|
Lot+n No91066406 2 0 0+�U 01 '7 9 DEED O n edUST Page 3
<br /> ' ot
<br /> Evidence of Payment. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shaN
<br /> authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments apainst the
<br /> Property.
<br /> Notke of Construction. Trustor shall notify Lender at least 8fteen(15)days before any work is commenced,any servic�s are fum(shed,or any
<br /> materisls are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work,
<br /> services,or materials. Trustor will upon request of Lender furnish to Lender advance assuranc�s satisfactory to Lender that Trustor can and wiN
<br /> pay the cost of such improvements.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br /> Malnienance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a
<br /> replecement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of a�y
<br /> coinsurance clause,and with a standerd mortgagee clause in favor of Lender,together with such other hazard and ifabAity insurance as Lender
<br /> may reasonably require. Policies shall be written in form, amounts, coverages and basis reasonably acxeptable to Lender and issued by a
<br /> company or companies reasonably acceptable to Lender. Trustor,upon request of Lender,will deliver to Lender from time to dme the pdkies
<br /> or ce�tificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at
<br /> least ten(10)days'prior written notice to Lendsr. Each insurance policy also shall include an endorsement providing that coverege in fevor of
<br /> Lender will not be impaired in any way by any act,omission or default of Trustor or any other person. Should the Real Property at any tlme
<br /> become located in an area designated by the Director of the Federal Emergency Management Agency as a special Aood hazard area,Trustor
<br /> syrees to obtain and maintain Federal Flood Insurance for the full unpaid principai balance of the loan and any prior liens on the property
<br /> securi�g the loan,up to fhe maximum poGcy.limits set under the Natlonal Ftood Insurance Progrem,or as otherwise required by Lender,and to
<br /> melntain such insurance for the term of the loan.
<br /> Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property. Lend�may make proof of loss if Trustor
<br /> fails to do so within fifteen(15)days of the casualty. Whether or not Lender's security is impaired,Lender may,at its elecdon,recc�ive and retain
<br /> the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness,payment of any lien affecting the Property,or the
<br /> restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or replace the
<br /> damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or
<br /> re(mburse Trustor from the proceeds for the reasonable cost of repair or restoration if Trustor is not in default under this Deed of Trust. My
<br /> proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoraHon of
<br /> the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued interest,and the remainder,�
<br /> any,shall be applied to the principal balance ot the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness,such
<br /> proc�eds shall be paid to Trustor as Trustor's interests may appear.
<br /> Unexpired Insurance at Sale. Any unexpired insurance shall inure to the bene�t of,and pass to,the purchaser of the Prope�ty covered by this
<br /> Deed of Trust at any trustee's sale or other sale held under the provisions of this Deed of Trust,or at any foredosure sale of such Property.
<br /> Compliance with Existiny Indebtedness. During the period in which any Exlsdng Indebtedness described below is in eifect,complience with
<br /> the insurance provisions contained in the instrument evidencing such Existlng Indebtedness shall constitute compliance with the inswance
<br /> provisions under this Deed of Trust, to the extent compliance with the terms of this Deed of Trust would constitute a dupiication of insurance
<br /> requirement. If any procseds from the insurance become payable on loss, the provisions in this Deed of Trust for division of proceeds shaN
<br /> apply only to that pation of the proceeds not payable to the holder of the Existing Indebtedness.
<br /> DCPENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, including any obligation to maintein Existlng
<br /> Indebtedness in good standing as required below,or if any action or proceeding is commenced that would materially affect Lender's interesis in the
<br /> Property, Lender on Trustor's behalf may, but shall not be required to, take any action that Lender deems appropriate. A�y amount that Lender
<br /> expends in so doing will bear interest at the rate provided for in the Note hom the date incuned or paid by Lender to the date of repayment by
<br /> Trustor. All such expenses,at Lender's option,will (a)be payable on demand, (b)be added to the balance of the Note and be apporiioned amon�
<br /> and be payable with any installment payments to become due during either (i)the term of any appUcable insurance policy or (ii)the remaininp term
<br /> of the Note, or (c) be treated as a balloon payment which will be due and payable at the Note's maturity. This Deed of Trust also wiA secure
<br /> payment of these amounts. The�ighis provided for in this paragraph shall be in addiHon fo any o#he�riphls.or any remedies to wh�Ch Lender mqy ba
<br /> enHtled on account ot the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that
<br /> it otherwise would have had.
