|
� ' 201500967
<br /> DEED OF TRUST
<br /> Loan No: $72059959 '(COtlfillUed] Page 3
<br /> in any way by any act, om"sssion or defau.lt of�Trustor or any other person. ShouEd the Real Property be located in
<br /> an area designated by t[�a Administrator of Fh'e Federa] Emergency Nlanagement Agency as a special ffood hazard
<br /> area, Trustor agrees to ofotain and maintain��Federa[ Flood Insurance, if available, for the maximum amount of
<br /> 7rustor's Credit line and the full unpaid princip'�a! 6alance of any prior Gens an the property securing the loan, up to
<br /> the maximum policy limits set under the Na�ioma! Flood ]nsurance Program, or as otherwise required by Lender, and
<br /> to maintain such insurance fior the term of the',loan.
<br /> Application of Proceeds. Trustor shali prompt[y natify Lender of any [oss or damage to tf�e Property. Lender may
<br /> make proof of [oss if Trustor fails to do so 'within fifteen {t5} days af the casualty. Whether or not Lender's
<br /> security is impaired, Lender may, at Lender's �e[ection, receive and retain tf�e proceeds of any insurance and ap�ly
<br /> the proceeds to the reduction of the Endebtedness, payment of any lien affeeting the Property, or the restoration
<br /> and repair of the Property. If Lender e�ects to epply#he proceeds to restoration and repair, Trustor shal[ repair or
<br /> rep[ace the damaged or destroyed Improvernents in a manner satisfactory to Lender. Lender shall, upon
<br /> satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of
<br /> repair or restoration if Trustor is not in defiault under this Deed of Trust. Any proceeds which have not been
<br /> disbursed within 180 days efter their receipt land which Lender has not comrr�itted to the repair or restoration of
<br /> the Property shal] be used first to �ay any amount owing to Lender under t[�is Deed of 7rus�, then to pey accrued
<br /> interest, and the remainder, if any, sha[I be a�pp[ied to the principal balance of the Indeb#edness. ]f Lender holds
<br /> any proceeds after payrr�ent in ful] of the indebtedness, such proceeds shall be paid to Trustor as Trustor's
<br /> interests may appear. i
<br /> Compfiance with Fxisting [ndebtedness. During the period in whicf� any Existing Indebtedness described below is
<br /> in effect, compliance with the insuranee �rovisions conFained in the instrument e�idencing such Existing
<br /> Indebtedness shall constitute compliance with the insurance pro�isions under this �eed of Trust, to the extent
<br /> comp[iance with the terms of this Deed of Trust would cons€itute a duplicatian o€ insurance requirement. If any
<br /> procesds from the insurance became payable'on loss,the pro�isions in this Deed of-frust for division of proceeds
<br /> shall apply only to thaT portion of the proceeds�not payable to the holder af the Existing Indebied�ess.
<br /> LFNDER'S EXPENDITURES. If Trustor fails {A)�� to keep tF�e Property free of all taxes, liens, security interests,
<br /> encumbrances, and other claims, {B} to provide any required insurance on the Property, {C) to make repairs to the
<br /> Property or to comply with any obligation to maintain F�cisting !nc[eqtedness in good standing as required below, then
<br /> Lender may do so. if any action or proceeding is commenced that would material[y affect Lender's interests in the
<br /> Property, then Lender on Trustor's be€�alf may, liut is not required to, take any action that Lender believes to be
<br /> appropriate to pratect Lender's interests. AI1 exp'enses incurred or paid by Lender for such purposes wil[ then bear
<br /> interest at the rate charged under the Credit Agreement from the date incurred or paid by Lender to the date of
<br /> repayment by Trustor. A[I such expenses will become a part of the Indebtedness and, at Lender's option, wi[I (A) be
<br /> payabfe on demand; (B} be added to the balancelof the Credit Agreement and 6a apportioned amang and be payable
<br /> with any installment payments to become due during either [7} the term of any applicab[e insurance policy; or {2} the
<br /> remaining term of the Gredit Agreement; or ;C] be treated as a balloon payment which wi[I be due and payable at the
<br /> Credit Agreement's maturity. The Daed of Trust also wil] secure payment of these amounts. The rights provided for in
<br /> This paragraph shall be in addition to any ather rights or any remedies to which Lender may be entitEed on aecount ofi
<br /> any default. Any such action by Lender shall not 6e construed as curing the default so as to bar Lender fro� any
<br /> remedy that it otherwise would have had. ,
<br /> WARFiAH7Y; DEFENSE OF TITLE. The fo[lowing provisions re[ating to ownership of#he Property are a part of this �eed
<br /> of Trust:
<br /> Titfe. Trustor warrants that: (a) Trustar ho]ds good and marketable title of recard to the Property in fee simple,
<br /> free and clear of all liens a�d encumbrances other Ehan those set forth in the Rea] Property description or in the
<br /> Existing Indebtedness section below or in any,title insur8nce policy, title report, or final title opinion issued in favor
<br /> of, and accepted by, Lender in connection with this Deed of Trust, and (b} Trustor has the ful] right, power, and
<br /> authority to execarte and deliver�his �leed of Trust to Lender.
