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201400240
<br /> DE�D QF TRUST
<br /> Loan No: 10008537 (Co�fiinued� Page 3
<br /> repair or restoration if Trustor is not in default under ihis Deed of Trust. Any proceads which have reot been
<br /> disbursed within 180 days after t[�eir receipt and which Lender has not committed to the repair or restoration of
<br /> the Property shall be used ffrst to pay any amount owing to Lender under this deed of Trust, then to pay accrued
<br /> interest, and the remainder, if any, sh81! be applied to the principal balance af the lndebtedness. If Lender holds
<br /> any proceeds af�rer payment in �Full of the Indebtedness, sucf� proceeds shall be paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Complianca with Facisting Indebtedness. During #he period in which any Existing ]ndebtedness described below is
<br /> in effect, compliance with the insurance pro�isions contained in the instrument evidencing such Existing
<br /> sndebtedness shal[ constitute compliance with the insurance provisions vnder this �eed of Trust, to the extent
<br /> compliance with the terms of this Deed of Trus# would constitute a dupfication of insurance requirement. If any ,
<br /> proceeds from the insurance become payable on 1oss, the provisions in this Deed of Trust for division of proceeds
<br /> sha€I app[y only to that partion of the proceeds not payable to t[�e holder pf the �cisting Indebtedness.
<br /> LEiVDER'S EXPENDITURES. lf Trustor fails (A} to keep the Property free of al] taxes, liens, securi€y interests,
<br /> encumbrances, and other claims, (B) to provide any required insurance on the Property, {C} to make repairs to the
<br /> Property ar to cornply with any obliga#ioro to maintain Exist9ng Indeb#edness in goad standing as required below, then
<br /> Lender rr�ay do so. If any action or proceeding is commenced that wou[d materially affect Lender's interests in the
<br /> Property, thsn Lender an Trustor's behaEf may, but is not required to, take any ac#ion that Lender belis�es to be
<br /> appropriate to protect Lender's interests. AEI expenses incurred or paid by Lender for such purposes wi[I then bear
<br /> interest at the rate charged under the�Note fram the date incurred or paid by Lender to the date of repayment by
<br /> Trustor. AI[ such expsnses will become a park of the Indebtedness and, at Lender's option, will (A) be payable on
<br /> derr�and; (B} bs added to the balance of the Nate and be apportionecE among and be payable with any installment
<br /> payments to become due during either (1] the term of any applicab[e insurance po[icy; or (2} the remaining term of
<br /> the Nate; or [C) be treated as a ba[loon payment which wil] be de�e and payable at the Note's maturity. The Deed of
<br /> Trust also wi11 secure payment of these amounts. The rights provided for in ihis paragraph shall be in addition to any
<br /> ather rights ar any remedies to which Lender may be entitled on accovnt of any defauEt. Any such action by Lender
<br /> shall not be canstrved as curing the default so as ta bar Lender from any remedy that it otherwise would have had.
<br /> WARRAN'fY; DEFEkVSE dF TITLE. The following provisions relatirtg to ownership of the Praperty are a part of this Deed
<br /> of Trust:
<br /> Title. Trustar warrants that: {a} Trustor holds good and markeYabie title af record to the Property in fee simple,
<br /> free and clear of ali liens anc[ encumbrances other than those set forth in the Rea[ Property description or in the
<br /> Existing ]ndebtedness section below or in any title insuranca policy,title repor#, or finaE title opinion issued irt favor
<br /> of, and accepted by. Lender in connection with this Deed af Trust, and [b) 7rustor has the fuil right, power, and
<br /> authority to execute and deliver this Deed of Trust to LencEer.
<br /> �efense of Title. 5ubject to the exception in the paragraph above, Trustor warrants and will forever defend the
<br /> title to the Property against the lawfu[ claims of all persons. In tE�e event any action or procesding is commenced
<br /> that questions Trvstor's t9tle or the interest of Trustee or Lender under this Deed of Trust,Trustor shall defend the
<br /> action at 7rustar's expense. Trustor may be the naminal party in such proceeciing, but Lender shall be entitled to
<br /> participate in the proceeding anc3 to be represented in the proceeding by counse[ of Lender's own choiee, and
<br /> 7rustor will c{eliver, or cause to be deGvered, to Lender such instrumerots as Lender may request from time to time
<br /> to permit such participation.