<br /> WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust.
<br /> Title. Trustor warrants that: (a)Trustor holds good and marketable title of record to the Property in fee simple,free and clear of all liens and
<br /> encumbrances other than those set forth in the Real Property description or in the Exisdng Indebtedness section below or in any title insurance
<br /> policy,Utie report,or Hnal tiHe opinion issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Trustor has the
<br /> full right,power,and authority to execute and deliver this Deed of Trust to Lender.
<br /> DebnBe oi Title. Subject to the exception in the paragraph above,Trustor warrants and will forever defend the tide to the Property against the
<br /> Iswful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's tide or the interest of Trustee or
<br /> Lender under this Deed of Trust,Trustor shall defend the action at Trustors e�cpense. Trustor may be the nom(nal party(n such proceeding,but
<br /> Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br /> Trustor wiN deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to Ume to permlt such participatlon.
<br /> Compllance Wlth Laws. Trustor warrants that the Property and Trustor's use of the Property complies with ell existlng applicable Iflws,
<br /> ordinar�ces,and regulations of governmental authorities.
<br /> D(ISTING INDEBTEDNESS. The following provisions concerning existing indebtedness (the"Existing Indebtedness") are a part of this Deed of
<br /> Trust. _
<br /> E�tistin�Llen. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existinp lien. rustor expressly
<br /> covenanls and agrees to pay,or see to the payment of,the E�dsting Indebtedness and to prevent any default on such indebted ,any defauit
<br /> under the instruments evidencing such indebtedness,or any default under any security documents for such indebtedness.
<br /> Default. If the payment of any installment of principal or any interest on the Existing Indebtedness is not made within the time;required by the
<br /> �ote evidencing such indebtedness, or should a default occur under the instrument securing such indebtedness and not be cured during any
<br /> applicable grace period therein, then,at the option of Lender,the Indebtedness secured by this Deed of Trust shell become immedietely due
<br /> and payable,and this Deed of Trust shall be in default.
<br /> No Modiflcatlon. Trustor shall not enter into any agreement with the holder of any mortgage,deed of trust,or other securiiy agreement wF►ich
<br /> hes pdorHy over this Deed of Trusf by which that agreement is modified,amended,extended,or renewed without the prlor written.ca�s�M d
<br /> Lender. Trustor shall neither request nor accept any future advances under any such security agreement without the prior wriHen consent of
<br /> Lender.
<br /> CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Dsed of Trust.
<br /> AppllCstion of Net Proceeds. If all or any part of the Property is condemned by eminent domafn proceedings or by any p,roceeding or
<br /> pu�chase fn lieu of condemnation,Lender may at its election require that all or any portion of the net proceeds of the award be applied to the
<br /> indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reflsoneble
<br /> costs,expenses,and attomeys'fees incurred by Trustee or Lender in connection with the condemnation.
<br /> ProcdEdln�s. If any proceeding in condemnation is filed,Trustor shall promptly notify Lender in writing,and Trustor shall promptly take suCh
<br /> steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such proceedlnfl,but Lender shall
<br /> be enHtled to participate in the proceeding and to be represented in the proceeding by counsel of its own chace,and Trustor will deliver pr
<br /> cause to be delivered to Lender such instruments as may be requested by it from time to time to permit such particcipadon.
<br /> IMPOSITIpN OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provislons relating to governmental taxes,
<br /> fees and charges are a part of this Deed of TrusL
<br /> Current Taxes,Fees and Charges. Upon request by Lender,Trustor shall execute such documents in addiHon to this Deed of Trust and take
<br /> what�ver other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender for ail
<br /> taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, induding without
<br /> IimitaHon all taxes,fees,documentary stamps,and other charges for recording or registering this Deed of Trust
<br /> Taxes. The fGlowing shap cons�Wte taxes to which this sepMon appW�4: (a)a specific tex upon this type of Deed of Trust or upon aN or any
<br /> part of the Indebtedness secured by this Deed of Trust; (b)a specltic tax on Trustw which Trustor is authodzed or required to deduct from
<br /> / 9 <
<br /> . �.� 'n �� : '. � .. .. .
<br />
|