|
��1 5�6�9 8
<br /> ❑EEC] �F TRUST
<br /> {��nti n u�d� Page 3
<br /> term of the loan.
<br /> Appli�ation of Proceetis. Trus�ar shall pramptly nvtify Lender vf any Ioss or damage to the Praper-ty. Lender may
<br /> make prao�❑f loss if Trustar fai[s t� do so wi�hin fifteen �15} days a��he casualty. VUhether ar not Lender's
<br /> securEty is �mpaired, Lender may, a�Lender`s e[ection, �eoei�e and refain�he pr�ceeds of any insurance and appfy
<br /> the praceeds ta the reductivn vf the I ndebtedness, payment�f any �ien affec�i ng fhe Property, or the resfvrati�n
<br /> and ��pair of the Property. lf Lender e[ec�s t� app[y�he proceeds to resfora#ian and repair, Trust�r shal[ repair❑r
<br /> repla� fhs damaged ar destroyed Impro�ements in a manner sat[s�act�ry ta Lender. Len�er sha[I, up�n
<br /> sat�sfactary proof of su�h exp�n�iture, pay or reimburse T�ustt�r from the proceeds far the r�asonabl� cost of
<br /> repair or restoratian if Trustar �s no� in default under this Deed vf Trust. Any proceeds which ha�e not been
<br /> disbursed within �8� days af�er thsir receipt and which Lender has nat cammit�ed to the repair or restorat�on of
<br /> fhe Property shall be used firsf tfl pay any amoun�aw�ng �o Lender un�er th�s aeed ofi Trust, then tv pay ac�rued
<br /> int�res�, and the r�mainder, if any, shall he appli�d�a the principa[ balance a�the Indebtedness. !f Lender hofds
<br /> any praceeds after payment in ful[ ❑f the Ind�b�edness, such pr��eeds shall be paid tv Trustor as Trustor's
<br /> interes�s may appear.
<br /> Campliance wifh Exis�ing Indeb�edness. During #he period in which any Existing Indebfiedness described belvw is
<br /> in effecf, complian�e with the insurance pro�isions contained in the Ensfirumen� e�iden�ing such Existing
<br /> Indebtedn�ss shal[ constifufe cvmpliance wifh the insurance pro�isions under fhis f��ed �f Trust, to the extent
<br /> comp[ian�e wi�h fhe terms af this Deed of Trust wvu[d constitu�e a duplication of insurance requirement. �f any
<br /> pr��eds�rom the insurance be�ome payable an foss, the pra�is�ons in this Deed of Trust for di�ision of proceeds
<br /> sha[I apply vnly to�hat portion of the proc��ds nat payable to the holder c�f the Exis�ing lndebt�dness.
<br /> LENDER'S EXPENOITl1RES. �f TI"1.15tDC fails (�1} �o keep #he Property free of all fiaxes, liens, se�uri�y in�erests,
<br /> enc,umbranoes, and o�her dairns, (B} to provide any requ�red insuranae on fhe Praperty, (�} �o m�ce repairs to�he
<br /> Pro�erty ar�v comply wifh any ob�iga�ion tv mairrtain Exisf�ng Indebt�dness in good standing as requir�d below, then
<br /> L�nder may dv so. �f any ac�ivn vr prao�eding is comrr�enced fhat would materia�[y affect Lender's in�erests in the
<br /> Prvperty, �#hen Lender vn Trus�vr`s behalf may, but is no# requ�red to, take any a�tian that L�tder believes to be
<br /> appr�riate�o pra�eck Lender's �n�erests. AI� �x�enses i ncurred or paid by Lender for such purpos�s wi l I then bear
<br /> in�erest at �he ra�e c�arged under #he Note�rc�m the date incurred �r paid by Lender t� fhe date of repaymerrt by
<br /> Trustor. All such wiil b�came a part of the Indeb�edness and, at Lender's vp�ian, wi[I tA) be payable an
<br /> demand; �B} be added�o the balance of the hiote and b�apportivned amor�x,� and be payak�e with any instaElment
<br /> paymerrts to bec�ome due during ei�her �'�) the term vf any applicable insuranve�olicy; or �2) the remaining term of
<br /> the Nvte; or �C} be treated as a halloa�paymen�which wil� be due and payable at�he IVv�e's maturi�y. The D�:ed vf
<br /> Trust al so wi I I secure paymen�vf fihes�amounts. The ri�hts prv�i ded fo r i n th i s paragr�ph shal I be i n additi on�a any
<br /> other r�ghts or any rerr�edies ta wh�ch Lender may be entitled on a�ovunt of any de�aul�. Any such action �y Lender
<br /> sha[I not be�construed as curing the de�aul�so as tv bar Lender frvm any remedy�hat i�othen►vise would ha��had.
<br /> VIIARRANTY; DEFENSE OF TITLE. The f�llowing provisions re[ating to ❑uvnersh�p of#he Property ar� a part of fhis Deed
<br /> of Tru st:
<br /> Title. Trustor warrants that: �a}Trustar ho[ds gavd and marketable ti�fe ❑f re�ard to the Prvperty �n fee simple,
<br /> free and c[ear❑�al� liens and encum�rances oth�r than those s��forth in the Real Praperty descriptian vr in #he
<br /> Existing [ndebtedness sectifln below or in any fif[e insurance pa[icy, �itle r�pflrt, vr fina[�itle apinion issued in fa�or
<br /> vf, and ac�ep�ed by, Lender in conn�ction with th[s Deed of Trus�, and �b] Trus�or has the fulf right, p�w�r, and
<br /> aufhori�y to execute and deli�er this Deed of Trust ta Lender.
