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' 201403362
<br /> ' DEED UF TRUST
<br /> (Con#inu��) Page 3
<br /> cove�age endorsements on a fair value basis for the full insurable value cavering all Improvements on the Real'
<br /> Praperty in an amount sufficient to avoid appfication of any eoinsuranee clause', and with a standard mortgagee'
<br /> clause in favor crf Lender,together with such other hazard and liability insueance as Lender may reasonably require.'
<br /> Policies shall be written in form, amounEs, caverages and basis reas4nably acceptable to Lender'and issued by a,'
<br /> company or companies reasonably acceptable to Lend�c Trustor, upon request of Lender, will deliver to Lender`
<br /> from'time to time the'palicies'or certificates of''insurance in form satisfactory to'Lender,including'stipulations that''
<br /> couerages will nat be cancelfed or diminished without at least th'irty(3Q)'days prijor written notice``to Lender. Each'
<br /> insurance policy also'shall include an endorsement providing that coverage in favar of Lender wilf not be,impaired
<br /> in any way by any aGt, omissi4n or default of Trustor or any other person. Should the Real Properfy be Iocated in'
<br /> an area designatetl by the Administrator of the Federal Emergency Management Agency as a speciai fload hazard
<br /> area; Trustor agrees'to obtain and maintain 'Federal Flood Insurance,'if auailable, for the full`<unpaid principal'
<br /> balance of the loan and any ptior liens�n the property s�ecuring€he 1oan,'����up to the maximum poficy limit&set under����
<br /> the National Flood Insurance Program,,'or as otherwise required lby Lender, and to maintain &uch insurance for the``
<br /> term���'of the Iaan.
<br /> Application af Proceeds. Trustor shalil'promptly notify Lender of any loss or damage to the Property. Lender may'
<br /> make proof of loss if TrustQr faiis to'da so within fiiteen (15) days of the casualty. Whether'or not Lender's'
<br /> security is impaired, Lender may, at Lender's eiection, �eceive and retain the proceeds of any insurance and apply,'
<br /> the proceeds to the reduction'of the tndebtedness, payment of`any lien'affecting the Property, or khe restoration>�
<br /> and,repair of the Property. If Lender elects to'apply the proceeds to restoration''and repair, Trustor sha11 repair or'
<br /> repEace the damaged or destroyed Improvements in' a manner satisfaetory to Lender. Lender shali, upon''
<br /> satisfactory proof of'suCh expenditure, pay or reimbucse Trustor from the proceeds for the reascanable''cost of'
<br /> repair or restoration if Trustor is not'in default under'this Deed ot Trust, Any proceeds which have not been'
<br /> disbursed within '[80 days after their�eceipt and which Lender has not eommitted Yo the repair'or restoration of'
<br /> the Property shall be used first to pay any amount owin,g to Lender under this Deed of Trust,then to pay',accrued>�
<br /> interest, and the remainder, if any, shall be appiied to the principal balance of the lndebtedness.' Ifi Lender holds'
<br /> any proCeeds after payment 'in fuli of the Indebtedness, such proeeeds shalt'be paid'to 7rustar as 7rustor's'
<br /> interests may appear.
<br /> Gompliance with Existing Indebtedness. During the period in which any Existing'Indebtedness described below is'
<br /> in effecf, compiiance with fhe insurance provisions' contained in the instrument evidencing such 'Existing'
<br /> Indebtedness'shatl constitute''compliance with''the insurance provisions under this Deed ofi Trust, to the exte�t''
<br /> campliance with the terms of'this Deed of Trust would constitute a du,plication'of insurance requiremenk'. If any'
<br /> proceeds from the insurance become payable on loss, the provisions in this Deed of 7rust for division of proceeds'
<br /> shall'apply oniy to that pattion'of the p�oceeds not payable to the halder of the Exisking Indebtedness.
<br /> LENDER'S EXPENDI7URES. 1f Trustor fails (A) to keep the Proparty free of a11 taxes, �liens, security interests,
<br /> encumbrances, and ather claims, (B) to provide any required insuranc�on'the Properly, (C) to make repairs to The'
<br /> Property or to compiy with any obligation io maintain Existing Indebtedness',in good staading as required below, then
<br /> Lerider may do so. If any action'or proceeding is'commenced that wouid materially affect'Lender's interests in the'
<br /> Property,'then Lender on>�Trustor',s behalf may, but is nof required to, take any action tha# �errder believes ta be
<br /> approprfaie to protect Lender's interests. IAII expenses incurred or'paid by'Lender for such'purposes will then bear'
<br /> inferest at the rate charged under the Note frnm the date'incurred or paid by Lender to the date of repayment by'
<br /> Trustc�r. All such'expenses will become a,'part of the Indebtedness and, at'Lenderis option,,will (A} be payable on'
<br /> demand; '(6) be'added to the baiance of'the Note and be apportioned among and'be payable with any instatlment''
<br /> payments to become due during either (1}'' the term of any applicable insurance policy; or (2) the remaining'term of'
<br /> the Note;'or {C) ,be treaked as a balloon payment which will be due and payable at the Note's maturity. 7he'Caeed c�f''
<br /> Trust also wiil secure payment of these amounts. The rights pro�ided for in'this paragraph sha11 be in addition to any'
<br /> other rights or any remedies ta which Lender may'kae enfitled on accounf of any defauft. Any sueh action by Lender``
<br /> Shall not tae cons#rued as curing the defaulfi'so as to bar Lender from,any remedy that it cathervvise would have had.
<br /> WARRANTY; DEFENS�OF TITLE. The foll4wing provisions relating to ownership of the Property are a part of this Deed'
<br /> of Trust: ''
<br /> Title: Trustor warranfs that: ,(a)Trustor holds good and marketable Yit1e of record to the Praperty in fee simple„'
<br /> free and �lea�of all liens and'encumbrances other than those set fotth'in the Real Rroperky description or in the''
<br /> Existing Indebtedness>.section bel4w ot in any title insurance policy, title report, or final ti#le opinion issued'in favflr'
<br /> of, and accepted by, l.ender in connection with this Deed of Trust, and,'(b)Trustor has'the full right, power, and'
<br /> authority to execute and deliver this Deed of Trust to Lender.
<br /> Defe�se of Title. Subjeet to th€ exception in the paragraph above, Trustor warrants and will forever defend the'
<br /> title to the Property against the Eawful'claims off all persons. ln'the event any acfion ar proceeding is commenced'
<br /> that questions Trustor's title or the interest of Trustee or Lender under this Deed of Trust';Trustor'shali defend the
<br /> aefion at Trustar's expense. Trustor may be the nominal party'in such proceeding, but Lender shall be entitied to'
<br /> participate in the proceeding land to be represented in the proceeding by counsel of Lender's own choiee, and
<br /> Trusfor will deliver, or cause to be delivered,ta'�Lender�such instruments'�as Lender may request feom time Yo time���'�
<br /> to p�rmit such participation. ��
<br /> Compliance With Laws. Trustor warrants that the Property and Trustor's uss of the P�operiy complies'with a0'
<br /> existing applicable laws, ordinances, and regulatians of governmental authorities.'
<br /> Survival of Promises. All promises, agreements, and statements Trustor has made in'this Deed of Trust shali
<br /> survive the execution'and delivery Qf this Deed'c�f Trust; shall be continuing in nature and shall remain in full force''
<br /> and effect until such time as T�ustor's Jndebtedness is paid in full.
<br /> EXISTING��INDEBTEaNE3S: The following ptovisions concerrtiing Exis#ing Indebtedness are a part of this Deed of Trust: '�
<br /> Existing Lien. The lien of this Deed of Trust'securing the Indebfedness may'tae secondary and inferior to an''
<br /> existing Iien. 'Trustor expressly covenants and'agrees ta pay, or see to the payment of,Ithe Existing Indebtedness
<br /> and ta prevent any default on'such indebtedness,any default under the instruments evidencing such indsbtedness,'
<br /> or any default under any securfty docutnents for such indebtedness.
<br /> No N#odification. Trustc�r shall not enter into any agreernent with the hoider of any mortgage, deed of trust, or'
<br /> Qther security agreement which has'priority over this Deed of Trust by which that''agreemenf is modified,'
<br /> amended, extended, or renewed without the prior written consent of Lender. Trustor shall neither request nor'
<br /> accept any future advances under any such security agreement without the priar written consent of Lender:
<br /> GONDE�?�1�4T10N.��� The folEowing pfovisions���relating'to candemnatfon����,proceedings are�part of��fhis Deed oi Tru�t:
<br /> Prnceedings. If any,'proceeding in condemna$on is filed, Trustor shaEl promptly notify Lender in writing, and'
<br /> Trustor shall',pramptly take such steps'as rnay>�be necessary to'defend the action and obtain the award. 'Trustor'
<br /> enay F�e the naminal party in such proceeding, but Lender shall be entitSed to partieipafe in the proceeding and to be'
<br /> represenfed in the proceeding>�by eounsel of its own choice, and Trustor will deliver c�r cause to be delivereal to'
<br /> Lender such 'instruments and''documentation as may be r�quested by 'Lender from time to time to permit such'
<br /> participation.''
<br /> Application of Net Proceeds. If ap or any part of the Property is,condemned by eminant domai�proceedings or by
<br /> any proceeding or purchase in lieu of condemnation, Lender may'at its election require that aA pr any portion of the``
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