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��15�4�45
<br /> aEED C�F TRUST
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<br /> Maintenance o# Insurance. Trustor shall procure and maintain pali�ies af fire insurance with standard extended
<br /> �o�erage endorsements vn a repiac�ment basis for the �ull insurabf� �alue co�ering ail Impruvemen#s on the Real
<br /> Proper�y in an amount sufficient tQ a�oid appiication of any coinsurance c�aus�. and wi�h a standard mor�gagee
<br /> clause in favor of L�nder. Trustar shall also pro�ure and maintain compreh�nsi��general �iability insurance in such
<br /> cv�erage amnunts as Lender may request with Trustee and Lender b�ing named as additiona� insureds in such
<br /> �ia�ili�y insurance poiicies. Additional[y, Trustor shall ma�ntain su�h o�her insuran�e, including I�u� nv� limited �o
<br /> ha�ard, business interruption, and boi[er insurance, as Lender may reasQnably requEre. PoliGies shali be wri��en in
<br /> �orm, amounts, Go�erages and basis reasonably acceptable tn Lender and issued by a company a�r campanies
<br /> �easonabEy acceptab�e to Lender. Trust�r, upan request a� Lender, wi11 de�i��r tv Lender �ram �ime �❑ t�me �he
<br /> poli��es ❑r Gerti�icates nf insurance in farm satisfac�ary #o Lender, includ�ng stipulations that ca�erages will nvt be
<br /> cance��ed or diminished without at feast�hirty �3�� days prior wri��en notice to Lender. Each insurance pol�cy aiso
<br /> sha�� include an endorsemen�prQ�id�ng�ha�c��erage�n fa�or v�Lender w��� not be impaired in any way by any act, '
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<br /> am+ss�on vr defaui� v�F Trus�or ar any a�her persan. Should the Rea! Properfiy b� [oca�Ced in an area d�signated by
<br /> the Admini�trat�r v�th� Federa� Emergency Management Agen�y as a spe�ia� flaod hazard area, Trustor agrees�o
<br /> a�ta�n and mainta�n F�dera� Flovd Insurance� i� avai�able, fvr th� �ul� unpa�d principal ba�ance af th� Ivan and any
<br /> pri�r I�ens an th� praperty securing th� laan, up to the maximum pofiGy lEmits sst under the Na��onai Flaod �
<br /> Insu�ance Program, or as otherwise required by Lender, and to main�ain such insurance�Fa�the t�rm o�the lvan.
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<br /> App�ication nf Praceeds. Trus�vr shall prvmp��y no�ify Lender of any �ass or damage to th� Property, L�nder may
<br /> make pr�of af loss �f Trust�r �Fai[s �o do so within �ifteen 4'�5� days o� the �asualty, Whether ar not Lender's
<br /> se�urity is impaired. Lender may, a� Lender's electivn. recei�e and retain the prviceeds flf any insuranc� and app[y
<br /> the praceeds to the reductivn o� the lnde�tedness, payment of any lien afi�ecting �he Property, �r the r�stora�ivn
<br /> and repair vf the Prope�ty. lf Lender el�cts to apply the praceeds ta restoration and repair, Trustar sha!! repair vr
<br /> replac� �he damaged or des�royed Impra�ements in a manne� sa�is�actory ta Lender. Lender shall, upon
<br /> satisfac�ory proo� vf such expenditure, pay or re�mhurse Trus�or fram the praceeds �vr the reasonab�e cost af
<br /> repair vr restaration if Trustor is nflt in defaul� under this �eed vfi Trust. Any proceeds which ha�e not been
<br /> disbursed w�thin 18� days after their receipt and which Lender has nat committed ta the repair vr res�vrativn ❑�
<br /> �h� Property sha[� be used f�rst�o pay any amoun�awEng �o L�nder und�r this Deed o�Trust, then to pay accrued
<br /> interest, and �he remainder, i�F any, shal! be applied to the principal balance af the Indebtedness. [f Lender halds
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<br /> any pra�eeds a�ter paymen� in �ull of the [ndebtedness, such proce�ds sha�� be paid to T�rustor as Trus�ar"s �
<br /> interests may appear.
<br /> Trus�vr`s Repvrt❑n fnsuranca. Upon request�f Lender, howe�er nofi more than once a y�ar, Trusta�shail #urnish
<br /> ta Lender a r�port an each exis��ng pvlicy of insurance showing: �1} �he name of �he insurer; 4Z� the risks �
<br /> insured; t3} the am�unt a�F the paiicy; �4� the property insured, the �hen current replacemen� �alue o�F su�h
<br /> property, and the manner of de�ermin�ng that�a�u�; and (5� th� expiration da�e o�the palicy. Trustar shall, upon
<br /> request of Lender, ha�e an independent appraiser satisfactary to Lender dets�min��he�ash�alu� repCa�ement cost
<br /> of the Property.
<br /> TAX AND INSURANCE RESERVES. 5ubj�ct tv any limitatians and c�nsi��ent wi�h any requirements se� by app�i�abie
<br /> Iaw, Lender may require Trustar to maintain with Lender reser�es for paymen� a� annual taxes. assessments, and
<br /> insurance premiums, which reser�es shall be created by an initial de�osi�C and subse�uent m�nth[y payments, or
<br /> payments at such athe�-inter�al as paymen�s under the lVate may he due, of a sum�s�ima�e� by Lender to be su��icient
<br /> tv pay the tvtal annua� taxes, assessments, and �nsurance premiums Lender reasonably anticipates �v be paid ��om
<br /> these r�s�rves. The res�r�e�unds shall he held �y Lender as a general depasit from Trus�ar, which Lender may satisfy
<br /> by payment ❑f the �kaxes, assessments, and insuran�e premiums required �o be paid by Trus�vr as they became due.
