|
201500164
<br /> DEED OF TRUST
<br /> Loan No: C85031�[ (Contln��d) �age 3
<br /> policies or certificates of insurance in farm satisfactary to Lender, including stipu[ations that coverages wil[ no#6e
<br /> cancelled or diminished without at least#en (10) days prior written notice to �ender. Each insurance policy afso
<br /> shaEl include an endarsement providing that coverage in favor of Lender will not be impaired in any way by any act,
<br /> omission or default of Trustnr or any other person. Shauid the Rea3 Property be located in an area designated 6y
<br /> the Administrator of the Federal Emergency Management Agency as a sp�cial flood hazard area, Trustar agrees Ea
<br /> obtain and maintain Fedaral Flood Insurance, if available, within 45 days after notice is gi�en by Lender that the
<br /> Property is located in a special flood hazard area,for#he full unpaicf principaf bafanoe of khe loan and any prior liens
<br /> on the properky securing the loan, up to the maximum palicy limits sek under the National Flood Insurance Program,
<br /> or as otherwise required by Lender,and to maintain such ins�rance for the Eerm of the�oan.
<br /> Applicatian of Proceeds. Trusfor shal! prompfly notify Lender of any loss or damage ta the Property. Lender may
<br /> make proof of loss if Trustor fails to do so within fifteen (15) days of the casuaity. Whether or not Lender's
<br /> security is impaired, Lender may, at Lender's elect9on, receive and retain the proceeds af any insurance and xpply
<br /> the proceeds to the reductian af the Indebtedness, payment of any lien afFecting ihe Property, or the restoration
<br /> and repair of the Proparty. If Lender elects ta apply the prooeeds to restoration and repair, Truskor shall repair ar
<br /> replace the damagec€ or destroyed lmprovements in a manner satisfactory to Lender. Lender shall, upon
<br /> sa#isfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasona6le cost of
<br /> repair or restoration if Trustor is not in default under t�is Deed of Trust. Any proceeds which have not been
<br /> disbursed within 180 days a#ter their receipt and which Lender has not committed to the repair or resEoration of
<br /> the Properly sY�all be used frs#to pay any amount nwing to Lender under this €7eed of Trust,then to pay accrued
<br /> interest, and the remainder, if any, shalf be applied to the principal bafance of ihe fndebtedness. If Lenefer hofds
<br /> any proceeds after payment in full of the Indebtedness, such proceeds shal[ be paid to Truskvr as Trustor's
<br /> interests may appear.
<br /> Compliance with Existing Indebtedness. Quring the period in which any Existing Indebtedness described 6elow is
<br /> in effec#, compliance with the insurance pro�isions contained in the instrument evidencing such Existing
<br /> IndebEedness shall constitute compliance with the insurance provisions under #his Deed of Trust, to the extenE
<br /> compliance with the terms of khis Deed of Trust wauld constitute a dupfication of insurance requirement. I#any
<br /> proceeds from the insurance become payab[e an loss,the pro�isions in this ❑eed of Tnast for di�ision of proceeds
<br /> shail apply onEy#o that portion of the proceeds not payable to the holder of t�e Existing Indebtedness.
<br /> Trustor's Report an lnsurance. Upon req�est of Lender, however not more than once a year,Trustor shal[furnish
<br /> to Lender a report an eacFa existing policy of insurance showing: (1) the name af the insurer; (2) the risks
<br /> insured; (3) the amount of the policy; (4) the property insured, the then curren# replacement value of such
<br /> property, anc[the manner of defermining that value;and (5) the expiration date of the policy. Trustor shali, uFron
<br /> req�est of Lender, ha�e an independent appraiser satisfactory to Lender determine the cash value replacement cvst
<br /> of tha Property.
<br /> LENDER'S EXPENDITUR�S. If any action or proceeding is commenced that wauEd materially affect LendePs interest in
<br /> the ProperLy or if Trustor fails to comply with any provision of this Deed of Trust or any Ralated Documents, induding
<br /> but not limited to Trustor's failure to comply with any obligation to maintain F�cisting Indebtedness in good standing as
<br /> required below,or to discharge or pay when due any amounts Trustor is required to discharge or pay under this Deed of
<br /> Trust or any Refated Documerrts, Lender on Trustor's behalf may (but shall not be obligated tn)take any actior3 that
<br /> Lender deems appropriate, including but not Ifrnited to discharging or paying a[I tar.es, iiens, security interests,
<br /> encumbranoes and other claims, at any time [evied or placed vn the Property and paying all costs for insuring,
<br /> maintaining and preserving the Property. All such expenditures incurred or paic{by Lender for such purpases will then
<br /> bear interest at the rat�charged under the Note from the date incurced or paid 6y Lender to the date of repayitient by
<br /> 7rustor. AI[ such expenses will heoome a part of the Indebtedness and, at Lende�'s option, wi[I (A) be payable on
<br /> demand; (B) be added to the baiance of the Note and be,apportioned among and be payable with any instalfinent
<br /> payments to become due during either {1) the term of any applicable insurance policy; or (2) the remaining term of
<br /> the Note; vr (C) 6e#reated as a balloon paymenE which wiiE be due ar�d paya6le at the Note's maturiry. The Deed of
<br /> Trust.aEso will secure payment af these amounts. Such right shall be in additinn to all other rigF�ts and remedies to
<br /> which Lencfer may be enEitled upon DefaulE.
