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��15�5937
<br /> DEED UF TRUST
<br /> 4��ntinued� Page 3
<br /> shall in�lude an endars�menfi providing that coWerage in fa�vr of Lender wi[I nat be impaired in any way by any act,
<br /> am�ssi�n or default ❑f Trustor or any vther person. Shvuld �the Rea� Pcvperty be [ocated in an area designa#ed �y
<br /> the Adminis#ra�ar of the Federal Emergency Management Agency as a sp�cial f�ood hazard ar�a, Trust�r agre�s ta
<br /> o��ain and maintain F�deral Flvod Insurance, �f a�ai�ah�e, for the full unpaid principal ba�ance of the Ioan and any
<br /> priar liens an the pr�perty se�uring the ioan, up ta the maximum policy limits set und�r #he Na�i�nal Fiood
<br /> Insuranc� Prvgram, or as❑therwise required k�y Lender, and tv main�ain such insuranc�for�he term of the�oan.
<br /> Application vf Pra��eds. Trus�tor sha[l prompt�y noti�y Lender❑f any loss or damage to the Proper�y. Lender may
<br /> make prao# of lass if Trustar fails t❑ do sa w�th�n #i#teen {15� days �f the casualty. Whether or not Lender's
<br /> securi�y is �mpaired, Lender may, at L�nder's election, recei�e and retain the pr�ceeds af any Ensurance and apply
<br /> the proceeds tv the reduction o� the Inde�tedness, paymenfi vf any lien affecting the Property, ar�he restaration
<br /> and repair of th� Property. I� Lender efe�ts to ap�ly the pra�eeds �to restorativn and repair, Trustor shall r�pair or
<br /> replace the damag�d ar destrayed impravemen�s in a manner satisfa�tory to Lender. Lender shall, upon
<br /> satisfa�tvey proaf of su�h expenditure, pay or reimburse Trustor from �he proceeds for the reasanable cast of
<br /> repaEr or resfiara�ivn i# Trustor is not in de�aul� under this ❑�ed af Trust. Any praceeds which ha�e na�C been
<br /> disbursed within 18a days afi�er their receipt and which Lender has nat committed ta the repair or restorativn vf
<br /> the Praperty shall be used first ta pay any amvunt awing ta Lender under this C]eed o�Trust, then t� pay ac�rued
<br /> int�rest, and the remainder, if any, shall b� applied to the princ�pal halance af the Indebtedness. If Lender hofds
<br /> any proc�eds after payment in �ull of the Indebtedness, such praceeds shall be paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Trustar's Report on lnsuran�e, Upon request o� Lender, hawe�er no�more than�nce a year, Trustor sha�l fu�'nish
<br /> �a Lender a repart on ea�h existing pa�icy �f insurance shflwing: �'�y the name of the insure�; �2} the risks
<br /> insured; �3} the arnaunt �f the palicy; �4} the prvperty insured, the then current replacement �alue ❑f such
<br /> property, and�he manner af deterrnining that�alue; and �5� th� expira#ion date of�he palicy. Trustor shall, upan
<br /> request❑f Lender, ha�e an indep�nd�nt appraiser sa�isfac�ory to Lender de�ermine the cash�alue replacement cost
<br /> of the Property.
<br /> TAX AND lNSURANCE RESERVES. Su�ject tfl any limitations and consistent with any requirements set hy applicable
<br /> law, Lender may require Trustar ta rnain�ain with Lender res�r��s far payment of annuaf taxes, assessm�nts, and
<br /> insurance premiums, whi�h reser�es shall �e created by an initia� deposit and suhsequent m�nthly payments, ❑r
<br /> payments at such other in�ker�al as payments under�khe Note may be due, af a sum estima�ed by Lender tQ be sufficient
<br /> ta pay the tota! annual taxes, assessmen�s, and insurance premiums Lender reasonably anricipate5 to be pa�d �ram
<br /> these reser�es. The r�ser��funds shall be he�d by Lend�r as a g�neral deposit fr�m Trustarr which Lender may satis�y
<br /> by payment af the taxes, ass�ssments, and insurance premiums required to �e paid by Trus�or as they becflme due.
<br /> Lender shall have the r�ght �o draw upon the res�r�e funds tv pay su�h itsrns, and Lender shall nv� be required �a
<br /> de�ermine �he �alidity or a��ura�y of any �t�m before paying it. Nothing in the ❑eed of Trust shall be cons�rued as
<br /> requiring Lender tv ad�ance other mvnies for such purposes, and Lender shall n�t incur any ��ability for anything it rnay
<br /> da or omit t❑ dv with respect to the reserve account. Subje�t to any [imitatians set by applicable law, i�the r�serve
<br /> fiunds disclase a shortage or c�eficienGy, Trus�ar shall pay such shortage or de�iciency as required by Lender. All
<br /> amounts in the reser�e account are hergby pledged t�further secure the Indehtedness, and Lender is hereby authorized
<br /> t� withdraw and apply such amvun�s an the Indebtedness upvn the occurrence of an E�ent o�❑efaul�. Lender shall nat
<br /> be required to pay any interest ar earnings an the reser�e funds unless required by faw or agreed to by Lender in
<br /> writing. Lender daes nat hold �he reser�e funds in trust �or Trus�Car, and Lender is not Trustar's agent far payment of
<br /> the�axes and assessments required�t�be paid by Trustor.
