|
� � . � ��15��445
<br /> ��E� �3F �'�U�T' �
<br /> La�n Nv: '!����4�4 '
<br /> ����l���t��d� IPage �
<br /> make proof of lass if Trus�or �ails �o do sa within fi�e�n ��5� days o# the casua[�y. �1lhether or no� Lender`s
<br /> securi-�y is impaired, Lender may, at Lender's e[eetion, receive and €�etain the proGeeds o�any insurance and a �
<br /> fihe proceeds ta.the reduction o-� the �ndebtedness, payment o� an� lien afFecting th� Pro e.rt ar fihe res p�y
<br /> p Y• to rati o n
<br /> and repair v�the Proper�y. [f Lender elects�a app[y the proeeeds to restorati�n and repair. Trus�ar shali repair or
<br /> replace �he damaged or destroyed Impro�ements in a manner sa�isfactary to L�nder. Lender sha��, upan
<br /> sat�sfactory pro�-F of such�expenditure, pay o�- reimburse Trustor fram the prQeeeds far the reasonabi� cQst of
<br /> repair ar res�ara�ion if Trus�or is no� in de�aul-� under �his Deed of Trust. �1ny proceeds v�h�ch have not be�n
<br /> d�sbursed vvithin �8� days af��r th�i�- rece�pt and inrhich Lender has not committ�d �o the repair or restvration vf
<br /> the Prope�-ty shaIl be us�d ��rs��a pay any amount o�rving to Lender. under this Deed of Trus�t� then to pay accrued
<br /> interestF and the remaindsr, �f any, sha[E he appli�d t� the pr�n�ipal ba�anc� ��-�he [ndebtedness. If Lende�- hvlds
<br /> any prooeeds after payment in �ru.[I �� the �ndebtednessr such proce�ds shafi be paid to Trustor as Trus-tor�s.
<br /> in�er-es�s may appear.
<br /> �ompltarace with Exis$'rng ln,debtedness, During �he perivd in rrvhich any F.�cis�ing [ndeb-�edness desc�ihed below is
<br /> �n e�eet, compliance with the insurance pro�isiQns cantain�d in the Enstrument e�idencing such Exist�ng
<br /> lndebtedness sha{I constitute compliance �nrith the insurance �]CQVISIQRS under this I7ee� of Trust, to the ext�n�
<br /> c�mplianc� `ivitn the �erms o-��his �eed a�Trust would const�tute a dup�ica�ian of insurance requirement. [f any
<br /> proceeds from �he insurance became payable �n lvss,the provisivns in fhis Deed of T�-us�for diWis�Qn o�€proceeds
<br /> sha�i appfy anlyr-�o�that po�-tion o�the proceeds not payab[e tn the ha�der o��he Exis�ing Indebt�dness.
<br /> LEIIYDEF�`S E�CPE�VDITU�ES, lf Trus�vr fails �A} to keep �he Property free o� a11 taxes, liens, securi �n�erests
<br /> � r
<br /> encumbrances, and vther ela€msr �B} �to prvvide any r�quired insurance on �he Property, {�} to mak� repairs tv the
<br /> Proper�y or�� comp[y w�th any obligat�an to maintain Existi�ng �ndebtedness in good standsng as re uired beIaw then
<br /> ►
<br /> L�nder may do sa: 1f any actian or proceeding is cammenced that woufd materially a-ffe�t Lender's interes-�s in �he
<br /> Pr�perty, then�Lender on Trustor`� beha�� may, but is na� re�uired tQ, take any aetEar� �ha�t L�nder belie�es to be
<br /> app�-opriate to proteGt LenderFs interests. A�1 expenses incurrea[ or pa�d by Lender for such purpases wi[f �hen bear
<br /> in�erest a� �ne ra�e�charged under �he Note from �he date incurr�d or paid �y L�nder to �he date of �epayment hy�
<br /> Trus�ar. A�I such ��cpenses ��11 become a par-t o�F �he Indebtedness and, at Lender's option, vvE�i �A} he payab�e on
<br /> demand,.� f B} _ be added t�,th� balance of the No�e and be appomoned amang and be payable w�th any insta�lmer��
<br /> payments �a become du� du�-i.ng either �`�} the term of any applicable insurance po��cy; or {2} �he remaining term of
<br /> the No��; or {C} he-�reafied as a balIoon paym�n�=wh��ch wi�1 h� due and payable at the Not�'s ma�uri�y. The D.eed o�
<br /> Trust alsa will secure payment of�hese amounts. The�righ�s p�-ovEc�ed �For in this paragraph sha[[ be in addition to any
<br /> othe�- rights or any remedies t� which Lender may be entitied on account ❑� any de-Fau��. Any such a��ion b Lender
<br /> Y
<br /> sha[� not be construed as curin��he defau�f so as�a bar Lender�rarn any remedy.that it otherwise wou�d ha�e had.
