|
��l 5�581 1
<br /> �EEa oF TRusT
<br /> ��antinued� Page 3
<br /> �he maximum po�icy limits set under the Natiana! F�vvd lnsurance Prvgram, vr a�otherwise required by Lender,and
<br /> t�m��ntain su�h insuran�e fvr#he term❑f�he loan.
<br /> ►�pplication o� Proceeds. Trustor shaEl pr�mpt�y notify Lend�r af any I�ss ❑r damage �❑ the F�rr�pefty if the
<br /> estimated �vst vf repair vr replacement ex�eeds $�,���,��. Lender may make proof of iass if Trustar fails ta d❑
<br /> s❑within fi#teen �15y days of the casual�y. Vllhether❑r nat Lender's security is impaired, Lender may, at Lender's
<br /> elecfiian, re�ei�re and retatn the pr��eeds of any insurance and apply the prQceeds t❑ the reductian vf the
<br /> Inde��edness, pa�menr af any lien a�fec�ing the Prvperty, or �Che restorat��n and repair of th� Proper�y. I� Lender
<br /> elects to apply #he prvc�eds �o restoration and repair, Trust�r �hal! repair ar repface the damaged 4r destroy�d
<br /> Improvements in a mann�r sat�sfaGtvey to Lend�r. Lender shall, upan satisfa�tory proaf of such expendi�ure, pay
<br /> Qr�eimburse Trust�r frQm �he prace�ds fvr the reasonabl� cQst of r�pair ❑r res�tc�ratican if Trustar is nat in de�ault
<br /> under this Deed of Trust. Any praceeds whiGh ha�� not �een disbursed within 180 days after their receipt and
<br /> which Lender has na��ommitted ta th� repair vr res#oration v��he Property shall b� �sed first ta pay �ny amvunt
<br /> ❑wing to Lender under this D�ed of Trust, then t❑ pay ac�rued int�rest, and the �emainder, �f any, shall be applied
<br /> tv the prin�ipal bal�nce of the Indebt�dness. If L�nder hvlds any praceeds after paymer�t in full of tl�e
<br /> Indebtedn�ss,such proceeds shall be paid to Trusto�as Trustar's interests may appear.
<br /> LENDER'S ExPENQITtJRES. If Trustar �ails (A� tv keep the P�rQperty free of a11 taxes, liens, se�urity interests,
<br /> encumbranG�s. and ather claims, �B� t❑pra�ide any r�quired insurance�on the Praperty,�r �C� #o make rep��rs tv the
<br /> Property then l.ender may da sa. if any act�vn ❑r proce�ding i� �omm�n�ed that would material�y affe�t Lender's
<br /> interes�s in the P�vperty, �hen Lender on Trustor's behalf may, bu� is not required t�, �Cake any a�tivn that Lender
<br /> beli��es tQ�e appropr�ate to pratect Lender's interests. All expenses incurred or p�id by Lender far such purpvses wi11
<br /> then bear inter�st at the rate charg�d un�er the Cr�dit Agreemeni frvrn th�date incurred �r paid by Lender�o�the da�e
<br /> vf repayment by Trustvr. All �u�h e�pensgs wi�f become a p�rt of�he I ndeb�tedness and, at Lender's optivn, wi11 �A}
<br /> be payable on demand, (B� be adde� to the balance of the Credit Agre�ment and �e apportioned �mong and he
<br /> payable with any installm�nt pa�ments to �ecdme due during ei�her �1 f th�term af�ny applicable insur�n��poliGy;or
<br /> t2) the remaining term afi the Cr�dit Agreement; �r �C� b�treat�d as a hallaon payment which wi1�b�due and payable
<br /> at the Credit Agreement's rna�urity. The Q�ed af Trust also will se�ure payment❑�these amvunts. The righ�s pro�ided
<br /> for in this paragraph shall be in additian to any other rights or any remedies ta whi�h Lend�r may be entitfed❑n a��vunt
<br /> of any d�fault, Any such ��tion by Lender sh�ll not be canstrusd as �uring the defiaujt so as t� bar Lender from any
<br /> remedy th�t it o�herwise wauld have had�
<br /> WARAANTY; ❑EFENSE�F TITLE. The fa[loviring pro��sions relating to ownership af the Prv�erty ar�a part af this Deed
<br /> af Trust:
<br /> Titl�, Trustor wa�rants that: �af 7rusta� hoids good and mark�tab2e titie of record to the Praper�y in fee simple,
<br /> �r�e and �lear of a11 I iens and encumhrances o�her than those set �orth in the Real Property des�ription ❑r in any
<br /> title in�uran�� pvlicy, titl� repar�C, ❑r final �i�l� opinion issu�d in favor o�, and ac�ept�d by, Lender in connection
<br /> with this❑eed❑f Trust, and �by Trustor has the full right, pQw�r, and authority to�xecute and deliuer this Deed �f
<br /> T'rusfi to Lender.
<br /> D�fense of T�t�e. Subject t❑ the excepti�n in th� paragraph abr�ve, Trustvr warrantS and wifl fare��r de�end the
<br /> title tv the Property against the lawful �laEms af all persons. In the �ven� any a��+an�r proceeding is cammenced
<br /> that questiQns Trustor's�itle or the interes�af Trustee or Lender under this Deed❑f Trust, Trustaf shal!defend�he
<br /> action at Trustor's exp�nse, Trust�r may b�the nominal par�y in such praceeding, but Lender shall be entit�ed to
<br /> parricipa�e in the proce�ding and to be repr�sented �n the proceeding by �aunsel nf Lender's own choi�e, and
<br /> Trustor will delive�,ar cause to be deli��r��, tv Lender suCh instruments as Lender may requ�st�rom time t❑time
<br /> to permi�such participativn.
