|
��15���3�
<br /> ��ED ��' `f�UST
<br /> .
<br /> 4CD���nU��} Pa�e 3
<br /> I'rvperty in an amount suffcient #o a�o�d applicat�an of any coinsuran�e clause, and wi�h a standard mQrtgagee
<br /> clause in fa�ar of Lender,tc�gether with su�h other hazard and liab�l�ty insurance as Lender may reasonabfy require.
<br /> Policies shaff be written in forrr�, amour�ts, co�erages and basis reasonab[y acceptable �� Lender and issued by a
<br /> company or�ompanies reasanably ac�eptable �n Lend�r. T�ustvr, upon request of Lender, wil� d��i�er to Lender
<br /> fram�ime tc�time the policies or�ertifica�es vf insurance in f�rm satisfactary tn Lender, in�fuding stipulati�ns�ha#
<br /> �o�erage�wil i r�o�be canc��led❑r diry-iinished wi�hout at feast th�rty�30}days prior wri�ten notice tv L�nder. Each
<br /> �nsurance po�icy a�so shall in�lud� an endorsement prar�iding tha�co��rage in fa�vr o�Lend�r will nat be impaired
<br /> in any way by any act, omission or default o�Trustor❑r any o#her p�rson. 5houtd �he Real Property be�o�a�ed in
<br /> an area designa�ed by th�Administra�or o�the Federal Emergency Management Agency as a special �lvod hazard
<br /> a�ea, Trus�vr agrees ta flb�ain and maintain Fed�raf Flaod Insurance, i� a�ailable, far the maximum amount of
<br /> Trusfvr's credi�I�ne and the fu�� unpaid principal balance o�any privr liens on�he prope�ty se�uring the loan, up�o
<br /> �he maximurn policy l�mits set under the National Ffood �nsurance Pragram,ar as vthen►vise require�by Lender,and
<br /> t�maintain su�h insurance fvr fhe term af the loan.
<br /> Application of Proceeds. Trus�or shall promp�ly notif� Lender of any loss or damage�o�he Prope�ty. Le�der m�y
<br /> rnake prao� of loss if Trus�or fai�s �a d❑ s❑ wi�hin fifteen �"�5} days of the casuafty. Whether or nvt Lender's
<br /> secur��y is �mpa�red, Lender may, at Lender's elec�ian, r�cei�e and retain the pro�eeds of any insurance and apply
<br /> the pr�ceeds to the reduction af fhe �ndeb��dness, paymen� af any lien af��c#ing the Property, ❑r the re�taratian
<br /> �nd repair o���e Property. lf Lerrder ele��s to apply the pro�eeds to restaration and repair, Trustor shall repair or
<br /> rep�a�e t#�e dama�ed ar d�stroyed Impr��ements �n a manner satisfactary �a Lend�r. Lender sha�l, �apon
<br /> satisfactvey pr�af of suc� expendi�ure, pa� or r�imburs� Trus��r from the pra�eeds for fhe reasonable cost of
<br /> repai� or restarativn i� Trustor is not in defau�� under�his Deed af Trust. Any praceec�s whiGh ha�e nvt been
<br /> disburs�d within '�84 days a�ter�he�r receipt and which Lender has nvt committed t❑the repair vr res�oratifln a�
<br /> the Property shall be used frst to pay any amoun�owing�o Lender under�his L7eed o�Trust,�hen�a pay accrued
<br /> interest, and the �-�emainder, if any; shall be applied to fhe principal ba�ance of the �ndebtedness, lf Lender h�lds
<br /> any proc�eds afk�r payment in full vf the lndebtedness, such proceeds shall be paid to Trustor as Trustor"s
<br /> in�erests may appear.
<br /> C�mpliance with Exi�ting lndebf�dness. During the peri�d in which any Existing fnde�tedn�ss desGrihed befow is
<br /> in effec�, �omplian�e wit� the insurance pro�isions �on�ained in the instrumer�� e�idenc�ng such E�cisting
<br /> �ndeb��dness shall consti�u�e cvmplian�e wi�h the insur�nce pro�isions under �his L7e�d of Trus#, ta the ex�en�
<br /> compliance with �he #erms o�F thi5 Deed af Trust would cvnsti�ute a duplicatir�n a�insuran�e requirement. lf any
<br /> p��ceeds from#he insuranc�becvme payable on las�, the provisions in fhis Deed of Trus�for division af praceeds
<br /> sha�l apply only to�hat partian of the pr�oceeds not payable to the halder of the Existing �ndebtedness.
<br /> LENDER"5 EXPENDfTURES. �f Trusto� faiis �A} to keep �he Proper#y free ❑f �Il faxes, liens, security interes�s,
<br /> encumbranc�s, and other claims, {B� to provide any required insuranee on the Property, ��} to ma�e repairs t❑fhe
<br /> Prope�t� or tn comply with any ❑bliga�ion to maintain �xisting Indebfedness in good standing as requ�red below, �hen
<br /> Lender rna� d❑ so. i� any ac�ian or praceeding is cammenced t��at would mate�-ially affiect L�nder's interests in �he
<br /> Property, then Lender �n Trus�or's behalf may, but �s not required to, take any ac�i�n that Lender befieves �o be
<br /> appraprfat� �o pratect Lender's interests. AII expenses in�urred vr paid by L�nder�vr such purposes wi�l then bear
<br /> interest a� the rate charged under the C�edit Agre�me�t �rom the da#� incurred ar paid by L�nder to the date of
<br /> repa�ment b�r Trus�o�-. AIl su�h expenses will beeorpe a park of the �ndebtedn�ss and, at Lender's tiption, will �A} be
<br /> payab�e❑n dema�d; {6} be added to�he halance vf the Cr�di�Agreemen�and be appartion�d among and be payable
<br /> wi�h any insta�lrnent payments ta be�ame due d�ring ei�her �'1} th�e ter�n ot any applicable insurance pvficy; or �2} ��e
<br /> remair�ing term o��he Gredit Ag�eemenf;Qr ��} b�tr�ated as a bal�oon payment which wif 1 be due and pay�able a�the
<br /> Credi�Agreement'�rr�a�urity. The Deed af Trust alsv wi�f secur�payment o�th�se amounfs. The rights pra�ided for in
<br /> this paragraph sha!! be in addifivn ta any ofhe�rights ❑r an� rem+�di�s tv which Lender may be en�i�[ed an ��G�unt�f
<br /> an�r de�Fault. Any such acti�n by Lender shafi not he constt-ued as �u�ing the default so as to bar Lender frvm any
<br /> remedy fhat it othenrvise wou�d have had.
