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��15�51U�
<br /> DEE� �F TRUST
<br /> Loan Nv: 1�"I�8��74 �C�nt�nued� Page �
<br /> reasvnably a�ceptable to L�nder. Trustor, upon reques� of L�nder, will deli�er ta Lend�r frorn time to time the
<br /> p�lieies or certi�Ficates �f insurance in farm satisfactory to Lender, including stipulativns that co���ages will nat be
<br /> canceiled or diminished v�rith�ut at least ten {��} days priar written no�ice to Lender. Each insurance pv[icy also
<br /> shal� include an endorsement pra�iding that co��rage in fa�or of L�nder will not�e irnpaired in any way by any a�t,
<br /> omission vr de�ault of Trustor or any oth�r person. 5hould �he Real Prop�rty be �acated in an area designated lay
<br /> th�Adrninis�ratar o�the Federal Em�rg�ncy Management Agen�y as a special fload hazard area, Trus�ar agr�es to
<br /> obtain and maintain F�deral Flood Insuran�e, if a�ailahle, within 45 days after notice is given by Lender �hat fhe
<br /> Property is lacated in a special flaod hazard area, for th�full unpaid principal balance a�F the laan and any priar liens
<br /> on the praperty securing the Eaan, up to�he maxirnum p�licy limits set under the Natiana� Flovd lnsurance Prvgram�
<br /> ar as otherwise required by Lender, and t�maintain such insurance for the t�rm v�the loan.
<br /> Appli�ation of Proceeds. Trust�r shall prvrnptly natify L�nder o�F any loss�r damage t❑ �he Property. Lender may
<br /> rnake proof of lass if Trustar fails t❑ da so within fifteen �15) �ays �� th� casual�ty. IlVhether vr not Lende�'s
<br /> security is impa�red, Lender rnay, a� Lender's efecti�n, recei�e and retain #he praceeds of any insuran�e and apply
<br /> the pr�ceeds t� �he reduction ��the Ind�b�edness, payment af any lien a�fecfiing the Prvperty, or the restoration
<br /> and repair Qf the Praperty. If Lender elects to apply the praceeds to restorafion and r�pair, Trustor shafl repair vr
<br /> repla�e the darnaged or destrayed Impravements in a manner satisfac�ory tv Lender. Lende� shall, upon
<br /> satisfactory proof of such exp�nditure. pay or reimburse Trustor fram �he prviceeds fvr the reasonable cost of
<br /> repair vr r�storation i� Trustar is not in default under this Deed of Trust. Any procee�s which have no� been
<br /> disbursed within �84 �a�s af�er fiheir receipt and which Lender has n�t cammitted �� the r�pair �r rest�ratian of
<br /> �he Property shal! be used f�rst t❑ pay any amount owing t� Lender under this Deed a�Trust, then ta pay ac�rued
<br /> interest, and the rema�nd�r, if any, shall be applied ta the principal balance of the Indebtedness� ff Lender halds
<br /> any praceeds after payment in full of the Indebtedness, such prviceeds shall be paid �v Trustar as Trustor's
<br /> interes�s may appear.
<br /> Compl�ance with Existing Indehtedness. Quring the perivd in which any Exis�ing Indeb�edness described helow is
<br /> in effect, compliance v�rith the Ensurance pravisian� confained in the instrument eWidencing such Existing
<br /> �ndebtedness sha11 �anstitute compiian�e Lv�th the insurance pr��isions und�r this Deed of Trust, to the extent
<br /> cvmpiiance with the terms of�his Deed af T�ust w�uld consti�u�te a dupli�ativn Qf insurance requiremen�t. If any
<br /> praceeds �rvm the �nsurance be�om� payable on �oss, Che pr��isians in this Deed ❑f Trust for di�ision of praceeds
<br /> shall apply anly fio�hat portion of�he proceeds nat payable tv the holder�f the Existing Indebtedness.
