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201404183
<br /> DEED OF TRUST
<br /> Loan Na: 1 1 1 1 292-3 (Continued) Page 3
<br /> make proof of loss if Trustor fails to dn so within fiiteen {15} days of the casualty. Whether or not Lender's
<br /> security is impaired, Lender may, at l.ender's e�ection, receive and retain the proceeds of any insurance and apply
<br /> the proceeds to the reduction of the Indehtedness, payment of any lien affecting the Property, or #he restoration
<br /> and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, �'rustor shall repair or
<br /> replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br /> satisfactory proof of such expenditure, pay ar reim6vrse Trustor from the proceeds for the reasonable cost of
<br /> repair or restoration if Trustor is not in default under this �eed of Trust. Any proceeds which have not been
<br /> disbursed wi#hin 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br /> Yhe Property shall be used first to pay any amount owing to Lender under this Deed of Trust, then to pay accrued
<br /> interest, and ihe remainder, if any, s�nal� be applied to the principal balance of #he Indebtedness. If Lender holds
<br /> any proceeds after payment in full of #he Indebtedness, such proceeds shall be paid to Trustor as 7rustor's
<br /> interests may appear.
<br /> Cpmpliance with Existing Indebtedness. During the peripd in which any Existing Indebtedness described below is
<br /> in effect, compliance with the insurance pravisions contained in the i�strument e�idencing such Existing
<br /> indebtedness shall constitute compliance with the insurance grovisions under this Deed of Trust, #o the extent
<br /> compliance with the terms of thfs ❑eed of 7rust would consiitute a duplication of insurance requirement. If any
<br /> proceeds from the insurance 6ecame payable vn loss, the provisions in this ❑esd of Trust for division of proceeds
<br /> shall apply only to that portivn of the proceeds not payable#v the hoEder of the Existing Indebtedness.
<br /> Trustor's Report on lnsurance. Upon request of Lender, howe�er not more than once a year, Trustor shall furnish
<br /> to Lender a reporc on each existing poiicy of insuranca showing: (1} the name of the insurer; {2I the risks
<br /> insured; {3} Yhe amount of the policy; i4) the property insured, the then current replacement value of such
<br /> praperty, and the manner of determining that value; and (5} the expiration date of the policy. Trustor shafl, upon
<br /> request af Lender, have an independent appraiser saYisfactory to Lender determine the cash�alue replacement cost
<br /> of the Property.
<br /> LE[r[DER'S EXPENDITURES. lf any action or proceeding is �ommenced that would materially affect Lender's interest in
<br /> the Property or if Trustar fails to comply with any provision of this Qeed of Trust or any Related Documents, including
<br /> 6ut not limited tv Trustor's failure to comply with any obligation #n maintain Existing Indebtedness in good standing as
<br /> required below, or to discharge or pay when due any amounts Trustor is required to discharge ar pay under this aeed of
<br /> Trust or any Rekated Documents, Lender on Trustor's t�ehalf may Ibut shaA not be obligated to} take any actian that
<br /> Lender deems appropriate, including but not iimited ta discharging or paying all taxes, fiens, security interests,
<br /> encumbrances and ather claims, aE any time levied ar placed on Che Property and paying all casts for insuring,
<br /> maintaining and preserving the Property. All suoh expenditures incurred ar paid by Lender for such purposes will then
<br /> bear interest at the rate charged under the Nate from the date incurred or paid by Lender to the date of repayment 6y
<br /> Trustor. All such expenses will become a part of the Indebtedness and, at Lender's option, wiil iA) be payable on
<br /> demend; fS} be added to the balance of the No#e and be apportioned among and be payable wi#h any installment
<br /> payments to become due during either 11? the term of any appficable insurance policy; or i2} the remaining term of
<br /> the Note; or (C� be treated as a balloon payment which will be due and payable at the Note's maturity. The Deed of
<br /> Trust also wikl secure payment of these amounts. Such right shall be in addition to all other rights and remedies to
<br /> which Lender rrEay be entitled upon Default.
