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��15�3195
<br /> vEE❑ �F TRusT
<br /> Loan No: 8'14�813� �Continued� Page �
<br /> co�erage endorsements on a replacem�nt basis for the full insurable �alu� co�ering all Impro��ments on the Real
<br /> Prvperty in an amount sufficient to a�oid application of any coinsurance �lause, and with a standard mortgagee
<br /> clause in fa�or�f Lender. Trustor shall also procure and maintain comprehensi�e general liability insurance in such
<br /> �o�erage amounts as Lender may request with Trustee and Lender being named as additional insureds in such
<br /> liability insurance policies, Additionally, Trustor shall main#ain such other insurance, including but nvt limited to
<br /> ha�ard, business interruptivn, and boiler insurance, as Lend�r may reasonahly require. Policies shall be uvritten in
<br /> form, amounts, co��rages and basis reasonably acceptable to Lender and issu�d by a company or companies
<br /> reasvnably acceptable to Lender. Trustar, upon r�quest of Lend�r, will deli�er to L�nder #rom time t❑ time the
<br /> policies or certificates of insurance in �form satisfactory tv Lender, inciuding stipulations that co�erag�s will not be
<br /> cancelled or diminished withaut a� least �en �1�� days prtvr written notice to L�nder. Each insurance p�ficy also
<br /> shall inc�ude an endorsement pro�iding that co�erage in fa�ar of Lender will not be impaired �� a�y�ay ey��,y a��,
<br /> omission �r default of Trustor or any other persan. 5hould the Rea! Prape�ty be located in an area designated hy
<br /> the Administrator of the Federal Emergen�y Management Agency as a speciar flood hazard area, Trustor agrees to
<br /> obtain and maintain Federal Flood Insurance, if a�ailable, for the full unpa�d principa! balance of the IQan and any
<br /> priar liens vn the property securing the Ioan, up to the maximum policy limits set under the National Fl�od
<br /> Insurance Program, ❑r as othervvise required by Lender, and to maintain su�h insurance for the term of th� loan.
<br /> Appli�ation of Proceeds. Trust�r shall pramptly notify Lender of any I�ss or damage ta �he Property. Lender may
<br /> make praaf of lass if Trustor fails tv dv sa within fifteen �15) days ❑f the casualty. Whether or not Lender's
<br /> security is impaired, Lender may, at Lender's electi�n, recei�e and retain the proceeds of any insurance and apply
<br /> the prviceeds to the reductivn of the Indebtedness, payment of any lien affecting the Property, vr the restorativn
<br /> and repair of the Pr�perty. If Lender elects to apply th� proceeds to restvratfon and repair, Trustor shall repair or
<br /> rep�ace the damaged or destroyed Impro�em�nts in a manner satisfactvey �o Lender. Lender shall, upvn
<br /> satisfactory proof a# such �xpenditure, pay or reimburse Trustar from the proceeds for the reasonab[e cos� of
<br /> repair vr res#�rati�n if Trustar is not in defau�t under this Deed af Trust. Any pr�ceeds which ha�e not been
<br /> disbu�sed within �8� days after th�ir receipt and which Lender has nQt committed t� the repair or restoration of
<br /> the Property shall he used first to pay any amount owing to Lender under this Deed ❑f Trust, then to pay accrued
<br /> interest, and the remainder, if any, shall be applied ta the principal balance �f the Indebtedness. If Lender halds
<br /> any proceeds afte� payment in full vf the Indebtedness, 5l.lCll proceeds shall be paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Compliance vrrith Existing Indebtedness. ❑uring the period in which any Exist�ng Indebtedness described �elov►r is
<br /> in effect, cvmpliance with the insuranc� pro�isions cvntained in the instrument e�id�ncing such Existing
<br /> Indebtedness shall constitute �ampliance with the insurance pro�isions under this Deed vt Trust, to the extent
<br /> compliance with the terms af this ❑eed of Trust wauld constitute a dupli�at�on af insurance requirement. If any
<br /> proceeds from the insurance become payable on loss, the pro�isions in �his ❑eed vf Trust far di�ision of praceeds
<br /> shall apply only tv tha�portivn of the praceeds not payable to the holder of the Existing Indebtedness.
<br /> Trustor's Report on Insurance. Upan request vf Lender, howe�er not more than once a year, Trustor shall furnish
<br /> to Lender a repvr� an each �xisting poiicy of insurance showing: �1 y the name vf the insurer; ��y �he risks
<br /> insur�d; �3� the am�unt of the pa�icy; �4y the property insured, the then current replacement �afue of such
<br /> property, and the manner af determining that�afue; and �5y the expiration date ofi the p�licy. Trustar shall, up�n
<br /> request of Lender, ha�e an independent appraiser satisfactory to Lender determine the Gash �alue replacement cost
<br /> of the Praperty.