<br /> WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownershig of the Property are a part af this Deed
<br /> of Trust:
<br /> Title. Trusior warranfs that: (a)Trustar holds good and marketable titfe af record ta the Properry in fee simple,
<br /> free and clear af all fiens and.encumbrances other than those set forth in the Real Property dascription or in tF�e
<br /> Existing Indebt�dness section below or in any title insurance policy, kitle report, or final title opinion issued in favor
<br /> of, and acceptec4 by, Lender in cannection with this Deed of Trust, and (b}Trustor has the full right, power,and
<br /> authoriky to execute and deiiver this Deed of Trust Yo LeRder.
<br /> aefense of Tltle. 5ubject to the exception in the paragraph above, Trustor warrants and will forever defend the
<br /> tit[e to the Properry against the lawful claims of all persons. In the event any actiprt or prnceeding is commenced
<br /> that questions Trustor's title pr the interest of Trustee or Lender under this Deed of Trust,TrusEor shall defend the
<br /> action at Trustor's expense. Trustor may 6e the nominal par[y in such proceeding, but Lender shall be entitled to
<br /> parEicipate in the proceeding and to be represented in tha proceeding by co�nse� of Lender's own choice, and
<br /> Trustor wi[I deEiver, or cause to be delivered,to Lender such insVuments as Lender may request from time to time
<br /> to permit such participation.
<br /> Compllance With Laws. Trus#or warrants that tF�e Property and Trustor's use of the Properry complies witF� all
<br /> existing applicable laws, ordinances,and regulations of govemmentaf authorities.
<br /> Survival of Representations and Warranties. AIE representations, warran#ies, and agreerr�ents made by Trustor in
<br /> this Deed of Trust shall survive the execution anc[defivery of this Deed of Trust, shall be contirtuing in nature, and
<br /> shall remain in f�ll force and effect until such time as Trustor's Indebtedness shaEl be paid in full.
<br /> EXISTIMG IN�EBTEDNESS. The following pravisions concerning Existing Irtdehtedness are a part af this Deed of Trust:
<br /> Existing Lien. The lien of this Deed of Trusf sec�ring the Indebtedness may be secandary and infarior to an
<br /> exis#ing lier�. Trustor expressfy covenants and agrees to pay, or see to fhe payment of, the Exisfing [ndebtedness
<br /> and fo pre�ent any default on such indebtedness, any default under the instruments evidencing such indebtedness,
<br /> or any default under any security documents far such indebt�dness.
<br /> No Modification. Trustor shall not enter into any agreernent with the holder of any mortgage, deed of trust, or
<br /> other security agreemenE which has priority over this Deed of Trus# by which that agreement is modified,
<br /> amended, extended, or renewed witf�ouE the prior written consent of L.ender. Trustor shall neither request nor
<br /> accept any future advances uncier any such security agreement without the priar written consent of Lender.
<br /> CONbEMNATION. The€ollowing provisions relating to candemnation proceedings are a part of this Deed of Trust:
<br /> Proceed[ngs. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and
<br /> Trustor shall promptly take such steps as may be neoessary to defend the action and�bi�ain the award. Trustor
<br /> may be the nominal parEy in such proceeding, but I�ender shall be entitled to participate in�e proceeding and to be
<br /> represented in the proceeding by co�nsel of its own Cllp[CB, and Trustor wilf deliver or cause to be delivered to
<br /> Lender such inskrumerrts and documentation as may be requested by Lender from time to time ta permit such
<br /> participation.
<br />�iT�1�Tf I�1fnI�ilTf1`���1��1—f��m11-11�r�"1��T�'�.__'I�'�i�'� � � � 4 rrin�..�___.�_._._.�.�i � ; 1 r�"_-�i',:�_'..�"�[�� i i ; �__�.
<br />
|