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<br /> • '� '� 1x-o7-1998 DEED OF TRUST �� P�� 3 —
<br /> ' ' . L,obn No • (Continued)
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<br /> �, serv�es rendered or material furnlshed to the Proparty. Trustor shall maintsin the Property free of sll Iiens havinp prlalty ovH or�qu�l tq tM
<br /> � Interest of Lender under this Deed o}Trust,excepl for the Ilen of texes and assessments not due and axcept�a oth�rwise proNd�d in thlf ONd �
<br /> �: of Trust,
<br /> � Rlpht To Conteit. TruStor may wlthhold paymenl 01 any tsx,assessment,or claim In connecllon with�pood fallh dispul�owr tM ohllpttlon
<br /> ' lo puy,so lonq as Lender's Inferest In the Property Is not Jeopardised. If e Ilen arises or le Nled ne a re�ult oi nonp�yr►Hnf,Trurtor thdl wilhln
<br /> ':V Hfteen(16)days e8er the Iien edses a,if a Ilen b Rled,within li8een(16)days etter Trustor has not�e of Ihe filiny,ascuro lM dischup�al IM
<br /> �` Ilen,cr If requssted by Lender,deposit wilh Lender cash a a sufflcienl corporete surery bond or other security r,atisl�ctory to Unda In�n
<br /> emount sufHcient to dlscharpe Ihe Ilen plus any costs end a!taneys'fees or other charpes that could nccrua�e�rnult of a lor�closun a uiN
<br /> •�•••�+ undor thx Ilen. In eny contest,Trustor shall defend ttsatf snd Lender and shall setisfy any adverse Judpmenl belae enlorcemenl�pdnet th� c
<br /> ,�-:•' '•��"�` Property, Trustor shall name Lender as an add(tbnal oblipee under 6ny surety bond furnished In tne contsst proceedinpl,
<br /> Evldencs of Payment. Trustor shall upon demend furnish tn Lender satlsfactory evidence af payment of the tatta or asa�s�rr�nts�nd�hau
<br /> nulhorize the approprlate povernmental oHicial lo dellvsr to Lender at any tlme a written ststement ol the hxes�nd essessmente�qlinst ttN
<br /> -'+�b . Properiy.
<br /> . � Notice of Constfuctlon. Trustor shsll natity Lender at least fifteen(16)days before any work Is commenced,ony e�rvicse Rn furni�Md,w any
<br /> materials ere supplled to the Property, If eny mechenic's Ilen, meterlalmen's lien,or other Ilen could be �sseried an account ol th�work,
<br /> services,or matsrials and the Cost exceeds 55,000.00. 7rustor will upon request of Lender furnl�h to Lender�dvance asauranas e�thhctory to
<br /> ' ' Lender that Trustor can end wiil pay the cost ot such Improvements,
<br /> �., PROPERTY DAMAOE INSURANCE, The lollowinq provisions releting to Insuring the Property are e psrt of this Deed of Truat.
<br /> ' M�inten�nce of Inwrance. Trustor shall procure and melntaln palicles of flre insurance wlth stenderd extended coverepe endora�msnh on�
<br /> � replacement basls for►he full Insurable value coverinp all Improvements on the Real Property In an amount sutticienl to avold epplicetlon o1 any
<br /> colnsurence clause,and with e�tendard mortgepee clause in favor of Lender. Trustor shall also procure and malntatn compnhansiw p�n�r�l
<br /> " Il�bility insurance In auch covenpe emounts ps Lender may request with trustee snd Lender belnp named ee�dditlonal Inaunda In tuCh Ilebllity
<br />_ ' ' � insurance pdbies. AddiHonelly,Truetor shall mainteln such other Insurance,including but not Ilmited b hwrd,bu�ln�ee Int�rruptlon,�nd
<br /> hdler Insurance,as Lender may reasonably require. Policies shall be wrilten in form,amounts,covera�and buls re�sonably�Capt�bM ta
<br /> t lender�nd issued by a comp�ny or companles reasonably acCepteble to Lender. Trustor,upon requesl o}L�ntllr,wlil dollwr to Landar hom
<br /> ;. „ . . tlme to time the policlee or cartiflcates of insurance In form satisfactory to Lender,Includinq stlputatlons that cownp�s wlll not b�cancNl�d or
<br /> * diminished without af leest fen(10)days'prior wriHen notico to Lentler. Each insur�nce pdby�ho ahall InClud��n Yndorsuiwnt provldinp thlit
<br /> coveraye In f4vor of Lender will not be Impelred In any way by any act,omisslon or de(ault o}Trustor w any other penon. Should tlw RMI
<br />_ . Propariy at pny time become located In sn erea desiqnatAd by the Dlrector of the Federal Emerpency Mampor►wnt/►qmoy�s�ep�clal Ilood
<br /> = hwrd ue�,Trusta sprees to obtal,�ond malnGin Federal Flood Insur�nce tor the full unp�id princlpd b�lana of tha loun,up tq th�mudmum
<br /> polby Ilmits set under the Natlonal Flood Insuranco Proqram,or as othenvise required by Lender,and to malnkln 6uch Imunr�fa tM tsrm of
<br /> ,�'���`•� the loan.