<br /> LENDER'S EXPENDITURES. If any a�tion vr proceed+ng is commenced that wvuld materially affect Lender's interest in
<br /> the Property vr if Trustor fails to �omply with any pro�ision of this Deed vf Trust �r any Related Documents, including
<br /> f�ut not iimited to Trustor's failure to cvmply with any abligatian to maintain Existing Indebtedness in go�d standing as
<br /> r��uired below, ❑r to discharge�r pay when due any amounts Trustor is required to discharge vr pay under this Deed of
<br /> Trust or any Related Documents, Lender on Trustor's behalf may �but shafi not be obligated toy take any action that
<br /> Lender deems apprapriate, inc�uding but not limited to discharging ar paying all taxes, liens, security int�rests,
<br /> en�umbrances and vther claims, at any time le�ied or placed on the Property and paying all costs far insuring,
<br /> maintaining and preser�ing the Property. All such expendi�Cu�es incurred or paid by Lender for such purpvses will then
<br /> bear interest at the rate charged under the Note from the date incurred or paid hy Lender to the date of repayment by
<br /> Trustvr. All su�h expenses wili becvme a part of the Indebtedness and, at Lender's option, wi�l �Ay be payat�le on
<br /> demand; �B� be added to �he balance vf the Note and be apportioned among and be payable with any installment
<br /> paymen�s to becom� due during either �1 y the term of any applicable insurance poltcy; or �Zf the remaining term of
<br /> the Note; or �Cf be treated as a balloon payment which will be due and payable at the Nate's maturity. The Deed vfi
<br /> Trust also will secure payment of these amvunts. Such right shall be in addition �o all ❑ther rights and remedies to
<br /> whiGh Lender may be entitled upvn Defau�t.
<br /> 1JVARRANTY; DEFENSE�F TITLE. The #ollawing pro�isions relating to ownership ofi the Property are a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants that: �af Trustor holds good and marketable title of record to the Praperty in fee simple,
<br /> free and clear �f all liens and encumbrances other than those set forth in the Real Property descripti�n or in the
<br /> Existing Indebtedness secttvn belaw or in any title insurance policy, title report, or fina[ tEtle opinion tssued in fa�vr
<br /> of, and accepted by, L�nder in connection with this ❑eed of Trust, and �by Trustor has the full right, power, and
<br /> authority ta execute and deli�er this Deed of Trust to L�nder.
<br /> Defense vf Title. 5ubject tv the exception in the parag�aph abo�e, Trustvr warrants and will fiore�er defend the
<br /> titl� to the Prvperty against the lawful �laims o� al� persons. In the e�ent any activn or proceeding is cvmmenced
<br /> that questians Trustor's tftle or the interest of Trustee or Lender under�his Deed of Trust, Trustor shall defend the
<br /> action at Trustvr's expense. Trustor may be the nominal party in such proceeding, but Lender shall be ent�tled to
<br /> participate in the praceeding and tv be represent�d in the proceeding by cvunsel af Lender's own choi�e, and
<br /> Trustor will deli�er, or cause ta be deli�er�d, to Lender such instrumen�s as Lender may request fram time to time
<br /> to permit such particfpatian,
<br /> Complianc� With Lav►►s, Trustor warrants that the Prvperty and Trustor's use af the Property compfies with aEl
<br /> existing appEicable laws, ordinances, and regulations of ga�ernmental authvr�ties.
<br /> SurWi�a� of Representa�ivns and Warranties. Ali representativns, warranti�s, and agreements made �y Trustar in
<br /> this Deed of Trust shall sur�i�e the execution and deliuery of this ❑eed ofi Trust, shall he continuing in nature, and
<br /> sha�i r�main in full for�e and e�fect until such time as Trustor�5 Indebtedness sha�� �e paid in full.
<br /> E�ISTING INDEBTE�NE55. The fol�owing pro�isions concerning Existing Indebtedness are a part of this Deed of Trust:
<br /> Existing Lien. The lien of this Deed of Trust securing th� Indebtedness may be sec�ndary and inferior t❑ an
<br /> existing lien. Trustor expr�ssly co�enants and agrees to pay, or See to the payment vf, the Existing Indebtedness
<br /> and t❑ pre�ent any default on such indebt�dness, any default under the instruments e�idencing such inde�tedness,
<br /> o�any default under any security documents for such indet�tedness.
<br /> No Modificati�n. Trustor sha�! no� enter into any agr�ement with #he holder of any martgage, deed af trust, ar
<br /> oth�r security agreement which has priarity a�er this Deed vf Trust by which that agreement is modified,
<br /> amended, ext�n�ie�i, or �enewed without the psiar vuritt�n consent of Lende�. Trustor s4�all neither req�est nor
<br /> ac�ep�any future ad�an�es under any such se�urity agreement without the prior written cansent of Lender.
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