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��14�4459 DEEL� �F TRU�T Loan N�: 'i D'1�7�03� t�ontinued� Page 4 hazard, business interruption, and b�iler insurance, as Lender may reasonably require. Pvli�ies shall be wri��en in fvrm, amoun�s, ca�erages and basis reasonably acc�pfiabl� to Lender and issued by a company ar campanies reasonab[y a��eptable t❑ Lsnder. Trustor, upon reques� a� Lender, will deli�er tv Lender �rom �ime fio time the policies or certificates of insurance in form satisfactory tv Lender, inc�uding stipula�ions tha� cv�erages will nv� be cancel�ed ❑r diminished wi�hout at least ten �1�} days priar written na�ice �to Lender. EaGh insurance policy also shaf� include an endorsement pro�iding�ha�co�erage in fa�or of Lender will nvt be �mpaired in any way hy any acfi, omission �r default o�f Trusfivr or any ❑ther persan. Shvu�d the Real Proper�y be 1o�ated in an area designated by the Admin�strator of fihe Federal Emergency Management Agen�y as a special flaad hazard area, Trus�or agrees to vb�ain and maintain Federal FIood Insurance, i�f a�ailable, within 45 days after notice is gi�en by Lender �hat the Praperfiy is Io�ated in a special flavd hazard area, for the full unpaid pr�ncipal balance of the loan and any prior liens on the property securing the Ioan, up t❑�he maximum p�licy limi�s set under the National Flood lnsurance Program, ❑r as ❑therwise required by Lender, and�❑ main�ain such insurance�for the term ❑�the �aan. Applica�ion vf Proceeds. Trustor shaIl promptly nvtify Lender❑f any loss or damage to �he Praper�y. Lender may mak� proof ❑fi ��55 if Trustor �faF�s to do s❑ within fifkeen �15� days ❑f fihe �asualty. V1lhe�her ❑r not Lender's securifiy is impaired, Lender may, a� Lender's election, recei�e and re�ain the prviceeds of any insurance and apply the proceeds t❑ the reduction of the lndebfiedness, payment of any lien affe��ing the Property, ❑r the restorativn and repair af the Prvperty. if Lender elects to appiy the proceeds �❑ restoration and repair, Trus�kor shall repair or replace the damaged ❑r desfiroyed Imp�o�emenfis in a manner sa�is�act�ry tv Lender. Lend�r sha�l, upon sa�isfactory praof ❑f such expendi�ure, pay ar reimburse Trustvr from the proceeds far the reasonal�le c�st o� repair ❑r �-estoration if Trus�or is na� in defaul� under �his Deed of Trust. Any proceeds whi�h have nvt �een disbursed within 'f 8D days after their receipt and which Lender has not commit�ed �o the �epair ar res�oratian ❑�f �he Proper�y shall be used fiirst to pay any amvunfi vwing t❑ Lender under this ❑eed ❑f Trust, then �❑ pay accrued interest, and the remainder, if any, shall be applied t❑ �he principal ba�ance ❑f the Indebtedness. ff Lender holds any proceeds after- payment �n full vf the Indebfiedness, such proceeds sha[[ be paid to Trustor as Trusto�'s infieresfis may appear. � �ompliance wi�h Exis#ing lndebtedness. During the perEad in which any Existing lnd�b�edness des�ribed be�vw is in effect, camp�iance with the insurance pravisions cantained in the instrument eWidencing such Ex�sting lndeh�edness shall c�nsti�ute campliance with �khe insurance provisians under fihis ❑eed ❑f Trus�, �o the ex�ent compliance with the terms ❑f this Deed of Trust wvuld cvnstitu�e a dupli�a�ion of insuranc� requiremen�. If any prac�eds fram the insurance became payable ❑n Ioss, the pro�isions in �his �eed o�Trust for di�ision af proceeds sha[[ apply�n[y to tha�partion af�he proceeds nat payable tv the hofder vf the Ex�sting Indebtedn�ss. Trustvr's Report vn lnsurance. Upon request of Lender, howe�er not more than vnce a year, Trusfior shall furnish t❑ Lender a rspart on ea�h existing poli�y of insurance showing: �1� the name ❑f the insurer; 42� the risks insured; �3} the amaun� ❑f the palicy; �4} the proper�y insured, the then �urrent replacemen� �alue af such property, and the manner af determining thafi�a�ue; and {5} the expiration date ❑f the policy. Trus�or shall, upon reques�❑t Lender, have an independen�appraiser satisfactory to Lender determine fihe cash�alue replacement cas�t of�he Proper�y. LENDER'S E�CPENDITURES. �f any action or proce�ding is commenced that wauld mafierially a�#ect Lender's in�erest in �he Proper�y ❑r ��Trustor-�ails t❑ cvmply v+rith any proWisivn vf this De�d ❑f Trus� or any Related Dvcumen�s, including but nvt limi�ed ta Trustar's failure t❑ compEy with any abfigation �o maintain Existing lndebtedness in gaod standing as requir�d helow, or ta dischar�e ar pay when due any amoun�s Trustar is required ta dischar�e❑r pay under this Deed of Trust ar any Related ❑ocuments, Lender on Trustor's laehalf may �but shall nvt he ol�liga�ed ta} take any a�tion that Lender deems apprapriafie, including hut no� limited to dis�harging or paying all taxes, [iens, security interests, encumbrances and ❑�her claims, at any time le�ied vr placed on the Prop�rty and payin� all costs �or insuring, maintaining and preser�ing the Praperty. All such exp�nditures incurred vr paid by Lender�or such purpvses will then hear �nterest a�'�he rate charged under the Note from the da�e incurred or paid by Lender to the date vf repayment by Trustor. All SLICh expenses will became a part vf the Indebtedness and, at Lender's vption, will {A} be payable an demand; �B� be added �o �he balance of �he Note and he appor�ianed among and be payable with any insta3iment payments t❑ become due during ei�her {�� the term ❑f any app�s�able insuran�e policy; ❑r �2y the rema�ning term af �the Note; or tC} be treated as a f�alloon paymen�which will he due and payabfe at the Note's maturi�y. The Deed ❑f Trust aiso will s�cur� payment of �hese amvunfis. Such r;ght sha�f be in addi�ion ta all other righfis and remedies t� whi�h Lender may be entitled upon Defaulfi. VIIARRANTY; DEFENSE nF TITLE. The following pro�isivns refa�Eng to ❑wnsrship af the Property are a part of this ❑eed o�Trust: Title. Trustor warrants that: �a� Trus�vr holds gaad and marketab[e �kit�e ❑f record to the Property in fee simple, free and cl�ar �� all liens and encumbran�es ❑ther �han thase s�� forth in fihe Real Property descr�ption or in the Existing lndebtedness se�tion below or in any fiifile insurance policy, title repvrt, or final title ❑ptnion issued in fa�or vf, and accepted by, Lender �n conne�tion with this Deed ❑�Trus�, and {b} Trustar has the full right, power, and au�hori�y to exe�ute and deli�er�his Deed o�Trus��a Lender. ❑efense of Title. 5ub�ect to the except�on in the paragraph aboWe, Trustar warrants and will farever de�end the title t� the Prope�ty against fihe lawful cla�ms of all persons. [n the e�ent any a�tion ar proceeding is commenced that questions Trus�or's title ❑r�he interes�af Trusfiee ar Lender under this Deed ❑f Trus�, Trustar sha�l defend the action at Trustar's expense. Trustvr may be �he nominal party in such proceeding, �ut Lender shall �e enti�led �a