<br /> �ARRAi1IT�'; ❑EFE�VSE�F T�TLE. The foC[owing provisions re�ating to av�ne�-ship o�F�he Proper�y are a part��F this Deed
<br /> o�Trus�:
<br /> T�tie. Trustor rrvar�ran�s �ha�n �a} �rustor hoIds good �nd �na�ke�able�it1e o�,reco�-�d �o the Praper�y in ��e sira�ple,
<br /> free ar�d cIear o� a!� ��ens and encumbrar�ces at�+er �h�n �hose se��or�h :n the �eal Proper-�y d�scription or �r� �he
<br /> Exis�in� [nde��edness section belovv or�n ��ny tatl� �ns�a-���e polic�, fi��Ie report, ❑r�ina.l�i�Ce opinian �ss�ea in�av�r
<br /> a-F, and a�cepted by, Lender in canne�tion wath gf�is �eed �fi Trust, and tb� Trus�ar has th� fu[� r�gh�, p�wer, anc�
<br /> authori-�y��exeeu�e and deli�er this Deed of Trus�t to Lender.
<br /> �efense of Ti��e. Sub�ect to the exceptian in the paragraph above, Trustar warran�s and �nriil foreve� de��nd the
<br /> title �o the Proper-ty against�he �a�vfuf claims vf a�! persons. Irt the event an activn or roceed�n
<br /> Y p g �s cvmm�nced
<br /> that questions Trustor's title or the in��rest af Trus�ee or Lender under this ❑eed of T�us-�,Trus�or�sha[1 de-�end the
<br /> ac-�ion at Trustar's expensa. Trustor may �e the nomsnal party in su�h praceeding, but Lender shafl be en�i-tCed to
<br /> particip�te in �he proceeding and to be represen�ed in th� praceeding by counse� of Lende�-rs ov�rn choice, and
<br /> Trustor will de�i�rerr or caus�to be deli�ered, to Lender such instruments as Lender may reques�f�-om tim�to time
<br /> �o perm��,such participa�ion.
<br /> Comp��an�� �1�'ith La�nrs. T�-ustor war�-ants �f�a� �h� Proper�y and T�-ustor's use of �he Pro�aerty c�mplies v�rith a[[
<br /> exis��ng app[icable Iaws. ardinanc�s,�and regu�a�ions of�av�rnmenta� authorities.
