|
��15�5885
<br /> DEED �F TRUST �
<br /> Laan N�: 1�'I 289'1�� (�ontinued} Pag� 4
<br /> C�mpliance wi�h Existing �ndeb��dness, During the periad in which any Exis�ing lndebCedness described below is
<br /> in a�fect, �ampliance with the insurance pro�isi�ns contained in �he instrumenk e�idencing such Existing
<br /> indebtedness shal] cvnst�tut� compliance with �the insuran��: pra�isions under �his Deed af Trust, to the exten�t
<br /> Gvmpliance with the terms of this Deed o�F Trust wvuld consti�ute a duplication ❑f insurance requiremen�, If any
<br /> proceeds fram the insurance �ecome payable 4n Ioss, the provisians in this L�eed �f Trust f�r di�ision of proceeds
<br /> sha�l apply only to that por�ion of the pr�ceeds nat payabfe to fihe hv[d�r af the Existing Ind�btedness.
<br /> Trustar's R�part nn lnsurance. Upvn request�f Lender, hawe�er not mare fhan once a y�ar, Trustor shall furnish
<br /> to Lender a repnrt on each exis�ing policy of insurance showing: ��y the name of the insurer; ��y the risks
<br /> insured; �3y the amaunt �f the p�[icy; �4y the property insured. the �hen �urren� replac�ment �alue of such
<br /> pr�perty, and the manner of deterrnining tha�valu�; and �5y th��xpiration date❑fi the palicy. Trustor shall� upan
<br /> r�quest af L�nder, ha�e an independent appraiser satisfactary to Lender determine�he cash�alu� rep�acement cost
<br /> of the Praper�y.
<br /> LENDER'S EiCPENDITURES. If any actian o� proceeding is Comm�ncad �that would rnaterial�y a�fec�Lender's interest in
<br /> the Praperty❑r if Trustor �fails to c�rnply with any pro�isiQn of this D�ed of Trust or any Related Dacuments, including
<br /> but n�t limited t� Trus�ar's failure t� carnply with any abliga�ion ta maintain Existing Indebt�dness in good s�tanding as
<br /> required below,ar to discharge❑r pay wh�n due any amounts Trusto� is required ta dis�har�e or pay under�his Deed of
<br /> Trust or any Related Documents, Lender on Trus��r's b�half may [hut shaE� nvt be �bligated toy take any activn that
<br /> Lender deerns appropriate, incfuding but nat limi�ed ta discharging or paying a�l taxes, liens, securi�y interests�
<br /> en�umbrances and o�he� claims, at any time fe�ied vr placed on the Prap�rty and paying al� cvs�s fvr insuring,
<br /> rnaintaining and preser�ing�he Property. All such �xpenditures incurred or paid by Lender far such purposes will then
<br /> bear interest at fihe rate charged under the N�te �rom the date incurred or paid by Lender tQ �he da�e of repaymen�by
<br /> Trus�vr. AI! such exp�nses wi11 be�ome a part ❑t �he lndebtedness and, at Lender's optian, will �A) be payable on
<br /> d�mand; {B� be added to the balance ❑f the Nate and be apportioned amflng and be payable with any installment
<br /> paym�nts to became du� during eith�r {1� �he term of any applicable insuran�e policy; ❑r {�} �he remaining t�rm of
<br /> the Note; ar ��} be treated as a ballaon payment whi�h will be due and payable a�the Note's ma�urity. The ❑eed of
<br /> Trust also will secure payment ❑f these amounts. Su�h right shall be in additian tv al[ ather righ�s and remedies to
<br /> whi�h Lender may be entikled upan Default.
<br /> 1NARRANTY; �EFENSE�F T�TLE, The f�lE�wing proWisions refating t�awnsrship of the Praperty are a part of this De�d
<br /> of Trusfi:
<br /> Ti�le, Trustor warrants that: {a� Trustor holds good and markefiable tit(e ��f record t� the Property in fee simple,
<br /> �ree and �lear of all liens and enGum�rances other �han thase set forth in the Real Pr�perty descripti4n or in the
<br /> Existing Ind�htedness section below or in any title insurance po[icy. title repart. ar final�itle opinian issued in favar
<br /> of, and accepted by. Lender in connection w�th this C�eed of Trust, and �by Trustor has the fu�l right, power, and
<br /> authority to�xe�ut� and del��er th�s Deed of T�ust t❑Lender.
<br /> Defense of Tif1e. Subject to the exceptiQn in the paragraph abo��, Trustor warrants and will fare�er defend the
<br /> title to�he Praper�y against the lawful �laims of all persons. In the e�ent any actian �r proceeding is commenced
<br /> tha�questions Trus�o�'s t�tfe vr the interest af Trustee vr Lender under this Deed vf Trust, Trustor�hall defend the
<br /> action at TrustQr's expense. Trustor rnay be the naminal party in such proceedin�, but L�nder shall be entit[ed to
<br /> participate in th� proceeding and to be represente� in �he proceed�ng by counsel of Lender's vwn choice, and
<br /> Trustor w�ll deli�er, vr cause ta be deli��red,to Lender such ins�rurnents as Lender may request fram time to time
<br /> to permit such participation.
<br /> Compliance With Laws, Trustvr warran�s fihat the Prap�rty and Trus�ar's use of �he Property complies ►►vi�kh all
<br /> existing applicable laws,ordinan�es,and regulativns vf goUernmental autharit�es.
<br /> Survirral of Representations and Warranties. AII represen�atians, warranties, and agreements mad� Eay Trustar in
<br /> �his Deed of Trus�shall sur�iWe the execution and delivery❑�this Deed of Trust, shall be continuing in nature, and
<br /> shall remain in full farce and effect un�il such tim�as Trustor's Ind�btedness shall be paid in full.
<br /> E�[ISTING 1NDEBTED[VE55. The following pro�isions con�erning Existing lndebtedness are a part af this ❑eed of Trust:
<br /> Existing Lien. The lien of th�s Deed of Trust securing the Endebtedness may be s�condary and inf�ri�r ta an
<br /> e�cisting lien. Trustvr expressly c��enants and agr�es ta pay, �r see fio �he payment�f, the Existing Inde��tedness
<br /> and�❑ prevent any defaul�on such indebtedness, any d�fault under�he instruments e�idencing such ind�btedness,
<br /> or any default under any security documents for such in�lebtedness.
<br /> No Mvd�fi�atian. Trustar shall not ent�r into any agreement ►nlith �he hold�r of any mortgage, dee� of trus�, vr
<br /> ather security agr��ment which has pri�rity o�er this Deed Qf Trust by ►rvhich �hat agr�ement is modified,
<br /> amended, �xtended, flr renewed without the priar written �onsent of Lender. Trustar shall neither reques� nor
<br /> accept any future ad�anc�s under any such security agreement without the privr written c�nsenf�f L�nder.
<br /> C�NDEN[NATI�N. The fallvwing pra�isions relating to cond�mnation praceedings are a part af�his Deed of Trust:
<br /> Pro�eed�ngs. If any prac�eding in condemnation is filed, Trus�or shali promptfy notify Lender in writing, and
<br /> Trustar shall promptly take su�h s�eps as may b� necessary to defend the a�tivn and obtain the award. Trustar
<br /> may be the narninal par�y in su�h proceeding, but Lender shall �e�nti�led to parti�ipa�te in the proceeding and tv be
<br /> r�presented in fhe proceeding by �ounsel of its awn choice, and Trustar wi[I deliver or �ause to be deliv�red t❑
<br /> Lend�r su�h instrumen�s and do�umentatian as may be r�qu�sted by Lender fram time tv time to permit such
<br />
|