<br /> Defense vf Title. 5ubje�t ta the exceptian in th� paragraph above, Trustor warran�s and will fore�er defend the
<br /> �itle to th� Property against the lawful c[aims of all persvns. In the e�ent any activn or prflceed'[ng is comrnenced
<br /> that qu-�stions Trus�or's�itle or the interest vf Trus�ee or Lender under this Deed of Trust,Trus�or shall defend fhe
<br /> actian af Trustar`s expense. Trus�vr may be the nominal party in such proceeding, but Lender shalf be enfitfed to
<br /> par�icipa�e in the praceeding and to b� repr�sen�ed in �he proceeding by counsel of Lender's own chflice, and
<br /> Trustor will �eii�er, ar caus��o be delivered,#o Lender su�h instruments as Lender may request�rvrr�time to fime
<br /> to permit such partic�pa�ion.
<br /> Complian�e Wi�h Laws. Trus�ar�arrants that�he Pr�p�rty and Trustor's use �f the Prap�r�y complies wi#h a11
<br /> ex�sfing applicable iaws, ❑rdinanr.�s, and regu[at�ons o�gv�ernm�n�a[autha�ities.
<br /> Survival of Pr�mises. A�I pramises, agreements, and staternents Trus�vr has made in this Deed of Trust shall
<br /> surv��e#he�xecution and deli�ery of this Deed�f Trust, shall be continuing in nature and shall remain in�u[I force
<br /> and effect un�il such fime as Trustor's Indebtedness is�aid in full.
<br /> EXISTIN�INI3EBTEDNESS. The fvllow�ng provisions cancerning Exis�ing [ndebtedness are a part of this �eed ❑f Trust:
<br /> Existing Lien. The [ien of �his Deed of Trust se�uring the [ndeb�edness rnay be secondary and 'tnferior to an �
<br /> existing l�en. Trustor expressly�o��nants and agrees to pay, or see to the payment vf, the Existing �ndebtedness
<br /> and tv preW�n�any de�ault vn such indeb�edness, any default under�h� instrumen�s evidencing such ind��tedness,
<br /> or any default under any security do�uments for such indebtedness.
<br /> No Modification. Trustor shalf nat en�er into any a�reemen�wEfh �he halder vf any mflrtgage, deed of trust, or
<br /> o�her securify agreement wh�ch has pr�ari�y fl�er this Deed ❑� Trust by which �hat agreement is m�dified,
<br /> amended, extended, ar renewed without th� prior wri�ten consent of Lend�r. Trust�r shall ne�ther request nor
<br /> acc�p�any�uture adWances under any such security agreem�nt without#he priflr written cvnsent vf Lender.
<br /> C�NDEMNATl�N. The following pr�visi�ns relat[ng to condemnat�an praceedings are a par�vf fhis Deed of Trus�;
<br /> Praceedings. If any pro�eeciing in cxmdermation is fled, Trus�or shall promptly nv�ify Lender in wri#ing, and
<br /> Trustor sha�l prvmp�ly take such steps as may be neaessary to defend th�actinn and obtain �he awar�f. Trustar
<br /> may be the nominal party in suGh prvveeding, but L�nder sha11 be en�itled to partiapate in the praceeding and��be
<br /> represen�ed in the prvoeeding by ovunse[ of i�s own cnoioe, and Trustor wil� de[��er or �ause�o be defivered to
<br /> Lender such i nstruments and documentatian as may be requested by L�nder from ti me to ti me to perrrut such
<br /> partici�ation.
<br /> Applicativn of Net Proceeds. If all❑r any part of th�Praperty is condemned by eminerrt damain prooeedings vr by
<br /> any praGee�fing�r pur�hase in lieu of condemna�ion, Lender may at its election require that a[I or any portian o�the
<br /> net proceeds of the award be applied�o �he Indebtedness or the repair vr res�ora�ion of the Pro�er�y. The net
<br /> prvoeeds af�he award shal! mean the award after paymen�of a�l reasanable costs, expenses, and attvmeys'fees
<br /> inGurrsd by Trustee ar Lender�n connec��vn wi�h fhe c�ondemna��vn.
<br /> IMP�S[TI�3N �F TAXES, FEES AND �HARGES BY��VERNN[ENTAL ALJTH�RITIES. The fv[[�w�ng provisions rela�ing
<br /> ta g�vernmental�axes,fees and charges are a part of�his Deed vf Trust:
<br /> �urrent Taxes, Fe�s and �harges. Upon request by Lender, Trustar shaf!execute such documen�s in addition tfl
<br /> this Deed of Trust and take whate�er other act�on is requested by Lender to perfec�and con�inue Lend�r's lien�n
<br /> the Rsal Property. Trustar shal( reimburse Lender for alf �axes, as describ�d b�low, �oge�her wi�h all exp�nses
<br /> incurred in recording, perfecting or continuing this D�ed of Trus�, in�luding withou� IimitatEon al� �axes, �ees,
<br /> documen�ary s�amps, and ather charges for recordfng vr registering�his Deed o#Trust.
<br /> Taxes. The following shall const�fu�e �axes to which this section appfies: �'[} a specific tax upon this �ype of
<br />
|