<br /> 5urvi�ra� o� ���r�ises. All promises, �greements� and st�tements Trustor has made in this De�d v� Trust shal�
<br /> survive the execution and defivery of�his �eed af���st. shall be co��inuing in nature and sha�i remain in�ul� force
<br /> and effec�un��I such time as Trus�or�s �ndeb�edness �s �a�d in full,
<br /> E��ST1N�INDEBTEDN�SS. The f��Iovlring pro�risions concerning Exis�in� [ndeb��dness a�-e a part ofi�his Deed a�T�ust:
<br /> Ex�sting Lien. The [�en o� th�s De�d of Trus� securrng the End���edness may be secondary and in�ferior �to an
<br /> existing f ien. Trustor exp�-essly cavenan�s and agrees tfl pay, Qr see ta the paymen�af, the Existing €ndeb�edness
<br /> �nd �o prevent any de�auit on such indebtednessr any de�aui�under the instrumen�s evide`ncing-su�h indebtedness,
<br /> or any de�aul�unde�-any securi�y da�um�nts far such ind�-btedn�ss:
<br /> Na �v�i�a�ativna Trustor shal[ not enter into any a�reemen� with �he holder o� any rr�ortgage, deed ����-us�, or
<br /> ather security aga-een�en� �,rvhi�h has prior��r o�er �h�s �eed v� Trust by �hich that agreernent is modif�ed,
<br /> amended, ex�ended, �r �er�ev�ed w�thout the pr�ar vur.€��ra �on�ent o� Lender. "Trustor shal� n�ither reques� nor
<br /> accept�ny.futur��d�an�es �nder an�such securi�ty agre�p-r�ent�v�-thou-��he prior wri��en consent�f Le�der,
<br /> C��V[3EN�1VAT1��Vv The fvlfov►rin� prQvisians relating�o co�demraat��n�roeeedings are a paa�of this Deed �f Trust:
<br /> Pro�eedings. [f any proceeding in �ondemnafior� is �i�ed, �rustor sha�f prompt�y notify Lend�r �n vvriting, and
<br /> Trustor shal� prornp��y take such steps as may be necessa�-y �v defend the aGt€on and obt�in the avirard. T�-ustor
<br /> may b�the na�riinal party�n such pro�eeding, but Lender sha�� be en-tifi(ed to participate in the proceeding and to be
<br /> represented �n the pro�eedi.ng by counsel o� its awn ch�ice, and Trusfior vvi[� d�li�er or cause �o be deli�er�d �o
<br /> Lend�r such �ns�ruments and documentation as may be requ�s-�ed by Lender from time to tim� �a p�rmit such
<br /> participation_ �
<br /> � apptication�$�et P�viceeds. 1f all vr any parr of-the Property is cond�mned by eminent darr�a:�n prviceedings or�y
<br /> any praceeding or.�aurcha.se �n [i�u o�candemna�iano Lend�r may at its e[�Gtion requi�e that a�� or any part�vn o�the
<br /> r�et praceeds o�th� avvard 10� ap�lied to ��e [ndeb�edness ar the repa�r vr r�staratian v� �t�e Property. -fhe n��
<br /> pr�c�eds of�he;award shall rr,ean�he av�rard �fker pa��en�of��1 �easonabie casts, ��per�ses, �nd at�torne�s` �ees
<br /> ' �n�ur�-ed by`�'rust�e or Ler�der gn can�ect�on wit��he e�mderr�r�at�on.
<br /> �IVIPDS�1"��N �F�.I��E�, ��ES Alld[7 CH���E� �� ��IIE��VIV�EN`�`!�t�U`fH��iT�ESe The �al�awin� pr���s��ns rela�t€�g
<br /> to go�ernmentai�axesr fe�s and�f�ar�es are a �ar-�af�his Deed of-frus�:
<br /> �aa�rent.`Cax�s. Fees and �harges. Jpvn reques� by L�nder, Trustar shaff execute such documen�s �n addition �ta
<br /> �his Deed of Trust and take whate�er.other action is reques�ed by Lender to perfect and con�inue Lender's ��en �n
<br /> �he Real Property; Trustor sha11 reimburse Lend�r for all taxes, as desGribed befov�r, �o�e�her vui�h a�! �xpenses
<br /> incu�-red�in �ecording. per�e�ting or cantinuing this �eed v� Trust, including withaut fimitation all. tax�sr fees,.
<br /> doaumen�ary stamps, and ather�harges fvr recording or regisrtering�his Deed v�Trust.-
<br /> F
<br /> T�x�se The �oIlvwing shaIl constitute taxes tv vsrhich th�s sectian appCies: {�} a�specific tax upan thfs ty�ae a�
<br /> Deed of Trust�r upon a11 or an� �art af the Indebtedness secure� by this �eed vf Trust; �2} a sp�cif�c tax on
<br /> Trustor which Trus�ar is authori�ed or required�o deduct�rorrg pa�ments t�n the fndebtedness secured by th�s type
<br /> of Deed o-�Trust� �3� ar tax on this�ype of De�d �f�"a�st cha�geable agains��he Lender o�t�ne F�o�der��the Nate;
<br />
|