<br /> Trust�r's Repor�on Insuran�e. Llpan request of Lender, howev�r not rnare than once a year, Trustor shali furnish
<br /> �� Lender a reporf on each existing palicy of insurance shvwing; [1� th� name of �h� insurer; ��} the risks
<br /> insured; �3] the amount of the po��cy; �4� the praper�y insured, �he then curren�t r�placement �alue ❑f such
<br /> property, and the manner of determining�hat�alue; and �57 the expirati�n daf�❑f the policy. Trus�ar shall, upan
<br /> reques�af Lender, have an independent appraiser satisfacfory ta Lender determine�he cash value rep�acement cnst
<br /> of th� Property.
<br /> LENDER'S E]CPEND�TURES. If any activn ar praceedin� is commen�ed that wvuld materially affect Lender's interest in
<br /> th� Property ar if Trustor fails tv comply with any pro�isian af�his Deed of Trus� �r any Related ❑4cuments, including
<br /> but not limi�ed t❑Trustor's failure to comply with any�bliga�ian to maintain Exis�ing Ind�btedness in good standing as
<br /> required beEow, or to discharge�r pay wh�n due any amaunts Trus#or is required to dis�harge ar pay under this a�ed❑f
<br /> Trust or any Related Documents, Lender on Trus�or's behalf may �but shal{ nat be alaligated to} �alte any actian that
<br /> Lender deems appropria�e, in�luding but not lirnit�d ta discnarging �r paying al1 taxas, liens, securi�� interests,
<br /> encurniarances and other claims. a� any tirne i��ied �r placed an th� Praperty and paying all �os�s for insuring,
<br /> maintaining and pres�r�ing the Property. AI! such expenditures incurred ❑r paid by Lender for such purposes v�rill then
<br /> bear interest a�the rate charged under the Note frorn the date incurred a�- paid by Lender tv the date of repayment by
<br /> Trustar. Ali such expenses will become a part of the lnd�btedness and, at Lender's option, vvill �Ay be payable on
<br /> demand; {6y be added tv the balance of the Not� and �Oe �ppnrtivned among and be payab�e with any installment
<br /> payments ta become due during ei�her {�� the t�rm of any appiicat�le insurance palicy; or [�� the remaining ferm ❑f
<br /> the 1Vo�e, or �Cy be treated as a ball�on paymen#which wi�l �e due and payable at the N�te's maturity, The ❑�ed vf
<br /> Trust also wi[1 secure payrnen� of these amounts. Such right shall be �n addition ta a�l other rights and remedies to
<br /> which Lender may be entitled upan ❑efauit.
<br /> 1NARRANTY� DEFENSE OF TITLE. The follovving provisi�ns relating to ownership of the Praperty are a part of th�s D�ed
<br /> of Trust:
<br /> Titl�. Trustar ►rvarrants that: ta} Trustor holds good and marlcetable titfe af record to the Property in fiee simple,
<br /> free and c�ear o� alf liens and encumbrances other than those set forth in the Real Property descrip�ion �r in the
<br /> Exis#ing Indeb�edness section �efow or in any title insurance pa{icy, t�tle repa�t, ar final ti�le opini�n issued in favor
<br /> �f, and accepted by, Lende� in connection wi�h this Deed a�Trusf, and �b� Trustor has the full right, power, and
<br /> autharit�to execute and deli�er this �eed of Trust to Lender.
<br /> De�ense af Title. Subje�t to the excep�ion in the paragraph abave, Trustor Warran�s and will forever defend the
<br /> �itle �o the Prop�rty against fihe lavvful �laims of a11 persons. ln the event any a�tion ar pr��eeding is carnm�nc�d
<br /> that questions Trustor's title❑r the interest vf Trustee ar Lender under this Deed of Trustf Trustor shall defend the
<br /> actian a� Trustor's expense. Trustor rnay be th� nomina! party in such praceeding, but Lender shall be entitled to
<br /> participafie in the prnceeding and t� be represented in the proceeding by counsel of Lender's awn ch�ic�, and
<br /> Trust�r w�l! deliU�r, or causs to be deli�ered, to Lender such instruments as Lender rnay request fram time to time
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