|
201405342
<br /> DEED OF TRUST
<br /> Loan No: 872059765 (Continued) Page 3
<br /> in any way by any act, omission or default of Trustar or any other person. Should the Real Proparty be located in
<br /> an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard
<br /> area, Trustor agrees to obtain and maintain Federa] Flood [nsurance, if available, for the maximum amo�nt of
<br /> Trustor's credit line and the full unpaid princ9pal balance of any prior liens o� the property securing the loan, up to
<br /> the maximum policy limits set under the �fationa] Flood Insurance Program, or as otherwise required by Lender, and
<br /> to maintain such insurance for the term of the laan.
<br /> App[ication of Proceeds. Trustor shall promptly notify �ender of any loss or damage ta the PropeRy. Lender may
<br /> make proof of loss if 7rustor fails to do so within fifteen (15] days of the casualty. Whether or not Lender's
<br /> security is impaired, Lender may, at Lender`s election, receive and retain the proceeds of any insurance and apply
<br /> the prooeeds to the reduction of the lndebtadness, paymenT of any lien affecting the Property, or the restoration
<br /> and repair of the Property. If �ender elects to app[y the proceeds to restoration and repair, Trustor shal� repair or
<br /> rep[ace the damaged or destroyed [mprovaments in a manner satisfactary to Lender. Lender shall, upon
<br /> satisfactory proof of s�ch expenditure, pay or reimburse Trustor from the proceeds for the reasana6le cost of
<br /> repair or restoration if Trustor is not in default under This Deed of Trust. Any praceeds which have not been
<br /> cEisbursed within 180 days after their receipt and which Lender has not committecE to the repair or restoration of
<br /> the Property shaq be used first to pay any amount owing ta Lender �nder this Deed of Trust, then io pay accrued
<br /> interest, anc! the remainder, if any, shalE be applied to the principaf ba[ance of the Indebtedness. If Lender holds
<br /> any proceeds after payment in full of the Indebtedness, such proceeds shal! be paid to Trustar as Trvstar's
<br /> interests may appsar.
<br /> Comp[ianoe with Facisting Indebtedness. During the period in which any Existing Indebtedness described below is
<br /> in effect, compliance with the insurance provisions contained in the instrument evidencing such Existing
<br /> Indebtedness shall constitute compEiance with the insurance provisions under this Deed of Trust, to the extent
<br /> compliance with the terms of this Deed of 7rust would constitu#e a dup[icaYion of insurance requirement. If any
<br /> proceeds from the insurance hecome payabfe on [oss, the provisions in this Deec! of Trust for division of proceeds
<br /> shall apply only ta that portion of the proceeds na#paya6le to the holder of the Existing Inde6tedness.
<br /> LENDER'S EXP�NDITIFRES. If 7rustor f�ifs (A) to keep the Properry free of all taxes, ]iens, security interests,
<br /> encumbrances, and other c[aims, {B} to provide any required insurance on tF�e Property, {C] to ma[ce repairs to the
<br /> Proparty ar to comply with any oblig�tion to maintain Existing Indebtedness in good standing as required below, t[�en
<br /> Lender may do so. !f any action or proceeding is commenced that wou[d materia[ly affect Lender's interests in the
<br /> Property, then Lender on Trustor's behalf may, but is not rsquired to, take any action that Lender believes Yo be
<br /> appropriate to protect Lender`s interests. All expenses ineurred or paid by Lender �For se�ch purposes wil[ then bear
<br /> interest at the rate charged under the Credit Agreement from the date incurred or paid by Lender to The date of
<br /> repayment by Trustor. All such expenses w911 become a part of the [ndebtedness and, at Lender's option, wi[I (A] be
<br /> payable on demand; {B) be added to the baiance of the Credit Agreement and be apportioned amang and 6e payable
<br /> with any installmertt payrr�ents to becorroe d�te during either (1) the term of any applicable insurance poliey; or {2} the
<br /> remaining term of the Credit Agreement; or [C} be treated as a balEoan payment which will be due a�d payable at the
<br /> Credii Agreement's maturity. The Deed of Trust also wi[I secure payment of these amounts. The rights provided for in
<br /> this peragraph sha[I be in addition co any other rights or any remedies to which Lender may be entit[ed on account of
<br /> any default. Any such aetion 6y Lender sha][ not be construed as curing the defauEt so as to bar Lender from any
<br /> remedy that iT otherwise wouEd have had.
