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201403672
<br /> DEED OF TRIJST
<br /> Loan No: 6$1175-7 (COrltillued) F'age 3
<br /> insured; I3) the amourtt of the policy; 14} the property insured, the then current repEacement �alue of su�h
<br /> pro�erty, and the manner of determining that value; and {5) the expiration date of the policy. 3�rustor shall, upon
<br /> reyuest of Lender, have an independent appraiser satisfactpry Eo Lender determine the cash value replacement cost
<br /> af the Praperty.
<br /> LENDER'S EXPENDITURES. If any ao#ian or proceeding is commenced that would materially affect Lender's interesY in
<br /> the Property or if Trustor fails to comply with any provision of this Deed of Trust or any FieEated Qocuments, inckuding
<br /> but not limited to Trustor's faifure to discharge or pay when due any arr�ounts 7rustor is required tv discharge or pay
<br /> under this Deed of Trust or any Related Documents, Lender on 7rustpr's behalf may {but shall naC be obligated tp) #ake
<br /> any act'ton that Lender deems apprapriate, including but not limitecE to discharging or paying all taxes, iiens, security
<br /> intarests, encumbrances and other claims, at any time levied or placed qn the Property and paying all �osts for insuring,
<br /> maintaining and preserving the Property. Afl such expenditures incurred or paid hy Lender far such purpases will then
<br /> bear interest at the rate charged under the Nvte from the date incurred or paid by Lender t� the date of repayment by
<br /> Trustor. All such expenses will become a }�art of the Indebtedness and, at Lender's op#ion, will IA1 be payable an
<br /> demand; {B) be added to the balance of the Note and be apportioned amang and ba payable with any installment
<br /> payments ta become due during either �1) the term of any applicable insurance policy; or f2? the remaining term of
<br /> the Note; or {C) be treated as a ballnon payment which will be due and payable at#he Note's maturity. The �eed af
<br /> Trust also will s�cure payment of these amounts. Such right shall be in addition to all other rights and remedies to
<br /> which Lender may be entitled upon Defa�lt.
<br /> WARRANTY; REFENSE OF TITLE. The following provisions relating to ownership of the Property are a part af this Deed
<br /> of Trust:
<br /> Title. Trustor warrants thaY: {a} Trustor holds goad and marketable title af recvrd to tF�e Property in fee simple,
<br /> free and clear of aIl liens and enaumbrances other than Y�ose set forth in the Real Property descripYion or in any
<br /> title insurance pvlicy, title report, or #inal title opinion issued in favvr vf, and accepted by, Lender in connectian
<br /> with this Deed of Trust, and (b] Trustor has the full righY, power, and authority to execute and defiver this Deed oF
<br /> 7rust tq Lender.
<br /> Defense of Title. Subject to the exceptian in the paragraph abo�e, Trustor warrants and will forever delend #he
<br /> title to the Property against the law#ul claims of all persons. In the event any action or proceeding is commenced
<br /> that questians Trustor's title or the interest o�Trustee or Lender under this Deed of Trust, Trustor shal] defend the
<br /> action at Trustor's expense. Trustor may 4�e Yhe nominal party in such �roceeding, but Lender shall be entitled to
<br /> pasticipate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br /> Trustor will deliver, or cause to be delivered, to Lender suoh instruments as Lender may request from time to#ime
<br /> to permit such participation.
<br /> Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property cvmpfies with all
<br /> existing applicable laws, ordinances, and regulations of governmental authorities.
<br /> Survi�al of Representatians and Warranties. All representations, warranties, and agreements made �y Trustor in
<br /> this Deed of Trust shali survive the execution and delivery of this �eed of Trust, shall be continuing in nature, and
<br /> shall remain in fulE force and effecY until such time as Trustor's Indebtedness shall be paid in full.
