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024&-2000 DEED OF TRUST i = i 01 7. Pap 3
<br />Loan No 26177 (ConUmeq)
<br />authorize the appropriate governmental official to diver to Lender at any time a written statement of the taxes and assessments 'Against the
<br />Property.
<br />Notice of Construction. Trustor shall notify Lander at least fifteen (16) days before any work Is commenced, any services are furnished, or any
<br />materials are supplied to the Property, If any mechanies Non, matarlalmsn's Non, or other Non could be asserted -on account of the work,
<br />services, or materials. Trustor will upon request of Lender furnish to Lender advance assuranoss satisfactory to Lender that Trustor can and will
<br />pay the cost of such improvements;
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Properly are a part of this Deed.of Trust.
<br />Maintenance of Insurance. Trustor shall procure and maintain policies of Are Insurance with standard extended coverage endorsements on a
<br />replacement basis for the till insurable value covering all improvements on the Real Property In an amount sufficient to avoid application of any
<br />coinsurance clause, and with a standard mortgages clause M favor of Lender, together with such other hoard and NabSty Insurance as Lender
<br />may reasonably. require. Policies shall be written In form, amounts, coverages and basis reasonably acceptable. to lender and Issued by a
<br />company or companies reasonably acceptable to Lander. Trustor, upon request of Lender, will deliver to Lender from time to time the policies
<br />or certificates of insurance In form satisfactory to Lender, including simulations that coverages will not be cancelled or diminished without at
<br />least ten (10) days' prior written notice to Lender. Each insurance policy also shah Include an endorsement providing that coverage in favor of
<br />Lender will not be Impaired in any way by any act, omission or default of Trustor or any other person. The Real Property is located in an area
<br />designated by the Director of the Federal Emergency Management Agency as a special flood hazard area. Truster - agrees to obtain and
<br />maintain Federal Flood Insurance for the full unpaid principal balance of the loan, up to the maximum policy Nmtis all under "ths National Flood
<br />Insurance Program, or as otherwise required by larider, and to maintain such insurance for the term of the loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss-or damage to the Property. Lender may make proof of loss if Trustor
<br />fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security ts Impaired, Lender may, at Its election, receive and retain
<br />the proceeds of any Insurance and apply the proceeds to the reduction of the Indebtedness, payment of any Non affecting the Property, or the
<br />restoration and repair of the Property. If Lender slacts to apply the proceeds to restoration and repair, Trustor shah repair or replace the
<br />damaged or destroyed Improvements In a manner satisfactory to Lender. Lander shall, upon satisfactory proof of such expenditure, pay or
<br />reimburse Trustor from the proaoeds for the reasonable cost of repair or restoration H Trustor Is not in default under this Deed of Trust. Any
<br />proceeds which have not bon disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br />the Property shall be used first to pay any amount owing to Lender under this Deed of Trust, then to pay acon Interest, and the remainder, If
<br />any, shall be applied to the principal balance of its Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such
<br />proceeds shall be paid to Trustor as Trustoes interests may appear.
<br />UnaVired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by this
<br />Deed of Trust at any trustee's sale or other sale held under the provisions of this Deed of Tnfat, or at any foreclosure a*, of such Property.
<br />EXPENDITURES BY LENDER. If Trustor falls to comply with any provision of this Geed of Trust, or 0 any action or proceeding K coinmernced that
<br />would materially affect Lenders interests in the Property, Lender on tncstor's behalf may, but shall not be required to, take any -aam' ith)at Lender
<br />deems appropriate. Any amount that Lender expends In so doing will bear Interest at the rate provided for In the Note from the, date incurred or paid
<br />by Lender to the date of repayment by Truster. AN such expenses, at London's option, will (a) be payable on demand, (b) be added to the balance
<br />of the Note and be apportioned among and be payable with any Installment payments to become due dunirp,eiWer (i), Hie term. of,any applicable
<br />Insurance policy or (N) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at ths, Note's maturity.
<br />This Deed of Trust also will secure payment of these amounts. The rights provided for In ttais.paragraph shall be in addition tq any other,; rights or any
<br />remedies to which Lender may be entitled on account of the default. Any such action by Lander shall not be construed as curing th o,defauft so as to
<br />bar Lender from any remedy that it otherwise would have trail
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust., .
<br />Title. Trustor warrants that (a) Trustor holds good and marketable We of record to the Property In The simple, fret, and clear. of all lien and
<br />encumbrances other than those act forth in the Red Property description or In any MW insurance policy, titre report, or Mai titre dpk*m issued In
<br />favor of, and accepted by, Lender In connection with this Dead of Trust, and (b) Trustor has the full right, power, and authorfty'to;executs and
<br />deliver this Deed of Trust to Lender.