<br />°�:� •�� Appllc�tlon of Procads. Trustor shall prortplly notlry Lender of any loss w damape ta the Prop�rty If th��sNm�t�d cost of npak or
<br />�� ' " replecemenf exceeds��,000•00• Lender may nuke proof of loss I}Trusta f�Ne to do so withln Afte�n(16)d�ys o1 th�usually. WMtt►K or not
<br /> s, �� Lander's security Is Impalred,Lender may,at Ib election, recelve nnd retaln the proceeds of sny Insurance and apply th�prawda to lM
<br /> s.v;, reducdon ot the Indebtedness,payment of any tien aBectinp ihe Property,or the restoration and repalr of the Prop�ty. II Lender�NCb to�pply
<br /> the proceeds to restontlon and npalr,Trustor shall repalr or repl�ce the demaped or destroyed Improvemenls in �mann�r e�tlsf�ctory to
<br /> � � � lender. Lender sh�ll,upon satisfactory proof ot such expenditure,pay or relmburse Trustor hom the prxeed�for Ihe rqtorubN cost of nplJr
<br /> - �;,.,�ti�;, Or�lStOfation ifi irustor is noi in def�Uii Undur ini�Gwfci vi Tii,i$i. i+iiy NfGi.wvb::~�C�h�V�l:O��°L'!1=��Shiirtarl y{Illfl� 1N(1 tlllYlt QNM IhOI� _
<br /> "��� � rsCNpt and wh�h Lender has not committed to the repalr or restoratlon of the Property shall be used flnt to pay�ny�mount owinp to Lond�r
<br />%l:'.%�•:.;;:,'•}t' under this Oeed ol Trust,lhen to psy accrued Interesi,and the remalnder,If any,shall be applied to the principsl bslanc�of tM Ind�bt�dMSS.
<br /> � i;'' If L�nder hWds iny prxeeds etter payrtwnt In full o}ihe Indebtedness, such prxeeds shall be pnld to Trusta as Trustor's Int�n7b m�y
<br />�,��.:�_:.��'•:� �ppeu.
<br /> y �:'t':�i�/e IJMxpind Inwnmc�tl SMt.Any unexplred Insurence shell Inure to the beneNt ot,and pass to,the purchas�r ol lhe Propwty cowrW by thb
<br /> i7�`��:.rJ::y D»d ol Trust at any trust6e'a e�le or other sale hald under the provislons o}thls Deed of Truat,or at any foreclosun sak o}such Prop�riy.
<br />-�''„,r��t� ' Truator'�R�port on Inwronce. Upon requssl of Lender,however not more than once a year,Trustor shell furnhh to Lend�r a nport on ssch
<br /> y�.";�;,�: �rd�Hnp polky of Insurence showinfl: (a)the n�me of the Insurer; (b)the risks Insured; (o)the amount of th�poYCy; (d)tM prapKty Insund,
<br /> ,,2;� fhr tMn current replecement value of such property,and lhe manner ot detsrmininy that vdue;and (e)lhe ucpindon dat�of tFN pdioy.
<br />�y_ :�, � Trusta�hall,upon request of Lend�r,have an Ind�pendent epprelssr satishctory to Lander determine ths c�sh vdue repiaamsnt cost of tM
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<br /> ^,����� DSPENDITURES BY LENDER. It Trustcx fells to comply with any provlslon of this Dasd of Trust,a H any ectlun a proceedinp la commsnced fhd
<br /> woWd mnl�iaAy�ff�ct Land«'s IntK�sts In the PropKty,Lender on Trustor's behnlf iney,but shetl not be requlred to,take any�ctlon tFUit Undw
<br />---=wt=�;lw�� dMrtn�pproprkN. Any amount tlud L�nder expend�In so dWnp will baar Intsrest at th�rato provlded tw In the Note hom ths dde Incurnd or p�ld
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<br /> `�rY�;�.,-�;—.�� by L�nd�r to tt+�date o�repaym�nt by Trustor. All such expenses,et Lendar's opdon,will (a)be payable on demand, (b)be added to tha ba nCa
<br /> ,.�,:�:-:-.:Y d tFN Not��nd ba apportloned amonp and be pay�ble with any Instaliment paymenls to become due durinq ellher (I)the term of eny applicabin
<br />_ - .r Intunnc�po11Cy a pp the remalNny term of the Nofe,or (c)be trested es�balloon payrt»nt wh�h will be due end p�yabl�at the Nots's rr�tudty.
<br /> T_ ,..,,;ti..,�. . Thl��d ol Trust also wlll soCUre pnyment of these�mounl9. The riphts provided for In thb parnpnph 9hall be In ndditlon to any otMr rlphls or any
<br /> r�msdNs to whfch Lender mey ba entitlod on account ot Ihe defnult. Any such actlon by Lender shdl not be Conshued�s Cudnq ths dehult s0 a to
<br /> •; ,,,,..'^�„��� blr L�nder from�ny remedy that It otherwlsa would have hed.
