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Z�15��956
<br /> DEED �F TRUST
<br /> �Cantinued� Page 3
<br /> Noti�e v��onst�uctivn. Trusfiar shall notify Lender at ieast fifteen =1 5� days before any work is commenced, any
<br /> ser�ices are furnished, or any materials are supplied t❑ �h� Praperty, if any mechanic's li�n, materialmen's lien, �r
<br /> ❑ther lien coufd k�e asserted on accvunt of the w�rk. ser�ices, �r ma�erials� Trustor wil! upvn request of Lender
<br /> furnish to L�nder ad�ance assurances satisfactory tv L�nd�r that Trus�or can and will pay the cQst of such
<br /> `rmprovements.
<br /> PR�PERTY DAMAGE INSURANCE. The fo�lowing pro�isions �elating t�insuring the Praperty are a part of this Deed af
<br /> Trus�.
<br /> Maintenancs of lnsurance, Trustvr shall pracure and maintain policies af fire insurance with standard extend�d
<br /> cv�erage endorsemen�s �n a repiacement basis �flr the full insurabl� �alue cvvering all Impra�ements on the Real
<br /> Praperty in an amount su�fiicient to a�oid application of any ���nsurance c�ause, and with a standard mvrtgage�
<br /> clause in favor of Lender. Trustvr sha�l alsa pracure and maintain comprehensive general liabili�y insuranc� in such
<br /> coverage amounts as Lender may request with Trustee and Lender being named as additional insur�ds in su�h
<br /> liabi�ity insuran�e pvlicies. Addi�ionalfy, Trustor shafl rnaintain such ❑ther insurance, �ncluding hut not limited tca
<br /> hazard, business interruptivn, and boiler insurance, as Lend�r may reasanably require. P�licies sha11 �e wr�t�Cen in
<br /> form, arnoun�s, co�erages and basis reasanab�y acceptahl� to Lende� and issued hy a company or companies
<br /> reas�nabfy acc�p�a�le to Lender. Trustar, upon request of L�nder, w�ll deli�er tv Lender �rom time to time the
<br /> poli�i�s or certificates �f insurance in �vrm satisfactvey to Lender, including s�ipulativns that ca�erages r►vill nat be
<br /> �anceli�d or diminished withau�at leas#thirty {34� days priar written no�ice to Lender. Each insurance policy also
<br /> sha11 in�lude an endors�ment praviding that ca�erage in favvr ofi Lender will nvt be impaired in any way by any a��,
<br /> omissivn vr d�faul�of Trustor ar any afiher person� Should the Real Property be lo�ated in an area d�signated by
<br /> the Administratvr of�he Federal Em�rgenGy Mana�ement Agency as a special flood hazard area, Trus�or agrees to
<br /> vbtain and main�ain Federal FI�Qd lnsurance, if availabfe, �or the �ufl unpaid prin�ipal balance v�the loan and any
<br /> prior liens an the property securing the Ivan, up t❑ the maximum pal��y limits set under the Natiana! Flood
<br /> Insurance Pragram, or as otherwise r�quired by Lender, and to maintain such insuran�e far the�erm a'f the loan.
<br /> App�icativn a�Prviceeds. Trusto�shall pramptly nati�y Lender❑f any Iass or damage to the Prvperty. Lender may
<br /> mak� provf of loss if Trustor �fails �o da so within fi�-teen �15f days v�r the casuaf#y. VIlhether ar not Lender's
<br /> se�ur�ty �s irnpaired, Lender may, at Lender's e[ection, receiv� and retain the proceeds of any �nsurance and apply
<br /> �he pr�ceeds to the reductian af the Indebtedness, payrnent o� any lien affe�ting the Prvperty. ar the restoratian
<br /> and r�pair of th� Property. If Lender ele�ts ta appiy the prviceeds to restoration and repair, Trustor shall repair or
<br /> replace the damaged ar destroyed lmprv�ements in a manner satisfactory to Lender. Lender sh�ll, upon
<br /> satisfa�to�y proo# o� such expenditure, pay or reimburse Trustar fram the prace�ds for th� reasanabie �ost ❑�
<br /> repair ar restvration i# Trust�r is nat in defaul� under this Deed ❑f Trust. Any proceeds which have not been
<br /> disbursed with�n 1 S� days after the�� receipt and whi�h Lender has not comrnitt�d to the repair vr restoration af
<br /> the Pr�perty shall be used first tv pay any amount vwing �a Lender under this Deed vf Trust, then to pay accrued
<br /> interest, and the remainder, i�f any, shall be applied to the principa! balance vf the Inde�tedness. i# Lender holds
<br /> any proceeds after paymen�t in full of the Indebtedness, such prvc��ds shall be paid t� Trustar as Trustor's
<br /> interests may appear.
<br /> Trustor's Report vn�nsurance, Upan requ�st af Lender, how��er nat mv�e�han once a year, Trustor shall furnish
<br /> to Lender a r�port on each existing po[i�y vf insurance shvwing: ��} the name of the insurer; ��� the risks
<br /> insured; �3� the amount ❑f the po�i�y; f4} th� pr�perty insured, the then current replacemen� �alue af such
<br /> property, and the manner of de�e�mining thax�aiue; and {5} �Che expiration date❑f�he policy. Trustor shall, upon
<br /> �equest o�Lender, have an independent appraiser satis�actary tv L�nder de�ermine the cash�alue rep[acement cost
<br /> �f the Pr�per�y.