<br /> Defense of Title. Subject to the exception in�,the paragraph above, Trustor warrants and will fore�er defend the
<br /> title to the Property against the lawful claims �of all persons. In the event any action or proceeding is commenced
<br /> that questions Trustor's title or the interest of'Trustee or Lender under this Deed af Trust,Trustar shall defend the
<br /> action at Trustor's expense. Trustor may be the nomina[ party in such praceeding, but Lender sha[I be entitled to
<br /> participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br /> 7re�s#or wil[ deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time
<br /> to permit suc[� particip�tion. ,
<br /> Compiiance With Laws. Trustor warrants that the Praperty and Trustor's use of the Property complies with ail
<br /> existing applicable laws, ordinances, and regulations of governmental authorities.
<br /> Surviva[ of Promises. Al] promises, agreements, ar�d statements Trustor has made in this Deed of Tr�st shall
<br /> survive the execution and delivery of Yhis Qeed of Trust, shall be continuing in nature and sha11 remain in full force
<br /> and effect unti[se�ch time as Trustor'S ]ndebtedness is paid in full.
<br /> EXISTING IND�BTE�NESS. The foAowing provisions concerning Existing lndebtedness are a part of this Deed of Trust:
<br /> Exisiing Lien. The lien of ihis �eed of Trust sectarir�g the lndebtec[ness may be secondary and inferior to an
<br /> existing lien. Trustar expressly covenants and agrees to pay, or see to the payment of, the Existing lndebtedness
<br /> and to prevent any default on such indebtedn�ss, any defau[t unc[er Yhe instruments evidencing such indebtec[ness,
<br /> or any default under any security documents for such inde�tadness_
<br /> No tVlod�cation. Trustor sf�alf nat enter into any agreement with the holder of any mortgage, deed of trust, or
<br /> other security agreement which has priority over this Deed of Trust 6y which that agreement is madified,
<br /> amended, extended, or renewed without the',prior written consent of Lender. Trustor shall neither request nor
<br /> accept any future advances under any such security agreement without the prior written consent of Lertder.
<br /> CONDEMPfAT1aR[. The fol[owing provisions relating to condemnation praceedings are a part of this Deecf of Trust:
<br /> Proceedings. ]f any proceeding in candemnation is filed, Trustor shal! prompt[y notify Lender in writing, and
<br /> Trustor shall promptly take sucE� steps as may be necessary to defend the action and ok�tain the award. Trustor
<br /> rnay be tha nominal party in such proceeding, but Lender shall 6e entitled to participate in the proceeding artd to be
<br /> represented in the proceeding by counse] of its own choice, and Trustor wil] deliver or cause to be de[ivered to
<br /> Lender such instruments and dacumentation '�as may be requested by Lender firorn Yime to time to permit suc[�
<br /> par[icipation.
<br /> Application of I�fet Proceeds. If al] or any part af the Property is candemned by eminent domain proceedings or 6y
<br /> any proceeding or purchase in lieu of condemnation, Lender may at its election reauire that a!I or any portion of the
<br /> net proceeds of the award be appEisd to the'Indebtedness or the repair or restoration of the Property. The net
<br /> proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees
<br /> incurred by Trustee ar Lender in connection wi€h the condemnation.
<br /> INEPOSfTt011i OF TAXES, FEES AND CHARG�S BY',GOVERNMENTA! AUTHOR[TEES. The fallowing provisions relating
<br /> to govemmental taxes, fees and charges are a part'of this Deed of Trust:
<br /> Current Taxes, Fees and Charges. Upon request by Lender, 3rustor sha11 execute such docu�ents in addition to
<br />
|