|
��15����3
<br /> aEE�� �F TRusT
<br /> Lvan N�: 'l D1��2��5� �Continued} Page 4
<br /> poliGies or certif�cates of insurance in farm satis#actvey to Lender, including stipulafiions �hat �o�erages wi�� not be
<br /> cancelled or diminished withou� at least ten �'i�} days priar written notice to Lender. Each insuran�e poli�y als❑
<br /> shall include an endarsement pro�iding that ca�erage in�avor of Lender wi�I not be impaired in any way by any act,
<br /> omissian ar de�ault ofi Trustor or any other person. 5hvujd the Real Proper�y be laca�ed in an area designated by
<br /> fihe Administrator of the Federal Emergency Management Agency as a special flavd hazard area, Trus�or agrees fio
<br /> ❑btain and main�ain Federal Flood �nsurance, i�F a�ailabfe, within 45 'days after natice is gi�en �y Lender that the
<br /> Prvperty ss la�a�ed in a specia��Fload hazard area, for the full unpaid principa� balance o��he loan and any prior liens
<br /> on the property securing�he�oan, up to fihe maximum policy limits set under�he Nativnal Flood Insurance Pra�ram,
<br /> or as o�therwise required by Lender, and�o maintain such insurance for the term ❑��he loan.
<br /> � Applicativn vf Pro�eeds. Trustor shall promptly nafiify Lender��any Ioss or damage to�he Property. Lender may
<br /> • make proof of ioss if Trus�ar �ails t� do sa within �i�teen �'15} days ❑� the casua[fiy. Whether or not Lender's
<br /> securi�y is impaired, Lender may, at Lende�-'s elec�ion, recei�e and refiain the praceeds of any insurance and apply
<br /> �he proceeds to the reduct�on of�he Indebtedness, payment of any lfen affecting �he Property, or fihe res�vra�ion
<br /> and repair af the Prop�r�y. I� Lender elects �o apply the proceeds �❑ restora�ion and repair, Trus�or shai� repair ar
<br /> replace the damaged or des�rayed Impra�emen�s in a manner satis�actvey to Lender. Lender shall, upon
<br /> satis�actary proof o� such expenditure, pay or reimburse Trust�r frvm �he proceeds fiar the reasonab�e C05� ❑�F
<br /> repair or res�vratton i� Trustvr is no� in default under �khis De�d o� Trus�. Any prvc�eds which ha�e not been
<br /> disbursed within 18Q days af�er�their receipt and which Lender has no� cammitted �o �he repair vr restara�ion of
<br /> the Property shall be used first to pay any amoun�owing t❑�Lender under fihis ❑eed af Trus�, �hen�a pay ac�rued
<br /> in�eres�, and the �emainder; if any, shall be applied t� �the prin�ipal balance ❑�f the �ndebtedness. !f Lender holds
<br /> any �roceeds after paymen� in full af the lndebtedness, such proceeds shall be paid �o Trustor as Trustar's
<br /> interes�s may appea�.
<br /> Trustor's Report on lnsurance. llpon request of Lender, hvwe�er not more than ance a year, Trusto�-sha�[ furnish
<br /> �❑ Lender a repvrt on each exis�ing policy of insurance shawing: t1} the name of �he fnsurer; {2y fihe risks
<br /> insured; {3} the amount o� the pvlicy; �4y the prvperty insured, the then current replacemen� �a�ue ❑f such
<br /> property, and the manner of de�ermining that�alue; and �5� the expirati�n date vf�he policy. Trustar shafl, upon
<br /> �-equest❑f Lender, ha�e an independent appraiser satis�act�ry�to Lender determine the cash�a1ue replacement cost
<br /> o�the Prvperty. .
