|
��15�57�8
<br /> [�EED �F TRUST
<br /> Laan iVo: "�D'I�5���'[ ���ntinued} Page 4
<br /> #he Property shall be used firs�to pay any amount owing�o Lender under this Deed of Trus�. then to pay accrued
<br /> in�terest, and the rema�nd�r, ifi any, shall f�e applied to �he pr�ncipal bafance of th� Indebte�lness. lf Lender hvlds
<br /> any prac��ds a#�er payment in ful� of the indebtedness, su�h proceeds shall be paid to Trustor as Trustar's
<br /> interests may appear.
<br /> Trus#ar's Repor�on Insurance. Upon request a�Lender, h�w�ver nat mare than once a year, Trustor shall furnish
<br /> t❑ Lender a report an each �xisfing policy of insurance showing: �1� �he name of the insurer; ��� �he risks
<br /> fnsured; {3� the amount of the policy; �4} the praper�y insured, the th�n current rep�a�ement value o� such
<br /> praper#y, and the manner❑f deterrnining that�alu�; and {5� the�xpiratian da�e ❑f�h� pa�icy. Trusto�shall, upan
<br /> reques�of Lender, ha�e an ind�pendent appraiser satisfact�ry t❑Lender determine the�ash value replacemen�cost
<br /> af the Property.
<br /> LENDER'S EXPEhIDITURES. I�any action ar praceeding is c�rnm�nced that wauld rnaterially a��eet Lender`s interest in
<br /> the Property❑r i�Trustor�ails t� cornply v►rith any pro�ision of this Deed �f Trust or any Re�ated Documents, including
<br /> but not limited fo Trustor's failure t� discharge �r pay when due any amounts Trustor is required �o discharge ❑r pay
<br /> under this Deed of Trust or any Related Do�ument5, Lender on Trustor's behalf may �but shall not be obligated��} �ake
<br /> any actian tha� Lender deems apprapriate, in�luding tau� nat iimEted to dischargEng or paying all taxes, liens, securi�ty
<br /> interests, encumbrances and ❑fh�r claims, a�any time le�ied or placed an the Proper�y and paying all cos�s for insuring,
<br /> main�aining and pres�rving th� Proper�y. �I� such expenditures �ncurred or paid by Lender for such purposes v►rifl then
<br /> bear in�eres� at th� rate char�ed under the No�e frvm the date incurred ar pa�� by Lender to �he d�te�f r�payment hy
<br /> Trus�or. All such expenses ►nrill be�ome a part af the Indebt�dness and, at L�nder's option, wi[I �Ay be payable on
<br /> demand, �B� be added ta the balance af th� Nate and be appartioned aman� and �e payable with any installment
<br /> payments to became due during ei�her �1 y �he term vf any appEicab�e insurance policy; ar ��f the remain�ng term of
<br /> the Note; or �C} b��rea�ed as a �allvan payment which will be due and payalafe at�he Nate's maturity� The Deed af
<br /> Trust also vvill secure paymen� v� these amounts. 5uch right shall be in additian to all other rights and remedies to
<br /> which Lender may be�nti�led upan Default.
<br /> V1IARRANTY:�EFENSE�F TITLE. Th�follawing provisions refating ta❑wnership of the Property ar�a par��f this �eed
<br /> af Trust:
<br /> Title. Trus�tor warrants �hat: �ay Trus�a� holds good and marke�able title o� record tv �h� Property En fee simple,
<br /> �ree and clea� of all li�ns �nd encumbranc�s other than thase set fiorth in the Real Property description �r in any
<br /> �itle insuranc� policy, �Citle �eport, or �final title apini�n issued in fa�or af, and accept�d by, Lend�r in Gonn�ction
<br /> with this De�d of Trust, and {b� Trustor has the full right, pawer, and autharity to execute and deliW�r this �eed o�
<br /> Trust tv Lender,
<br /> Defense of Titl�. 5ubje�t to th� exception in the paragraph aba�e, Trustor warran�s and wil� �arever defend the
<br /> title fi�the Praperty against the lavvfu� claims of ail persons. ln the even�any a��ion or p�o��eding is cornmenced
<br /> that questions Trust�r's title�r the interest o�F Trustee or Lender under this ❑eed o�F Trust, Trus�vr sha�l defend the
<br /> action at Trustor's expense. Trustar may be the nominal party in such pro�eeding, but Lender shall be entit�ed to
<br /> par�i�ipate in the proceeding and to he repr�sent�d in �he proceeding by couns�l ❑f Lender's own choice, and
<br /> Trustor will deli�er. or cause to be de�i�ered�ta Lend�r such instruments as Lender may requ�st from time to time
<br /> tv permit such par�icipa�ian.
<br /> Campliance Wi�h Laws. Trustar ►rvarrants that the Praperty and Trustar's use o�F the Praperty camplies with a�l
<br /> exis�ing applicable laws, ordinan�es, and regulafians vf governm�ntal auth�rities.
<br /> Surv��al af Represen�kations and 1Narran#�es. All representatians, warranties, and agreements made by Trustvr in
<br /> �his Deed of Trust shalf sur�i�e the �xecutian and delivery of this De�d of Trust, shall be cont�nuing in nature, and
<br /> shall remain in full fvrce and�ffect until su�h time as Trus�or's�ndebtedness shall be paid in full.
<br /> CaNDEMNATI�iV. The following pro�isians rela�ing t�c�nd�mna�ion prticeedings are a part ofi this Deed af Trust:
<br /> Pracaedings. If any proceedin� in condemnation is �Eled, Trustar shall promptly nvtify Lender in writing, and
<br /> Trustor shal{ promptly �ake such steps as may be necessa�y ta defend the activn and obtain the award. Trustor
<br /> may be the naminal par�y in such proceeding, but Lender shall be enti�led tv participate in the p�viceedin� and to be
<br /> �epresented in �he proceeding by counsel of ifs Qwn choice, and Trustor wilf deliver or cause to be deli�ered tv
<br /> Lender such �nstrumen�s and dvCumentatian as rnay be request�d by Lender fr�m �ime to time to permit such
<br /> partic[pation.
<br /> Application vf Net Proceeds. If all ar any part❑�the Pr�per�y is c�nd�mn�d hy eminent domain p��ceedings ❑r by
<br /> any proceeding or purchas�in li�u of c�ndernna�ion. Len�ier may at its ele�tion requir��hat all or any partion vf the
<br /> net proceeds of the award be appl�ed to the Inde�tedn�ss or the repair or restaration of the Property. The net
<br /> proceeds of the award shall mean the award af�er payment o�all reasonable casts, �xp�nses, and attarneys' �ees
<br /> incurred by Trus�ee or Lender in connectian with�he condernnatian.
<br /> IMP�SITI�N DF TA�ES. FEES AND �HARGES BY ��VERNMElVTAL AUTHORITIES. The �ollawing praWisians relating
<br /> to governmental taxes, fees and charges are a par�of this Deed of Trus�:
<br /> Current Taxes, Fees and Charges. LJpan requesf by L�nder, Trustor shall execu�e such dacuments in addi�i�n to
<br /> �his Deed a�Trust and�ake whate�er❑th�r a�tian �s requested by Lender to perfect and con�inue Lender's �ien on
<br /> �he R�al Prop�rty. Trustor shall reimburss Lender f�r al� taxes, as described be�ow, �ogether with aIl �xpenses
<br /> incurred in rec�rding, perfe��king or continuing this ❑eed o� Trust, includin� v►►ithou� limitation a!I taxes, fees,
<br />
|