|
��14�7�9�
<br /> DEIED �F 1�F�LJST
<br /> �
<br /> Loa� 1V�: 7��'i 7��� ��t��u�d� Page �
<br /> security is impair�d, Lende� may, at Lender's election, recei�e and r�tain �he proceeds of any insurance and apply
<br /> the proceeds to the reduction o�the Indebtedness, payment af any lien a��ec�ing �he Prop�rtyr or the restoratian
<br /> and repair o�the Property, �f Lend�r elects to app�y�he proceeds to restoration and repair, Trustvr shall repa€r or
<br /> rep�ace �he damaged �€- destroyed lmprovements in a manner satisfactory �o Lend�r. Lender sha�i, upon
<br /> satis�ac�ory proo� of such expendi�ure, pay or reimburse Trustor from �he proceeds fvr the reasonab[e cost o-�
<br /> repa�r �r restora�ion if Trustor is not in d��aul� under �his ❑eed of Trust. Any proceeds v�rhic:h have nofi been
<br /> disbursed within �84 days after their rec�ip� and which Lend�r has not cammi��ed to the repair or restoration o€
<br /> �he Property shall b� used first�a pay any amount ov�ing to Lender under�his ❑eed af Trus�, then ta pay accrued
<br /> interesfi; and �he remainder, if anyr shall be applied to the p.rincipaf ba�anee of�he [ndeb�tedness. lf Lender holds
<br /> any p�-oceeds afte-r payment in fu[[ o� the lndeb�edness, such proceeds shall be paid tv Trustor as Trusto�'s
<br /> interests may appear.
<br /> LENI]EF�'S E�CPEIVD[TURE�. If Trustar fails �A� to keep �he Praperty �ree a� all �axes, Ii�ns, security interests, .
<br /> encumbrances, and a�her c[aims, {B} t� pro�ide any required insurance on the P'roperty, or {C} �ko make repairs�o the
<br /> Property then �ende�r may do so. l-� any action vr pr�cesding is commenced �ha� would materia�ly af-�ect Lend�rrs
<br /> int�rests in �he Prape�ty, then Lender on Trustor`s behalf may, but is not required �o, take any action that Lender
<br /> be�ie�es to be appropria�e tv pro�ect Lender's in�erests. All expenses incurred or paid by Lender�or such purpases wif�
<br /> �hen bear interes-�at the ra�e charged under the Note from�he date incurred or paid by Lender to�he date �f repayment
<br /> by Trustor. A[� su�h e�cpens�s vvil[ became a par�o�the [ndebtedness and; at Lender's option, wii[ {A� be payable on
<br /> demand, �B} be added to the balance o� the No�e and be appvrtioned among and be payable with any insta[[ment
<br /> paymen�s to become due during �ither {�} the term �f any app[icable insuran�e p��fcy; vr �2} �f�e remaining term o�
<br /> the Note; or {C} he treated as a ba��oon payment Vvhi�h viri[[ be due and payable a�the lVote's rr�aturi�ty. The Deed of
<br /> Trust a[so �rvi[[ secure payment o�-�hese am�unts. Th� rights pr��ided for in this p�ragraph shall be ir� addit�on to any
<br /> othe� r�ghts or any remedies to which Lender may b� en��tled vn aceount o�F any d��aul�. Any su�h act�on by Lender
<br /> sha[� not b�construed as cu�ing the de�aul�sa as�o bar Lender from any remedy that i�athe�wise�rvou[d haWe had.
<br /> WARR�4NT'�: DEFENSE�F�'�TLE. The�following pro�isions rela�ing to ownership o�fihe Property are a park of this Deed
<br /> af Trust:
<br /> Ti��e. Trustor warranfs �ha�: �a� Trusfior halds gaod and marketable�it�� o�r record to the Prope�-ty in �ee simp[e,
<br /> �ree and clear o� all I�ens and encumbrances o�her than those set forth in -�he Real Praperty descript�on or in any
<br /> tit�e insurance policy; tit[e report, ar fina[ title opinion issued in fa�ar of, and accep�ed by, Lender in c�nnec�ivn
<br /> with-this Deed of Trust, and �l�} Trustor has the fu[[ righ�, power, and autho�ity to �xecufie and deliver this Deed of
<br /> Trus�k�o Lender.
<br /> Defense of TitIe. Su��ect to the e�cception in the paragraph abover Trustar warrants and w��1 �ore�er defiend �he
<br /> �it[e to �he Prvperty against the lav►rfu� claims of all persons. in the e�ent any actian or proce�ding is comrrienced
<br /> �ha�ques�ivns Trustor's�it[e or the interest of Trus�ee or Lender under this Deed af Trust, Trustor shall defend the
<br /> ac�i�n at Trus�or's expens�, Trus�or may be the nomir�af party in such proceeding, but Lender shall be enti�led tv
<br /> parti�ipate in �he proceeding and to be represented in ��e proceeding by counse[ o� Lender's vwn choice, and
<br /> Trustor wi[l de�iv�r, o�cause t� be deli�ered, to Lender su�h insfiruments as Lender may reques�frvm time tp time
<br /> to permit such partic�pation.;
<br /> CampIian�e �lVith Laws. Trus�or warrants tha� the Prvperty and Trustor's use of �he Property comp[ies wi�h a[[
<br /> ex�sting applicable[av�rs, ordinances, and regu[at�flns of go�srnm�ntal authorities.
