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��15�353�
<br /> DEE�3 �F TRUST
<br /> ��vntinued� Page 3
<br /> �farm, amoun�s, co�erages and basis reasonably ac�eptable to Lend�r and issued by a �ampany or cvmpanies
<br /> reasvna�ly ac�eptable �� Lender. Trustor, upon reques� of Lender, wi11 deli�er to L�nder from time to time �he
<br /> policies vr cert��icates of insurance in farm satisfactvey tv L�nder, including s�ipulati�ns that co�erages will nv� be
<br /> can�elled or diminished without at leas�thirty {3�� days priar written notice to Lender. Each insuran�e palicy also
<br /> shall include an endo�sement pro�iding�hat co�erag� in fa�vr❑f Lender will not be impaired in any way by any act,
<br /> omission or default ❑�Trustor or any vther persan. Shauld �he Real Praperty be located in an area designated by
<br /> the Administrator of the Federal Emergency Management Agency as a special flood ha�ard ar�a, Trustor agrees to
<br /> obtain and maintain Federai Flaad �nsurance, if a�ailable, for the full unpaid principal halanc� of the loan and any
<br /> privr I��ns on the prvperty se�uring the [oan, up tv the maximum pvli�y limits set under the National F�v�d
<br /> Insurance Prvgram, or as otherwise required by Lender, and ta maintain such insurance for the term�f the loan�
<br /> Application of Praceeds, Trus�vr shall promptly no�tify Lender of any loss or damage ta the Prop�rty. Lender may
<br /> mak� praof �fi IC355 if Trustor fails tv do so within fif�#een ��5y days ❑f �khe casuaity. Vllhether �r not Lender's
<br /> security is impaired, L�nder may, at Lender's �le�tion, recei�e and retain the prviceeds o�any insurance and apply
<br /> the prac�eds ta the r�du�tian of�he lndebtednes�, payment of any lien a#f�c�ing the Property, a� the restflrativn
<br /> and r�pair of the Prope�ty. Ifi Lender elects tv appfy �h� proceeds to res�oration and rspair, Trustor shall repair or
<br /> replace the damaged ar d�stroyed [mpra�ements in a manner satisfaG�ory to Lender. Lender shall, upon
<br /> satisfac�vey proa# v� such expenditure, pay or reimburse Trustor frvm the proceeds for the reasvnable cos� ❑fi
<br /> repair ar restoration if Trus�tor is n�� in defauit under this �eed ❑f Trus�. Any pro��eds which ha�e no� been
<br /> disburs�d wi�hin 1 S� days a�t�r their receipt and whic� Lende� has not commi��ed �o �he repair ❑r res�ora�ion of
<br /> the Property sha11 be used fErst t❑ pay any amvunt owing ta Lender under this ❑eed of Trus�, then ta pay accrued
<br /> in�er�st, and the remainder, if any, shali be applied to the principal balance of the Indebtedness. If Lender holds
<br /> any praceeds after payment in ful! of the indebtedness, such prviceeds shall be paid to Trustor as Trustvr's
<br /> interests may appear.
<br /> Trus'tnr's Report vn Insurance. Upan request af Lender, howe�er nvt more than vn�e a year, Trustar shall #urnish
<br /> ta Lender a repart on each exis�ing policy of insurance showing: �1� the name of the �nsur�r; �Zy the risks
<br /> insu�ed; �3f the amvunt vf the policy; �43 the proper�ty insured, the then curren� rep(acement va�ue of such
<br /> prvperty, and th� manner o�f determining tha��alue; and ��� the expiration date �f th� poiicy. Trust�r sha��, upan
<br /> request of Lender, ha�e an independen�apprais�r satisfa�tory to Lender determine the cash�alu� replacement cost
<br /> vf the Property.
<br /> TAx AND lNSURANCE RESERVES. Subject to any limi�a�ions and consistent wi�h any requirements se� by appli�able
<br /> 1aw, Lender may require Trustor ta maintain with Lend�r reserves far payment ofi annual taxes, assessmen�s, and
<br /> insuran�� premiums, which reserves sha�! be created k�y an initial depasi� and su�sequent m�nthly payments, ❑r
<br /> payments a�such��her�nter�al as payments under the Nv�e may be due, of a sum �stimated �y Lender to be suffici�nt
<br /> fio pay the total annual taxes, assessments, and insurance premiums Lender �eas�nab[y an#icipates to be paid �rom
<br /> these r�ser�es. The �eserve funds shall be held hy Lender as a general deposit from Trustor, v►rhiGh Lender may satis�y
<br /> by payment of �he taxes, assessmen�s, and insuran�e prerniums requir�d �o be paid by Trustor as they �ecflme du�.
<br /> Lender sha�l ha�e the right to draw upvn the reser�e funds ta pay su�h it�ms, and Lender shall not �� r�quired to
<br /> de�ermine the �afidity �r accuracy of any item k�efore paying Et. Nv�hing in the ❑eed of Trust shail be �vnstrued as
<br /> requiring Lender ta ad�an�e other monies fior su�h purposes, and Lender shal� nvt incur any liability �a�anything it may
<br /> d❑ or vmi� to do wi�h r�spect ta the reser�e account. 5ubje�t �k� any limitatiflns set by applicable law, if �he reser�e
<br /> �unds disclose a shortage ar d�fici�ncy, Trusfior shail pay such sh�rtage or deficiency as required by Lender. All
<br /> amounts in the reser�e acc�unt are hereby p��dged tv further s�cure the Indebtedness, and Lender is hereby authorized
<br /> tv withdraw and apply such am�unts�n the Indehtedness upan the vccurrence vf an E�ent of Defaul�. Lender shall nvt
<br /> be r�quired t� pay any int�rest or earnings on the reser�e funds unless r�quired by law �r agreed to hy L�nd�r in
<br /> writing. Lender do�s not hald the res�r�e funds in trus� for Trustor, and Lender is nat Trustor's agent for payment n�
<br /> the taxes and assessmen�s required tv be pa�d by Trus�or.
