|
� -
<br /> ��15�11�7
<br />. #
<br /> ,
<br /> C3E�E:D �F TRUST
<br /> Lvan Nv: '1 D1�g3547 {C�nt�nued} Page 4
<br /> �Evidence v�Paymen�. Trustor sha�� upan demarnd -�urnFsh �o Lende�satis�ac�ory e�tdence ❑fi paymen�a�F the fiaxes
<br /> or assessments and shall authvrize�he appropriate gv�ernmen�al of�icial to deii�er�a Lender at any�ime a wri��en
<br /> sfiatement af the�ax�s and assessmen�s against the Praperty.
<br /> Nati�e of Cons�ru��ian. Trustor shall nv�i�y Lender- at ieas�fifteen ��5} days before any work is commenced, any
<br /> ser�fces are furnished, o� any materials are supplied ta the Praperty, if any mechani�'s lien, mafieriafinen`s �ien, �r
<br /> other lien cauld he asser�ed ❑n accaun� of�he wark, ser�ices, ❑r ma�erials. Trustor will upan request o-� Lender
<br /> furnish �❑ Lender ad�ance assuran�es satis�ac�ary �a Lender tha� Trus�ar �an and will pay the cas� o� such
<br /> impro�ements.
<br /> PR�PEFiTY DAMAGE 1N5URANCE. The�ollawing praWisions relating t❑ insuring the Praperty are a Qart of this Deed of
<br /> Trus�.
<br /> Main�enance v� [nsuran�e. T�rus�or shall pr�cure and maintain policies ❑f �i�e insuran�e wi�h standard extended
<br /> coWerage endorsements on a �air �alue basis for the �fu�I insurab�e �alue co�ering all lmpro�emen�s on the Real
<br /> Praperty in an amount su��icien� �v a�oid appiicafiian ❑�F any coinsu�-ance clause, and wi�kh a standard mor�gagee
<br /> clause in fa�ar of Lender. Trus�or shall als� procure and maintain comprehensi�e genera[ liabilifiy insuranc� in such
<br /> co�erage amaunts as Lender may �-equest with Trustee and Lender being named as additional insureds �n su�h
<br /> liabilifiy insurance policies. Addi�ionally, Trustor sha�� rnain�ain such ath�r insuran�e, including bu� not lim�ted tv
<br /> hazard, business in�erruption, and bo��er insurance, as Lender may reasanab�y require. Po�icies sha�� be written in
<br /> form, amoun�s, �overages and hasis reasanak�fy a�ceptable �o Lender and issued by a campany ar �vmpan�es
<br /> reasonably acceptable #o Lender. Trusfior, upon request �f Lender, will deli�er �o Lender from �ime to time the
<br /> policies o�-cer�ificates ❑f insurance in �orm sat�sfa�tvey to Lender, including stipula�ians�ha� coverages will na�t be
<br /> can�elled or dim€nished wi�hout at least�en ���� days prior wri�ten no�ice �a Lender. Each insuranc� pa�icy als❑
<br /> shall in�lude an endorsement pro�iding�ha�co�erage in favor af Lender will nofi be impaired in any way 1ay any act,
<br /> omissi�n or defau�t v�Trustar ❑r any athe�- person. Shauld the Rea[ Praper--�y be [v�a�ed in an area designa�ed 1ay
<br /> �he Adminis�ra�or of�he Federal Emergen�y Management Agency as a special �load hazard area, Trus�ar agrees�o
<br /> obta�n and ma�ntain Federa� Fload Insu�-anc�, �� available, within 45 days af-ker na�iCe iS giWen by Lender tha� the
<br /> Property is laca�ed in a special�lood hazard area, for the�ull unpaid principaC balance of the loan and any prior�iens
<br /> ❑n the prvper�y securing the Ivan, up to�he maximum palicy Z�mits se�under�he National Flood Insurance Program,
<br /> or as ofiherwise required by Lender, and�❑ maintain such insurance fo�-the term at�he lvan.
