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° ��14�4�9�
<br /> DEE� aF TRUST
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<br /> ��orat�nued� Page 3
<br /> co�erage amoun�s as Lender may request ►nrith Trus�ee and Lender being named as additional insureds �n such
<br /> �iabi[ity insucanc� policies. Additionaily, Trustor shall maintain such ofher insuranc�, including but not limited ta
<br /> ha�ard, business interrup�'ron, and �ailer insurance, as Lender may reasonabfy require. P��icies shalf he writk�n in
<br /> form, amaunts, cv�erages and basis reasvnahly acceptable to Lender and 'rssued by a company ar companies
<br /> reasonabfy acceptable ta Lender. Trustar. upon request of Lender. wiC[ de[i��r to L�nder f�om time tv time �he
<br /> policies or �ertE�icates of insurance in form satis�acto�y tv Lend�r, including stipulations that Gv�erages w�li nvt be
<br /> cancelled or diminished ►nri�hvu�a� least th�rty �3D} days prior writ�en notice to Lend�r. Each insurance poliGy a�s�
<br /> shall include an endorsement pro�iding that co�erage in�a�vr o�Lender will nat be irrupaired in any way by any a��,
<br /> omission or defiau[t o�Trustor or any o�her person. Shvuld the Real Property be located in an area d�si�nated by
<br /> the Administra�or o�the Federal Em�rgency Management Agency as a sp�cial flood ha�ard area, Trustv�a�rees to
<br /> ob�ain and maintain Federal Fiood lnsurance, if a�ailab[e, �or�he fu[� unpaid prineipal E�alance of the l�an and any
<br /> prior liens on the property secur�ng the �oan, up to the maximum p�licy limits set under the Nationai Flood
<br /> [nsuranG� Prvgram, or as otherwise required by Lender, and tv ma�n�ain such insurance�rvr�he�erm af the I�an.
<br /> Appiicat�nn vf Proceeds. Trustor shal� prvmptly no�ify Lend�r af any �oss or dama-�e�� the Proper�y. Lender may
<br /> make pro�fi o� loss if Trusfior �aifs to do so wi�hin fif�een {1�} days af the casuai�ky. 11Uhether or nat Lender's
<br /> securEty is impaired, Lend�r may, at Lender's elec�ion, reeeive and retain the prac�eds o�any insurance and apply
<br /> the proceeds to �he reduction o�the f ndebtedness, payrnenfi ❑f any [ien af�ecting t�e Prvper�y, or the restoration
<br /> and repair o��he Proper�y: lf L�nder e�ects �o apply �he prviceeds �o restoration and repair, Trus�or sha[[ repair or
<br /> replac� �he damaged ❑r destroy�d lmpro�ements in a manner satisfac�tory �a Lend�r. Lender sha[I, upon
<br /> satis�Factary proof af sueh �xpendEture, pay vr reimburse Trustor #rom �he pro�eeds far the reasonah[e c�st o�
<br /> repair or restarativn if Trustv� is not in de�fault under this Deed of Trust. Any proceeds which ha�e not been
<br /> disbursed within '�8Q days after th�ir receipfi and which Lender has not committed to the repair or restora�ion of
<br /> the Property shall be used first t� pay any amount owing to Lender under this Deed a�Trust, then to pay accrued
<br /> interest, and the remainderF if any, shai! b� applied to �he principal balance af the lndebtedness. [f Lender ho[ds
<br /> any pro�eeds aft�r payment in fu[[ o� �he lndebtedness, such praceeds shal[ be p�Ed tv Trustor as Trustor's
<br /> En�erests may appear.
<br /> Trus�or's Report on Insurance. Llpan requ�st o�r Lender, howe�er no� more than once a year, Trustor shall furnish
<br /> ta Lender a report fln each existing po�icy a� insu�ance shvwing: ��� the name af the �nsur�r; ��} the risks
<br /> insured; t3� the amoun� of the po[i�y; �4} the prvperty insured, �he then curre�t rep�acement value of such
<br /> prvperty, and the manner af de�ermining that value; and t5} the expira�ion da�e af�he po[icy. Trustar shalC, upon
<br /> request af Lender, ha�e an independen-�appraiser satisfactory to Lender de�ermine the cash vafu� rep�acement cost
<br /> o�the Property.
<br /> TA�AND INSURANCE RESERVES. Sub�ec�to a.ny limitatEons and consistent with any requirements sefi by applicable
<br /> law, Lender may requir� Trustor to main�ain with L�nder rese��es far payment of annual taxes, assessments; and
<br /> insurance premiums, ►nrhich reser�es shall be created by an inEtEaf depvs�t and subsequent manth[y paymen�s, or
<br /> payments at sueh o�her inter�a! as paymen�s under�he Not� may be due, o�a sum �stimated by Lender to be su�Fficient
<br /> tv pay the tvtal annua[ tax�s, assessmen�s, and insurance premiums Lender r�asvnab�y anticipa�es to be paid �rom
<br /> these reserves. The reser�e funds shall �e held f�y Lender as a genera[ deposit from T�-ustvr, which Lender may satis�fy
<br /> by paym�nt of the taxes, assessm�ntsr and insuran�e premiums required �❑ be paid by T�ustor as they become due.