<br /> LENDER'S E�CPEN�ITURES. If any aGfiifln ❑r pro�eeding is commenced that v►r�u�d materia��y a�fect Lender's interest in
<br /> the Property or if Trustor�ails �o comply with any pro�ision �f this D��d o�Trust or any Related Dacuments, inc�uding
<br /> but not limited to Trustor's �ailure tv discharge or pay v+rhen due any amounts Trust�r is rsquired t� discharge ❑r pay
<br /> under this Deed of Trust vr any Related Dvcuments, Lender�n Trustar's behal�may ��ut shal! not be obiigated tv} take
<br /> any a�tion that L�nder d�ems appropriate, including but not !�m'r�ed �o discharging vr paying a!I taxes, �iens, se�urity
<br /> interes�s, encumbranc�s and other claims, at any time [evied or pfaced on the Pr�p�rry and paying a!! costs#or insuring,
<br /> maintaining and preser�in� the Proper�ty. AlC such expenditures incurred vr paid by Lende�fflr such purpases will then
<br /> bear in�erest at the ra�e �harged und�r the Nate fr�m the date incurred or paid by Lender to the date of repayment by
<br /> Trus#or. All such expenses wil! be�ame a part a� the ind��tedness and, at Lender's ❑p�ian, will �A� he payable on
<br /> demand; �By be added to the bafance o� the Nate and be app�rtianed amflng and be payabie with any �ns�allment
<br /> payments ta be�vms due during either t 1 y the term of any applicable insuran�e pvlicy; or ��} the remaining term of
<br /> the Nvte; �r �C} be treated as a baf�Q�n payment which v►►il� be due and payable at the Note`s maturity. The De�d of
<br /> Trust afsv will se�ure payment of �hess amaunts. Such right shall be in addi�ion to a11 o�her rights and remedi�s to
<br /> whi�h L�nder may be en�i�led upon De�aul�k.
<br /> WARRANTY: �EFENSE�F T�TLE. The fvllvwing pra�isions relating tv vwnership of the Property are a part❑f this Deed
<br /> of Trust:
<br /> Title. Trustt�r warrants that: tay Trusfior holds good and marketabl� �it€e of record tv �he Prvperty in fee simpfe,
<br /> free and �lear ❑f all li�ns and encumbran�es ather �har� those set �orth in th� Reai Prop�rty descrip�ion or in any
<br /> title insurance po[icy, ti�l� rep�rt, ar final title opinion issued in favor o�, and accepted by, Lender in �onnectian
<br /> with this Deed��Trust, and tb� Trustar has the full right, pawer, and authority to execute and deli�er this Deed a�
<br /> Trus��o Lender.
<br /> Defense of Ti#le. Subj�ct �a th� �xception �n the paragraph abo�e, Trustvr ►nrarrants and will fore�er defend the
<br /> ti�le to the Prvper�y against th� law�uf claims of ali persans. In the e�ent any action ar proceeding is commenced
<br /> that qu�stians Trustor's t��le or th� interest afi Trustee ar Lender under this �eed of Trust, Trustor shall defend the
<br /> action at Trus�or's ex�aense. Trustor may k�e the nominal party in su�h proceeding, �ut L�nder shall be entifiled to
<br /> participate in the praceeding and t� bs represented in the praceeding �y counsel of Lender's awn chaice, and
<br /> Trustor will deli�er, or cause �a be deii�ered, to Lender such instruments as Lender may reques�from tim�to#ime
<br /> ta permit such participa�ion.
<br /> Campliance With Laws. Trus�vr warrants that the Prvperty and Trustvr's use �f the Praperty complies w�th a�f
<br /> exisfiing applicab[e �aws, ordinances, and regulations of go�ernmenfial authorities.
<br /> SurWi�al of Representat�vns and V�arranties. All repres�ntat�vns, warranties, and agreements made hy Trustor in
<br /> this ❑eed af Trust shaff sur�i�e�he executi�n and d�l'r�ery ❑f this De�d a�r Trust, shall be continuing in nature, and
<br /> shall remain in�u�1�orce and�ffe��unti[such time as Trustor's Indebtedness shall he paid in�uii.
<br /> C�NDEMNATI�N. The#ollvwing pro�isions r�lat�ng to condemnativn p�oceedings are a par�o�this ❑eed o�Trus�:
<br /> Proceedings, If any prac��ding in candemnation is �iied, Trustvr shall promptly natify Lender in writing, and
<br /> Trustor shall promptly take such steps as may be necessary to defend the ac�ivn and ❑btain �he award. Trustvr
<br /> may be the nominal �arty in such proce�ding, �ut Lender shall be en�i�led to participa�e in the prviceeding and�fl be
<br /> represented in the proceeding by caunsel flf its own choice, and Trustar will deli�er ar cause tv be deli�ered �o
<br /> Lender such instruments and do�umenta�i4n as may be requested by Lender from time ta �ime to permit such
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