<br /> App�i�a�ivn nf Praceeds. Trus�kor sha�( promptly nat��y Lender afi any lass vr dama�e�a �he P�-operty. Lender may
<br /> make proa� of [�ss if T�ust�r fai�s to d❑ so wifihin fifteen �15} days af the casualty. Whe�her or no� Lender's
<br /> se�uri�y is �mpaired, Lend�r may, at Lender's elec�ian, receive and retain �he praceeds ❑� any insurance and apply
<br /> �h� praceeds �a the reduct�on ❑f�he �ndebtedness, paymen� af any lien affecting the Property, ❑r the resto�ration
<br /> and repair ❑f the Property. If Lender e[ects �❑ apply the p�oceeds �❑ restora�ion and repair, T�-ustor sha�l r�pair ❑r
<br /> replace �he damaged or des�royed �mpro�emen�s in a manner satis�acfivey tv Lender. Lender shall, upvn
<br /> satis�actory proaf af such expenditur�, pay or reimburse T�us��r from the�-proceeds �or �he reasonable cost vf
<br /> repair or restoration i�F Trustvr is n�t in de�aul� under this Deed o� Trust. Any proceeds which have no� been
<br /> d€sbursed within 18a days after�heir receip�k and which Lender has no� commit-�ed �a �he repaFr �r res�oratian vfi ,
<br /> �he Prflperty shall be used �irs�to pay any amount❑wing fio Lender unde�r this ❑eed of Trust, then ta pay acc�ued
<br /> interest, and the r�mainder, if any, shai! be applied �o �he principal balance vf the lndehtedness. lt Lender ho�ds
<br /> any p�-oceeds a�€ter payment in �ull ❑f the lndeb�edness, such proceeds sha[f be paid to Trustar as Trus�or`s
<br /> interests may appear.
<br /> Trustor's Repart vn lnsuran�e, Upon request of Lender, haw�Wer na� mare than once a year, Trustar shaEl furn�sh
<br /> �o Lender a repor� on each existing po[icy �f insurance shawing: ��� �he name of the insurer; ��} �he r�sks
<br /> insured; {3} �he amount o� �he pvlicy; �4} the proper�y insured, �he �hen current replacemen� �alue of such
<br /> proper�y, and�he manner o�F de�ermining that value; and {5} the expiratian date ❑��he palicy. T�ustar shall, up�n
<br /> reques�o�Lend�r, haWe an independen�apprais�r sa�isfac�ory�k❑ Lende�r d��erm;n��he cash�alue r�placement cas�
<br /> of�he Property.
<br /> LENDER'S EXPENDiTURES. If any ac�ian ❑r proceeding is commenced tha�would mate�ially a��e�t Lender`s �nteresfi in
<br /> the Property ❑r it Trus�vr fails to �omply with any prv��s;an o�this ❑eed of Trust vr any Rela�ed Dvcuments, including
<br /> bu� no� limi�ed �o Trustor's �ailure tv discharge ar pay when due any amoun�s Trus�ar is �equired �❑ d�s�harge ❑r pay
<br /> under�his ❑eed o�T�usfi❑r any Related Do�uments, Lender an Trus�or's beha�f may �but shall not be ❑hliga�ed tv}�ake
<br /> any a�tion that Lender deems apprvpriate, including bufi not limited to discharging or paying all tax�s, liens, securi�y
<br /> in�erests, encumbrances and other ciaims, a�any�ime [e�ied ❑r placed ❑n the Proper�y and paying all c�sts for insur�ng,
<br /> main�aining and preser�ing �he Praperty. A�� su�h expenditures incurred ❑r paid by Lender�ar such purpases wi[[ �hen
<br /> bear interes�t afi�he rate cha�-ged under the Nate #�-om the da�e incurred ar paid hy Lender to �he da�� of repayment by
<br /> Trustor. All such expenses will become a part ❑�fihe lndeb�edness and, at Lender's vption, will �A} be payabl� on
<br /> demand; {g} be added to �he balance of the No�e and be appartioned among and be payable with any ins�allment
<br /> paymen�s tv becvme due during either {�� the ��rm of any applicable insurance policy; or {�� the remaining term ❑fi
<br /> the Nate; or �C� be t�eated as a bal��rnn payment which will be due and payahl� at�he Note's maturi�y. The �eed �f
<br /> Trust also will secure payment of �hese amaun�s. Su�h righ� shall be in addition to all other ri�h'�s and remedies ta
<br /> v►rhich Lender may be entitfed upon ❑e�ault.
<br /> WARRANTY; DEFENSE�F T�TLE. The following pr��isions rela�ing ta ownership❑fi�he Praperty are a part af�his Deed
<br /> �f Trust:
<br />
|