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201500966
<br /> DEED OF TRUST
<br /> Loan No: 10012605 (Conti�lued) Page 3
<br /> replace the damaged or destroysd Improvements in a manner satisfactory to Lender. Lender sha[I, upon
<br /> satisfactory proaf of such expenditure, pay or reimburse Trustar from the proceeds for the reasonable cost of
<br /> repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have nat been
<br /> disbursed within 180 days after their reCeipt and which Lender has not committed to the repair or restoration of
<br /> the Property shall be used first to pay any amount owing to Lender under this L1eed of Trust, then to pay accrued
<br /> interest, arsd the remainder, if any, sha][ be applied to the principal balance of the Indebtedness. If Lender holds
<br /> any proceeds after payment in full of the Inde6tedness, such proceeds shall be paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Compliance with Existing Indebtedness. During the period in which any Existing [ndebtedness described below is
<br /> in effect, campEiance with the insurance provisions contained ir� the instrurr�ent evidenc9ng such Ex9sting
<br /> Indebtedness shall constitute corr�pEiance with the insurance provisions under this Deed of Trust, ta #he extent
<br /> compliance with the terms of this Deed of Trust would constitute a duplicatiort of insurance requirement. ff any
<br /> praceeds from ihe insurance beeome payabfe on loss, the pravisions in this Qeed of Trust for division of proceeds
<br /> shall apply oniy to that portion of the proceeds noi payable to the holc[er of the Existing Indebtedness.
<br /> LENDER'S EXPENDI7URES. if Trustor fai[s iA] to keep the Property free of all taxes, liens, security interests,
<br /> ancumbrances, and other claims, [B} io provide any required insurance on the Property, iC} to make repairs to the
<br /> Property or to compfy with any ob2igation to maintain Existing Indebtedness in good standing as reqvired be[ow, then
<br /> Lender may do so. If any action or proceeding is cammenced that would rr�aterially affect Lender's interests in the
<br /> Property, tf�en Lender on �rustor's behalf may, but is not requ9red to, take any action that Lender believes ta be
<br /> appropriate to protect Lender`s interests. All expenses incurred or paid by Lender for such pvrposes will then bear
<br /> interest at t[�e ra#e charged under the Note fram the date incurred or paid by Lender to the date of repayment by
<br /> Trustor. AEI such expenses wil] became a parC of the IndebEedness and, at Lender's option, wil] {A} be payable on
<br /> demand; {g} be added to the ba[ance of the Note and be appor[ianed emong and 6e payable with any instalfinent
<br /> payments to become due during either il) the term of any app[icable insurance policy; or {2I #he remaining term of
<br /> the Note; or {C) be treated as a balloon payment which wil[ be due and payable at the Note's maturity. The Deed of
<br /> Trust afso wi[I sscure payment of these amounts. The rights provided for in this paragraph shafl be in addition to any
<br /> other rights or any remedies ta which Lender may be entitled on accounE of any default. Any such action by Lender
<br /> sE�al1 not be construed as curing the default so as to bar Lender from any remedy that it otherw9se would have had.
<br /> WARRANTY; DEFENSE OF T]TLE. The following provisions relating to ownership of the Property are a part of this Deed
<br /> of Trust:
<br /> Tit1e. Trustor warrants thai: ;a} Trustor holds good and marketab[e tit[e of record to the Property in fee simple,
<br /> free and clear of a][ liens and encumbrances other than 'those set forth 9n the Real Property description or in the
<br /> Existing Endebtedness section below or in any#itfe insuranee policy,tit[e report, or final title opinion issued in favor
<br /> of, and accepted by, Lender in connection with this Deed of`f'rust, and (b} Trustor has the fu[I right, power, and
<br /> authority to execute and deliver this �eed of Trust Yo Lender.
<br /> Qe#ense of Ti#le. Sublect to the excepYion in the paragraph above, Trustor warrants and wip forever defend the
<br /> tit]e to the Property against the [awful c[aims of all persons. ln the e�ent any action or proceeding is commenced
<br /> that questions Trustor's ti#le or the interest of Trusiee or Lender under this Deed af Tr�st,Trustor shal] defend the
<br /> action at Trustor's expense. Trustor may be the nominal party in such proceeding, but Lender shal! be entit[ed to
<br /> participate in the proceeding and to be represented in the procesding by counsel of Lender's own ehoice, and
<br /> Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time io time
<br /> to permit sueh participation.
