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� o�s-3�-2000 DEED OF TRUST Page 3 Loan No 1084615 (Continued) 2 0 � � i� i� 9 4 9 interest of Lender under this Deed of Trust,except for the lien of taxes and assessments not due and except as otherwise provided in this Deed of Trust. Right To Contest. Trustor may withhold payment of any tax,assessment, or claim in connection with a good faith dispute over the obligation to pay,so long as Lender's interest in the Property is not jeopardized. If a lien arises or is flled as a result of nonpayment,Trustor shail within fifteen (15)days after the lien arises or,if a lien is filed,within fifteen(15)days aHer Trustor has notice of the filing,secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and attorneys'fees or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest,Trustor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Trustor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. ' Evidence of Payment. Trustor shail upon demand furnish to Lender satisfactory evidence of paymenf of fAe faxes or assessments and stia�' suthorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments agafnst the Property. NotlCe of Construction. Trustor shall notify Lender at least fifteen(15)days before any work is commenced,any services are furnished,or any materfals are supplied 10 the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and will pay the cost of such improvements. PROPERTY DAMAGE INSUFIANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust. Maintenance of Insurpnce. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Prope�ty in an amount sufficient to avoid appNcation ot any cansurance clause,and with a standard mortgagee clause in favw of Lender. Trustor shoN also prxuro and�in 4on+prrlkr�tlw psn�ral liability insurance in su�h coverage amounts as Lender may request with trustee and Lertder being+Kmed ns addMibe�ii[`insuroda in such�iebNtfy insurance policies. Additionally, Trustor shall maintain such other insurance, including but not limited to hazard, business interruption, and I boiler insurance,as Lender may reasonably require. Policies shall be written in form,amounts,coverages and basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of Lender,will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least ten(10)days'prior written notice to Lender. Each insurance policy also shail include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Trustor or any other person. Should the Real Property at any time become located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area,Trustor agrees to obtain and maintain Federal Flood Insurance for the fuli unpaid principal balance of the loan and any prior liens on the property securing the loan,up to the maximum policy limits set under the National Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan. Application of Proceeds. Trustor shall promptly notiy Lender of any loss or damage to the Property. Lender may make proof of loss if Trustor fails to do so within fifteen(15)days of the casualty. Whether or not Lender's security is impaired,Lender may,at its election,receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness,payment of any lien affecting the Property,or the restoration and repair of the Property. if Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued interest,and the remainder,if any,shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness,such proceeds shall be paid to Trustor as Trustor's interests may appear. Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of,and pass to,the purchaser of the Property covered by this Deed of Trust at any trustee's sale or other sale held under the provisions of this Deed of Trust,or at any foreclosure sale of such Properfy. Trustor's Report on Insurance. Upon request of Lender, however not more than once a year,Trustor shall furnish to Lender a reporf on each existing policy of insurance showing: (a)the name of the insurer; (b)the risks insured; (c)the amount of the policy; (d)the property insured, the then current repiacement value of such property, and the manner of determining that value; and (e) the expiration date of the policy. Trustor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cost of the Property. DCPENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, or if any action or proc:eeding is commenced thef would materially affect Lender's interests in the Property, Lender on Trustor's behaff may, but shall not be required to,take any action that Lender deems appropriate. Any amount that Lender expends in so doing wilf bear interest at the rate provided for in the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All such expenses,at Lender's option,wiii (a)be payabie on demand, (b)be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (i)the term of any applicable insurance policy or (ii)the remaining term of the Note,or (c)be treated as a balloon payment which will be due and payable at the Note's maturity. This Deed of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account of the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have had. WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a pa�t of this Deed of Trust. Title. Trustor warrants that: (a)Trustor holds good and marketable title of record to the Property in fee simple, nee and clear of all liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report,or final title opinion issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Trustor has the full right,power,and authority to execute and deliver this Deed of Trust to Lender. Defense of Title. Subject to the exception in the paragraph above,Trustor warrants and wiil forever defend the title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's title or the interest of Trustee or Lender under this Deed of Trust,Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding,but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Trustor wilf deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to time to permit such participation. Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with all existing applicable laws, ordinances,and regulations of governmental authorities. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation,Lender may at its election require that all or any po�tion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs,expenses,and attorneys'fees incurred by Trustee or Lender in connection with the condemnation. Proceedings. If any proceeding in condemnation is filed,Trustor shall promptly notify Lender in writing,and Trustor shall promptly take such steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such proceeding,but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to Lender such instruments as may be requested by it hom time to time to permit such participation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Deed of Trust: Current Taxes,Fees and Charges. Upon request by Lender,Trustor shall execute such documents in addition to this Deed of Trust and take � whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, including without limitation all taxes,fees,documentary stamps,and other charges for recording or registering this Deed of Trust. Taxes. The following shall constitute taxes to which this section applies: (a)a specific tax upon this type of Deed of Trust qr upon all pr�ny part of the Indebtedness secured by this Deed of Trust; (b)a specific tax on Trustor which Trustor is authorized or requlred to deduct from ' payments on the Indebtedness secured by this type of Deed of Trust; (c)a tax on this type of Deed of Trust chargeable against the Lender or the holder of the Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Trustor. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the �. .. r .