<br /> CON�EMNA710N. The following provisions relating ta condemnation proceedings are a part of this peed af Trust:
<br /> Proceedings. If any proceeding in condemnatiQn is filed, Trustor shall promptly no#ify Lender in writing, and
<br /> Trustor shall promptly take such steps as may be necessary to detend the action and obtain the award. Trustor
<br /> may be the nominal parEy in such proceeding, but Lender s�al!be entitled to participate in the proceeding and to 6e
<br /> represented in the proceeding by counsel of its own choice, and Trustor will deliver ar cause to be delivered to
<br /> Lender such instruments and documentation as may be requested by Lender from time ta time to permit such
<br /> participation.
<br /> Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by
<br /> any proceeding or purchase in lieu of condemnation, Lender may at its election require that all or any portion of the
<br /> net proceeds af the award be applied to #he Indebtedness or the repeir or restoration of the Property. fhe net
<br /> proceeds of the award sha11 mean the award after payment of all reasonable costs, expenses, and attorneys' fees
<br /> incurred by Trustee or Lender in co�nection with the condemnation.
<br /> IMPOSITION OF 7AXE5, FEES AND CHARGES BY GOVERNM�NTAL AUTHO�iITfES. The following provisions relating
<br /> to governmental taxes, fees and charges are a part of this Deed of Trust:
<br /> Current 7axes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in additian to
<br /> this Qeec! of Trust and take whatever othar activn is requested by Lender to perfect and continue Lender's iien on
<br /> the Real Property. Trustor shall reimburse Lander for all taxes, as described below, together with all exper�ses
<br /> incurred in recording, perfecting or continuing this Deed of Trust, including withaut limitatian alf taxes, fees,
<br /> documentary stamps, and other charges for recording or registering this Deed of Trust.
<br /> Taxes. The follawing shall cor�stitute taxes to which this seation applies: (1) a specific tex u�on this #ype of
<br /> �eed of Trust or upon all or any part of Che Inde6tedness secured by this De�d ot 7rust, [2} a specific tax on
<br /> Trustor which Trustor is authorized or required to deduct from payments on the Indebtedness secured py this type
<br /> of Deed o#Trust; 13} a tax on this type of Deed of Trust chargeable against the Lender or the holder of the Note;
<br /> and {q) a specific tax on all or any portion of the Indebtedness or on payments of principaf and interest made 6y
<br /> Trustar.
<br /> Subseauent Taxes. If any tax to which this sectian appfies is enacted subsequent to the date of this Deed of
<br /> Trust, this event shalf ha�e the same effect as an Event of Qefault, and Lender may exercise any or all of its
<br /> ` available remedies for an Event of Default as provided below unless Trustar either {1) pays the tax before it
<br /> becomes deEinquent, or i2] contests the tax as provided above in the Taxes and Liens section and deposits with
<br /> Lender cash or a sufficient corporate surety 6and or other security satisfactory to Lender.
<br /> SECURITY AGFtEEMENT, FINANCING STATENiENTS. The following provisions relating to this Deed of Trust as a
<br /> security agreement are a part of this deed of Trust:
<br /> Security Agreement. This instrument shall constitute a 5ecurity Agreement to che extent any of the Property
<br /> constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code
<br /> as amended from time to time.
<br /> Securi#y Intewest. Upon request by Lender, Trustor shaEl teke whatever action is requested by Lender to perfect
<br /> and continue Lender's security interesC in the Rents anc! Personal Property. In addition to recording this Deed of
<br /> Trust in the real property records, Lender may, at any time and without further authorization from Trustor, file
<br /> executed counterparts, cppies or reproductions of this t7eed of Trust as a financing statement. Trustvr shall
<br /> reimburse Lender for all expenses incurred in perfecting or continuing this security inxerest. Upon default, Trusior
<br /> shall not rema�e, sever or detach the Personal Property from the Property. Upan default, Trustor shall assemble
<br /> any Persanal Property nat affixed to the ProperCy in a manner and at a place reasonably convenient to Trustvr and
<br /> Lender and make it available to Lender within three 13} days after receipC of written demand from Lender to the
<br /> extent permittad by applicahle law,
<br /> Addresses. The mailing addresses `of Trustor {debtor) and Lender {secured party] fram which infarmation
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