<br /> WARRANTY; DEFENSE QF TlTLE. The�ollvwing pro�isions rs�at�n�g t❑ownership af fhe Proper�y are a part of�his❑eed
<br /> af Tru st:
<br /> Tif1e, Tru�tar warrants that: �a� Trustor holds�aod and marketab�e ti#le af�-ecord �a the P�-oper�y in �ee simple,
<br /> free and cl�ar of al! liens ar�d encum�ran�e� ather than those set �vr�h in the Real Prope�k�des�riptian or i� the
<br /> Existing f ndebtedness section below�r in any title insurance policy, title repart, or final title apinion �ssued in fa�ar
<br /> of, and ac�epted by, Lender in connection wi�h�his Deed o�T�ust, and �b}Trus�or has fhe �u�� righ�, pouver, and
<br /> autho�ity to exe�ufe and d�li�er this Deed of Trust fiv Lender.
<br /> ❑efer�se o�F Title. Subje�t to �the exception in fh� paragraph abo��; Trustor war�ants an� wi�l fore�er defend the
<br /> t��le�v�he Property against the 1aw�ul claims of all pers�ns. ln �he e��en#any activn ar proceeding is commenced
<br /> ihat questions Trusfvr's tit�e ar fih� interest of Tru�t��or Lend�r under�his D�ed of Trust,Trustar shall defend#he
<br /> actian at Trus�ar's expens�. Trus�or may be the nom�nal party in such pro�eeding, buf Lender shall be entitied ta
<br /> parti��pa�e in the proceeding and to be represen�ed in the proGeeding by eounsel of Lender's own cf�o�ce, and
<br /> Trus�tvr wilf deli�er, or cause to be de�i�ered,to Lender such instrument� as Lender may request�ram�ime to t�me
<br /> to perrn�t such parti�ipa��on.
<br /> Complianc� �IVi�h Laws. Trustor warrants �hat the �'roperty and Trus�ar's use of�he Property comp�ie� wi�h all
<br /> existinc�applicable larivs, ordinan�es,and regulations of go�e�nmer��ai authorities.
<br /> Survi��l of Prom�ses. All pr�mi�es, agreements, and sfa�erv�ents T�ustvr has made in fhis ❑eed o�T'rus� shafl
<br /> sur�i�e�he executian and defi�e�-y of�his Deed of Tru�t, shail be continuing ir� na�ure and shall remain in fc�ll fvrce
<br /> and effe�t until such�irr�e as Trustor's in�lebtedness is paid in full.
<br /> E�lSTl�VG INaEBTEi]NESS. The fallowing pravisions concerning E�isting Indebtedness a€�e a part of this Deed❑t Trust:
<br /> Exist'rng Lien. The fien af this Deed o�F Trust securin� the lndebtedness may be secondar-y and inferior t� an
<br /> exist3ng lien. Trustar�x�ressly co�enants and agre�s ta pay, vr s�e to the payment of, the Existing Indehtedness
<br /> and�v�reWent any�efaul��n suc�indeb�edness,any defau[�under the in�trumen�s evidencing su�h indebtedness,
<br /> ❑r any default under any security documents for such indebtedness.
<br /> N❑ �#odifica#ivn, Trus�or shal� �at ��ter inta any agr�ement wi�h the h�fder a�F an mart a e,
<br /> Y g � deed a�trus#, ar
<br /> other securf�y agr-eement v�hich ha� privrify a�e�- fhis Deed of Trus� k�y which that agreement is modified,
<br /> amended, �xtended, or renewed wifhflu� the privr written �ons�nt af Lender. Trustor sha�f r�ei�her request r�or
<br /> accept any futur�ad�ances under any such securifiy a�reement►nJifihaut th�prinr wr�tten cansent o�F Lender.
<br /> C��1DEMf�ATj�N. The�oll�wing p�-o�isions relating to candernnativr�praceedings are a par�of�his D�ed of Trust:
<br /> Pra�eeding�. I� an� proceeding €n c�ndemnat�on is �iled, Trus�ar sh�all promptly not�fy L�nd�r in wri�€ng, and
<br /> Trustor shall pr�mptly take such steps as may be necessary��d�fend th� a�tion and �btain the awar�. Trusto�
<br /> may be#he norninal party in such proceeding, hut Lender shafl be entitEed to participa�e in the pra�eeding and to be
<br /> represented �n the proceeding by caunsel af its vwn chaice, and Trustvr will deli�er ar cause �o he deli�ere� ta
<br /> Lender such instruments and documentation as may be re�uested by Lender from #ime �a fiime ta permi� such
<br /> participation.
<br /> ►4pplica#ivn of Net Proceeds. Ef all or�ny par#of�he Proper#y is eondemned �y em�nen�dvmain proceedings or by
<br /> any proceeding or purcha�e in fieu af condemnation, Lend�r ma�a�its efection requi�-e�hat afl or any porfion of#he
<br />
|