<br /> Compfiance With Laws. Trustor warrants that ihe Property and Trustor's use of the Property complies with al]
<br /> existing appfica6fe laws, ordinances, �nd regula€ions of governmenta[authorities.
<br /> Sur�i�al of Prorr�ises. A[I promises, agrsements, and statements Trustor has made in this Deed of Trust shalE
<br /> s�rvive the execution and de[ivery of this Deed of Trust,shal[ be continuing in nature and shall remain in full farce
<br /> and effect until such time�s Trustor`s Indebtedness is paid in full.
<br /> �XISTING INDEBTEDHESS. The following provisions concerning Existing Indebtedness are a part of this Ueed of 7rust:
<br /> Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary a�d inferior to an
<br /> existing lien. Trustor expressly cove�ants and agrees Eo pay, or see to the payment of, the Existing Indebtedness
<br /> and to prevent any default on such indebtedness, any defa�lt under the instruments e�ic[encing such indebtedness,
<br /> or any default under any sec�rity documents for suc[� indebtedness.
<br /> No Modification. Trustor shall not enter into any agreement with the holder of any mortgage, deed of trust, or
<br /> other security agreement which has priority over this �eed of Trust by which that agreement is modified,
<br /> amended, extended, or renewed without the priar written consent of Lender. Trustor shall neither request nor
<br /> accept any future advar�ces under any such security agresmeni without the prior written consent of Lender.
<br /> CONDEMNAT[ON. The following provisions relating to condemnation proceedings are a part of this Deed of-irust:
<br /> Procaedings_ If any proceeding in condemnation is filed, Trustor shall promptly notiiy Lender in writing, and
<br /> TrusFor sha[I promptly take such steps as may be necessary to defend the action and abtain the award. Trustor
<br /> may be the nominal party in such proceeding, bu# Lender sha[I be enYitled to participate in the proceeding and to be
<br /> represented in the proceeding by co�nsel of its own choice, and Trustor will deliver or cause to be delivered to
<br /> Lender such instruments and documentatian as may be requested by Lender from time to time to permi# 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 al! or any portion of the
<br /> net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property_ The net
<br /> proceeds of Ehe award shall mean the award aiter payment of al] reasonable eosts, expenses, and attorneys' fees
<br /> incurred by Trustee or Lender in conneetion with the condemnation.
<br /> 1MPQSITIQl1[ OF'�AXES, FEES AND GHARGES SY GOVERNM�[HTAL AUTH4RITIES. The foilowing provisions relating
<br /> to governmentaf taxes,fees and charges are a part of this Deed of Trust:
<br /> Current 7axes, Fees and Charges. Upan request by Lender, Trus#or 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 reimhurse Lender for all taxes, as described i�elaw, together with ail expenses
<br /> incurred in recording, perfecting or continuing this Deed of Trust, including without [imitatipn all taxes, fees,
<br /> documentary stamps, and other charges for recording ar registering#his �eed ofi Trus#.
<br /> Taxes. The foliowing shall constitute taxes to which this section applies: i1} a specific tax upon t[�is type of
<br /> Deed of Trust or upon al[ or any part of tha lndebtedness secured by this Deed of Trust; i2) a specific tax on
<br /> Trus#or wE�ich Trustor is authorized or required to deduct from paymen#s on the Indebtedness secured by this type
<br /> of Deed of Trust; f3} a tax on this type of �eed of Trust chargeable agains#the Lender or the holder of the f�ote;
<br /> and (4) a specific tax on al! or any portior� of the lndebtedness or on payments of principal and interest made by
<br /> Trustor.
<br /> Subsequent Ta�ces. If any tax ta which this section applies is enacted subsequent to the date of this Deed af
<br /> Trust, this event shall have ihe same effect as an Event of l]efiault, and Lender may sxercise any or all of its
<br /> availa6le remedies for an Event o�r Default as provided below unless Trustor either (1) pays the tax before it
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