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��15�373�
<br /> DEED �F TRUST
<br /> � t�ontinued� Pa�e 3
<br /> Insuran�e Program, or as atherwise required by Lsnder, and tv maintain su�h insuran�e�ar the term af the Ioan.
<br /> Applica#ion of Prv�esds. Trustar shall p�omp��y nofiify Lender of any Ivss ar damage ta the Property, Lender may
<br /> make proofi vf loss if Trustor fails �o do so within f�fteen �15f days of the casual�y. Whether or nvt Lender's
<br /> securi#y �s impaired, Lender may, at Lender's efectian, r�ce�ve and re�ain the proceeds of any insurance and apply
<br /> �he proceeds �o the reduction af the Indehtedness, paym�nt of any lien affecting the Property, vr the restoration
<br /> and r�pair of�he Prap�rty. lf Lender ei��ts to apply �he proceeds �o restora�ion and repair, Trustor sha11 repair vr
<br /> replace the damaged ❑r destroyed Impro�emen�s in a manner satis�Fact�ry �o Lender. Lender shall, upon
<br /> satisfactary prvvf af such exp�nditure, pay or reimburse Trustar from the proceeds �or the reasonable cost of
<br /> repa'rr ❑r restvration if Trustor is not in default under this Deed of Trust. Any proceeds which ha�e not been
<br /> dis�ursed within �8a days after their r�ceipt and which Lender has not c�mmi�t�ed tv the repair ❑r r�storation ❑�
<br /> the Prop�rty shafi be used first�a pay any amaunt owing to Lender under�his Deed of Trust, then to pay accrued
<br /> interest, and #he remainder, if any, sha11 be applied tv the prin�ipal balance o� the lndehtedness. lf Lender holds
<br /> any proceeds after payment �n full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's
<br /> in�erests may appear.
<br /> Trustvr's R�port vn �nsuran�e. Upan re�u�st of Lender, hawe�er not mare �han once a year, Trustvr sha!! furnish
<br /> to Lende�- a rep�r� �n each �xisting poficy af insurance showing: �1� the name o� the insurer; t�� the risks
<br /> insured; �3� the amaunt v# the p��icy; �4} the proper�y insured, the �khen current replacement �alue of such
<br /> property, and the manner of determining tha#�alue; and �5y the �xpiration da�e of the policy, Trustor shall, upon
<br /> requ�st of Lend�r, have an independen#appraiser sa�isfactvey tv Lender det�rmine the cash�alue replacement cos�
<br /> ❑f th� Property.
<br /> TAX AND INSURANCE RESERVES. SuhjeGt to any fimi�kations and consist�nt with any requiremenfis se� �y applicahle
<br /> law, L�nder may require Trus�or ta maintain with Lender res�r�es fo� payment of annual taxes, assessm�nts, and
<br /> insu�an�e premiums, which reser�es shall be cr�ated by an �ni�ial deposit and su�sequent mvnthly paym�nts, ❑r
<br /> payments at such other inter�al as payments under the Nate may be due, of a sum estimated by Lender to be suffi�ient
<br /> �o pay the to�a� annua! taxes, assessments, and insurance pr�miums Lender reasonab�y anticipa�es to be paid fr�m
<br /> these reserves. The reser�e funds shall be held by Lender as a genera� deposi�fr�m Trustvr, which Lender may satis�y
<br /> �y paymen�t of the taxes, a55B551'71�I1fi5. and insuran�� premiums �e�uired to be paid by Trustar as they bec�me due.
<br /> Lender shall ha�e the right to draw upvn the reser�e �Funds �o pay su�h it�ms, and Lender shaf! not be required to
<br /> determ�ne the �aiidity or accuracy �f any item befflre paying it. Nath�ng in the Deed v� Trust shall be cans�rued as
<br /> requiring Lender�o ad�ance other monies for su�h purposes, and Lende�sha�l no� incur any liability far any�hing it may
<br /> do ar amit t❑ do with respect �v �he reser�e aG�ount. Su�je�t to any limitatians set by applicable law, �f th� reser��
<br /> �unds dis�Eose a shortage or defi�iency, Trustor shail pay such shortage or deficiency as required by Lender. A1l
<br /> am�unts in the reserve ac�ount are hereby pled�ed ta further secure the Indehtedness, and L�nder is here�y authorized
<br /> ta withdraw and apply such am�unts on the [ndebtedness upon the accurren�e o�an E�ent o�F Default. Lender shall no�
<br /> be required tv pay any intsrest or earnings ❑n the reser�e funds unless required by law or agreed tv by Lender in
<br /> writing. Lender does not hold the reser�e funds in trust for T�ustar, and Lender is nat Trustor's agent �or payment af
<br /> �he taxes and assessments requir�d to be paid by Trustvr.