<br />Defense of Title. Subject to the exception In the, paragraph above, Trustor warrants and will forever defend the We to the Property against the
<br />lawful claims of all persons. In the event any action or proceeding is commenced that questions Ttustors tiW or, the interest of Trustee or
<br />Lender under this Deed of Trust, Trustor shelf defend the action at Trusters expense. Trustor nay be the nominal party In such proceeding, but
<br />Lender shall be entitled to participate in the proceeding and to be represented In the ------'-- by counsel of Lenders , own. bhcice, and
<br />Trustor will deliver, or cause to be delivered, to Lender such Instruments as Lender nrsy request from time to time to, permit L such. participation.
<br />Compliance With Laws. Trustor warrants that On Property and Tnxtoes use of its Property compiles with all existing applicabla laws,
<br />ordinances, and regulations of governmental authorities.
<br />CONDEMNATION. The following provisio?rs relating to condemnation proceedings are a pet of this Deed of Trust.
<br />Application of Net Proteins. If all or any part of the Property Is condemned by eminent domain proceedings or by anyi proceeding or
<br />purchase in Neu of condemnation, Lender may at Its election require that all or any poriion of the net proceeds of the award be' applied to the
<br />Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award air payment of all reasonable
<br />costs, expenses, and attorneys' taps incurred by Trustee or Lander in connection with the c ondamnatbn.
<br />Proceadings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender In writing, and TWSW shall promptly take such
<br />steps as may be necessary to defend the action and, obtain the award. Trustor may be the nominal party in such proceeding,; bo l ender shall
<br />be entitled to participate In the proceeding and to be represented In the proo6oaing by counsel of its own choice, and. Trusta'w-Pt deliver or
<br />cause to be delivered to Lender such Instruments as may be requested by It from tirne to Ilawtb permit such part*atiorl.
<br />IMPOSITION OF TAXES, FEES Aim CliAA61513 "8Y GWEERNMENTAL AUTHOW1110t The following provisions reiatind to goft mental taxes,
<br />fees and charges are a part of this Deed of Trust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Trustor shah execute such doCuments in addition to this Desd of trust and take
<br />whatever' other action is requested by lender to perfect and continue Lenders Non on the Real Property. Trustor shah rsA
<br />reimbule nder for all
<br />taxes, as described below, together with all expenses Incurred in recording, pads or continuing this Deed of Trust, Including without
<br />limitation all taxes, fees, documentary stamps, and other charges for recording or reglaiering this Deed of Trust
<br />Teases. The following shall constitute taxes to which. this section applies: (a) a specific tax upon this We of treed of Trust or upon all or any
<br />part of the Indebtedness secured by this Deed of Trust; (b) a speoxNc tax on Trustor which Truster is auttrorized. or requiredwto deduct from
<br />payments on the Indebtedness secured by this tYPe of Deed of Trust; (c) a tee an this type of Dead of Trust ohgeabi f►,Irhst..the Lender or
<br />the holder of the Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments of prhxlpal,'end, Into rt made by
<br />Trustor.
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the dab of this Deed of'Trust, 1his,eventshall have the
<br />same Nfact as an Event of Default (as defined below), and Lender may exercise achy or AN of its available remedies for an Event of Default as
<br />provided below unless Trustor etiher (a) pays the tax before It becomes ds1kquPKvr (b).conissts the tax as provided above in ,the Taxes and
<br />Liens section and deposits with Lander cash or a suf *t corporate surely other seounty Safi CtOq(to lender.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement. are a part of
<br />this Deed of Trust.
<br />Security Agreement. This Instrument shalt constitute :a security agreement to the extent any of the Property consgtutes fbcturetg, orother
<br />personal property, and Lender shell have all of the rights of a secured party under it* Uniform Commercial Cods as amen, frRm.time to
<br />time.
<br />Security Interest. Upon request by Lander, Trustor shell execute financing staternents and Vi ke whatever other action Is requested bti Lander
<br />to perfect and continue Lender's security ► nterest In the Rents and [3ersrunal Propergr: In,adcltiton to recording the Deed Qf Trust in the real
<br />property records, Lender may, at any time and without further authorization= frorn.ThWor, file executed countw0mots, 0ples or raproauctions of
<br />this Deed of Trust as a financing statement. Trugor shag reimburse Lander for All 4xpenses Irncwred la part ,aft or. Wr tt4,eei:.uriti y
<br />Interest. Upon dofauk Truster shall assemble #w P=wnW Property in s manta and at apiece reaeoMft oonv ;rfi nil lender
<br />and make it available to Lender within tierce (4) after reGNpt of written dew ttcr f Leerier.
<br />Addrosaw Cam►) , toter 0 Interest
<br />granted by #dsby Ta*Wd rfut rain tatr (Item l+fs bYr1Aa Lln(tiofgt pfacr�e ltit
<br />of Trust. ; <
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