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��15��574
<br /> D��D �� T�:U�T
<br /> �C�11�irlu��� Page 3
<br /> balance o�the Ioan and any prior liens on th� prope�ty sec�ring the loan, up�o the maxir�urr�p�li�y lirraits set ur�d��
<br /> #he National Flood lnsurance Program,ar as atherwise required by Le�der, and to maintain such insurance fvr the
<br /> term o�th�e loan.
<br /> Appl��ation af Prviceeds. Trustor�haEf prornptly notify Lend�r of any Ios� or damage�o the Praperty. Lender r�ay
<br /> make proof of Ioss i�Trus�or faiis to da sv within fifteen ��5} day� ❑f the ca�ualty. Whether or not Lende�r's
<br /> �ecurity is� impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply
<br /> the pro�eeds to �he �eductior� o�the lndebt�dness, payment ot any lier� a�fecting the Prvperty, ❑r the r�storatian
<br /> and repair af the Prop�rty. If Lender elects to apply th�e prviceeds�o restrarativn and repair, Trustor shail repair❑r
<br /> replace the damaged or destroyed lmpra�ements [n a manner sa��s�actary to Lender. �ender shall, upon
<br /> sa�is�acto�y proof vf such expenditure, pay vr �eirnburse Trustor from tl�e proceed� for th� reasonable cQst af
<br /> repair or restoration if Trustar is nflt in default ur�der this Deed of Trust. Any proceeds which ha�e not been
<br /> dis�ursed within '18� days af�er their re�eipt and which Lender has not cammit�ed �o the repair or restorativn of
<br /> the Property shall be used firs�to pay any amount�wing to Ler�der under this aeed ❑f Trus#, then to pay a�cru�d
<br /> interest, and the remainder, if any, ��afl be applied ta th� prine�pal balance ❑f the �r�debtedness. If Lender holds
<br /> any prac�eds af�er p�yment in full of the [ndebtedn�ss, such proceeds shall be paid to TruS�or as Trustor's
<br /> int�rests may appear.
<br /> Corr�pliance with Existing Indebtedness. �uring the pe�iod in eruhich any E�isting Indebtednes�described �elow is
<br /> in effect, compliance with the insurance prov�sio�s cantained ir� �he instrument e�idencing such Exis�ing
<br /> lndebt�dness s�all cvnsti�ute cvrnpli�nce with the insurance prvv�sion� under �his Deed �� Trus�, �ko the extent
<br /> compliance with the terms �f this Dee� vf Trust would constitute a duplicatian of insuranc� requirement. If any
<br /> praceeds fr�m the insurance became payable on Ioss, the pro�isions in this Deed �f Trust�or di�ision o�proceeds
<br /> shall app[y only�o th�t portion of the pro�e�d�no�payabie fo the halder o��he Exist�ng �ndebtedness.
<br /> LENDER'S EXPENDITURES. [f Trus�or f�ils �A} t❑ keep the Property fr�e of all #axes, liens, securi�y interes#s,
<br /> en�umbrances, and other claims, �B� fo provide any requ�red insurance an the Property, �G} �v rnake repairs to the
<br /> Praperty or to cvmply ►neith any obliga#ion ta ma�ntain Existing Indebtedness in gaod standing as r�quir�d below, then
<br /> Lender may do so. If any a�tion or prQce�ding is commenced that would ma#erially affect Lender's intere�ts in the
<br /> Prop�rty, t�hen Lender on Tr�ustor's beha[f ma�, but is not required to, �ake any a�tion �hat Lender belie�es to be
<br /> appr�p�iate to pro#ect Lender's int�rests. All expenses incurr�d or paid by L�nder for such purposes will then bear
<br /> interest at �he rate charged und�r the N�te frarr� the date incurred or paid by Lender �o th� date nf repayment �y
<br /> Tru�tvr. All such �xpenses will be�flme a par�of the Indebtedness and, at Lender's optior�, will ��} be payable on
<br /> dernand; �B} be added to the balance of the Note and be apporkioned arr�ang and be payable with any ins�allment
<br /> paymenfs�o b�come due during either �1� the term of any applic�bie insuranc�e p�licy; or �2} the remaining #��rry af
<br /> the No#e; ❑r ��� be treated as a ballo�n payr�en#which wili be due and payable at�he Note's maturity, The De�d of
<br /> Trus#afso will se�ure payment af�hese amounts. The rights pr�vided fvr in this parag�aph shall be in,addition to any
<br /> Qther righ�s ar any remedies to which Lender ma� be enti�led �on ac�ount of any default. Any such a�tion by L�nder
<br /> shall not be canstrued as curing�h�default s❑as ta�ar Lender frorri any remedy th�t it athenNi��wau�d ha�e had.
<br /> WA�tRANTY; �EFENSE QF TITLE. The f�llowing p�ro�isions rel�ting tv vwnership of the Property ar�a part of th�s Deed
<br /> �f Tru st:
<br /> T�tle. Trustor warran���hat: �a}Trustor h�lds gavd and marke#ablE �itl� ofi re�ord to �h� Pr�p�rty in fee simpfe,
<br /> fr�e and clear of al[ liens and en�umbran�es other than those �et forth in th� Real Proper�y descriptivn o� in the
<br /> Ex�sting [ndeb�edness s�ection below vr in �ny title insurance policy, titl� repor�, or final title vpinio� i�sued in favvr
<br /> af, and �accepf�d b�r, Lender in connection vvith �h�� Qeed ❑f Trust, and �b}Trustar has the fu�1 right, pvwer, and
<br /> authority to execute a�d deliver�his Deed of Trust tv Lender.