<br /> TAiC AND INSURANCE RESERVES. Subject to any limitations and consistent writh any r�quirements set by applicable
<br /> lav►r, Lender may require Trustar t❑ rnain�ain with Lender reserves for payrnent o� annual taxes, assessments, and
<br /> insurance premiums, which r�ser�res shall be created hy an initial deposit and suhsequent monthly payments, vr
<br /> payments at such other inter�al as payrnents under the Nate may kae du�, of a sum estimat�d�y Lender to�e su��i�ient
<br /> to pay the total annual taxes, assessments, and insurance premiums Lender reasanably an�CiGipates ta be paid f�rvm
<br /> thes�reser�es. The r�serve funds shall be held b� Lend�r as a general depasit from Trustor. which Lender may satis�y
<br /> by paymen�t o� the taxes, assessments, and insuran�e prerniums required to be paid by Trustor as they �ecome due.
<br /> Lender shall have the right ta draw upvn the r�ser�e funds to pay such items� and Lender shal! nvt be required t❑
<br /> determine �he �alidi�y or ac�uracy of any item b�#ore paying i�. Nathing in the Deed vf T�ust shall be ��nstrued as
<br /> requiring Lende�tfl ad�ance other mvnies�ar such purposes, and Lender shall not in�ur any lia�ility far anything it may
<br /> do or omit ta da ►►vith respect to the reser�e account. Subject to any fimitations set by appli�able law, if the reser�e
<br /> funds disclase a shortage ar deficiency, Trus�or shall pay su�h shvrtage or def�ciency as requ�red hy Lender. All
<br /> amoun�s in�he reser�e ac�ount are hereby pledged t❑#ur�her secur�the Ind�bt�dness, and Lender is herehy authvrized
<br /> �❑withdraw and apply such amaunts on�he lnd�btedness upan the occurrence a�an Event vf Default. Lender shal!not
<br /> be �equired tv pay any interest or earnings on �he r�s�r�e funds unl�ss required by law or agreed to by Lender in
<br /> writing. Lender dves not hofd the reserve �unds in trust far Trus�or, and Lender is nvt Trustor's agent fvr paymen���
<br /> the ta�ces and assessments required to be paid by Trustor.
<br /> LENOERrS E�PENQITURES. If any acti�n or proceeding Es commenced that wauld ma�e�-ia�ly a�f�ct L�nder's interest in
<br /> the Property �r��f T�-us�vr fiails to comply wi�th any pr��isivn of this ❑eed af Trust or any Relafied Documents, including
<br /> but na� limited to Trus�or"s failure to dis�harge ar pay when due any arnounts Trus#vr is r�quired t❑ discharge or pay
<br /> under this ❑eed af Trust ar any Relat�d Dacuments, Lender on Trustor's behaf�may 4�ut shall nat be obligated tof take
<br /> any action that Lender deems appropriate, in�luding but nat �irnited ta discharging or paying a11 taxes, liens, s�curity
<br /> interests,en�umbrances and o�her claims,at any time levied ar pia�ed vn the Prvper�y and paying ali costs for insuring,
<br /> maintaining and pre�er�ing the Praperty, A[I such expenditures �ncurr�d o� paid by Lender far such purpases v►►ill then
<br /> bear interest at the rate charged under the Not� from the date in�urre� or paid by Lender ta the date ❑f repayment hy
<br /> Trus�or. All such expens�s rrviff becam� a part ❑f the Indehtedness and, at Lende�'s vption, will �A� be payable vn
<br /> demand; �B� he a��ded to �h� balance vf the Nvte and be apportioned among and be payable wi�th any installment
<br /> payments tv become due during �ither {�y the term of any applicable insurance policy; or �Z� the remaining term o�
<br /> the Note; ar �C} be#�ea�ed as a baliovn payment which will be due and payable at the Nox�'s maturity. The ❑eed of
<br /> Trust afs❑ will se�ure payment af these amoun�s. 5uch right shall be in addi�tion t❑ all o�h�r rights and remedies �ta
<br /> which Lender may bE�entitled upan Defau��.
<br /> WARRANTY:DEFENSE DF TITLE. The following provisians refating tv ownership of the Property are a part of this Deed
<br /> vf Trust:
<br /> Title. Trustar vvarrants �hat: =ay Trustor holds gaad and mark�table ti�le �f record tv the Property in fee simple,
<br /> �r�e and clear c�f all liens and encurnbrances ather tha�n those set�or�h in the Real Property des�ription �r in any
<br /> title insurance ��olicy, title report. or �inal titf� opinion issued in fa�vr af, and accepted by, Lender in connec�ion
<br /> with this [Jeed;��Trust, and [bf Trustor has the full right, power, and authority to execute and deli�er this Deed af
<br /> Trust�o Lender�
<br /> Defense v#Titl��. Su�je�t to the exceptivn in the paragraph above, Trustor warrants and uvi!! fvre�er defend the
<br /> tit�e to the Property agains�the law�ul claims of all persans. In th�e�ent any a�tion ❑r proceeding is commenced
<br /> that questians�`rus�or"s title or the in�er�st af Trustee or Lender under this Deed of Trus�, Trustor shali defend the
<br /> actian at Trustc�r's�xpense. Trus�ar may be the nominaf party in such praceeding, but Lender shal! b� entitl�d ta
<br /> part�cipafie in t��e proceeding and to be represented in the prace�ding by counsef ❑f Lender's vwn chai�e, and
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