|
��14�15��
<br /> DEED �F TRUST
<br /> Laan No: 2�3833�� ��D17t117ued� Page 3
<br /> co�erage endarsements❑n a replacemsnt basis far the fulf insurable�afue ca�ecing ail lmpro�ements an #he Real
<br /> Proper�y in an amoun� suffcient to a�oid applica�ion af any cvinsurance clause, and with a standard mortgagee
<br /> clause�n fa�ar o�Lender,#ogether with such other hazard an�liability insurance as Lender may reasonably require.
<br /> Pol�c�es shall be wri�ten in farm, amvunts, co�erages and bas�s reasonably acceptable#o Lender and �ssued by a
<br /> company or companies reasonably ac�epfable ta Lender. Trustor, upvn request of Lender, will deli�er to Lender
<br /> from time to tim�the poli�i�s or certifica�es of insurance in form satisfactory t�Lender, including s#ipufations that
<br /> co�erages wil� not be cance�led or diminished without at leas#ten �1�}days privr written notice tv Lender. Each
<br /> insurance pvlicy also shal# inc�ude an end�rs�ment prvviding that co�erage in fa�or of Lender will nvt be impaired
<br /> in any way by any a�t,omission or default of Trusto�or any other person. 5hou�d the Real Proper#y be Io�ated in
<br /> an area designated by the Director of the F�deral Emergency Management Agency as a special flvvd hazard area.
<br /> Trustor agrees to obtain and main#ain Federal Flovd lnsurance, if a�ailab�e,for#he full unpaid principal balan�e vf
<br /> the loan and any prior liens on the property securing the loan, up to #he maximum pol�cy limits se� under �he
<br /> National Flvod Insurance Program, vr as atherwise required by Lender,and to maintain such insurance fnr the term
<br /> af#he iaan.
<br /> Application of Praceeds. Trustar shall prvmp��y nv�ify Lender v� any fass or damage to the Property if the
<br /> estimated cvst ot repair ar replacement exceeds$'f,4D�.�n. Lender may make proof of�oss �f Trustor fai�s to da
<br /> so withfn fiftsen {15}days of the casualty. Whether vr not Lender's secu�ity is impaired, Lender may,at Lender's
<br /> election, recei�e and retain the proceeds of any insurance and apply the proceeds #o #he reduction of the
<br /> Indebtedness, payment of any lien affecting the Property, or the restvrat�on and repair o�r�he Proper-ty. If Lender
<br /> elects to apply the p�oceeds to restora#ian and repair, Trus�or shall repair or replace �he damaged or destroyed
<br /> �mpro�ements in a manner satis�a�tory ta Lender. Lender shall, upon satisfactvry proof of such expenditure, pay
<br /> or reimburse Trustor from the proceeds for the reasonabfe cost of repair or restora#�an ifi Trustor is not in defaul�
<br /> under this Deed of Trust. Any proceeds which haWe nv� been disbursed within 18D days after their receipt and
<br /> which Lender has not committed to the repair or restoration �f the Property shall be used fi�-s#ta pay any amount
<br /> owing to Lender under this Deed nf Trust,then to pay accrued interest,and the remainder, if any, shall be applied
<br /> ta the principal balance of the Indebtedness. If Lend�r ho�ds any praceeds after payment in full of fhe
<br /> Endebtedness,such proceeds shal!he paid to Trustar as Trustor's interests may appear.
<br /> Cempliance with Existing Indebtedness. ❑ur�ng the period in which any Existing Indeb#edness descr�bed below is
<br /> in effec'�, Gampliance with the �nsurance pro�isians conta�ned in the instrument e�idencing �uch Exis#ing
<br /> Indebtedness shall constitute campliance w�fh the insuran�e pro�isions under this Deed of Trus#, to the ex�en#
<br /> compliance with the terms af#his Deed of Trust would constitute a duplication of insurance requi�-ement. If any
<br /> proceeds from the insurance become payable on lass,fhe pro�isions in this Deed of Trust for di�ision of proceeds
<br /> shall apply only to that portian of the prviceeds not payable to the holder af#he Existing fndebtedness.
<br /> LENDER'S EXPENDITURES, If Trus'�or fai�s �A} #o keep the Property �ree of alf #axes, liens, security interests,
<br /> encumbrances, and other claims, {B} to pro�ide any required insurance on #he Property, �C� �o make repairs to th�
<br /> Property ar to camply with any obligation ta main#ain Exis�ing Indebtedness in good standing as required below, then
<br /> Lender may da so. I� any acti�n or proceeding is commenced that would materially affe�# Lender's interests in �h�
<br /> P�-operty, then Lender on Trustor's behaff may, bu# is not required to, take any action that Lender belie�es to he
<br /> appropriate ta protect Lender's interests. All expenses incurred or paid by Lender for such purposes will then bear
<br /> interes� at the rate �harged under the Note from the date incurred ar paid by Lender ta the date o� repayment by
<br /> Trustor. A�I such expenses will become a part of the IndebtednesS and, at Lender's op#inn, will tA} be payable on
<br /> demand; �B} be added #o the balan�e vf the No�e and be apportioned among and be payable with any �nsfallment
<br /> payments ta become due during either {1} the term of any applicable�nsurance palicy; ar �2} the remaining term vf
<br /> #he Note; or �G} be treated as a ballovn payment which wi�l be due and payable at the Note's maturity. The❑eed vf
<br /> Trust also will secure payment of these amounts. The righ�s pro�ided#ar in fhis paragraph sha�l be in addition to any
<br /> other rights ar any remedies to which Lender may be enti#fed on account v#any defaul�. Any such action by Lender
<br /> shall nvt be construed as curing the de�ault sv as�a bar Lender from any rernedy#hat it otherwise would have had.