<br /> �amp�ian�e With Laws. Trus�or warrants that the ProRerty and Trusta�'s use o�the Property complies with all
<br /> existing appli�able law�, ardinances,and regulations of governmental authorities.
<br /> Survival of Promises. All prvmises, agreemsnts, and statements Trustvr has rnade in this Deed Q� Trusti shafl
<br /> sur�i�e the execut�an and deli�ery a�this D�Gd af Trust, shall be continuing in na�ure and sha�l remain in�ull force
<br /> and effeC�untii such tirne as Trustor's Indebfiedn�ss is paid in full,
<br /> C�NDEMNAT[�N. The fol�owing prv��s��ns relating t❑Gandernnatian praceedings are a part of this ❑e�d Qf Trust:
<br /> Proceed�ngs. If any praceeding in condemnativn is filed, Trustar sha�l promptly notify Lender in writing, and
<br /> Trustar shall proR��tly take such steps as ma� be neeessary t� d�fend the a��ic�n and at�tain �he award. Trustor
<br /> may be the nominal party in such pro�eeding, but Lender shali be en�itied tv participate in the prac�eding and to be
<br /> repr�sented in the proce�ding by counsef of its awn �hoice, �nd Trustvr will deliv�r ❑r cause to be de�ivered ta
<br /> L�nder such instrum�nts and dv�umentation as may be requested k�y Lender from tim� to time tQ permit suGh
<br /> par�iGipa�ion.
<br /> Application of Net Pr�ceeds. If all �r any ��rt of the Pr�per�y is c�nd�mn�d �y eminent damain proceedings or by
<br /> any proceeding or pur�hase in lieu vf cvndemnatian, Lender may at its ele�tian requir�that all vr any portian❑f�he
<br /> net proceeds af the award be applied ta the Indebtedness or the repair or restora�ivn ❑f the Praperty. The net
<br /> proc�eds a#the av�vard shall mean the av+rard after paym�nt c�f all reasanable �as�s, ex�enses� and attorneys' f�es
<br /> incurred hy Trusfiee ar Lender in �onne��ion with the�ondemna�ion.
<br /> IMPQSlTI�N �F TA�CES, FEES AND CHARGES BY �DVERNMENTAL AUTHaRITIES. The fivllvwing pro�isians relat�ng
<br /> ta ga�ernmental taxes, fees and charges are a part of this Q�ed of Trust:
<br /> Current Taxes, Fees and Charges. Upon request by Lender, Trustar shall exe�ut� such documents in addition to
<br /> this Qeed af Trust and take whatever oth�r aG�ivn is requested by Lender ta perfect and cvntinue L�nder"s lien an
<br /> the R�ai Property. Tr�rstor shall reimburse Lender for a11 ta�ces, as described helQtirv, ta�ether with all eacpenses
<br /> incurred in recording, perfccting ar continuing this Deed �f Trust, including vvithaut lim�tatiQn ail �axes, f�es,
<br /> dacumentary stamps, and❑th�r�har�es fear recarding vr registering this Deed ❑f Trust.
<br /> Taxes. Th� fallvwing shal� constitute taxes t❑ vuhi�h this section applies: {1) a spe�ific tax upon fihis type of
<br /> C�eed �f Trust�r upon all �r any part af�he �ndebtedness secur�d by th�s Deed of Trust; [2� a specific ta�c on
<br /> Trustar which Trustor is authorized v�required�v deduct frnm payrnents on th� ind�btedness secured by this fiype
<br /> af L7eed of Trust; �3} a rax❑n this type af C��ed❑f Trust charg�able against the Lende�-or the halder o�F�he Credit
<br /> Agreem�nt; and �4y a Specific tax an all or any parti�n v�r �he fnd�htednes� ar an payments ❑f prin�ipaf and
<br /> interest made by Trus#ar,
<br /> 5ub�equent Taxes. I� �ny tax �� which �his sectivn applies is ena�ted subsequen� to the date of this D�ed of
<br /> Trust, this e�ent shall ha�e the same efFe�t as an E�ent of �efault, and Lender may exerci�e an� or ail o� its
<br /> avai�able remedies for an E�ent of Defau�t �s prQuided below unless Trustor either t�� pays the tax befare it
<br /> h�comes delinquent, vr ��) contests the tax as prv�ided abv�e in the Taxes and Lien�sectian and depQsit� with
<br /> Lender cash or a sufficient c�rp�rate surety bond vr oth�r se�urity satisfactory to Lender.
<br /> SECURITY AGREEMENT; FINANCING STATEMENTS. The following pro�+sions relating to this Deed of Trus� as a
<br /> securi#y agreemen�are a�aar�of this Deed of Trust:
<br /> Security Agreement. This instrument shall �onstitute a Securi�y Agreemenfi tQ the extent any of the Prap�rty
<br /> GQnstitutes fixtures, and Lender shall have ali of the rights❑�a secured party under the LJni#vrm ��mmercial Code
<br /> as amended from time tca time.
<br />
|