<br /> LENDER'S EXPENa1TURE5. lf any ac�ion or p�-oceeding is commen�ed �that would materially affect Lender's interes� in
<br /> the Praperty ar i�Trus�ta�-�ai[s to camply with any pro�isivn of this Deed o�Trusfi or any Related ❑acuments, including
<br /> but no� limited �o Trustor`s failure ta discha�-ge vr pay when du� any amaunts Trusfiv�- is required �� discharge or pay
<br /> under fihis ❑eed of Trust or any Re�ated Documen�s, Lender an Trus�ar's behalf may {but shall not b� ol�ligated#v� �ake
<br /> any activn �ha� Lender deems apprapriate, in�luding but nat limited t� discharging or paying all taxes, liens, securi�ky
<br /> interes�s, encumbrances and other ela�ms, at any time [e�ied ar placed an�he Proper�y and paying all �osts for insuring,
<br /> mainta�ning and preser�ing �he Praperty. All such �xpenditu�-es incurred a�- paid by Lender�or such purposes will then
<br /> bear inter�st a��he rate charged unde�-the Nflte from the da�e incurred or paid by Lender tv the date of repayment by
<br /> Trus�vr. All such expenses w��i become a part of fihe lndebfiedness and, a� Lender's optian, wi�E {A� be payable on
<br /> demand; {B} be added to fihe balance vf �he Nate and be apportianed among and be payak�le wt�h any insta�Iment
<br /> paymen�s �❑ l�ecame due during ei�her {'i} the term o� any appficab[e insurance pol�cy; ❑r {2} the remaining term ❑�
<br /> �he Note; or 4C} be treated as a 1aa�iovn payment which wili be due and payala�e at fihe Note's maturi�y, The Deed a�
<br /> Trust also will secure paymen� a� �hese amoun�s, Such righfi shal� �e in addition �o all ather righfis and r�medies �o .
<br /> which Lender may be enfiitied upon Defauit.
<br /> WARRANTY; DEFENSE DF TiTLE. The fv!l�wing pro�isions relating�❑ awnership❑f�he P�oper�y are a par�❑f this Deed
<br /> ❑�Trust:
<br /> Ti�le. Trus�vr warrants that: 4a} Trustvr ho�ds good and marketabEe �itle of record to the Praperty in fee simple,
<br /> �ree and cfear �f al� Eiens and encumb�-ances ❑ther than �hvse set �ar�h in the Rea� Praperty desc�-iptEan ar in any
<br /> ti�le insurance pv��cy, �ti�le report, ar fina! title ❑pintan issued in fa�or vf, and accepted �y, Lender in cannectian �
<br /> • with this Deed of T�-ust, and �iay Trusto�-has the full r�ght, pvwer, and authv�i�y ta execute and deli�er�his ❑eed of
<br /> Trus��❑ Lender.
<br /> Def�nse af Title. Subject to the exc�ptivn in the pa�-agraph a1�a�e, Trus�or wa�rants and wilE �vre�er defend �he
<br /> title �fio the Pr�per�y agains�the law�fuE claims o�all persons. ln the even�any action or proceed�ng is commen�ed
<br /> �hat questions Trus�vr's tit�e v�-the inte�-esfi of Trusfiee ar Lender under this Deed af Trust,Trust�r shall defend �he
<br /> acfi�an a�Trust�r's expense. Trustor may �e the nar-riinal party in such proceeding, bu� Lender shall be entitled�o
<br /> particEpa�e in �he proceeding and to be represen�ed in the proceeding by cvunsel o� Lender's ❑wn choice, and
<br /> Trus�or will deli�er, ❑r cause to be deli�ered, to Lender su�h instruments as Lender may reques�from time t❑#ime
<br /> ta permit such parti�ipation.
<br /> Compliance Wi�h Laws. Trustor warrants tha� the Praperty and Trustar's use of �h� Prvperty camplies wEth ali
<br /> exis�ing applicaf�le Eaws, ordinances, and regulati�ns af go�ernmental au�harities.
<br /> 5urvival v� Representations and 1Narranties. All represen�a�ions, war-ran#ies, and agreements mad� by Trustar in
<br /> this Deed ❑f Trus�k shal� sur�i�e the �xecution and deli�ery o�fihis ❑eed ❑f Trust, shaEt be cant�nuing in na�ure, and
<br /> sha�{ remain in full force and effect un�il su�h�ime as Bvr�vwer's lndeb�edness shall 1ae paid in full.
<br /> CaNDEMNAT�QN. The following pro�isions rela�ing t❑condemnatton pro�eedings are a part af�his Deed af Trust:
<br />
|