<br /> Lender shail ha�e �he righ� tv draw upon the reser�e funds ta pay su�h i�ems, and L�nder shall not be required to
<br /> de�ermine the �alidi�� or accuracy �� any i�em befare pay�ng i�. Nothin� in the Deed o� Trust shall be �onstrued as
<br /> requiring Lend�r to ad�an�e other manies�For such purposes, and Lender sha[[ not incur any I�ability for anything it may
<br /> do or omit�o do with respect to the resen�e accoun�. 5ub�e�t ta any I�mitations set by app�icable law, if�he reser�e
<br /> funds disc[vse a shartage or defici�ncy, Trus�or shall pay such shortage ar deficiency as required by Lender. Afl
<br /> amounts in the r�s�r�e account are hereby p�edged to fiurther secure the f ndebtedness, and Lender is hereby authorized
<br /> to withdraw and apply such arnvunts on th� [ndebfiedness upon�he oc�urrence of an Event v�D�-�ault. Lender shaf[ nvt
<br /> be required to pay any in�eres� or earnEngs on �the reser�e funds unless required by l�w ar agreed to by Lender in
<br /> writing. Lender does not hold �he reser�e funds in trust fo.r Trustor, an.d Lender is not Trustar's agent for paymen�vf
<br /> �he ta�es and ass�ssments required to be paid by Trusto�-.
<br /> LENDER'S E]�PENOITURES. �f any a��ion or pr�ceed�ng is �ommenced that would ma�erially affe�t Lender's interes� in
<br /> �he Proper�y or ifi Trustor fails to comply vtiri�th any pro�ision o�this Deed af Trus�or any Related D�cuments, including
<br /> but not [imited to Trustor's failure to discharge or pay when due any amaun�s Trus�or i� �equired �o discharge ar pay
<br /> unde�r this Deed of Trust ar any Related DoGuments, Lender on Trustar's behalf may �bu�shal[ not be��liga�ed �o} �ake
<br /> any ac�ivn that Lender deems apprvpria�e, inc[uding i�ut not limited tv discharging or paying al[ tax�s, liens, security
<br /> interests, encumbrances and o�her claims, at any tErne le�ied or plac�d on the Proper�y and paying afI cos�ks�rvr insuring,
<br /> maintaining and preser��ng the Praper-�y. A[[ such �xpenditures incurred or paid by Lender for such purpos�s will �hen
<br /> hear interest at�he rate charged under the Nofie �rom the date incurred a�- paid by Lender�o the dat�af repaymen� by
<br /> Trustvr. AI1 su�h expenses will became a parfi o� �he fndebtedness and, a� Lender's nption, wil[ �A} he payable on
<br /> d�mand; �B� be added �o the balance of the Note and be apportioned among and be payable with any installment
<br /> payments to become due �u�ing either ��� �he term o�any applicabie insurance policy; �or ��} the remaining term of
<br /> the Note, or 4C} be tr�ated as a balloon payment whi�h wE�i b�due and payable a�the ➢Vote's maturi�ty. The Deed �f
<br /> Trust also will secure payment of these amounts. Such �ight shail be �n additivn to all o�her rights and remedies tv
<br /> wh�ch Lender may be entit�ed upon Defaul�.
<br /> WARRANTY; DEFENSE OF TITLE. The fol[owing prv�isi�ns relating to ownership❑f th� P�operty ar�a part o��his Deed
<br /> o-�Trust:
<br /> Ti�le. Trustor warrants thafi: {a} Trustor ho[d.s gvod and marketable title of record to the Property in fee simple,
<br /> free and clear o� all liens and encumbrances other than those set f�rth in th� F�eal Property descrip�ion ar in any
<br /> title insuran�e po[icy, tit�e report, or fina[ tit[e vpEnian issued in fa�ar af, and accep�ed by, Lender in cvnnec�ion
<br /> with this Deed o�Trust, a�nd �b} Trustor has the�u[[ right, power, and authority ta exe�u�e and defi�er th�s Deed af
<br /> Trust to Lender.
<br /> D�fense vf Tit�e. 5ubject to the exeeption in �the paragraph aE�a�e, Trustar wa�rants and lrvill fore�er de�end �he
<br /> tit[e�v �he Prvperty agains��he law�ul claims of all persons. 1n the e�ent any action or prpceeding is c�mmen�ed
<br /> that questions Trustor's t'itfe or the in�eresfi of Trustee ar Lender under this Deed v�Trust, Trus�or sha[[ de��nd the
<br /> action at T�ustor`s e�epense. Trustor may be the naminal par�y in such praceeding, I�ut Lend�r shall be en�itled t�
<br /> par�i�ipate in the proceeding and to be r�presented in the proceeding by cvunse[ a� Lender's vwn choice. and
<br /> Trust�r wiil deli�er, or cause t� be deli�ered,to Lender such instrumen�ts as Lender may request�rom time to time
<br /> to permit such participa�ion..
<br /> Compliance Vlr�th Law�. Trustor warrants that the Prvperty and Trustvr's use of ��e Property cvmplies with al_l
<br /> existing appli�abf�laws,ordinances, and regu[a�ions of governmen�a� authori�i�s.
<br /> Survival of Rep�esentativns and VII'arrant�es. A[[ representations, warranties, and agreemen�s made by Trustvr in
<br /> �his D�ed of Trust shaff sur�ive th�e�ecu�ion and de[ivery af this D�ed of Trust, shal� be continuing in nature, and
<br /> shali �emain in full f�rce and e���ct until such�ime as Trustar's lndeb�edness shall be�aid in�Full.
<br /> C�NDEMNAT�DN. The following Rro�isions rela�ing�o cvndemnation proceedings are a p�rt o�this Deed of Trust:
<br /> P�oceedings. lf any proceedin� in con�emnation is filed, Trustor sha[I promptfy notify Lender in writing, and
<br /> Trustar sha_I[ prampt�y take such steps as may be necessary to de�end the ac�ion and obtain the award. Trustor
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