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- = - � ��14�71�7
<br /> DEED �F TRUST = � -�
<br /> Loan Na: �Q��8�G�8 ��ontinued� �age 4
<br /> � _ � .t , .
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<br /> mal�e proof of �oss if Trus�or �ails to �o so with�n fi���en �15� days o�F the easual�y.:� Vllhether or nv� Lender's
<br /> securi�y is impaired, Lender may, at Lend�r's ele��ion, recei�e and retain �he prac�eds ❑f �ny insurance and appfy
<br /> �he proceeds to �he reductian of th� Indebt�dness, paymen� of any �ien affecting �he Property, or the restaration
<br /> and repair �f the Property. If Lender �lects to apply the pro�eeds to restoratian and repair, Trustor shall repair vr
<br /> replace the damaged ar destrayed ]mpro�ements in a manner satis�actory �v Lender. L�nder shall. upon
<br /> satisfactory proof vf such expendi�tur�, pay or reimburse Trustor �r�m the proce�ds for �he reasonabEe cost af
<br /> r�pair or restaration �f Trustor is not in default under this Deed af Trust. Any pr�ceeds which ha�e nat been
<br /> disbursed within 1 S� days afiter their receipt and which Lender has nat cvmmi�fied tv the repair ar restoration of
<br /> the Prape�ty sha�l be usgd �irst�o pay any amount owing to Lender und�r this �3eed a�Trust, then to pay a�crued
<br /> inter�st, and fihe remainder, if any, shal� be applied �o the principal balance vf the Indeb�edness. �f Lender holds
<br /> any proceeds after payment in �ull o�f the lndebtedness, such proceeds sha[I be paid �to Trustor as Trustor's
<br /> int�r�sts may appear.
<br /> Trus�or's R�pvrt on Insuran�e. Upan reques�t of Land�r, howe�er nv� m�re than once a year, Trust�r shall furnish
<br /> t� Lender a repar� on each exis�cin� policy of insuranc� shawing; 4�� the narne o� the insurer; �2� the risks
<br /> insured; �3} the amount af the policy; �4� the proper�y insured, the �hen current repla�ement value vf su�h
<br /> prop�rty, and the manner of de�ermining �hat�alue; and �5y the expira�ion date of the policy. Trus�or shall, upon
<br /> re�ues�of Lender, ha�� an independent appraiser satisfactory to Lender determine the cash�afue r�placement cost
<br /> of the Prvperty.
<br /> LENDER'S EXPENDITURES. !f any a��ion �r praceeding is commenced that ►rv�uld materialiy af�ect Lender's interest in
<br /> the Property ❑r if Trusfior fails �ta comply with any pro�ision of this aeed of Trust or any Related Do�uments, including
<br /> but not iimi�ed to Trustor's �ai�ure �o discharg� or pay wh�n due any am�unts Trustor� is r�quired ta dis�harge �r pay
<br /> un�er this Deed of Trust�r any R��ated Documents. Lender on Trusfor's behaif may �but shall n��be obligatsd toj fiake
<br /> any action that Lender deems appropriate, including but nat limited to discharging or paying a1[ taxes, fiens, security
<br /> int�rests, encumbrances and other claims, at any time le�ied �r placed on the Property and paying all costs for insuring,
<br /> maintaining and pr�serving th� Prap�rty. A!I such expenditures incurred �r paid by Lender for such purposes will then
<br /> bear int�rest at the ra�e �harged under th� Note fr�m �he date incurred or paid by Lender to the date of repaymen� by
<br /> Trustor. All such expenses wi11 b�come a part o�F the Endebtedn�ss and, af Lender's vp�i�n, will [Af be payable on
<br /> demand; {B} be added to the balan�e o�F the iVote and be apportianed amon� and �e payable with any installmen�
<br /> payrnents to becQme due during �i�her �1 y the term a� any applicabl� insurance p�licy; ar ��y the r�mainin� term of
<br /> the Nvte; or [�� be treated as a balfoan payment which will b� du� and payah�e at the Note's maturity. The Deed of
<br /> Trust aEsa will secure payment of these amounts. Such ri�ht shall b� in addition t❑ all a�her rights and remedies to
<br /> which Lender may be entitled upan Default.