<br /> WARRANTY, QEFENS�OF TiTLE. The following provisions relating to ownership of the Property are a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants that: fa) Trustor holds good and marketable title of record to the Praperty in fee simple,
<br /> free and clear af all ]iens and encumbrances other than those set forth in the Real Property descriptinn or in the
<br /> Existing Indebtedness section befow or in any title 9nsurance policy, title repnrt, or final title opinian issued in favar
<br /> of, and accepted �y, Lender in connectian wi#h this Deed of Trust, and {b} �rustor has the full right, power, and
<br /> authority to execute and deliver this Deed af Trust to Lender.
<br /> Defense of Title. SuL�ject to the exception in tF�e paragraph above, Trustor warrants and will fore�er defend the
<br /> title to the Property against the lawful ciaims o# all persons. In the event any actian or proceeding is commenced
<br /> that yuestions Trustar's title or the interest of Trustee or L�nder under#his Deed o#Trust, Trustor shall defend the
<br /> action at Trustor's expense. Trusior may be the nominal party in such proceeding, but Lender shall be entitled to
<br /> par#icipate in Yhe proceeding and to be represe�ted in the proceeding by counsel ofi Lender's own choice, and
<br /> Trustor wil! deli�er, ar cause to be deEi�ered, to Lender such instruments as Lender may request from time #a time
<br /> ta permit such participation.
<br /> Compliance With �aws. Trustor warrants that the Property and Trustor's use of the Property cornplies with all
<br /> existing applicable laws, ardinances, and regulations ofi governmental authorities.
<br /> S�rvi�al of Representations and Warranties. All representa#ions, warranties, and agreements made by Trustar in
<br /> this beed of Trust shall survive the execution and delivery of this Deed of Trust, shall he continuing in nature, and
<br /> sha[I remain in full force and effect until such time as Borrower's Indebtedness shall be paid in full.
<br /> EXIS�ING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Deed of Trust:
<br /> Existing Lien. The lien of this Deed of 'frust securing the Indebtedness may be secondary anci inferior to an
<br /> existing lien. Trustor expressly covenants and agrees to pay, or see to the payment af, the ExisEing Indebtedness
<br /> and to prevent any default on such indebtedness, any default under the instruments evidencing such indebtedness,
<br /> or any default under any security docum�nts for such indebtedness,
<br /> No Modification. Trustor sha11 not enter into any agreement with the hokder of any martgage, deed of trust, ar
<br /> other security agreement which has priarity over ihis Dee[i of Trust by which that agreement is modified,
<br /> amended, extended, or renewed withaut the prior written consent of Lender. Trusxor shall neither request nar
<br /> accept any future advances under any such security agreement without the prior written consent of Lender.
<br /> CONDEIVINATION. The tollowing pro�isions relating to condemnation proceedings are a part of this aeed of Trust:
<br /> Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and
<br /> Trustor shall promptly 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 shall be entitled to participate in the proceeding and to be
<br /> represented in the proceeding 6y counsel of its own choice, and Trustor wil! deli�er or cause to be delivered to
<br /> Le�d�r such instruments and documentation as may be requested by Lender from time ta Eime to permit such
<br /> participation,
<br /> Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings ar by
<br /> any proceeding or purchase in lieu of candemnatian, Lender rnay at its �lection require that all or any portion of the
<br /> net proceeds of the award be appl9ed to the Indebtedness or the repair qr restoration o'f the Property. The net
<br /> proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees
<br /> incurred by Trustee or Lender in connection with the condemnation.
<br /> IMP051TIdN OF TAXES, �EES AND CHARGES BY GOVERNM�lV7AL AUTHORITIES. The following provisions rela#ing
<br /> to go�ernmental taxes, fees and charges are a part of this deed of Trust:
<br /> Current Taxes, Fees and Charges. Upon request by Lender, Trustar shal! execute such documents in addition to
<br /> this Qeed of Trust and teke whatever other action is requested by Lender to perfect and continue Lender's lien vn
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