<br /> Compfiance With Laws. Trustor warrants that the Properry and Trustor`s use of tE�e Property comp[ies with al[
<br /> existing app[icable laws, ordinances, and regulations of governmental authorities.
<br /> Survival af Promises. All promises, agreements, and statements Trustor has made in this Deed of Trust shafl
<br /> survive the execution and delivery of this Deed of Trust, shall be continuing in nature and shal! remain in fuA force
<br /> and effect un�il such time as Trustor's Indebiedness is paid in fu[I.
<br /> EXESTlNG INDEBTEDHESS. The fol3owing provisions cancerning Existing Indebtedness are a part af this Deed of Trust:
<br /> Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an
<br /> existing lien. Trustor expressly covenants anc€ agrees to pay, or see to the payment af, the Existing ]ndebtedness
<br /> and to prevent any default on such indebtedness, any default under the instruments evidencing such indebtedness,
<br /> or any default under any secvrity documents for such indebtedness.
<br /> No IVlodif�cation. Trustor shall not enter into any agreement with �he holder of any mortgage, deed of trust, or
<br /> other security agreement which has priority over this Deed of Trust by which that agreement is modified,
<br /> amended, extended, or renewed without the prior written consent of Lender. Trustor sha11 neither request nor
<br /> accept any future advances under any such security agreement without the prior written consent of Lender.
<br /> CONDEMNATiON. The€ollowing pro�isions relating to condemnation proceedings are a part of this Deed of�rust:
<br /> Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in wri#ing, and
<br /> Trustor shail promptly take svch steps as may be necessary to defend the action and obtain the award. Trustor
<br /> may 6e ihe nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be
<br /> represented in the proceeding by counsel of its own cE�oice, and Trustor wi[I deliver or cause to be delivered to
<br /> Lender such insiruments and dacumentation as may be requested kay Lencfer from time to time to permit such
<br /> paRicipation.
<br /> Application af llfet Proceeds. Ef a[I or any part of the Property is candemned hy eminent domain proceedings or by
<br /> any proceeding os purchase in lieu of condemnatiost, Lender may at its election require that all or any portion of the
<br /> net proceeds of the award be applied #o the Indabtedness ar the repair or restoration of the Properry. The net
<br /> proceeds of the award shalf inean the award after payment ofi all reasonable costs, expenses, and attorneys' fees
<br /> incurred by Trustee or Lender in cannection witl�the condemnation.
<br /> IMPOSITION OF TAXES, FEES AND CHARGES SY GOVERNMENTAL AUTHORITi�S. The following provisions relating
<br /> to governmenta]taxes, fees and charges are a part of this Deed of Trust:
<br /> Current Ta�tes, Fees and Charges. llpon request by Lender, Trustor shall execute such documents in additian to
<br /> this Deed of 7rust and take whatever otf�er act'ion is requested by Lender to perfect and continue Lender`s lien on
<br /> ihe ReaE FroperTy. Trustor sha[I reimburse Lender fpr alI taxes, as described below, together with all expenses
<br /> incurred in recording, perfecting or continuing this �eed of Trust, inctuding withaut limitation all taxes, '�ees,
<br /> docurrEentary stamps, and other charges fior recording or regisYering this Deed ofi Trus#.
<br /> �axes. The following shall constiiute taxes ta which this sec€ion applies: (i} a specific tax upon this type of
<br /> Deed of Trust or upon all or any part af the lndebtedness secured by this Deed of Trust; {2} a specific tax on
<br /> Trustor which Trustor is authorized or required to deduct from payments on the Indebtedness secured by ihis type
<br /> of Deed of Trust; {3) a tax on this type of Deed of Trust chargeab[e against the Lender or Yhe holder of the Note;
<br /> and i4} a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br /> Trustor.
<br /> S�bseq�ent Taxes. If any tax to which this seciion applies is enacted subsequent to the date of this Deed of
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