<br /> LENDER'S E�CPENDITURES. I�F any action or pr�ceeding is cammenced tha� wauld ma��ria�ly affect Lender's interest in
<br /> the Praperty ar if Trus�or fails to �omply with any pro�ision of fihis De�d of Trust�r any Related a�cumen#s, inc�uding
<br /> but not 1�mi�ted tv Trustor's �ailure ta discharge �r pay when due any amounts Trustor is required ta discharge or pay
<br /> und�r this Deed �f Trust ar any R��ated ❑acuments, Lender on Trustor's beha��may �but shaii not be o�ligated to� take
<br /> any action that Lender d�ems appropriate, including but not limited to dis�harging or paying al� taxes, liens, seGuri�y
<br /> in�erests, encumbrances and other�laims, a�any time le�ied o�placed on the Proper�y and paying all �osts fvr insuring,
<br /> maintaining and preser�ing the Property. All such expenditures incurred vr paid by Lender for su�h purposes will th�n
<br /> bear �n��rest a#the ra�e charged und�r#he Nate from the da�e incurred vr paid by Lend�r to the date af repaym�nt by
<br /> Trustor. A!I such expens�s wi�� becnme a part af the Indebtedness and, at Lender's optian, vuilf {Ay �e payable vn
<br /> demand; �B} he added to the �alance of #he No�e and �e appor�tivned among and he payabi� wi�h any installment
<br /> payments �o became due during eithe� ��} the term of any applical�le insurance policy; or t2� the remaining term af
<br /> the Note; ❑r �Cy be trea�ed as a halloon payment which will �e due and payable at the Nofie's maturity. Th� �eed of
<br /> Trust afso ►►vit[ secure payment of these amounts. 5uch �ight shall be in addi#ion ta all other rights and r�medi�s tv
<br /> which Lender may �e entit�ed up�n D�fau�t.
<br /> VIrARRANTY; DEFENSE�F TlTLE. The#vllawing pro�isions relating to own�rship of the Property are a part❑f this �eed
<br /> af Trust:
<br /> Titie. Trustvr v►rarrants that: taf Trustor holds gaad and marketable title of record �a the Property in fee simpie,
<br /> free and clear vf a�l I�ens and encumbrances v�her than �hose set farth in the Real Property descr�ption or in any
<br /> title insuranc� policy, title rep�rt, ar �inal ti�le opinion issued in �a�or �f, and accepted by, Lender in connectivn
<br /> with this Deed of Trust, and �b� Trustor has the full right, power, and authari�y t�execute and deli�er th'rs D�ed af
<br /> Trust t� Lend�r.
<br /> Defense af Title. Subject tv �he excepti�n in the paragraph abo�e, Trus#or warrants and wi[I fore�er defend th�
<br /> title ta th� Praperty against the lawfui Glaims a# all p�rsons. In the e�ent any activn or proceeding is �ommen��d
<br /> that quest�ons Trustor's�itle ❑r th� inte�est of Trustee ar Lender under this De�d of Trust, Trustar sha�l de#end the
<br /> actian at Trustvr's expense. T�usfi�r may �e the nomina[ party in su�h praceeding, but L�nder sha11 be entitled to
<br /> participate in the proceeding and to he represented in �he proceeding by counsel vf Lender's own choi�e, and
<br /> Trust�r wilf deti�er, ar�ause t❑ be deli�ered, ta Lender such instruments as Lender may request firom time �Q tim�
<br /> ta p�rmit such participation,
<br /> Compliance With Laws. Trust�r warrantS that �he Pr�perty and Trustar's use of th� Property complies with all
<br /> �xisting applicable laws, ordinances, and regulations vf go�ernmen�al authvrities.
<br /> Sur�i�al v# Representafiians and VI�'arrant�es. A[l representati�ns, warran�ies, and agreemen�s made �y Trustor in
<br /> �his Deed af Trust shall sur�i�e the ex��ution and d�ii�ery vf th�s Deed of Trust, shall be continuing in nature, and
<br /> shall remain in full�orce and effect unti!such time as Trus�or's �ndebtedness shall b� paid in full,
<br /> GaNDEIVINATI�N. The follouving pra�isivns �elating to candemnativn proceedings are a part af this ❑eed�f Trust:
<br /> Proceedings. If any pro�eeding in candemnati�n is filed, Trustor sha�! promptly noti�y Lender in uvri�ing, and
<br /> Trus�ar shall promptly take such steps as may be necessary to defend the activn and obtain �he award. Trustor
<br /> may be the naminal party in such proceeding, but Lender shall �e enti�led�o participate in the proceeding and to be
<br /> rep�esen�ed in the proceeding by caunsel of i�s own choice, and Trustor will deli�er or cause ta be deliv�red to
<br /> Lender such instruments and d�cumentativn as may be requested by Lender fr�m time to time tv permit such
<br /> par�icipation.
<br /> App��ca�ion o�F Net Rrviceeds. !f all or any part o�the Property is condemned by eminent domain proceedings ar by
<br /> any praceeding ar pur�hase in lieu afi�vndemnatian, Lender may at its elec�ion require that all or any p�rtion of the
<br /> net proceeds of the award �e appfi�d to the Indebtedness or the repair ar restoratian af the Property� The net
<br /> proc�eds of the award shail mean the award after payment�f all reasonable casts, expenses, and attorneys' fees
<br /> incurred by Trustee or Lender in connection wi�h the candemnati�n.
<br /> IMP�SNTI�N aF TAXES, FEES AND CHARGES BY GUVERNMENTAL AUTH�RITIES. Th� foiiowing pra�isions relating
<br /> to ga�ernmental taxes, fees and charges are a part a�this Deed of Trust:
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