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<br /> 201504360 �
<br /> DEED OF TRUST �
<br /> (Con$inued) Page 3 ��
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<br /> or assessments and shall authorize the appropriate govemmental official to deliver to lender at any time a wriYten �
<br /> statement of the taxes and assessments against the Property. �
<br /> Notice of Construction. Trustor shall notify Lender at least fifteen (15) days before any work is commenced, any �
<br /> services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or
<br /> other lien could be asserted on account of the work, services, or materials. Trustor will upon request of Lender
<br /> furnish to Lender advance assurances satisfactory to Lender that Trustor can and will pay the cost of such �'
<br /> improvements.
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<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of
<br /> Trust.
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<br /> Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended
<br /> coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real
<br /> Property in an arnount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee ' �
<br /> clause in favor of Lender. Trustor shall also procure and maintain comprehensive general liability insurance in such
<br /> coverage amounts as Lender may request with Trustee and Lender being named as additional insureds in such
<br /> liability insurance policies. Additionally, Trustor shall maintain such other insurance, including but not limited to
<br /> hazard, business interruption, and boiler insurance, as Lender may reasonably require. Policies shall be written in �
<br /> form, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies
<br /> reasonably aoceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the
<br /> policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages wilf not be
<br /> canceiled or diminished without at least ten 110) days prior written notice to Lender. Each insurance policy also
<br /> shall inciude an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,
<br /> omission or default of Trustor or any other person. Should the Real Property be located in an area desig�ated by
<br /> the Administrator of the Federal Emergency Management Agency as a special flood hazard area, Trustor agrees to
<br /> obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the
<br /> Property is located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens
<br /> on the property securing the loan, up to the maximum policy limiis set under the National Flood Insurance Program,
<br /> or as otherwise required by Lender, and to maintain such insurance for the term of the loan.
<br /> Application of Proceeds. Trustor shall promptty notify Lender of any loss or damage to the Property. Lender may
<br /> make proof of loss if Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's '`
<br /> security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply
<br /> the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration
<br /> and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or
<br /> replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br /> satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of
<br /> repair or restoration if Trustar is not in default under this Deed of Trust. Any proceeds which have not been
<br /> 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 accrued
<br /> interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds
<br /> any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's
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<br /> interests may appear.
<br /> Trustor's Report on Insurance. Upon request of Lender, however not more than once a year, Trustor shall furnish
<br /> to Lender a report on each existing policy of insurance showing: (1) the name of the insurer; (2) the risks
<br /> insured; (3) the amount of the policy; (4) the property insured, the then current replacement value of such
<br /> property, and the manner of determining that value; and (5) the expiration date of the policy. Trustor shall, upon
<br /> request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cost `��
<br /> of the Property.
<br /> LENDER'S EXPENDITURES. If any action or proceeding is commenced that wou�d materially affect Lender's interest in
<br /> the Property or if Trustor faifs to comply with any provision of this Deed of Trust or any Related Documents, including
<br /> but not limited to Trustor's failure to discharge or pay when due any amounts Trustor is required to discharge or pay
<br /> under this Deed of Trust or any Related Documents, Lender on Trustor's behalf may (but shall not be obligated to1 take
<br /> any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, tiens, security
<br /> interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring,
<br /> maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then
<br /> bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by
<br /> Trustor. AII such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on ' y'
<br /> demand; (B) be added to the balance of the Note and be apportioned among and be payable with any instaliment
<br /> payments to become due during either 11) the term of any applicable insurance policy; or (2) the remaining term of
<br /> the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Deed of y
<br /> Trust also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to � �
<br /> which Le�der may be entitled upon Default.
<br /> WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed ` �
<br /> of Trust:
<br /> Title. Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee simple,
<br /> free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any
<br /> title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection
<br /> with this Deed of Trust, and (b) Trustor has the full right, power, and authority to execute and deliver this Deed of
<br /> Trust to Lender.
<br /> Defense of Titie. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the
<br /> title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced
<br /> that questions Trustor's title or the interest of Trustee or Lender under this Deed of Trust,Trustor shall defend the
<br /> action at Trustor's expense. Trustor may be the nominal party in such proceeding, but Lender shall be entitled to
<br /> participate in the proceeding and to be represented in the proceeding by c�unsel of Lender's own choice, and
<br /> Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time
<br /> to permit such participation.
<br /> Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with all
<br /> existing applicable laws,ordinances, and regulations of governmental authorities.
<br /> Survival of Representations and Warranties. AII representations, warranties, and agreements made by Trustor in
<br /> this Deed of Trust shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and �"_:
<br /> shall rernain in full f�rce and effect unti�such time as Trustor's Indebtedness shal�be paid in full. "
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<br /> CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br /> Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and
<br /> Trustor shall promptly take such steps as may be necessary to defend the action and obtain the award. Trustor
<br /> may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be ��
<br /> represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to �x`
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