201506247 - Laserfiche WebLink

Browse

I ��1 5��47 aEE� �F TRUST Loan Nv: '��'I�5922� �C�ntinu�d} Page 4 security is impaired, Lender rnay, at Lender's ele��ivn, recei�e and re�tain�he proceeds �f any insurance and apply the pr�ceeds ta the reduction of the Indebtedness, paymen� of any lien a�Ffiecfiing the Pr�perty, ar the restoration and repair a��he Praperty. I� Lender e[ects to apply the praceeds tv rest�ration and repair, Trustor shall repair❑r repface �he darnaged or desfiroyed �mpra�ements in a manner sat�s�Fac�ory t❑ Lender. Lender shall, upon satisfactvey praa�f of�such expenditure, pay ar reimburse Trustor firvm the prviceeds #or the reasonable cost of repair ❑r res�aration if Trustar is nat in default under �his Deed of Trust. �4ny proceeds vvhEch haWe not been disbursed wifihin '18D days after their receipt and which Lende�- has no# �amrn�tted �o �he repair ❑r restvrativn of the Propsrty shal� be used tirs�to pay any amounfi owing fi❑ Lsnder under this Deed �f Trust,then to pay accrued int�rest, and the remainder, i�f anyf shafE be app�ied fio the principal balance of the Indebtedness. I� Lender ho�ds any proce�ds after payment in full ❑� the �ndebtedness, su�h proceeds shaEl be paid ta Trustor as Trustar's inte�res�s may appear. Trustor's Rep�r�on Insuran�e. Upan �-eques�❑f Lender, however no�mare than once a year,Trustar shall�furnish �o Lender a repar� an each existing policy ofi insurance showing: ['�� the name �f the insurer; t�} the risks insu�-ed; �3� the amaunt of fihe policy; �4} �he property insured, �he then �urrent replacement �alue of such prvpe�ty, and the manner vf determining that value; and {5} the expiration da�e af the policy. Trustor shall, upon reques�of Lender,ha�e an independen�appraiser satisfactary to Lender determine the�ash�afue replacernent cost ❑f the Proper�y. LENDER'S EKPENDITURES. lt any a�tion vr pro�eeding is cvmmenced that would materially affect Lender's interest in the Properfy or if Trustar fai�s ta comply wi�h any pro�is�on of�his I]eed vf Trust or any Related Do�uments, including but not limited to Trustor's failure�o discharge �r pay when due any arnoun�s Trustar is required to dis�harge or pay under this Deed of Trust vr any Related Dacumen�ts, Lender on Trustar's behal�may ��ut shall not be❑bligated ta� �ake any aGt�vn that Lender deems apprapria�e, including but na� iimited t❑ dis�harging ❑r payEng al[ taxes, liens, security interests, encumbrances and ❑fiher clairns, at any time le�ied or placed❑n the Pr�perty and paying all casts for insuring, � maintaining and preser�ing the Praperty. All such expendi�ures incurred ❑r paid by Lender�nr such purposes will th�n bear interest at the rate charged under the IVate from the date incurred or paid by Lender t❑ the dafie ❑f repayment 1ay Trustor. A[I such �xpenses wi�[ became a part of the lndebtedness and, at Lender's op�ion, will �A} be payable �n demand� 4gy be added �o �he balance ❑€ the Note and be appartianed arnong and be payab3e wi�h any installment payrnents to become due during either �'1� �he term ❑�any applicabfe insurance pali�y; ❑r (2� the remaining term af ; the Nate; o� �C� be treated as a halloan payment v►rhich wil[ b� due and payable a��he Note's rnaturity. The Deed af � Trust also wifl secure payment ❑f these amoun�ts. Such right shai� be in addition to all ❑�her righ�s and remedies to f wh�ch Lender may be entitled up�n Detault. � 1JIlARR�4NTY; DEFENSE OF TITLE. The follawing provisions relating to ownership of�he Property are a part a�this Deed ��Trus�: Ti�le. Trustor warrants tha�: [a} Trus�or ho�ds good and marketabl�title of record to the Property in fee simple, fre� and clear o� alf li�ns and encumhrances ather�han�hose set forth �n th�e Real Praper�y des�ription ❑r in an� �itle insuranGe pviicy, �i�le repor�, �r fina� title opinian issued in fa�or ❑f, and accepted by, Lender in connect�on , wi�h this Deed af Trust, and (b�Trustor has the�ull righ�, power, and aufiha�ity t❑ execute and deliWer this❑eed ot ; Trust ta Lender. . � De#ense of Title. 5ub�ect�o �he e�ceptian in the pa�-agraph abaWe, Trustor warran�s and wili foreWer de�end the title to�he Praperfiy aga�nsfi the lawfu� c[aims af all persans. ln�he e�ent any actian or proceeding is camm�n�ed �hat questions Trus�or's�itle❑r the in�erest af Trus�ee or L�nder under fihis Deed of Trust,Trus�or shall defend the action at Trustar's expense. Trustar rnay be the nominal party in such prvGeeding, but Lender shall be enfiitled to participate in �he. proceeding and to be represented in the proceed;ng by counsel ❑f Lender's own choice, and , Trustor wiil deli�e�, vr�ause fia be delivered,to Lender such ins�Cruments as Lender may request frvm��rne tv tirne tv permit su�h par�i�ipation. ' I Cornpliance Wifih Laws. Trustar war�-ants �hat the Pr�perty and Trustor's use a-� the Praperty camplies With all � existin� applicable lavvs,vrdinances, and regulafiions of gaW�rnmental authori�ies. ; Sur�rival af Represen�ations and Warran�ies. Al[ �-epresen�a�ions, warranties, and agreements made by Trus�kor in � this ❑eed ofi Tru�t shall surviWe the exe�ution and de[ivery o�this ❑eed o�Trust, sha�[ be continuing in nature, and ' shall remain in full�or�e and e�ffec�un�il such�ime as Trustar's Indebtedness shall be paid in full. G�NOEMNATIDN. The f�llvwing prvvisians refating ta �andemnativn praceedings are a part afi this ❑eed of Trus�: � Proceedings. �f any proceeding in Gondemna�ion is filed, Trustvr shal� pr-omp�ly nv�i#y Lender in wrEting, and ; Trustor shall pramp�ly take such s�eps as may be necessary�v defend the acti�n and o�tain�he award. Trustar � rnay bs the naminal party in such proceeding, but Lender shall be en�itled to par�icipate in the pra�eeding and fio be � r�presented in the proceeding by counsel of its ❑wn choice, and Trustor wi�f deli�er ar cause to be deli�ered to Lender such instruments and docum�ntation as may be request�d by Lender from time to time t� permit such participafiFon. App[Eca�ion vf Net Proceeds. If all or any par�of th� Property is condemned by eminen�domain proceedings or 1ay any proceeding�r purchase in fieu ❑�cvndemnation, Lender may at its electian require that ali ar any portion of the net pra�eeds of the award be applied ta fhe Indeb�edness ar the repair ❑r restaration �f the Proper�y. The net pracseds of the award shall rnean the award afker paymen�of all reasonahle �osts, expenses, and attorneys' fees incurred by T�us'�ee❑r Lendsr in connection rrrrith ths condemnation.