<br /> 5urvivai of Prvmises. All promises, agreements, and statemen�s Trustor has made in th_is Deed of Trust shall
<br /> survi�e the execution and del��ery�-�tF�is Deed of Trust,shall be �ontinuing �n nature and sha[[ remain in �uil torce
<br /> and effect until such time as Trustvr's lndeb�edness is paid in fu[[.
<br /> C�NDEN[N�l�f1�N. The fo[Iowing pr�visions re�ating to condemna�ion p-rviceedings are a part of�his D�ed o�Trus�:
<br /> P�oceed[ings. Ef any proceeding in condemnation is fii[ed, Trustar shali prampt�y noti�y Lender in wri�ing, and
<br /> Tr-us�or shall prorr�ptfy take such steps as rnay �e necessary ta def�nd the a��ion and obtain.the award. Trustor
<br /> may be�he nomina[ party in such proeeed�ng, �u�L�nder s�a11 be entit[ed to partE��pate in�he pr�ceeding and to be
<br /> represented in �he proceeding by counse� of ��� ovtirn choice, and Tr�s�or w�l� deli��r a� cause t� be delivered to
<br /> Lender such ins�ruments and documentativn as may 5e requested by Lender from �ime �o time to permit such
<br /> participation.
<br /> Apptica�ion of Ne#Proceeds. [f a[[ or any part o�the Prvp�rty is condemned by eminent domain proceedings or hy
<br /> any proceeding or pur�hase in li�u o�candemn�tion, L�nder may at its el�ction �-equire that a!1 or any portion of the
<br /> ne� proceeds of �he aw�rd be applied to the lndebtedness or the repair or restoration of -�he Property. The net
<br /> proceeds of the award shal[ mean the award afiter payment o�a�� re�sonable costsr �xpenses; and at�o-rneys' #ees
<br /> incurred by Trus�ee or Lender in connec�ion�ith the condemnation.
<br /> ��IlIP05[TIDN �F�AXESr FEES ANQ GH.�IRGES B� G01IE1�N�UiEN�'AL AUT[-I�RIT�ES. The �rollow'rng pravisions rela�ing
<br /> to goWernmental�axes,�ees and,charges are a part o�this�]eed o�Tr�st:
<br /> Gurren� Taxes, Faes and Charges. Upon request by Lender, �rust�r shal[ �xecufe such c�ocura�ents �n addition �o
<br /> �his Deed a�Trus�and tak� �nrha�e��r othe�-acti�n �s reques�ed by Lend.e.r�o perfec� and �ontinue Lender's Ii�r� or�
<br /> the Real Proper�y. Trustor shaC� reimb�rse Lender -�or all �axes, as described be�ow, �oge�her wifih a[� expenses
<br /> incurred in reco�d�ng, perfecting or continuing �his �eed nf Trust, inciuding w�thou� limita�ivn a�! �axes, �ees,
<br /> ,
<br /> documen�ary stamps, and other charg�s for recording or registering�his ❑eed v�Trust.
<br /> �'axes. The following shalf constitute �axes to which th�s se��tion appfies: ��} a specific �a� upon this type o�
<br /> ❑eed o�F Trust�� upan a�� v�r any part af the ]ndehtedness secured by thfs Deed v�Trusti ��) a specific tax on
<br /> T�-ustor whi�h Trustor is autharized vr r�quired to deduct�rom payments �n the 3ndebt�dness secu;red by this�ype
<br /> o�Deed ot Trust; �3} a tax vn this�ype of�eed of Trus�chargeab[e against the Lender or�he hv�der of the Nvte;
<br /> and �4} a specific ta�on a[� or any portian of�he lndebtedness or�n payments of principal arnd int�rest made by
<br /> Tru�tor.
<br /> Subsequent Taxes. l-� any �ax �a which this seGteon applies is enacted subsequent tv the date a-� -�his. De�d of
<br /> Trust, th�s e�en-� shall ha�e the same e��ec� as an E�en� of �e�ault, and Lender ma� �xereise an� or ali flf its
<br /> a�aiCabl� rerned�es fvr an E�en� of �efault as �roWfded below unless Trustor either �1� pays the tax be�vre it
<br /> becor�es delinquent, or (�� cor��tests the�ax as pro�ided abv�e in�he Taxes and Liens sectior� and depos�ts weth
<br /> Lende�cash ar a su�ficient corporate sur�ty bond vr v��er securifij satisfacfiary�o Lender.
<br /> SECU�ITY AG�EEMENT; F�NANClNG STATE�EN�'S. The fol��wing pra�isions re[a�t�ng to this �eed of Trus� as a
<br /> security agreement are a par�o€this �eed o�Trust:
<br /> Security Agreer�ent. This instrument sha[I constitute a Securi�y Agreement �o the e�€ten� any of the Prvper�y
<br /> const'itu�es fixtures, and Lender shal[ have all of the righ-�s of a secured party under the Uniform �ommerc�al Code
<br /> as amended�From�ime to time.
<br /> Secur�ty Interest. [Jpon request by Lende�-, Trustor shaC[ �ake whate�er action is requesfi�d by Lender �o pe�fect
<br /> and ��ntinue Lender's security in�erest in �he P�rsona� Property. ln addition to recvrding this Deed af Trust in the
<br /> rea[ property re�ords, Le�der may, at any time and viri�hou�t fur�her authori�a�ion frarr� �rustor, fa[e executed
<br /> counterpar�s, Gopies vr repr�ductians o� this �eed o� Trus� as a �Financing stat�men�. �'rusto�- sha[[ reimhurse
<br /> �ender �or alI expenses f�curred in perfecting �r cvr�tinuing th�s secu�-ity intereste Upon defau��{�rusta�- shail no�
<br />
|