|
Z�15�5�31
<br /> �EED �F Tf�IJ�T
<br /> �Cflnti�u�d} Page �
<br /> replace the darnaged or destroyed Impro�ements in a rnanner satisfactory #v Lende�. Lender shall, upon
<br /> sa#isfactvey proof of such expendi�ure, pay or reimburse �'rustvr frvm th� proce�ds �For the reasvnahle cas� Qf
<br /> repair ar restvra�ivn if T�rustv� is not in defauft under�his Deed of Trust. Any proceeds which have not b�en
<br /> d3sburse�within '[S� days after their rece�pt and which Lende�has not eommEtted ta �he repair or res��ration af
<br /> �he Praperty shall be used firs�to pay any amount owing ta Lender under this Deed of Trust,then to pay accrued
<br /> �nteres#, and th� remainder, if any, shall be applied �o #he p�-inc�pal balance of fhe Indeb�edness. [f Len�er ho�ds
<br /> any prv�eeds after payment in full of the Indebt�dness, such proceeds shalf be paid �❑ Trus�or as Trus�ar's
<br /> in�erests rnay appear,
<br /> Trustar's Repo�t vn [nsuran�e. Up�n reques�of L�nd�r, hawever not more than once a year,Trustar shai�furnish
<br /> �o L�nde�- a report on each exi��ing policy of insuranee showing: ��} the name of the insure�; (�� the risks
<br /> insured; �3} the am�unt of�he pvl�cy; ��} i�he property insure�, the then curren� replacement�alue ❑f such
<br /> property,and�he manner of determining that value; and �5} the exp�ra#ian date of the palicy. T�us�or shalf, upan
<br /> request af Lende�, have an independen#app�-aiser satisfactory to Lender det�rmine�he cash�alue replaeernent cvs#
<br /> a�the Property.
<br /> LENDER'S EX�ENDrTURES. if any ac�ion c�r prviceeding is�ammenced tha�would materially af�ec#Lende�s interest in
<br /> the Prape�-ty or i�Trustnr�ails to comply wi�h any provisian of this Deed of Trust�r any Related[3ocumen�, inciuding
<br /> but not limited to Trus�or's �ailure ta discha�ge or pay when due any arnounts Tr~ustor is �-�quired�o dischat-ge ar pay
<br /> under fhis Deed of Trust or any Related Dacument�, Lender�n Tt�stvr's behalf may�hu�shall not be vbligated ta}take
<br /> any action that Lender deems appropriate, including bu� nat 1ir�rited #o discharging or paying a�l tax�s, liensr securi�y
<br /> interests,en�umbrances and vth�r Gfaims,at any time levied or piac�d on#he�roper�y and paying a�l costs for insuring,
<br /> maintaining and preserving the Praperty. Alf su�h exp�nditures�ncurred or paid by Lend�r far such purpases wiil then
<br /> bear inte��st at the rate�arged under the Note fram the dat�incurred nr paid by Lender to th�date o�f repayment by
<br /> Trustor. All such expenses wi�f become a part o�the Indebtedness and, at Lender's op�ion, wiEl �A} be payable an
<br /> d�mand; �B) ba added#p th� ba[anoe vf the Nofe and be apportianed amang and �e payable with any installmen�
<br /> payments ta heCome due during either ('I} the term af any app�icalaie insurance pa�icy; pr ��} the remaining terrn of
<br /> the Note;o� �C} be treated as a bal loon paymen�wh i ch w i I� b�due and payab[e at the I�ate's ma�uri�y. The Deed of
<br /> Trus� also will secure payment o�these amaun�s. 5uch righ�shall be in addition �� all other righ�s and remedies�o
<br /> which Lender may be�ntitfed upQn De�ault.
<br /> VIIARRANTY; DEFENSE QF T1TLE, The follawing praWisions refating to vwnership of the P�ope�ty are a par�o�this❑eed
<br /> of Tru s�:
<br /> Tit�e. Trust�r war�an�s�hat: �a)Trustv�holds goad and rna�-ketable ti�le of record �❑the Property in fee simple,
<br /> fre� and cfear of afl �iens and encumlarances vther�han th�se set�orth in the Real Propet-ty description v�in any
<br /> title �nsurance poli�y, titfe report, ar�ina� tit�e opinion issued in fa�or of, and accepted t�y, Lender in connectic�n
<br /> vvi�h this[7�ed af Trust,and �b}Trustor has the fiull right, pawer,and authari�ty ta exe�ute and deli�er th�s Deed of
<br /> Trusf�a L�nder.
<br /> De�Fense a�Titie. 5ubject#v the exceptian in the paragraph abo�e, Trus�or warrants and wilt fnre�er defend fihe
<br /> title to the Property�gainst the lawful claims af al� persons. In the event any actian vr pr�c��ding is commenced
<br /> that questions Trustor's�itle vr the interest❑f Trustee or Lender under this aeed vf Trust,Trustor shal!de�end the
<br /> action a�Trustar's expense. Trusto�-rnay be the norninal party in such prace�ding, but LendeT sha12 be entit�ed to
<br /> participate in the prvice�din� and ta be represented in the proceeding by cvunsel of Lender's own chai�e, and
<br /> Trustor wil� deliver, �r�ause t� be deli�e�ed,to Lender such instrurnents as Lender may request frvm tim�to �ime
<br /> #v permi�su�h participation.
