procure and maintain comprehensive general liabi[ity insurance in such
<br /> coverage amounts as �ender may request with Trustee and Lender being named as additional irtsureds in such
<br /> 19a6i[iTy insurance policies. Additionalfy, Trustor shal[ maintain such other insurance, including b�t not limited to
<br /> hazard, business interruption, and boi[er inse�rance, as Lender may reasonably require. PoGcies shaA be written in
<br /> forrrt, amaunts, coverages and basis reasonably acceptable to Lender anc[ issued by a eampany or companies
<br /> reasonably acceptable to Lender. Trustor, s�pon request of Lender, wil] deliver to Lender from '�ime to time the
<br /> policies or certificates of insurance i� form satisfactory to Lender, includirtg stipulaEions that coverages witl not be
<br /> canceEled or dirizinished without at ]east ten {14) days prior written notice to Lender. Each insurance policy also
<br /> shall inc[ude an endorsement providing that coverage in favor of Lender wi][ not 6e impaired in any way by any act,
<br /> omission or default of Trustor or any other person. Should the Rea[ Property be located in an area designa#ed by
<br /> the Director of tf�e Federal Emergency Managetnent Agency as a speciaf flood hazard area, Trustor agrees to obtain
<br /> and maintain Federal Fload Insurance, if available, for the fu[I unpaid principal halance of the ]oan and any prior
<br /> liens on the property securing The loan, up to the maxirrtum policy limits set under tE�e National Fioad Insurance
<br /> Program, ar as otherwise required by Lender, and ta maintain such insurance for the Terrr�of the loan.
<br /> Application of Proceeds. Trustor sha[I prompfly notify Lender of any loss or damage to the Property. E.ender may
<br /> make proof of loss if Trustor fails to do so within fifteen {151 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 Indeb#edness, payment of any lien affecting the Property, or the restorat9on
<br /> and repair of the Property. ff Lender elects to apply the praceeds 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 suc[� expenditure, pay or reimburse Trustor from the proceeds for the reasonab[e cost of
<br /> repair or restoration if Trustor is not in de€ault under this Deed of Trust. Any proceeds which have not been
<br /> disbursed within '[80 days after their receipt and which Lender has nat committed to the repair or restoration of
<br /> the Property shafl be used first to pay any amount owing to Lender under this Deed of Trust, then to pay accrued
<br /> interest, and the rema'snder, if any, shal] be applied to the principal balance of the lndebtedness. If Lender holds
<br /> any proceeds after payment in fu[I of the IndebEedness, such proceeds sha11 6e paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Tr�stor's Fteport on Insurance. llpon request of Lender, howe�er not mare than once a year, Trustar shall furnish
<br /> to Lender a report on each existing policy af insurance showing: (1] t[�e name of the insurer; (2) the risks
<br /> insured; (3} the amount of the po[icy; (4} the properC}r insured, the then current replacement �alue of suc[�
<br /> praperky, and the manner of determining that va[ue; and {5} the expiration date of the policy. -irustor shall, upon
<br /> request of Lender, [�ave an independent appraiser satisfactory to Lender determine the cash value replacement cast
<br /> of the Property.
<br /> LENDER'S EXPENDITUFtES. If any action or proceeding is commenced that would materially affect Lender's interest 9n �
<br /> the Property or if Trustor fails to compEy with any provision of this Deed of 7rust or any Related Documents, including
<br /> but not limited to Trustor's failure to discfiarge or pay when due any amounts Trustor is required to discharge or pay
<br /> under this Deed of Trust or any Related Documents, Lender on-frustor's behalf may {but shall not be obligated to] take
<br /> any action that Lender deems appropriate, including but not [imited to dischargir�g or paying all taxes, liens, secvrity
<br /> interests, encumbrances and other claims, at any time levied or placed on the Property and paying al] costs for insuring,
<br /> maintaining and preserving t[�e Property. Al] such expenditures incurred or paid by Lender for suc[� purposes wil] then
<br /> bear intsrest at the rate charged under the iVote from the daie incurred or paid by lender to the date of repayment by
<br /> Trustor. Afl such expenses wil] become a part of the Indebtedness and, at Lender's option, will {A} be payable on
<br /> demand; iB} be added to the baEance of the Note and be apportioned among and be payable with any instaliment
<br /> payments ta become due during either (1] the term of any app[icable insurance policy; or {2] the remaining term of
<br /> the Note; or ;C) be treated as a balloan payment which wil[ be due and payable at the �[ote's maturity. The Deed of
<br /> Trust also will secure payment of these amounts. Such right shall be in addition to al! other rights and remedies to
<br /> which Lender rr►ay be entitled upon Default.
<br /> WARRANTY; DEFENSE OF 71TLE. The following provisions relating to ownership of the Property are a part of this �eed
<br /> of Trust:
<br /> Tit�e. Trustor warrants that: {a} Trustor [�olds gooc[ and marketable titEe of record to the Property in fee simple,
<br /> free and c[ear of ell liens and encumbrances other than those set forth in the Real Property description or in any
<br /> title insurance policy, title report, ar final title opinion issued in favor of, and accep#ed 6y, Ler�der in connection
<br /> witf�this f]eed nf Trust, and [b) Trustor has the full right, power, and authority to execute and deliver this �eed of
<br /> Trusi to Lender.
<br /> Defense of Title. 5ubject to the exceptior� in the paragraph above, Trustor warrants and will forever defend the
<br /> title to Yhe Property against the [awful c[aims of all persons. Ir�the event any action or proceeding is eommenced
<br /> that questions Trustor's YiYle or the interest of Trustee or Lender under this Deed of Trust, Trustor shall defend the
<br /> action at Trustar's expense. 7rustar may be ihe nominal party in such proceecfing, but Lender shall be entitfed ta
<br /> participate in the proceeding and to be represented in the proceeding by counse[ of Lender`s awn choice, and
<br /> Trustor will deliver, or cause to be delivered, to Lendar such instruments as Lender may request from time to time
<br /> to permit such participation.
<br /> Comp[iance With Laws. 7sustor warrants that the Property and Trustor's use af the Property complies with all
<br /> existing app[icable laws, ordinances, and regulations of go�ernmenta[authorities_
<br /> Sear�ival of Representations and Warranties. A!I representatians, warranties, and agreements made by Trustor in
<br /> this Deed of Trust shall survive the execution and de[ivery of this Deed of Trust, shalt be continuing in nature, and
<br /> st�all remain in full force and effect until such time as Barrower's lndebtedness sha][be paid in full.
<br /> CONQEMNAT[ON. The follawing pro�isions relating Fo condemnatio�proceedings are a part of this Deed of Tr�st:
<br /> Proceedings. If any proceeding in condemnation is fifed, �rustor shall prompxly notify Lentier in writing, a�d
<br /> TrusFor shafl promptfy take such steps as may be necessary to defend the action and obtain the award. Trustor
<br /> may be the nominal party in such proceec[ing, but Lender sha[I be entitled to participate in the proceeding and to be
<br /> represented in the proceeding by counsel of its own choice, and Trustar wi[I deliver or cause to 6e delivered to
<br /> Lender such instruments and documentaYion as may be requested by Lender from time to time to permit such
<br /> participation.
<br /> Application of Net Procaeds. If all ar 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 e]ection require that all or any portion of the
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