<br /> � WARRANTY;DEFENSE OF TITLE, The Iollowiny provislons relatinp to ownership of the Property are a part of this Deed of 7rus1.
<br /> .�-�°��� TMb. 7rustor w�rcants that: (a)Trustor holds pood and muketable titla o(record to the Proparty In fae aimple,hae lnd clYU ol�II IWne�nd
<br />�y��,�r�.R.�,,..� •. . �ncumbnncls other thln Ihosa set forth In tho Real Properry descdptlon or In any title Insurance pdby,►itlo nport,or flnal titl�opinlon Isswd In
<br /> -r+►�'- hvor ol,and�cceptad by,Lendar in connectlon with this Dead of Trust,and (b)Trustor ha�the full rlyht,powar,and�uthaity t0 execut�and
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<br /> -_°- - 2r. dNiwr this D�sd ot Trust to Lender.
<br />- ` D�hnN of Tltli. SubJect to the exceptlon in Ihe par4araph above,Trustw warrants end will forever dofend the nite to the Property�pdnst 1M
<br />� I�wful Clalms of all persons. In the event any actlon or proCeeding Is commenced thet questlons Trustor's title or Ihe Intorpst ot Trust�e a
<br /> � ��ntAr uncNr thit De�d o}Trust,Trustor shall delend Ihe action at Trustor's expense. Trustor may be the nominal party in such procMdinp,but
<br /> " L�ncNr�h�ll b�sntiHed to participate In the proceedinfl end to be rapresented In the proceedinq by counsel of Londer'a own choic�,and
<br />" q Trufta will dNlver,or ceuso to be deliveretl,to Lender such instruments as Lender may request from time to Nme to permit such p�rticipaflon.
<br /> - CompllM►C�Wlth LaWe. Trustor warrants that tha Properly and Trustor's use of the Property complles wilh all exlstinp epplicabl�laws,
<br /> - . adlnanca,�nd roquletlons of povernmental aulhorltles.
<br /> _ � ° � CONDEMNATION. The fWlowinq provlsions retatinp to condemnation proceedinps ere a parf of this Deed of Trust.
<br /> � Applk�llon of N�t Procoedi. It all or any pert ol Ihe Property Is condomned by ominent domeln prxeedirps a by any proceedirp or —
<br /> ' � purchaw In Ilou of condemnption,Lender mayat its olectlon requlre thet all or any portlon o1 thA net proceeds of the awerd be applk►d to Ihe =
<br /> IndWl�dn�H or Iha rapalr or restwation of Ihe Property. The net Droceeds of the award shell mean the award elter pnyrnont of ail ronsonnbie v
<br />_ ' costs,expenses,and attorneys'fees incurred byTrustee or Lender In canneclion with the condemnallon. [
<br /> ' PrOCNdlnp�. If any proCeYdinp In condemnNion Is Hled,Trustor 6hall promptly notity Lender in wdtinq,and 7NStorlhall prompAy ttke tuCh _
<br /> _ el�ps w rtuy bo nac�ssary to defend the actlon and obtaln the award. Trustor may be the nominal party In such prxeedlnq,but Lender sh�ll -
<br />= br�nNtlrd to nuticipd�In the qroceedlnp and to be represented in tho proceedlna by counsel of its own chdce, end Trustor wlll deliver or _
<br /> _- � � C�ut�fo b�diliwnd lo Lender such Instruments es may be requestotl by it Irom nme to nme io permii suc�pn�i�;pnifu�i. _
<br /> IMIPOSITION OF tAXEB,FEES AND CHARGES BY GOVERNMEN7AL AUTHOHITIES. The following provisions relating to povernmental taxes,
<br /> , IMS�nq Chirp�f�n�pul of thla Deed of Trusl:
<br /> , � Curr�nl T�uc��,FN��nd Chkpei. Upon request by Lender,Trustor shall execute such documents In addltion lo this Deed ot Trust and teke
<br /> ; whstevor othar oction IS requosted by Lender lo perlect and Continue Lender's Ilen on the Real Property. Trustor shail relmburse Lender for all
<br /> t�xa,re Uoscrib�d b�low,lopether wlth all expenses Incurred In recordinp, pertecting or continuing this Deed ol Trust, Includlnp without
<br /> ' � mnit�llon oll I�xs�,faoe,documentery stamps,and other Charpes for�eCOrdinp or registering Ihis Deed of Trust. -
<br /> Tuc��, 7ha lollowlnp eh�ll con�titule texes to which this section applies: (a)a spocilic tax upon this lype of Oeed o1 Trusl or upon all or eny
<br /> p�rl ol tlie Ind�btadness seCUred by Ih�s Deed ot Trush (b)e specific tex on Trustor which 7rustor Is authoriied or requlred lo deduCt Irom
<br /> psym�nla on Iho Indibtndness secured by this type ot Deed ot Trush (c)e tax on this type of Deed ol Trusl chergeahle against Ihe Lendor or _
<br />_ Iho holder ol Ihu Nole;snd (d) s speclHc tex on ell or pny portion of lhe Indebtedness or on paymenls of principal and interest mnde by
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