<br /> Camp[iance Wi�h Laws. Trustar warrants that th� Proper�y and Trustor"s use of the Property cvmpli�s with all
<br /> exis#ing applicabfe laws,ordinances,and r�gulations a€���ernm�ntaf au�hv�-ities.
<br /> Survival at Representativns and Vlrarranties. �11 representafiitins,warrant�es, and a�reements made by Trus�vr in
<br /> �his �eed af Trust shall sur�i�e the execution and delivery of this�]eed�f`frust, shall be Con�inuing i�rlat�re,and
<br /> shall remain in full force and effect until such�ime as�"rustor's indebtedness shall be pa�d in full.
<br /> C�NDE�INAT[DN. The�vllowing pro�isions relating�a condemn�ti�n proceedings are a part of this Deed of Trust:
<br /> Prviceed�ngs. I� any pmceeding in condemnation is frled, Tn.�sfor sha�� pramp�fly noti�y Lender in writing, and
<br /> Trus�v�sha[f pramptiy�ake such ste�s as may be ne�essary�a defend the action and a�tain�he award. Trustor
<br /> may�ae tl�e nominal pa�y in such pro�eeding, bu�Lender sha�l be enf���ed tv part«ipate in the proce�ding anc!�o be
<br /> represented in the proceeding hy cvunsel ��i�s ov�rn chaice, anc� T�us�vr will deliver or cause to be deli�ered t�
<br /> Lend�r such instruments and documen�ati�n as rr�y be requested by Lender from tirne ta #ime to perm� su�f�
<br /> participation.
<br /> Appli�ation af Net Proceeds. �f all vr an}r part af th�Property is candemned by eminent domain proceedings or by
<br /> any proce�ding ar pur�hase in fieu of condernnation,Lender may at its e�ection requir�tha�ail or any portian of�he
<br /> net praceeds o�the award be applied to the lndeb#edness or the repair vr resto�a�iQn of fhe Praper�y. The net
<br /> praceeds of�he award sha11 mean�he award after payment af all reasonab�e cos�s, expenses,and att�meys'�ees
<br /> �ncurred by Trustee or Lender in Gonnectian with�he cc�n�emnativn.
<br /> 1�111PQS[TI4N �F TAXES, FEES AND GHARGES BY GC}VERN�111ENTAL AUTH�RIT�ES. The fo��owing pro�isi�ns relating
<br /> ta governmenta!taxes,�ees and�harges are a part of this Deed of Trust:
<br /> Cur�-ent Taxes, Fees and �harges, Upon requ�st hy Lender, Trustar shall ex�cu#e such dvcumen#s in additivn to
<br /> �his Deed v�F Trus�and take whatever vther activn is requested by Lender to pertect and cantinue Lender's lien an
<br /> the Reaf Proper�y. Trus�or sha[� reimburse Lender fvr al[ taxes, as des�ribed below, together with a!I expenses
<br /> �ncurred in recording, pertec#ing or continuing #his Deed a� Trust, incfuding withaut lirni�ation al� taxes, fees,
<br /> dvcumentary stamps,and ather�harges for re�ording❑r registering this❑eed o�Trust.
<br /> Taxes. The fvllowing shall consti�ute taxes #v w�7ich this section ap��ies: ��} a spe�ific tax upon this type vf
<br /> Deed of T�ust or upon all vr any part o�th� �ndebtedness secured by this Deed of Trus�; �2} a specific tax an
<br /> Trustor which Tt-ustvr is authori�ed vr required to deduct fram payments Qn the Inde�tedness secured by this type
<br /> o�Deed af Trust; �3} a tax on this type of�eed of Trus�chargeable against the Lender or the ho�der vf the Note;
<br /> and �4} a speci�ic tax vn afl vr any po�tian of the lndebt�dness or an payments o�principa� and int�rest rnade by
<br /> Trusto�.
<br /> Sutasequent Taxes. �f any tax �v which this secfian appfies is enacEed subsequent to fihe date af thFs Deed vf
<br /> Trust, �his evenf shall have the same ��fect as an E��nt �f �efauf�, and Lender may exer�se any or all o� its
<br /> available remedies for an E�ent of De�aul� as p�a�ided befaw un�ess Trustar either �1} pays �he tax b�fore it
<br /> becomes delinquent,or {�} contes�s the tax as pra�ided abo�e in the Taxe�and�iens se�tion and deposits wi�h
<br /> Lender cash or a su�iciant�orpara�te sure�y band or a�he�-security sa�isfactory�v Lenc9er.
<br /> SEGURI'�'Y AGREEMENT; FINAIVC�NG STATEMENTS. The �oll�wing pro�isions r�lating tv �his ❑eed of Trust as a
<br /> securify agreernent are�par�of this❑eed af Trust:
<br /> Secu�i#y Agreernen�. This instrumen� shall constitute a 5ecu�ity Agreement ta fhe extent any o� the Property
<br /> constitutes fixturas, and Lender shall ha�e afl❑f fhe rights❑f a secured party under the Unifiorrn Carnmer�ia!Cod�
<br /> a�arnended fram#ime t���rne_
<br />
|