<br /> WARRAHTY; DEFENSE OF 71T'LE. The following provisians relating to ownership of the Property are a part of this Deed
<br /> of 7rust:
<br /> TitEe. Trustor warrants that: (a) Trus�or holc[s good and marketable title of record to the Property in fee simple,
<br /> free and cfear of all [isns and encumbrances other than those set forth in the Real Property description or in the
<br /> Existing Indebtedr�ess section befow or in any title insurance policy, title report, or fina] ti#le opinion iss�ed in favor
<br /> of, and accegted by, Lender ir� connection with tf�is Deed of Tre�st, and [b1 Trustor has the ful] right, power, and
<br /> authority to execute and deliver this Deed of Trust to Lender.
<br /> Defense of Title. Subject to the exceptian in the paragraph above, Trustor warrants and will forever defend t[�e
<br /> title to the Property against the lawful claims o€all persons. In the e�ent any action or proCeeding is commenced
<br /> that questions Trus#or's title or the interest of Trustee or Lender under this Deed of Trust,Trustor shall defend t[�e
<br /> action at Trustor's expense. -frustor may be the nominal party in such proceeding, bu# Lender sha[I be entitled to
<br /> participate in the proceeding and to be represented in the proceeding by counse] of Lender's own choice, and
<br /> Trustor wil[ deliver, or cause to be delivered, ta Lender such instruments as Lender may request fram time to time
<br /> to permit such parEicipatian.
<br /> Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Properry complies with all
<br /> existing applicable faws, ordinances, and regulations of governmental authorities.
<br /> Surviva[ of Promises. All promises, agreements, and statements Trustor has made in this Deed of Tr�st sha[I
<br /> survive the execution and delivery of this �eed of 7rust, shal! be cantir�uing in nature and shafl remain in fu11 force
<br /> and ef#eci unti[such time as Trustor`s Indebtedness is paid in full.
<br /> EJtISTiNG INDEBTE�NESS. The fol[owing provisions concerning F�cisting [ndebYedness are a part of this Deed of Trust:
<br /> 6cisting Lien. The lien of this Deed o# Trust securing the Inde6tedness may be seeondary and inferior to an
<br /> existing lien_ Trustor expressly covertants and agrees to pay, or see Yo the payment of, the Existing [ndebtedness
<br /> and to prevent any default on suc[� indebtedness, any default under the instruments evidencing such indebtadness,
<br /> or aRy default under any security documents far such indebtedness.
<br /> No Modi�ication. Trustor shall not enter into any agreemen# with the holder of any mortgage, deed of tr�st, or
<br /> other security agreement which has priority over this Deed of 7rust by which that agreement is modified,
<br /> arnended, extended, or renewed without the prior written cansent of Lender_ Trustor shall neither reqttest nor
<br /> accept any future advances under any such security agreement without the prior written consent of Lender.
<br /> CONI7EMNATION. �[�e following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br /> Proceedings. If any proceeding in condemnation is fi[ed, Trustor shall prompily notify Lender in writing, and
<br /> -fre�stor shall pramptly take such steps as may be necessary to defend the action and obtain the award. TrusYor
<br /> rrEay be the nominal party in suc�proceeding, but Lender shall be entitled#o participate ln the proceeding and to be
<br /> represented in the proceeding by counsel of i�s own choice, and Trustor will deliver or cause to be delivered to
<br /> Lender such instruments and documentation as may be requested by Lender frort� tiEne to time to permit such
<br /> participation.
<br /> Applica#ion of IVet Proceeds. If all or any part of the Froperty is condemned by eminent domain proceedings or by
<br /> any proceeding or purchase in liee�of condemnation, Lender may aY its election require that all or any portion of the
<br /> nat proceeds of the award be applied to the Indebtedness or tf�e repair or resYoration afi the Property. The net
<br /> proceeds of the award sha[I mean the award after payment of all reasonable cosxs, expenses, and attarneys' fees
<br /> incurred by Trustee ar Lender in connection with the condemnation.
<br /> lMPOSIT[ON pF TAXES, FEES AND CHARGES BY GOVERIHiVIEfVTAL AUTHORiT1ES. The fol]owing provisians relating
<br /> to gavernmental taxes,fees and charges are a part of this Deed of Trust
<br /> Current Taxes, �ees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to
<br />
|