<br /> VIIARRANTY;DEFENSE QF TITLE. The following pro�isians relating to ownership of the Property are a pa�t of this Dsed
<br /> ❑f Trus�:
<br /> Tif�e. Trustor warrants that: �a}Trust�r hofds good and marketable title of record to the Property in fee simple,
<br /> free and clear of all liens and en�umbrances other#han thos�se�forth �n the Reai Praper�y descriptian or in #he
<br /> Existing Indebtedness section befaw or�n any title insurance policy, #i#ie report,or final title opinion issued in fa�or
<br /> of, and accepted by, Lender in �onnec#ion with th�s Deed of Trust, and [b}T�ustor has the full righ�, power, and
<br /> au�hority to execute and deli�er th�s Deed of Trust to Lender.
<br /> Defense of Title. Subject to the exception in the paragraph abo�e, Trustor war�an�s and will fore�er defend the
<br /> title to the Prvperty against th�iawtul claims of all persons. !n the e�ent any ac#ian ar proceeding is commen��d
<br /> that quesfions Trustor's title or the�nterest v€Trustee or Lender under this Deed a�Trust,Trustvr sha��defend the
<br /> action a�Trustvr's expense. Trustor may be the nominal party in such praceed�ng, but Lender shail be entitled tv
<br /> part�cipate �n the pro�eeding and ta be represented in the proceeding by counsel of Lender's own choice, and
<br /> Trus#or w�!! deli�er, ❑r cause tv be deli�ered,to Lender such instruments as Lender rnay reques#from time�o time
<br /> to permit su�h participafian.
<br /> Compl�ance With Laws. Trustor warrants that the Praperty and Trustor's use of the Property cvmplies w�th all
<br /> exis#�ng applicabfe faws,ordinances,and regulations vf go�ernmen#a1 authorities.
<br /> 5ur�ival a� Pr�mises. All promises, agresments, and statements Trustor has made in this Deed af Trust shall
<br /> survi�e�he execufion and deli�ery of this Deed of Trust,shall be continuing in nature and shal�remain in full force
<br /> and effec#un�il such#ime as Borrower's indebtedness is paid in full.
<br /> EXISTING INDEBTE�NESS. The following pro�isions concerning Exis�ing Indebtedness are a part of this Deed af Trust:
<br /> Ex�s#ing Lien. The lien �f this Deed of Trust securing the lndeb#edness may be secvndary and inf�rior to an
<br /> existing lien. Trustar expressly co�enan#s and agre�s to pay, or see�o#he payment of, the Existing lndebtedness
<br /> and ta p�e�ent any default on such indebtedness, any default under the ins#ruments eWidencing such indebtedness,
<br /> ar any default under any security dacuments for su�h inde�tedness.
<br /> No Modification. Trustor shall not enter into any agreemen#with �he holder of any mor#gage, deed af trus#, or
<br /> other se�uri�y agreemen# which has priority a�er �his Deed af Trust by which tha# agre�ment is madified,
<br /> am�nded, �xtended, or renewed wtthout the prior written consent of Lender. Trustor shall nei#her reques� nor
<br /> accept any future ad�ances under any su�h securi#y agreement withvu�fhe prior written cansent vf Lender.
<br /> C�]NDEMNATI�N. The following pro�isions relat�ng�a condemna#ion procQedings are a par�af this Deed of Trust:
<br /> Prviceedings. If any praceeding in condemnativn is filed, Trustor shaE� promptly nvtify Lender in writing, and
<br /> Trustor shall prom�#ly take such s#eps as may be necessary to defend the action and obtain the award. Trustvr
<br /> may be the nvminal party in such praceeding, but L�nder sha�l be entit�ed#o participafe in#he proceeding and to be
<br /> represen�ed in the praceeding by caunsel of its own choice, and T�us#or will deliver or causs to be defi�ered to
<br /> Lender such instruments and documentation as may be requested by Lender from time to time #o permit such
<br /> participat�on.
<br /> Appl��a�ion of Net Proc�eds. !f all or any part af th�Property is condemned by eminent domain proceedings or by
<br /> any proceed�ng or purchase in lieu of cvndemna�ion,Lender may at i�s election require that all or any portion of the
<br />
|