<br /> LENDER'S E�PENI]1TURES. If any action or prac�ed�ng is commenced thafi wauld ma�erially affect Lender's interest in
<br /> �he Property vr if Trustor fiai[s to �ornp�y with any pro�ision�f this Deed of Trust or any Related Dvcumen�s, including
<br /> but no� �irnited to Trustor's failurs to discharge or pay when due any amounts Trustor is �'equired to discharge ar pay
<br /> under this �eed vf Trust or any Relat�d Documents, Lender on Trustar's t�eha{f may �but shall not be obligated�o} take
<br /> any action tha# Lender deems appropriate, including but nvt limited to dis�harging ar paying al[ #axes, liens, securi�y
<br /> interests,encurnbrances and ather c�aims, at any time le�ied or placed on the Property and paying al�c�sts for insuring,
<br /> maintaining and pr�ser�ing the Proper�y. All such expenditures incurred ar paid by Lender f�r such purposes will th�n
<br /> bear in�ter�st at the rate charged under the No�e from the date incurred ❑r paid hy Lender to the date af repayment by
<br /> Trustor, A11 such expenses will became a part vf the Indebtedness and, at Lender`s aptivn, wi�! {Af i�e payable on
<br /> demand; �B} �e added tv �he balance of the Note and be appartiflned amQng and be payable with any insta��ment
<br /> payments ta hecame due during either �1} the fierrn of any appficable insurance policy; or t�} the rsmain�ng term af
<br /> the Note; or ��} be treated as a ballaon payment which will b� due and payable at the Na�e's ma�urity. The De�d o�
<br /> Trust also will secure payment of these amaunts. 5uch right shall be in addition to all other rights and remedies t�
<br /> vvhich Lender may be entitled upvn ❑�fault.
<br /> WARRANTY; DEFENSE OF TiTLE. The�ollawing pro�isions relating�o ownership o�the Prvp�rty are a part of�his Deed
<br /> of Trust:
<br /> Title. Trustor warrants tha�: �a� Trustar holds gavd and marl�etat�ie title of record ta the Praper�y in fee simple,
<br /> free and cfear of all �iens and en�umbrances other than those set �v�th in the Reai Property description ❑r in any
<br /> ti�le insuranc� p��icy, tifile rep�rt, ar final title vpinion issued in �a�o�- �f, and a�cepted hy, Lender in cannection
<br /> with this ❑eed a�Trust, and =b�Trustar has the�ull right, pow�r, and autharity to execute and deliUer this Deed of
<br /> Trust�ta Lender.
<br /> ❑e�Fense af Title. 5uhjeGt ta the exceptian in the paragraph abo�e, Trus�ar warrants and will #arever d�fend the
<br /> fiitle to the Praperty against th� law�ul cla�ms ❑�f a1i persons. !n the e�ent any action�r prviceeding is cammenced
<br /> that questions Trustar's title❑r the interest of Trustee or Lender under this Deed vf Trust. Trustor shall d�fend the
<br /> action at Trustvr's expens�. T�ustar may be the nvminal party �n such proceeding, but Lender shall �e en�itled t❑
<br /> participate in the prv�eeding and t❑ be represented in the praceed�ng by counsel of Lender's awn choice, and
<br /> Trustvr wil�deliver, or cause ta be deli�ered, to Lender such instruments as L�ndsr may requsst fram time to time
<br /> ta permit such participativn.
<br /> �omplian�e 1Nith Laws, Trustor warran#s that the Prop�rty and Trustor's use �# th� Property camplieS with all
<br /> exis�ing applicabl�laws, ordinances, and regu�ations�f go�e�nmental authorities.
<br /> 5urvi�al of Representatians and Warranties. AI! representatians, warranties, and agreements made t�y Trustor in
<br /> this ��ed of TruS�shal! sur�i�e the execution and deliuery of this Deed of Trust, shall be continuing in natur�, and
<br /> shall�emain in full far�e and ef�ect unti!such time as Trus�or's Indebtedness shall be paid in full.
<br /> CnN�]ENiNATI�N. The following pravisians relating to cvndemnafiion praceedings are a part of this Deed of Trust:
<br /> Praceedinys. If any proceeding in condemnation is filed, Trustor shall promptly nvtify Lender in writing, and
<br /> Trustor shafl promptly take such s�eps as may be n�cessary to de�end the action and abtain the award. Trustor
<br /> may be th�nominal party in such pra�eeding, but Lender shal�he entit�ed�v participate in the proceeding and to be
<br /> represented in the praceeding by cvunsel af its own choi�e, and Trustor will deli�er ar cause t❑ be deli�ered t❑
<br /> Lender su�h instruments and documenta�ian as may he r�quested hy Lender #rom tiime t� time t❑ permit such
<br /> par�tic'rpation.
<br /> Appli�ation of Net Prv�eeds. If ali or any part of the Praper�y is Gvndemned t�y eminenfi domain prviceedings❑r by
<br /> any pro�eeding ar pur�hase �n iieu a�Gondemnation, Lender may at its election require that all or�ny p�rt�on of the
<br /> net praceeds of the award be applie� to the [ndebtedness vr �he repair ar restvration vf the Pr�perty. Th� net
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