|
� ��15�51U1
<br /> �EEv oF T�usT
<br /> . . Loan Na: "���Zg��'1� {Cnnt�nued� Page 4
<br /> and repair of the Property. �f Lender ele�ts to apply th� proceeds to restaration and repair, Trustor shall repair ar
<br /> ; replace �he damaged ❑r destroyed ImproWements in a rnanner satisfact�ry �v L�nder. Lender sha[f, upon
<br /> � satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds fvr the reasanab�e cost �f
<br /> repair or res�oration if Trustar is not in de�ault under this Deed at Trust. Any pro�eeds which ha�e not been
<br /> ' disbursed wifihin '18� days after their receip� and which Lender has not c�mmitted to the repair or res�orati�n ❑f
<br /> � the Praper�y shalE lae used first�o pay any amount awing t❑ Lender under fihis Deed of Trust, then to pay accrued
<br /> interes�, and the remainder, Ef any, shall be applied tv the principal balance a�the lndebtedness. l� Lender holds
<br /> any proceeds a�fter payment in fu�! ❑f the fndebtedness, such proceeds shall be paid �v Trus#�r as Trus�or's
<br /> in�erests may appear. �
<br /> � Trus#vr's Repar�on lnsurance. L1p�n requesfi of Lender, howe��r not more than ❑nce a y�ar,Trustar shal�furnish
<br /> ; ta Lender a repvr� vn each existing pali�y ❑� insurance shawing: {1} the name ❑f �he insurer; �2y the risks
<br /> insured; {3� the amount ❑�f the policy; 44} the praper�y insured, th� then curren� replacement �a[ue ❑f such
<br /> � praperty, and the manner❑�F deterrnining that value; and �5} �he expirat�an date�f the policy. Trustor shall, upon
<br /> reques�o�Lender, ha�e an independent appraiser satisfa��ory�❑Lender determine the cash�alue replacement cvst
<br /> ' o�the Property.
<br /> � LENaER'S E�CPENDITLIRES. If any action ❑r proceeding i� c�mmenced�ha�t wauld mat�rially affec�Lender's int�rest in
<br /> � the Praperky❑r i�Trustor fails to �omply wi�h any pro�ision ❑��his Deed a�f Trust or any Rela�ed Documents, including
<br /> �u� nvt lirnited �❑Trus�vr's �ailure t❑ discharge or pay wh�n due any am�un�s Trusfivr is requ�red �a discharge or pay
<br /> � under th�s Deed of Trusf❑r any Rela�ed Documents, Lender on Trustvr's behalf may �but shall not be obligated tay take
<br /> � any act'tnn that Lender deems appropria�e, inc[uding �u� not �imi�ed tv discharging vr paying a�l taxes, liens. securi�y
<br /> interes�s, encum�rances and ❑fiher claims, at any time le�ied or p�aced on�he Proper-ty and paying ali cvsts for insuring,
<br /> maintaining and preserving�he Praperty. All such e�cpenditures incurred ❑r paid by Lender for such purposes wi!!then
<br /> bear in�erest a��he rate charged under the Note from�he date incurred or paid by Lender tv the da�e of repayment by
<br /> Trustor. All such expenses will be�ome a part o�the indeb�edness and, at Lender's ❑ptian, wili �Ay be payab�e on
<br /> ' demand; {B} b� added tv �he 1aaEance af�he No�e and be apporti�ned among and he payable with any installment
<br /> payments to become due during either �'l} the term o�any applicable insu�rance po�icy; or ��} the remaining t�rm n�
<br /> , � the Not�r ❑r �C} be treated as a bai�oan payment whi�h wiil be due and payable afi�he Nofie's rna�urity. The ❑eed ❑f
<br /> : Trus� afso wilf secure payment �f#hese amvunts. Such righ# shall be in addition to all other rights and remedies t�
<br /> � whi�h Lender may be entitied upon De�Fault. .