<br /> C���Fense af T�tE�e. Subjecf�a the exceptian in the paragraph a�ove, Trustar warrants and will far�v�r de€end the
<br /> �itle to the Property against�he lawful claims of all perso�s. fn the even� any ac�ion vr prvice�ding is corr�menced
<br /> fihat ques�ivns Trustor's titie�r the interest❑f T�ustee or Lender under th�� De�d of Trust,Trustar sha1��efend the
<br /> action at Trust�r's expense. T�ustor may be the nominal party i� such proeeeding, but Lender shai� �e entitled to
<br /> participate in the proceeding and ta be represented in the praceeding by �ounsel of Lender's awr� �hoice, and
<br /> Trustar will defi�er; ❑r cause to be deliv�red,to Ler�der�u�h instruments as Lender may requesf�rom tir�e to tim�
<br /> ta p�rm��such particip�atian.
<br /> Comp�iance �IVith Laws. Trus�or warrants t�at the Property and Trustor's use o��he Property c�mRl�es with al[
<br /> existing applicable laws, ordinances,and regulativns of gv�ernmental authoritie�.
<br /> Surv��a[ af Prvmises. All pram�s�s, agreem�nts, and s�atements Trustor has made [n tnis Deed af Trusf �ha�!
<br /> survive the exe�ution and delivery af��is Deed of Trust, shall �e confinuing in nature and shall r�main in full fivrce
<br /> and�ff�ct un#il such time as Trustor"s indeb�edness is paid En full.
<br /> E�tIST�NG INDE6TEDNESS, The fQElowing provisions cvncerning �xisting [ndebtedness are a park of this De�d of Tru�t:
<br /> Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior tv an
<br /> exis#ing lien. Trus�or expressly co�enan��and agrees to pay, or see to the payment vf, the Existing Indebtedness
<br /> and�n prevent any def�uit on such indebtedness, any defaul�und�er��e ins��um�nts�vid�n�in� such indebtedness,
<br /> ar any defaulf un�er any security documents for such indeb�edness.
<br /> No Mvdification. Trustar sha�i not enter into any agreement with the holder a� any mo�gage, deed of�rus�, or
<br /> othe�' s�curity agreem�nt whieh has priority over this Deed of Tru�t by which that agreement is modified,
<br /> amended, extended, ar r�n�wed without the prior written cvns�nt ❑f Lender. Trustar shall neither �equ�sf nor
<br /> ac�ept any future ad�anc�s under any such security�agreemen�withaut trie priar w�i�ten�onsent❑f Lender.
<br /> C�NDEMh�ATI�N. The fa[Iowing prQv�sions relating to condernnation pro�eedings are a part of this❑eed af T�ust:
<br /> Prviceedings. If any prviceeding in �ondemnation �s filed, Trusfor shafl prorx�pt�y notify L�nd�r in �rvriting, and
<br /> Trustor s�all prompt[y take su�h steps as may be ne�essary to defend �he ac�ion and obfain the award. Trustor
<br /> may be the r�orninal party in such proceeding, but Lender shal[be entstled to par��cipate in the praceeding and to be
<br /> reRresented in the proceeding by counsel �f it� own choice, and Trustar will deliver or cause fo be deli�ered �o
<br /> Lender su�h ir�strumen�s and dv�umenta�i�n as m�y be req�aested by Len�er trom time to time to p�rmi# such
<br /> participatian. �
<br /> Application vf Net Prviceeds. If a!I or any part at th��'roperty is �ondemned by eminent damain proce�d�ngs or by
<br /> any proceeding�or pur�l�ase in lieu af condemna�ion, Lender may at its electian require tha#all ar any portian vt�he
<br /> ne� proceeds o�the aw�rd be applied t� the ]ndebtedness or �h� repair or restoration o�the Property. The net
<br /> proceeds of the award shall mean the avua�d a�t�r payment of all reasona�Ie costs, �xpenses, and at�orneys' fees
<br /> incurred by Trustee or Lender in connect�on wifh xhe cander�nnatian.
<br /> IMPD51TInN 0�'TA�ES, �EES AND CHARGES BY�nVER��ENYAL AUTH�R�T[ES. The following prvvisions relating
<br /> t�gavernrr�ental tax�s,fees and charges are a part of this Deed of Trust:
<br /> Current Taxes, Fees and Charges. Upan requ�sf b� Lender, Trustor snal! �xe�ute such d�oGumen�s in addition to
<br /> this Deed of Trust and take whate�er other action is requested �y Lender t� perFeGt and cvntinue Lender's lien on
<br /> the Real Praperty. Trustar shall reimhurse Lender for all #�xes, as described below, together with aEl expenses
<br /> iracurred in recording, perFecting or �onfinui�g this Deed of Tr��sf, including without i�mita#ion al! taxes, fees,
<br /> docramentar�+stamps, and ❑ther�charges f�r reGvrdEng vr registering fhEs Deed of Trust.
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