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� ��14��11� vEEv �F �r�uS� Lvan No: 'I�'I�7�'i�� C�rltinu�d} Page 4 proper�y se�uring the laan, up �o th� maximum policy limits set under the National FIQod lnsurance Program, vr as �thervtir�se required by Lender, and fio maintain such insurance for the term af the laan. Applicatian vf Rroceeds. Trust�r shall pr�mp�ly n�tify Lend�r vf any loss or damag� �o fihe Praper�y. L�nder may make proof o�f lass if Trustflr fai[s to da s❑ within fi�fteen {�5} days of the casualty. Vllhether vr not Lencler's s�curity is impaired, Lender may, at Lender's electivn, recei�e and retain the prflceeds of any �nsurance and apply the procaeds ta th� reduction �f the Indebtedness� payment af any lien affe�ting the Property, or the restoration and repair of�he Property. I� Lender ele�ts to apply the prviceeds �� restoration and repair, Trusfor shall repair vr rep�a�e the damaged or destroyed improvements in a manner satisfactory to Lend�r. Lender sha�l� upon satisfactvey provf o� such expendi�ur�, pay �r reimburse Trustor from the p�oc��ds for �he reasonable �os� of repair or res�ora�ion if Trustor is not in defaul� under this Deed af Trust. Any praceeds whi�h have not been disburs�d wifihin '�8� days af�rer their re�eipt and which Lender has not comm�tted to �he repair or res�vra�i�n vf the Praperty shall be used firs�tv pay any amoun�❑win� to Lender under this D�ed vf Trus�, �hen tv pay accrued int�r�st, and the remainder� i�F any� shall be applied to the principal balance v�the Indebtedness. lf Lender ha�ds any proceeds after payment in �ull of the lndebtednessr such proceeds shall be paid �o Trus�or as Trust�r's int�r�sts may appear. �ompliance vvith Exis�ting [ndeb�edness. During the period in whi�h any Existing lnds�tedness described be�vw is in e��ctr �ompl�ance with th� insurance pro�isions cvntained in the instrument evid�:ncing such Existing Indebt�dness shall c�nstitute compliance with the insurance pro�isians under this deed of °Trust, t� �he extenf complianc� with the terms of this i7eed of Trus� wvult� constitut� a dupli�a�ion of insurance re�uirement. If any proceeds from the insurance be�ame payable �n lvss, the pro�isions in �his D�� ❑f Trust f�r division o�proceeds shal� appfy only to�hat p�rtion❑�the proceeds na�payable to�he h�lder Qf the Existing Indeb�edness. Trustvr's Repart an Insuran�e. Lfpon request of Lender, h�we�er not mare than once a year. Trustor shall furnish tv Lender a repvrt on each existing pal�cy of insurance showing: {"�} the name of �he insurer; {�� th� risks insured; {3� �he amount �f the po[icy; �4y �he praperty insured, the then current replacsment �alus �f such propertyr and �he manner o�determin�ng that value•, and {5} �he expira��on da�e �f�the policy. Trustor shal�, upan request o�F Len��r, ha�e an independen�appraiser satis�ac�ary to Lender determine the cash�alue replacement cost of the Praper�y. LENDER'� E�PENQITURES. 1� any a�tion ❑r pr�ceeding is cammenc�d tha� would materially affect Lender's interest in the Pr�perty or if Trustor fails to c�mply with any prv�ision of this Deed o�Trust or any Refated D�cuments, in�luding but n��t limited to Trus�or's fai�ure to cvmply w�th any obligation �v mainfiain Existing �ndebtedness in good standing as required belovu, or to discharge or pay when due any amaun�s Trustor is requir�d to discharge ar pay under this Deed�f Trust or any Re{ated ❑ocuments� Lender vn Trustor's behalf may tbut shall not be obligat�d to} take any action tha� Lender deems appropriate, including but not limited �o discharging or paying all taxes, liens, �ecurity interests, en�umbrances and ofher claims, a� any �ime levi�d or placed an the Praperty and paying al� c�s�ks for insuring, maintaining and preser�ing �he Property. All such expenditures incurred or paid by Lender for su�h purposes wi1��hen bear interest at the rate �harged under the Note from the dat� incurred or pa�d by Lender to the date ofi repayment by Trustor. All such e�penses will become a part of the Indebtedness and, at Lender's nption, will �A} be payahie on dernand; �B� be added #o fh� balance of the Note and b� app�rtianed among and be payable wi�h any insta�lment paymen�ts ta become due during either {1 y fhe term of any applicable insurance policy; ar {�} the remaining term af the fUote; �r �C� be treated as a b�llaon payment which wifl be �ue and payab�e at �khe Note's maturity. The De�d of Trust also v►rill secure payment of these amvunts. Su�h right shall be in addition to all other rights and remedi�s to which Lender may be entitied upan Defau�t. WARRANTY: DEFENSE�F T�TLE. Tne following pro�isions re�ating to ownership of the Praperty are a part of this Deed of Trust; Title. Trustor warrants �hat: �a} Trus�or holds govd and marketable title ❑f reeord �a the Prop�rty in fee simpEe, fre� and clear o� all liens and encumbranc�s ath�r than thQse se� forth in the Real Property descrip�ion or in th� Existing In�ebtedness s�ctivn belaw or in any�kitle insurance palicy, ti�l� report� or fEnal ti�le opinian issued En fa�or of. and accep�ed by. Lender in conne�tivn with this Deed o�f Trust, and {b� Trustor has the full ri�ht, power, and authority to execute and deli�er�his Deed of Trust to Lender. De�Fense a� Ti�le. 5ub�ect �v the exception in the paragraph abo�e, Trustar warran�s and wil� fare�er defend the tit�e to�he Property a�ainst the Iaw�Ful claims af al� pers�ns. En the e�ent any aGtion or prviceeding is commenced tha�questivns Trustar's title vr�he inter�st of Trustee or Lender under�h�s Deed o�Trust, Trust�r shall defend the action at Trustor's expense. T�ustar may be the naminal party in such praceeding, but Lender shall be en�itled t� participate in �he proceed�n� and t❑ be repres�nted in the pr�ceeding by counsel o# Lender's awn choice, and Trustvr will deliver, or cause �o be deli�ered, ta Lender suGh inst�umen�s as Lender may request from time to fiime �a permifi such participatE�n. Comp[iance Wi�h Laws. Trust�r warran�s fhat the Pr�perty and Trustor's use af �he Property complies with a!I existing applicable faws, ardinances, and r�gulations of g��ernm�n�al authori�ies. Sur�ivai of Rspresen�a�ions and Warranties. All representa��onsf warran�ies, and agreements made �y Trustor in this Deed of Trust shall survEve the execution and deli�ery a�f this Deed of Trust, shall b� continuing in nature. and sha[1 remain in ful!�arc� and effect unti!such time as 6orrower's Indebt�dness sha11 be paid in�ull. EXISTIN� lIVDEBTEDNESS. The follawing pr�visions concerning Existing �ndebtedness are a�part❑f�his Deed o�Trust: