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��15�41�5
<br /> DEED �F TRUST
<br /> ��ontinued� Page 3
<br /> �orm� amaunts, caverages and basis reasanably acceptable t� Lender and issued by a company or �ompanies
<br /> r�as�nably a�cep�able ta Lender. Trustor. upon request ❑# Lender, ►rvill d�[i�er to Lender from t�me to time the
<br /> pa��cies or certi�icates of insurance in �vrm satis�ac�ary ta Lender. in�iuding s�ipulati�ns that co�erages will nvt be
<br /> cancelled ❑�diminish�d without at leas��hir�ty t30� days priar wri��en notic� to Lender. Each insurance policy alsa
<br /> sha[f include an endnrsement prv�iding that co��rage �n�a�or o�Lender will not be impaired in any►rvay by any ac�,
<br /> vmission ar defaul�o�T�ustor or any o�her person. 5hould the Real Praperty t�e located in an area designated by
<br /> the Administrator o#the Federal Emergency Managemen�t Agen�y as a sp�cial flaod ha�ard ar�a, Trustor agr�es �o
<br /> vbtain and maintain Federa� Ffoad Insurance, if a�aifable, far th� full unpaid principal balance of the lvan and any
<br /> prior liens on the praperty secu�ing the loan, up to the maximum p�licy �imits set und�r th� Natianal Fi�vd
<br /> �nsuran�e Program,or as otherw�se required by Lender, and to maintain su�h insurance fvr the�erm of the laan.
<br /> Appli�ation o�Proc�eds. Trustor shalf pramptfy no�i�Fy Lender of any iass or damage t�the Property. Lender may
<br /> make proaf ❑f lass if Trustor fai[s to da s❑ wi�hin fifteen �15y days of the casualty. Whether o� not Lender's
<br /> s�curity is impaired, Lender may, at Lender's electi�n, rece��e and retain the proceeds of any insu�anc� and app�y
<br /> �the praceeds ta the redu�tion of the Inde�t�dn�ss, payment o�F any �ien affecting the Prvperty, or the res�oration
<br /> and repair of the Property. 1f L�nder elects to apply the proceeds to restarati�n and repair, Trustor shall repair or
<br /> replace �he damaged or d�stroyed Impro�ements in a manner sat�sfa�tory �❑ Lender. Lender shall, upon
<br /> sat�s�a�ta�y proof ❑f such expendi�ure, pay ar r�imburse Trustflr �rom �he prviceeds for the reasonab[e cast ❑�
<br /> repair or res�orativn if Trustor is nat in defaul� under this Deed �� Trus�, Any proceeds which ha�e nvt �een
<br /> disbursed wi�hin �8� days after their r�ceip� and which Lender has nat commi�tted tv the repair or restoration v�
<br /> �he Property shalf be used first to pay any amount ov►ring to L�nder under this Deed of Trust, then to pay accrued
<br /> interest, and ths remainder, i� any, shall h� applied ta the princEpai baiance af �he lnd�btedness. �f Lender holds
<br /> any praceeds after paymen� in full o�f the Indebtedness, such proce�ds shall be paid ta Trus�tar as Trustor's
<br /> interests may appear.
<br /> Trustor's Repvrt vn Insurance. lJpon request o� Lender. hvwe�er n�� more#han once a year. Trustvr shall furnish
<br /> t❑ Lender a repvrt on ea�h existing po�icy af insurance shawing: {1� the name o# �he insurer, ��f the risks
<br /> insured; t3} th� amount of �h� p�licy; �4f the prnperty insured, the then �urrent replacement �a�ue of such
<br /> proper�y, and the manner o�de�ermining that�aiue; and �5� the expirativn date of the policy. Trus�v�sha�l, upon
<br /> request of L�nder� ha�e an independent appraiser sat�sfactflry tv Lender de�ermin��he cash�a[ue replacement cvst
<br /> of the Praper�y.
<br /> TA�AND iNSURANCE RESERVES. 5ubject�o any limitations and consistent with any r�quirements set by app�i�abfe
<br /> iaw, Lender may require Trus�vr to maintain with Lender reser�es for payment af annual fiaxes, assessments. and
<br /> insuran�� premiums, which reser�es shall b� created by an 'tnitial deposit and subsequ�nt manthly payments, or
<br /> paym�n�s at such other inter�al as payments under�he Note may b�due. o#a sum es�imat�d hy Lend�r t❑ b�suffi�ient
<br /> tv pay the total annual �axes, assessments, and insuranc� pr�miums Lender reasanahly anticipa�es tv be paid from
<br /> these res�r�es. The reser�e�unds shal[ be heid by Lender as a genera� deposit from Trustor, which Lender may sat�s#y
<br /> by paymen� af �he tax�s, assessments, and insurance premiums required to b� paid by Trusto� as they become due.
<br /> Lender shall ha�e the righ# #v draw upon the reserrre funds to pay such items, and Lender shall nat he required to
<br /> determine �he �alidity vr accuracy vf any it�m befare paying it. Nothing in th� Deed of Trust shaLl be �ons�rued as
<br /> r�quiring Lende�-�n ad�ance �ther manies for such purposes, and Lender shall not in�ur any liab�fity f�r anything it may
<br /> do vr �mit �o dv with respec� t� �he reserve accvunt. Subject to any limitations set by applicable law, if the reser�e
<br /> funds disclase a sho�tage ❑r d�ficiency, Trustar shall pay such shortage �r deticiency as required by Lender. Afl
<br /> amaunts in the reser�e accQun�are hereby piedged to fur�her secure th� Indebtedness� and Lender is here�y authari��d
<br /> to►►vithdraw and apply such amvun�s an the Indebtedness upan the occurrence o�an E�ent vf Default. Lend�r shali not
<br /> �e requ�red ta pay any in�erest or ea�nings on the reser�e �unds unless requ�red by !aw �r agreed to �y Lender in
<br /> wri�ing, Lender daes not ho�d the res�r�� funds in �rus# for Trustvr, and Lender is nvt Trus�vr's agent for payment vf
<br /> the taxes and assessments required to be paid by Trustor,
<br /> LENDER'S EXPENDITURES. If any a�tion or proceeding is commenced that would materially af�ect Lender's interest in
<br /> the Property or i�Trustar fails to cvmpiy ►nrith any pr��ision af this ❑eed af Trust or any Re�ated Documents, including
<br /> but no� [imited to Trustar's #ailure �o discharg� or pay when due any amounts Trustor is required to discharge ar pay
<br /> under this Deed of Trust ar any Related Dacuments, Lende�vn Trustor's �eha��may �but shall not be vbligated ta� �ake
<br /> any act�vn that Lender deems appropriate, including bu� not limited tfl dis�harging vr paying all taxes, liens, se�urity
<br /> int�rests, encumhrances and other claims� at any�ime le�ied ❑r placed an the Pr�per�y and pay'rng alC�asts for insuring,
<br /> maintaining and preser�ing the Prvp�rty. AI! such expenditures incurred or paid by Lender for such purposes will then
<br /> bear interest a�the rate charged under fih� Nv�s �rom the date in�urred or paid by Lender t❑ �the date af repayment by
<br /> Trustar. All such expenses will become a part o� the lnd�b�edn�ss and, at Lender's option, wi!{ �A� �e payable vn
<br /> demand; �B} be added to the balance �f the Note and be appvrtianed among and b� payable v+ri�h any instaflment
<br /> payments to b��ome due during either �1} the term of any applicable insurance policy; or {�f th� remaining term ❑�
<br /> the Nvte; ar �C} be treated as a �allovn payment which v►►ill be due and payable a�the No�e`s maturity. The Deed ❑�
<br /> Trus� alsa wil! se�ure payment of these amounts. Such right shal! he in additian ta all v�h�r righ�s and r�medies ta
<br /> which Lender may be�n�titfed upon Defaul�.
<br /> WARRANTY; DEFENSE�F TITLE. The�fol�owing pro�isions rela�ing�o orrvnership of�he Property are a part af�his ❑eed
<br /> a#Trust:
<br /> Ti#le. Trustor ►rvarran�s that: ta} Trus�ar hvlds good and marketable title vf recard to the Prvperty in fee simple,
<br /> free and clear ofi all liens and encumbrances ather than those set forth in the Real Praperty description or in any
<br /> . title insurance poiiGy, title report, or final titl� opinion issued in fa�or af, and ac�epted hy, Lender in cvnnec�ion
<br /> with this Deed a#Trustr and �bf Trustor has the full right, power, and authvrity t�ex�cu#e and de�i�er th�s Deed ot
<br /> Trust to Lender,
<br /> De#�ns� of Title. 5ubjec� �a the exceptivn in the paragraph a�ave, Trus�or warrants and will forever defend �he
<br /> titfe to �he Property against the �aw#u1 claims of afl persans. ln th� e�en�any ac�ion or prviceeding is cammenced
<br /> that qu�stions Trusfior's title or the interest o�Trustee or Lend�r under�his D��d ❑f Trust. Trustor shall defend the
<br /> activn at Trus�or's expense. Trustor may be �he nvminal party in such proceeding, �u� L�nd�r shall be en�i�led ta
<br /> par�icipatie in �he praceeding and to be represented in the pro�eeding by counsel o# Lender's own ch�i�e, and
<br /> Trustor will deli��r, ar cause to be de[��ered, to Lender such ins�ruments as Lender may �equest�r�m �ime �o time
<br /> �❑permit su�h participa#ian.
<br /> Campliance 1Ni#h Laws. TrustQr warrants tha� �he Praperty and Trustor's us� vf the Property complies with all
<br /> existing applicable laws. ❑rdinances, and r�guia�ions o�gv�ernmentaf autharities,
<br /> Sur�i�al af Representativns and Warran�i�s. Aii �epresentati�ns, warranties, and agreements made by Trustar in
<br /> this Deed af Trust shall sur�i�� �he �xecution and de�i�ery of this Deed af Trust, shall be continuing in natu�e, and
<br /> shaf[ remain �n full #orce and ef�Fect until such time as Trustor's Indebtedness sha�l be paid in ful[.
<br /> CUNaEMNATI�N. The follvwin� pro�isions relating to condemnation praceedings ar� a par#�f�his �eed of Trust:
<br /> Proceed�ngs. If any pr�ceed�ng in condemnaxivn is filed, Trustvr shall promptly natify Lender �n w�iting, and
<br /> Trust�r shall promptly take such steps as may be nec�ssary to defend the activn and vbtain the award. Trustor
<br /> may be the nvminal party in such praceeding. but L�nder shall be�nti�led�o participate in the proceeding and ta be
<br /> repr�sented in the proceeding by counsef af i�s �wn chvice, and Trustor ►nrif� deli�er or cause to be deii�ered ta
<br /> Lend�r such instruments and docum�ntatian as may b� reques�ed by Lender �frvm tim� ta time tv permit such
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