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201404751
<br /> DEED �F TRUST
<br /> Loan No: 81005941 {Continued] Page 3
<br /> services are furnishad, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or
<br /> other lien could be asserted on account of the work, services, or maEerials. Trustar wi[I upon request of Lender
<br /> furnish to Lender advance assurances satisfactory to Lender that 7rustor can end will pay the cost of such
<br /> improvements.
<br /> AROPERTY PAMACE [NSURANCE. The following provisions refating to insuring the Property are a part of this Deed of
<br /> Trust.
<br /> Maintenance of Insurance. 7rustor sha][ procure and maintain policies of fire insurance with standard ex#ended
<br /> coverage endorsements on a replacement basis for the fu[I insurable va[ue covering alE Improvements on the Real
<br /> Property in an amount su�Fficient ta avoid application of any coinsurance clause, and with a standard mortgagee
<br /> clause in favor o�E Lender. Trustor shall a[sa procure and maintain comprehensive general liability insurance iro such
<br /> coverage amounts as Lender may request with Trustee and Lender l�eing named as additional insureds in such
<br /> liability insurance policies. Additionally, Trustor shall maintain such other insurance, including but not limited to
<br /> hazard, business interruption, and boiler insurance, as Lender may reasonably require. Policies shall be written in
<br /> form, amounts, coverages and basis reasonably acceptable to Lender and issued by a campany or corrtpanies
<br /> reasona6ly acceptable to Lender. Trustor, upan requesT of Lender, wi[I deEiver to Lender from time to time the
<br /> policies or certificates of insuranee in form satisfactory to Lender, inciuding stipulations that coverages will not be
<br /> cance[led or diminished without at least ten [i0} days prior written notice to �encEer. Each insurance policy also
<br /> shall inc[ude an endorsement providing tha�coverage in favor of Lender will not be impaired in any way by any act,
<br /> omission or default of Trustor or any other person. Should the Real Property be located in an area designated by
<br /> the Admi�istrator of the Federal Emergency Managerrtent Agency as a special flood hazard area, Trustor agrees to
<br /> abtain and maintain Federal Flood lnsurance, i� avai[abEe, for the full unpaid principal balance of the laan anc{ any
<br /> prior Gens on the properCy securing the loan, up to #he maximum pol9cy limits set �nder the National Flood
<br /> Insurance Program, or as otherwise required by Lender,and to maintain such insurance for the term af the loan.
<br /> Application of Proceeds. Trustor shall prompt[y notify Lender of any loss or damage to the Proparty. �ender may
<br /> make proof of loss if Tre�sYor fai[s to do so within fifteen f75} days of the casua[ty. Whether or not Lender's
<br /> security is irripaired, Lender may, at Lender's e[ection, receive and re#ain the proceeds of any insurance and app[y
<br /> the proceeds to the reduction of the Endebtedness, payment of any lien affecting the Property, or #he res#oration
<br /> and repair af the Property. lf Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or
<br /> replace the damaged or destroyed Improvernents in a manner satisfactory tv Lender. Lender shall, upon
<br /> satisfactory praof of sueh expenditure, pay or reim�urse Trustar from the proceeds for the reasonab[e cost of
<br /> repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which hava not been
<br /> dis6ursed within 780 days after their receipt and which Lender has not committed to the repair or restoration of
<br /> the Property shall be used first to pay any amaunt owing to Lender under this Deed of Trust, then to pay accrued
<br /> interest, and the remainder, if any, sha[I be applied to the principal balance of the Indebtedness. If Lender [�alds
<br /> any proceeds after payment in ful! of the Endebtedness, such proceeds shafl be paid to Trustor as Trustor`s
<br /> interests may appear.
<br /> Trustvr's Report on Insurance. Upon request of Lender, however not more than once a year, Trvstar sha11 furnish
<br /> to Lender a report on each existing policy of insurance shawing: [1) the name of the insurer; (2} the risks
<br /> insured; (31 the amount of the policy; i4) the property insured, the then c�rrent rep[acement value of such
<br /> praperty, and the manner of determining that�alue; and (5] the expiration date of the policy. Trustor shell, u�on
<br /> request of Lenc[er, have an independent appraiser satisfactory ta Lender determine the cash value replacement cost
<br /> of the Property.
