|
��14�3��9
<br /> DEED �F TRUST
<br /> t�ant�nued� Page 3
<br /> statement of th�taxes and assessments against the Praperty.
<br /> Nvtice vf Const�u�tion. Trustor shall notify Lender at leas# fifteen ��5� days befare any work is commenced, any
<br /> ser�i�es are furnished, ❑r any materials are suppl�ed t❑ the Property, if any mechanic's lien, materialmen's lien, ar
<br /> ath�� lien cauld be asserted on account vf the w�rk, se��ices, or materials. Trustvr will upvn requ�st �f L�nder
<br /> furnish to Lender ad�ance assurances satisfactory to Lender that Trustor can and will pay the cvst of su�h
<br /> impro�ements.
<br /> PRDPERTY DAMAGE INSURANCE. The fv�lowing prv�isions refating tv insuring the Prvperty are a part af this Deed �f
<br /> Trust.
<br /> Maintenan�e vf �nsuran�e. Trustor shall p�o�ure and maintain policies o# �ire insurance with standard extended
<br /> co�erage endorsements an a fair �afue basis for the full insurable �alue ca�ering all Imprv�em�nts on the Real
<br /> Property in an amount sufficient �v a�oid app�ication of any cainsurance c�ause, and w�th a standard m�rtgagee
<br /> clause in fa�or�f Lender. Trustvr shall also procure and maintain compreh�nsi�e general liability insurance in su�h
<br /> ���erage amounts as Lend�r may request with Trustee and Lender being nam�d as additiana! insureds in such
<br /> fiabifity insurance pofEcies. Additionaliy. T�ustor sha�l maintain such other insurance, inciud�ng but not �im�ted to
<br /> ha�ard, bus�ness interruptian, and hoiler insurance, as L�nder may r�asonably r�quire. Policies sha�l be written in
<br /> form, amounts, ca�erages and basis reasonably acceptab�e tv Lender and issued by a campany vr companies
<br /> reasonahly a�ceptabf� to Lender. Trustor, upon request o# Lender� will defi�er t� Lender fr�m t�me to tEme the
<br /> pa�ic�es or certificates of �nsurance in form satis#a�tvey t❑ Lender. including stipu�ativns that ca�erages will not bs
<br /> cancefled ❑r diminished without at least thirty �3�� days privr written notice to L�nd�r. Ea�h insurance pvli�y alsv
<br /> shaf[ inc�ude an endarsem�nt pro��d�ng#hat co�erage in fa�or vf Lender will not be impaired �n any way by any act,
<br /> �mission vr de�ault o�Trustvr vr any vther person. The Real Prvperty is ❑r w��l be Ivcated �n an area d�signated hy
<br /> the Directvr af the Federal Emergency Management Ag�ncy as a sp�cia[ flood hazard ar�a. Trustor agrees to
<br /> abtain and maintain Federal Flo�d Insurance, i� a�a�labie. fvr the full unpaid principa� �a�ance af the laan and any
<br /> prior liens an the prvperty securing �he loan, up to the maximum pvlicy limits set under the Nationa[ F�vvd
<br /> Insurance Program, vr as vtherwise required by Lender, and to maintain such insurance for the term of the loan.
<br /> ApplEcation of Pro�eeds. Trustor sha�l pr�mptly notify Lender of any loss or damage t❑ the Property. Lender may
<br /> make proof of Ivss i� Trustvr fails t� dv so within fifteen ��5� days vf th� �asua�ty. Whether or nvt Lendsr's
<br /> security is impaired, Lender may, at Lender's election, r�cei�e and retain the pra�eeds of any insurance and apply
<br /> the proceeds to the reduction ofi the Inde�tedness, payment of any lien affecting the Property, or the rest�rativn
<br /> and repa�r vf the Prvp�r�y. if Lend�r elec�s to apply the proceeds to restoration and repair, Trustor shall repair or
<br /> repiace the damaged o� destr�yed lmpro�ements in a manner satisfa�tory to Lender. Lender sha�l, upon
<br /> satisfa�tory proof of such expendEtur�, pay vr reimburse Trustor fram the proceeds fvr th� reasonable cost of
<br /> repair or restoration if Trustor is nvt in detault under this Deed of Trust. Any proceeds whi�h ha�e n�t been
<br /> disbursed within 18D days after their re�eipt and which Lender has not cvmmitted ta the repair �r restvration of
<br /> the Prvperty shall be used #irst t❑ pay any amaunt vwing to Lender under this De�d vf Trust, then tv pay accrued
<br /> interest, and the remainder, if any, shall be app�ied to the principal balance ❑f the Ind�btedness. If Lender halds
<br /> any p��ceeds af#er payment in fu[I of the Indebtedness, such prviceeds shall be paid tv Trustor as Trustvr's
<br /> interests may appear.