<br /> Lend�r shall ha�e �he right to draw upon the reser�e funds ta pay such items. and Lender shall no� be required to
<br /> determine �he �alid�ty or ac�uracy ofi any �tem befare pay�ng it. Nathing in the ❑eed of Trus� shall be Ganstrued as
<br /> requiring Lender to advance other mon�es�or suGh purposes, and Lender sha�[ na�incur any [iabili�y for any�hing it may
<br /> da flr omit to da with respect ta �he �eser�� account. Subjec� t❑ any �im�ta'�ions s�� by applicable �aw� i�the reserWe ;
<br /> funds dis�lose a shortage or deficiency, Trusfior shall pay such shortage or d�ficiency as requirsd �y Lender. All
<br /> amounts in the reser�e accoun�are her�by p�edged tv further se�ure the �ndebtedness, and Lender is h�r�by authvrize�
<br /> ta wi�hdraw and apply such amaunts❑n the lndebtedness upan�he vccurr�nce vf an E�en�of�e�ault. Lender shal! nvt
<br /> �e required �o pay any interest vr earnings on the reser�� funds unless r�quired by !aw ar agreed tv by Lende� in
<br /> wrifiing. Lender dves not hald �he reser�e funds in trust for Trustor, and Lende� is na�Trusfiflr's ag�nt fvr paym�nt��
<br /> th�tax�s and assessments requi�ed to be paid hy Trustar.
<br /> LENDER'� EXPENDITURES. ��any activn ar praceeding Es comm�nced that wou�d material�y a�'�ec� Lender's in�erest in
<br /> �h� Praperty ar i#Trustor fiai�s �to cvmp�y with any prv��si�n of this Deed v�Trust ar any Re�ated ❑a�uments, inciuding
<br /> but not limited �to Trustor's �ailure t❑ d�scharge ar pay whe� due any amounts Trus�ar is r�quired t� discharge vr pay
<br /> under this Deed a�Trus�or any Related ❑vcuments� Lender on Trustvr's �ehal�may tbut shall nvt be❑biigated tv} take
<br /> any actian �hat Lender deems apprvpriate, inciuding hut nv� limited to discharging ar paying all �axes� �i�ns. security ,
<br /> interes�s, encumbrances and other claims, a�any t�me E��i�d vr plac�d on the Property and payin� a1� c�s�s�or insuring,
<br /> main�aining and preser�ing th� Proper�y. A[I su�h expenditur�s incurr�d or paid by Lender for such purp�ses will then
<br /> bear interest at the rate charged under the Nvte �ram #he da�e incurred �r paid by Lender tv the date vf repayment by
<br /> Trustor. A�� such expenses will become a part of the lndebtedness and, at Lender's option, wili tA� be payab[e on
<br /> demand; 4By be added fiv the ba�ance of �he No�e and be appartian�d among and be payable vui#h any installment
<br /> payments to be�om� due during ei�rher ��� th� term of any applicab[e insu�ance po[icy; or ��y the remaining term a�
<br /> the Note; or �C} be treated as a balloon payment which will be due and payab�� at the Nat�rs ma�uri�y. The ❑eed o�
<br /> Trus� a�sa will secu�-e payment o� thes� amounts. Such r�ght shaU be in addi�ion to all v�her rights and remedi�s t❑
<br /> which Lender may he entitled upon Default,
<br /> VIIARRANTY; DEFENSE flF T1TLE. The fv�lvw�ng pro�isions relat'rng�o❑wne�ship�f the Proper�y are a part o#this Deed
<br /> af Trust:
<br /> Ti�le. Trus�or warrants tha�: �a} Trustar holds good and marketable �itCe v�F record �o �he Prvperty in �e� simpl�,
<br /> free and ciear ❑f all liens and encumbrances other �han thase set �a�th in the Rea! Property description or in any
<br /> ti�le insuran�e policy, ��t�e repa�-t, or �ina� �it�e opinivn issued in �a�vr vf, and ac��pted by, Lender in cannectian
<br /> wi�h this Deed❑f Trust, and �b} Trus�vr has the fuil right, pawer, and au�hari�y to exe�ute and deii�er this Deed a�
<br /> Trust to Lender. ,
<br /> Defense af Titl�. Subject to the exceptian in the paragraph aba�a. Trust�r wa�ran�� and wil� �are�er defend �he
<br /> title to the Property agains�the law�ul claims o�a�� p�rsons. [n the ��ent any act�vn ar pr�Geed�ng is �ommenced
<br /> that questions Trustvr's ti�le ar th� interest v�Trus��e ar Lend�r under this Deed ❑�Trust, Trustor sha��defend the
<br /> action at Trustvr's expense. Trus�tvr may be the nominal party in �u�h praceedin�, bu� Lende�shall he enti�Ied �o
<br /> participate in the pro�eeding and t❑ �e represen�ed �n the pro�eeding by counsel of Lender's own chvice, and
<br /> Trus�or wi[[ d�li�er, ar�ause �to be deli�ered, tQ Lender such instruments as Lender may requ�st�From�ime t❑time
<br /> to pe�mit such parti�ipation.
<br /> Camp[iance Vllith Laws, Trustv� war�-ants tha� �he Praperty and Trus�or's use of �he Pr�perty c�mplies with all
<br /> existing applica��e faws, ordinancesr and regu[ations o�governmen�al authorities.
<br /> Surv�►rai of R�presentations and Warran�ies. All repres�nta�ians, warran�ies, and agreements made by Trustvr En
<br /> �his Deed ❑�Tru�t shall survi�e th�execution and deEi�ery �f this ❑eed v�Trust, shaf� he cantinuing in nature. and
<br /> shall remain in�u[I force and effect un�iE such time as Trustor's �ndeb�edness shall �e paid in ful[.
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