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��14��114 [�EEID �F TRUST Laan No: '��'��75'��5 {�ontinued� Page 4 prvperty se�uring the loan, up to the maximum po[icy fimits se� under the National Flood [nsurance Program, ar as otherrrvise required by Lender, and tv main�ain such insurance for the term of�h� laan. Application �f Proceeds. Trustar shall promptly notify Lender af any loss or damage to the Prvp�r�y. Lender may make pro�f of �oss i� Trustor frai[s tv da sa within fifteen {�5} days o� the casuaity. Whether or not Lender's se�urity is impaired, Lender may, at L�nder's election, receive and retain the proceeds of any insurance and apply the proceeds to the r�duction af �he Indebtedness, payment of any I€en affec�ing the Prvperty, or the restvra�ion and repair vf the Proparty. If Lender elects �o apply the proceeds to restora�ion and repair, Trustvr shal� repair or r�place th� damaged or destroyed Impravements in a mann�r satis�actory �❑ Lender. Lender shall, upon satisfactory pro�t ❑� such exp�ndi�ure, pay or reimburse Trustar �rom �the pr�ceeds f�r the reasonabl� cost ��F repair or restoration if Trustor is not in �fe�ault under this Deed of Trust. Any pro��eds which ha�e n�t been dis�ursed within 18� days a�Fter �heir receipf and wh�ch Lender has not cammi�ted to �h� repair or rest�ration �f �he Property shall be used first to pay any amount awing �o Lender under this Deed of Trust, then t� pay accrued in�eres�, and th� remainder, i� any, shall be applied to the principal balance of th� [ndeb�edness. If Lender holds any prviceeds a�ter payment in �u11 of �he lndebtedn�ss, such pr�ceeds shal� b� paid to Trustar as Trus��r's in�erests may appear. Compliance with Exisfiing rndeb�edness. During �th� p�riad in which any Existing Indebtedness described be[ow is in effe��, c�mp�ian�e wi�h th� insurance pra�isions cantained in the instrument eviden�ing such Existing Ind�btedness shall constitute �ompliance with �he insurance provisi�ns under �his Deed of Trust, to the extent compiiance wi�h th� terms afi this De�d of Trust wQuld c�nstitufe a dupli�a�i�n of insurance requirement. �� any proceeds frvm the insurance b�come payable on loss. the prvvisions in this Deed o�Trust �for di�ision of pro�eeds shall apply only to that pvr�ion of�he proceeds not payable�o fihe holder vf the Existing Indebtedness. Trustor's Report on lnsuran�e. Llpan request of L�nder, howe�er not more �han ❑nce a year, Trustor shall furnish to Lend�r a rep�r� on �ach existing p�licy �f insurance shawing: �� the name of �he insurer; {�} the risl�s insur�d; �3� th� amount ��f �th� policy; �4) the prop�rty insured. the �h�n curren� replacement value of such pr�per�y� and the manner o�determining tha��alue; and �5y the expiratian da�e �f the pali�y. Trustar shalE, upon r�quest a�Lender. have an independent appraiser satisfac�a�y t� Lender d�termine the cash Wa�ue replacement cost af the Property. LENDER'S EXPENDITUF�ES. If any a�tion or proceeding is cvmmenced that would rnat�rially affiect Lender's interest in the Property�r if Trustar fails to comply with any provisian n�this ❑eed of Trust or any Re�ated Documents� incEuding but not lirnit�d t� Trustor's failure to cflmply with any o�liga�ion ta maintain Existing Indebtedness in g�ad s�anding as required t�elow,ar tv discharge ar pay when due any amQunts Trust�r is required ta discharge vr pay under fihis Deed of Trus� ar any Related DQcuments, Lender on Trustvr's behalf may {but shall nvt be obli�ated tv} take any action that Lender deems apprvpriate, includin� bu� not �imited �o dis�hargin� or payin� all taxes, 13ens, securi�y interests, encumbrances and other claims, af any time levied or placed on tha Property and paying a�l C�5�5 for insurin�, maintainin� and preserWing the Property. All such expenditures incurr�d vr paid by Lender for such purpases will then bear �n�erest at the rate charged under the No�e �Fr�m the da�e incurred nr paid by L�nder to the date of repaymen� by Trus�kor. All such expenses will �ecome a par� of the Ind�btedness and, at Lender's vption, vuill �A} be payable on demand; {B} be ad�ed to the balance o� the Nate and be apport�aned am�n� and he payable with any installment payments to ��com� du� during ei�kher {1} the term of any applicable insuranc� poEicy; a�- {Z} the remainin� term af the Note; or {Cy be tr�a�ed as a balloon paymen�►n►hich w�ll b� due and payable at�he Note's maturifiy. The Deed of Trus� also will secur� paymenfi of �hese amounts. Su�h right shail be in addition t� all other rights and remedies to which Lender rnay be entitled upan❑efault. WARRAlVTY: DEFENSE�F T1TLE. The tol[vwing pr�Wisions relating t�awnership o�the Prop�r�y are a par�of this ❑��d o�Trust: T��le. Trus�or v►larrants tha�: {a} Trustor holds good and marke�able �itle ❑� recvrd t❑ the Property in f�e simple, �Free and clear �f all liens and encum�ran�es other than those set forth in tha Real Property description or in the Exis�king Indebte�lness section below ar in any title insurance policy, title report, ar final t�tle opinian issued in fa�or of. and ac�epted by, Lender in connection wi�h this aeed of Trust� and �b} Trustor has th� fuil righf, power, and authority�v execute and deli�er this Deed of Trus�to Lender. Defense �� Tit1e. Subject to the exGeption in the paragraph abaWe, Trustor warrants and will fareW�r defend �he title to the Property against the �awfu� �laims af all persons. In th� e�ent any actian or prviceeding is commenced that questions Trus�or's title ar th� interest of Trustee ❑r Lender under�his Deed af Trust�Trust�r shal� defend the a�t�on at Trustvr�'s �xpensa. Trus�vr may be the nvminal party in such proceeding, but Lender shall b� enfii�ied tv participa�e in the proceeding and to be represented in the proceeding �y counsel of Lender's own choice, and Trus#�r v►ri�l defi�er, or cause to be deli�ered, to Lender such instrumenfis as Lender may request from time ta time to permit such participa�ion. Cvmplianc� 1Nith La►nrs. Trustor warrants that th� Praperty and Trustor's use vf the Property complies with ail existing app�icable laws, ardinances, and regula�i�ns vf ga�ernm�ntal authorities. SurviWaf of Representa�ions and Vllarran�ies. All represen�ations� warranti�s, and agreemen�s made by Trustor in this ❑eed of Trusf shall sur��e the execution and del��ery Q�this Deed ❑f Trust� sha11 he continuing in nature. and shall remain in full f�rce and eff�ct un�ii such time as B�rrower's tndebt�dness shall be paid in fu�1. EXIST�N�INDEBTEDNE55. The follawing prv�isions canc��ning Existing lndebtedness are a par�of this Deed�f Trust: