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� 201403955 DEED OF TRUST Laan No: 373051757 [Continued) Page 3 statement of the taxes and assessments against the Property. No#ice of Construction. Trustor shal[ notify Lender at [east fifteen {Z 5} days before any worlc is commersced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other iien eoulcE be asserted on account of the work, services, or rr3aterials. Trustor wil9 upon request of Lender furnish to Lender advance assurances satisfactory to l.ender that Trustar can and will pay the cost of such improvements. PROPERTY DAIVIAGE INSURANCE. The folfowing provisions relating to insuring the Property ere a part o€ihis Deed of Trust. IVlaintenance of [nsurance. Trustor shalf procure and maintain policies of €ire insurance with standard extended coverage endorsements on a replacement basis for the fuEl insurable va]ue covering all lmprovements an the Rea! Property in an amount sufficient to avoid application of any coinsurance clause, and with a startdard mortgagee cfause in favar of Lender,together with such other hazard and liability insurance as Lender may reasonably require. Policies shall be written in farm, amounts, coverages and basis reasonably acceptai�le to Lender and issued by a company or Companies reasonably acceptab[e to Lender. TrusFor, upon request of lender, will deliver to Lender from time to time the policies or certificates o�insurance in form satisfactory to Lender, including stipulations that coverages wi[I not be cancel[ed or diminished without at least ten ;10} days prior written notice To Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender wili not be impaired in any way 6y any aci, omission or default of Trustor or any other person. Should the Rea! Properry he located in an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area, Trustor agrees to obtain and maintain Federal �[ood Insurance, if a�ailable, for the full unpaid prirtcipal balance of the loan and any prior fians on tE�e propsrty securing tha loan, up to the maximum policy limits set under the Hetional Flood ]nsurance Pragram, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Application of Praceeds. Trustor sha[I promptly notify Lender of any]oss or daenage to the Property. Lender may make proof of toss if Trustor fails to do so within fifteen {�[5} days of the casuafty. Whether or not Lender's security is impaired, Lender may, at Lender's electian, receive and retain the proceeds of any insurance and app]y the proceeds to the reduction of the Indebtedness, payment of any lien afiFecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restaration and repair, Trustor sha[I repair or replace the damaged or destrayed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reirrtburse Trustor from the proceeds for the reasonab[e cost of repair or restoration if Trustor is not in default under this peed of Trust. Any proceeds which have not been disbursed within 180 days 2fter their receipt and which Lender has not comrrtitted to the repair or restoration af the Property shalt be used first to pay any amount owing to Lender undar this Deed of Trust, then to pay accrued interest, and the remainder, if any, shal[ be applied to the principa] ba[ance of the Indebtedness. If Lender holds any proceeds after payrnent in full of the Indebtedness, such proceeds shall be paid to Trustor as TrusTor's interests may appear. Compliance with Existing [ndebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance with the insuranCe provisions contained in the instrvment evidencing such Existing Indebtedness shall constitute compliance with tF�e insurance provisions under this Deed of Trust, to #he extent compliance with the terms of this Qeed of Trust would constitute a dupiicatian of insurance requirement. If any praceeds from the insurance 6ecome paya6le on loss, the provisions in this Deed of Trust for division of proceeds sha[I app[y anly to thaF portion of the proceeds nat payable to the holder of the Existing Indebxedreess. LENPER'S EXPENDITURES. If Trustor fails [A) to keep the PropeRy free of all taxes, liens, security interests, encumbrances, and other daims, {B) ta provide any required insurance an the Property, {C) ta make repairs to the Psoperty or to comply with any obligation to maintain Existing Indebtedness in good stanc[ing as required below, then Lender may do so. If any action or proceeding is commenced that wou[d materially affect Lender's interests in the Property, then Lender on Trustor's behalf may, but is not required to, iake any action that Lender believes ta be apprapriate to protect Lender's interests. AI] expenses ineurred or paid by Lender for such purposes will then bear interest at the rate charged under the f�ote from the date incurred or paid by Lender to the date of repayment 6y Trustor. All such expenses wi[I become a part of the Indebtedness and, at Lender's op'tion, wi][ (q} I�� p�yable an demand; {g} be added to the halance of the f�ote and be apportioned among and be payable with any installment payments to become due during either {T} the term of any applicabfe insurance poEicy; or (2) the remaining term of the Note; or {C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Deed of Trust also wi[I secure payment of thsse amounts. The rights provided for in this paragraph shal] be in addition ta any other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall not be construed as curing the defau[t so as to bar Lender from any remedy that it otherwise would have had. WAR�tAN7Y; �EFE[�SE OF TITLE. The fo[lowing provisions relating to ownership of the Property are a part of this Deed of Trust: Title. Trustor warrants that: [a} Trustor holds good and marketab[e title of record to the Property in fee simple, free and clear of alE liens and encumbrances other than those set #orth in the Reai Property descripEion or in the 6cisting [ndebtedness section below or in any ti�le insurance policy, title report, or fina]title opinion iss�ed in favor of, and accepted by, Lender in connection with this I]eed of Trust, and (b] Trusior has the f�l] right, pawer, and authority to execute and deliver this Deed of Trust to Lender. Defense of Title. 5ubject to the exceptian in the paragra�h above, Trustar warrants and wiEl forever defend the tit[e to the Property against the lawful claims of al[ persons. In the e�ent any action or proceeding is comrr�enced that questions Trustor's titfe or the interesY of Trustee or Lender under this Deed ofi Trust,Trustor sha11 defend the action at Trustor's expense. Trustor may be the nominal pariy in svch proceeding, but Lender sha[I 6e antitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Trustor will deliver, or cause ta be delivered, to Lender such instrumenis as Lender may request from time to time to permit such participation. CompliaRce Witf� Laws. Trustor warsants that the Propsrty and Trustor's use of the Property complies with a][ existing a�plicable laws, ordinances, and ragulations of governmental authorities. 5ur�ival of Prorriises. All prorr�ises, agreements, and sxatements Trustor has rnade in this Deed of Trust shall sur�ive the execution and deli�ery of this �eed af 7re�st, shall be continuing in nature and sha[I remain in fiul[ force ar�d effect until such time as 7rustor's lndebtedness is paid in fu[I. EXISTING 1NQEBTEDI�l�SS. The follawing pro�isions concerning Existing Indebtedness are a past of this Deed ofi Trust: F�cisting Lien. The €ien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Trustor expressly covenants and agrees to pay, or see to the paymen#of, the Existing [ndebtedness and to prevent any defauli on such indebtedness, any default under the instruments evidencing such indebtedness, or any default under any security documents for such indebtedness. No Modification. Trustor shafl not enter into any agreerr�ent witf� the [�older of any mortgage, deed of trust, or other security agreement which has priority over this Deed of Trust by which that agreement is modified, arrtended, exEended, or renewed without Ehe prior written consent of Lender. Trustor shal! neither request nor accept any future advances under any such security agreement without the prior written consent of Lender.