<br /> WARRANTY: DEFENSE QF TiTLE. The foliowing pr��risions relating to �wnership of the Praperty are a par�of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants that; �ay Trustar h�lds goo� and marfcetab�e titfe of recard ta the Property in fee simpl�,
<br /> free and cl�ar o�F all liens and encum�rances ather than thas� s�� forth in �the Rea1 Property description �r in any
<br /> �ti�tle insuran�e policy, ti�le repor�t, ❑r final title apinion issu��l in favor af. and accep�ed by, L�nder in cannection
<br /> with�his Deed ofi Trust, and tby Trustor has the full right, power, and authority��execute and d�Iiver this Qeed a�
<br /> Trust to Lend�r.
<br /> �efense o# T�tl�. 5ubjec�t �o the exception in the paragraph aho�e. Trustor warrants and wi�l forever defend the
<br /> ti�le to th� Proper�y against the lawfu� c[aims �f a!I persons. In the e�ent any action t�r proceeding is commenced
<br /> that ques�ions Trus�or's tifile or the in�terest af Trustee or L�nder under this Deed vf Trust, Trustor shall de�end th�
<br /> action a�Trustor's expense. Trustor may be the nomina[ party in such proceeding, but Lender shali be entifiled #o
<br /> _ participate in �he pro�eeding and to b� represented in the pr�ceeding by counsel vf Len�er's own chaice, and
<br /> Trustor will deliWer, ar cause tv �e de�i��red, to Lender such instrum�nfis as Lender may request�rom time to �ime
<br /> to permit such par�icipation.
<br /> Campliance �iV'ith Laws, Trustor warran�ts that th� Pr�per�y and Trusfior's use af the Pr�perty camp[ies with al!
<br /> exis�t�ng appli�ab[e faws, �rdinances. and regula�ians of gov�rnmental au�h�rities.
<br /> Sur�i�a1 af Represenfiations and Warrant�es. AI{ representations, warranties, and agreements made by Trustvr in
<br /> this Deed vf Trust shall sur�i��th� execution and deli�ery❑f this Deed af Trust, shall be continuing in nature, and
<br /> shall remain in full far�e and effect until su�h ttme as Borrvwer`s Indebtedness shall be paid in full.
<br /> CC]N[]EMNATIDIV. The fa�lowing prv�isions relating to condemnati�n proceedings are a part vf this Deed of Trust:
<br /> Proceedings. If any proceeding in condemnatian �s �ifed, Trustv� sha�l prompt�y nati�fy Lender in writing, and
<br /> Trus�or sha1� promptly tak� su�h steps as may he necessary ta defend the ac�ion and obtain the award. Trustor
<br /> may be�he nominal party in such praceeding, but Lender shal� be entitled�o participa�e in�h� pro�eeding and to be
<br /> represented in �he proc�eding by counse� �f i�s own choice, and Trus�or will deli�er or cause �o be deli�ered to
<br /> Lender such instrumen�s an� d�cumentafiion as may be r�quested by Lender �rom time to �ime �❑ permit such
<br /> parti�ipation.
<br /> Applicafiion o�Net Proceeds. If all or any part af the Property is candemned by eminent damain proceedings or by
<br /> any proceedin� vr purchase in lieu of condemnation, Lender may at its election require�hat a[I or any portian of the
<br /> net prac�eds ❑�f the award be applied ta the Indebtedness or the repair or restaratian �# the Prop�rty. The nefi
<br /> proceeds �f the award shall mean the award after payment of all reasonable c�sts, expenses, and attorneys' f��s
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