<br /> Trustar's Report on insurance. Upon request o� Lender, hawe�er not mare than �nce a year, Trustar sha�l furnish
<br /> tv Lender a report ❑n each existing poficy o� �nsurance showing: ��� the name vf th� insurer; ��y the risks
<br /> insured; �3} the amount v# the po�icy; {4} the praperty insured, the then current rep�a�ement �a�ue af such
<br /> property, and the manner of determining that�alue; and t5� the exp�ration date of the po�icy. Trust�r sha�l, upvn
<br /> request vf Lender, ha�e an independent appraise�sat�sfactvey to Lender ds��rmine�he cash�alue repfacement cast
<br /> ❑f the Prvperty.
<br /> LENDER`S E�CPENDiTURES. If any action ❑r pro�eeding is cammenced that would materially affect Lender's interest in
<br /> the Prvperty vr if Trustor fai�s tv �omply with any pro�isi�n v#th�s Deed of Trust ❑r any Related Documents, including
<br /> but not limited tv Trustor's #ailure to discharge �r pay when due any amounts Trustor �s requi�ed t� discharge or pay
<br /> und�r this Deed of Trust or any Related Documents, Lender vn Trustor's behalf may �but shall nat be obligated to� take
<br /> any action that Lender deems apprvpriate, incCuding but not �imited tv discharging ar paying af� taxes, liens, security
<br /> int�rssts, encumbrances and other�laims, at any time fe�isd vr placed on the Property and paying all costs for insurEng,
<br /> maintaining and preser�ing the Property. Ali such expenditures incurred or paid by Lender �or such purposes will then
<br /> bear interest at the rate charged under the Note from the date incurred or paid by Lender to the dat� of repaymen� by
<br /> Trustvr. Af� such expenses wi[� be�ome a part vf the indebtedness and, at Lender's vption, will �A} he payable on
<br /> demand; �By be added to the balance vf the Note and be app�rtivned among and be payable with any insta��ment
<br /> payments t❑ become due during either ��� the term of any applicabfe insurance poli�y; or �2� the remaining term �f
<br /> the Nvte; or �C� be treated as a baEloon payment which wi[l be due and payable at the Nvte's maturity. The Deed of
<br /> Trust alsv will secure payment �f these amounts. Such right shall be in additivn ta all other rights and remedies to
<br /> which Lender may be entit�ed upon Default.
<br /> WARRANTY: DEFENSE�F TITLE. The fallvwing prv�isions relating t❑ vwnership vf the Prvperty are a part of this D�ed
<br /> vf Trust:
<br /> Ti#ie. Trustor warrants that: �a� Trustvr hotds go�d and marketable t�tfe �f recard ta the Prvperty in fee simpfe.
<br /> free and clear o� all �iens and encumb�an�es other than those set forth in the Real Praperty description vr in any
<br /> titfe insurance pali�y, titi� report, or final titie opinion issued in fa�vr of, and a�cepted �y, Lender in cvnnection
<br /> with this need vf Trust, and �bf Trustar has the fuii right, power, and authority to ex��ute and d�li�er this Deed vf
<br /> Trust ta Lend�r.
<br /> Defense of Title. 5uhje�t �v the exceptian �n the paragraph abv�e, Trustvr warrants and wil! fare�er d�fend the
<br /> title to the Prop�rty against the iawfuE claims of a�� p�rsons. In the e�ent any actEon ❑r prviceeding is commenced
<br /> that questions Trustor's title ar the interest vf Trustee or Lender under this Deed of Trust, Trustor shall de�end the
<br /> a�ti�n at Trustor's exp�nse. Trustor may be the nominal party in such prviceeding, but Lender shall be entitled to
<br /> participate in the proceeding and t❑ be represented in the proceeding by cvunsef of Lender's own �hvice, and
<br /> Trustar wif� d�ii�er, vr cause t❑ be deii�ered, to Lender such instruments as Lender may request frvm time #o time
<br /> to permit such parti�ipation.
<br /> Compliance WEth Laws. Trustor warrants that the Property and Trustor's use of the Property cvmplies with all
<br /> exist�ng app�icable laws, vrdinances, and regulations v#go�ernmental authvrities.
<br /> 5ur►►i�a� a# Represen#ations and Warranties. A1� representations, warranties, and agreements made by Trustor in
<br /> this ❑eed of Trust shall sur�i�e the executian and defi�ery�f this Deed ot Trust, shall be continuing in nature, and
<br /> shai� remain in full fvrce and e#fe�t until such time as Borrower's �ndebtedness shall be paid in fuil.
<br /> CDNDEMNATIaN. The fa�fowing pro�isivns relating t❑cvndemnativn proceedings are a part of th�s ❑eed vf Trust:
<br /> Proceedings. It any proceeding in condemnation is filed, Trustar shall promptly notify Lender in writing. and
<br /> Trustar shall prvmptly take such steps as may be necessary to defend the action and obtain the award. Trustor
<br /> may be the nominal party in such proceeding. but Lender shail be entitled tv participate in the prviceeding and to be
<br /> represented in the proGeeding by couns�� v� �ts own chaice, and Trustvr will deE��er or cause ta be de���er�d to
<br /> Lender su�h instruments and dvcumentation as may be requested by Lende� #rom time t❑ time to permit such
<br /> participation.
<br />
|