<br /> WARRANTY; DEFENSE 4F T�TLE. The following prv�isivns relating�❑❑wnership v�the Praperty are a par�af this l�eed
<br /> of Trust: .
<br /> Title, Trus�or warrants �hat: �a} Trus�or holds good and marke�able title of record �❑ the Property in fee simple,
<br /> free and clear of all liens and encumbrances o�her than fihose set�orth in the Real P�operty descrip�ion or in any
<br /> �itle insurance policy, title repvrt. ❑r final title ❑pinion issued in favar vf, and ac�ep�ed by, Lender in �vnneGtivn
<br /> i with this Deed nf Trus�k� and {b}Trustar has fihe full right, power, and autharity to execute and deii�er this Deed❑�f
<br /> � Trust ta Lender.
<br /> Defense of Ti#le. 5ubject ta the exception in the paragraph abo�e, Trus�tor warrants and will fore�er defend the
<br /> ti�le ta the Property against the lawful claims of all persons. fn the e�ent any ac�ion❑r praceeding is cammenced
<br /> tha�questions Trus�or's title❑r the interes�❑f Trustee❑r Lender�under this Deed❑�Trust,Trustor shall defend the
<br /> a��ion at Trus�or's expense. Trusrtor may be�he nominal party in such pr��eeding, but Lender shall be entit�ed tv
<br /> par�icipa�e in �kh� praceeding and �❑ be represented in the proceeding by counsel o� Lender's own choiee, and
<br /> � Trustar will deli�er, ar cause�o be delivered, �❑ Lender such instrumen�s as Lender may request fram time�o fime
<br /> to permit such par�icipation.
<br /> " Cvmplian�e 1Ni�h Laws. Trustor warrants that the Prvperty and Trus�ar's use vf the Proper�y c�mplies with all
<br /> • existing appli�able laws, ordinances,and r�gulations o�r gv�ernmenta! authorities.
<br /> Sur�ival n� Representa�ions and Warrant�es. A!I representati�ns, warranties, and agreements made by Trustor in
<br /> �his Deed�f Trus�sha�i sur�i�e the executEan and deli�ery af this Deed ofi Trust, shall be cvntinuin�in na�ure, and
<br /> shall remain in full fvrce and effect unt��such time as Trus�or's lndeb�edness shal!be paid in�uil.
<br /> C�Nt]EMNATI�N. The-�ali�wing prvvisians refa�ing to �ond�mnation proceedings are a part af this Deed❑�Trust:
<br /> Pro�eedings. Ef any proceeding in condemnation is filedf Trusfiar sha[f pramptiy nafiify Lender in writing, and
<br /> Trustor shall promptly tak� such steps as may be necessary to defend the action and obta�n the award. Trustvr
<br /> may be�he nominal party in such praceeding, but Lender shall he entitled�❑ participate in the proceeding and ta be
<br /> represen�Ced in the proceeding by cvunsel v� its own �hoice, and Trustvr will deli�e� or cause to be delivered to
<br /> Lender SUCh instruments and documentatian as may be requested hy Lender from time ta tirne t� permit such
<br /> parfii�ipation.
<br /> Applica�ion v�r Net Proceeds. Ef a!f or any part❑t�he Property is candemned by erninen�domain proceedings or by
<br /> any proceeding❑r purchas� in��eu of condemna�ion, Lender may at its�lection re�uire that ail or any por�ivn v��he
<br /> net proceeds o� the award be applied t❑ the lndebtedness �r the repair vr rest�ratian ❑f the Property. The net
<br /> proceeds of'the award shall mean the award after payment of a�f reasonable costs, expenses, and attorneys' fees
<br /> incurred by Trustee ar Lender in connection with the�ondemnatian. '
<br /> IMPOSITI�N aF TAXES, FEES AND �HARGES gY GaVERNMENTAL AUTH�RITIES. The follow�ng pro�isians relating
<br />
|