<br /> lEIV�ER'S EXPENDI`fURES. [f any action or proceeding is commenced that would materia][y affect Lender's interest in
<br /> the Property or if Trustor fails to comply with any provision of this Deed of 7rusx or any Related Documents, including
<br /> but not limited to Trustor's failure to discharge or pay when due any amounts Trustor is required to discharge or pay
<br /> under This Deed of Trust or any Related Documents, Lender on Trustor's behalf may (but sha[I not be obligated to} take
<br /> any action that Lender deems appropriate, including buF not limited to discherging or paying all taxes, [ians, security
<br /> interests, encumbrances and other claims, at any time [evied or placed on the Propeny and paying all costs for insuring,
<br /> maintaining and preserving the Property. A[I such expendi#ures incurred or paid by Lender for such p�rposes will then
<br /> bear interest at the rate charged under the Note from the date incurred ar paid by Lender to the date of repayment by
<br /> Trustor. A][ such expenses wi[I become a part of #he lndebtedness and, at Lender's option, will {A) be payable on
<br /> demand; [B} be added to the balance of the Note and be apportioned among and be payable with any installrrtent
<br /> payments to become due during either {'[} the terrr� of any applicable insurance policy; or i2) the remaining term of
<br /> the Note; or IC} be treated as a balloon payment which wiEl 6e due and payable at t[�e �[ote's maturity. The �eed of
<br /> Trust also will secure payment of #hese amounts. Such right shal] be in addition to all other rights and remedies to
<br /> which Lender may be entitled upon Qefault.
<br /> WARFtANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Praperty are a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants #hat: (a} Trustor holds good and marketab[e tit[e of record ta the Property in fee simple,
<br /> free and clear of a11 liens and encumbrances other than those set forth in the Real Property description or in any
<br /> title insurance policy, title report, or final titla opinion issued in fa�or of, and accepted by, Lender in connection
<br /> with this Deed of Trvst, and ib} Trvsxor has ihe f�l� right, power, and authority to execute and deliver this Deed of
<br /> Trust to Lender.
<br /> Defense of Title. Subject to the exceAtion in the paragraph above, Trustor warrants and will forever defend the
<br /> title to the �roperty against the lawfe�l claims of all persons. In the e�ent any action or proceeding is commenced
<br /> that questio�s Trustor's title or the interest of Trustee or Lender etnder this Deed of Trust, Tr�sxor shall defend the
<br /> action at Trustor's expense. Trustor may be ihe nomina] parEy in such proceeding, but Lender shall be entitled to
<br /> participate in ihe praceeding and to be represented in the proceeding by counse[ of Lender's own choice, and
<br /> Trustor will de[iver, or ca�se to be defivered, to Lender such instruments as Lender may request from time to time
<br /> Yo permit such participation.
<br /> Compliance With Laws_ 7rustor warrants ihat the �roparty and Tr�stor's use of the Property complies with all
<br /> existing applicable laws,ordinances, and reg�lations o#governmental auihorities.
<br /> Survival of Represerttations and Warrantias. All representatians, warranties, and agreemenYs made by Trustor in
<br /> this Deed ofi Trust sltall survive the execu#ion and delivery of this Deed of Tr�tst, shalE be continuing in nature, and
<br /> shall remain in fu[I force and effect until such time as Borrower's Indebtedness shall be paid in fiull.
<br /> CdNDEfVINATIpN. The following provisions relating to condemnatian proceedings are a part o�F this Deed of Trust:
<br /> Proceedings. Ef any proceeding in condemnation is filed, Trustor shall promptly notify Lender in wriYing, and
<br /> Trustor shal[ promptly talce such steps as may be necessary to defend the action and obtain the award. Trustor
<br /> may be the nominel party in such praceeding, but Lender shall be eniitled to participate in the proceeding and to be
<br /> represented in the proceeding by counse] of its owR choice, and Trustor wi[I deliver ar cause to be delivered to
<br /> Lender such instruments and documentation as may be reques#ed by Lender from time to time to permit such
<br /> participation.
<br /> App[ication of Het Proceeds. !f afl or any part of the Property is condemned by eminent domain proceedings or by
<br /> any proceeding or purchase in [ieu of condemnation, Lender may at iYs election require that a][or any portion of�he
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