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��1 5�641 �
<br /> DEED �]F TRU�T
<br /> ��Ont111ueC�� Page 3
<br /> can�elCed t�r d�minished without at�east�hirty�3�}days priar written notic�to Lender. Each insuranGe pol�Gy alsv
<br /> shal�include an endvrsement pra�iding that cvverage in fa�vr af Lender wi[I nnt be impaired in any way hy any act,
<br /> arnissivn ar defiaulfi af T�ustvr ar any vther person. Should the Real Proper�y be located in an area designated by
<br /> the Adminis�tra�ar o�#he Federal Ernergen�y Management Agen�y as a speciaE�Ivod hazard area,Trustvr agre�s to
<br /> obtain and rnaintain Fede�a! Flvvd lnsurance, if avai�able,for the ful� unpaid principa! balanGe of the laan and any
<br /> privr liens on th� prope�ty securing the lvan, up tv the maximum palicy limits set under �he Nationat Flaod
<br /> Insuran�e Prograrn,or as atherw�se required by L�nde�',and to main#ain such insurance fo�the�erm of the foan.
<br /> Applicatian af Pra�eeds. T'rustar shali prompt�y natify Lender of any lass or damage t❑€he Prop�rty. L�nder may
<br /> make proof o� ��ss i� Trusta� fai�� #o da so within fifteen �'15} days of�the casual�ty_ Whethe�❑r n�� Lender's
<br /> se�urity Es impaired, Lender may, at Lender's ele��ion, receive and r�tain�he prac�eds�f any insurance and app�y
<br /> �the proceed�t��he reduc#ian of the lndebtedness, paymen�of any lien affecting the Property, or the restvra�ion
<br /> and repair vf the Pr�per-�y. l�Lender elects tv apply the pr�viceeds to rest�ration and repaEr, Trustor sha[l repair or
<br /> replace the damaged ❑r destroyed �mpro�ements in a manner satis�actory fia Lender. Lender sha�l, upan
<br /> sa�isfa�tory prtia�af such expenditure, pay ❑� �eimburse Trus�or �ram th� praceeds far �h� r�as�nahle c�st v�
<br /> repair vr restorativn i� Trustor is nvt in def�ult under this I�eed of Trust. Any proceeds which ha�e not been
<br /> disbursed within 'f 80 days after�heir rec�ipt and which Lender haS nvt cvmmitted to the repair vr res�vratian ❑f
<br /> the P�-operty shall k�e used first to pay any amaun�vwing to Lend�r under this C3eed af Trus�,then tv pay accrued
<br /> interes�, and the remainder, if any, shal� be appli�d�o fhe principal balance of fhe Indebtedness. lf L�nder halds
<br /> any pra�eeds after paymen� �n full ❑f the Indebtedness, such prviceeds shall he paid ta Trus�ar as Trustar°s
<br /> interests rn�y appear.
<br /> Trusta�s Repor�an lnsuran�e. Upvn request af Lender, however not mare than ance a year,Trus�or sha1l furn�sh
<br /> t❑ Lender a report Qn each existing pol�cy of �nsurance showing: ��I} the narne o€the �nsurer; ��} the risks
<br /> insured; (3} the amaunt of the policy; t4} the prope�-�y insured, �he then current replaeemen� �a�ue of such
<br /> property, and the manner of deterrnining that�a�ue;and �5� the expiratian date❑f the pallcy. Trustor shall, upon
<br /> r�quest o�F Lend�r,ha�e an independent appraiser satisfactary to Lender determine the cash�a�ue replacement cost
<br /> v��he Property.
<br /> LENDER'S E�CPENDITURES. 1f any ac�ion vr proceeding is cammenc�d tha�woufd ma�eria�ly afFect Lende�s in��res�in
<br /> the Prope�-ty ar if Trus�ar fai[s�o comply uv��h any provision a�this �eed�f Trust�r any Relate��ocum�n�s, including
<br /> bu�not fimif�d to T�us�or's failure to disGharge or pay when due any amounts Trustor is requ3red�a discharge vr pay
<br /> under fhis Deed af Trust a�-any Re�ated Documents, Lender an Trus�ar's behal�rnay�but sha��nat be obl�gated tv}take
<br /> any action �ha� Lender d�ems appropria�e, includin� hut not limi�ed tc� discharging or pa�ing ail taxes, liens, security
<br /> interests,encumbrances and other claims,at any�ime levied or p[aced on fhe Property and paying all cc�sts for insuring,
<br /> maintaining and pr�serving�he Property_ AII such expenditures incurr�d ar�aid by Lendar far such purpases wi�l then
<br /> bsar interest at the ra�e charged under the IVote frorn�he date�ncurred❑r paid by Lender ta the dat��f repayment by
<br /> Trustor. All such expenses v+�ill become a par�of�he �ndebtedness and, at Lende�s�p��an, wi11 (A� be pay�ble on
<br /> demand; (S� be added to �he balance �f the l�ate and he appartioned among and be payab�e with any installment
<br /> payments to become du�during ei�her �1� the term of any appiicable insuran�e pa3icy; nr �2} the rernaining term vf
<br /> the Nate; or �C} be treated as a ba!loan payment whi ch wi i l be due and payahle at the Nat�'s matu rity. The Dee�af
<br /> Trust aisv wi�l secure paymen�o�these amounts. Such right shali be in add�tion t� all other rights and remedies#o
<br /> whsch Lender may be entitled upan De�ault.
<br /> WARRAN�Y;DEFENSE aF TrTLE. The following provisivns rela�ing�o ownership af the Property are a pa�#v��his Deed
<br /> af Trust:
<br /> Tit1e. Trustar warrants that: ta}Trust�r hv�ds gnad and marketable ti�le of re�ord ta the Property in fee simple,
<br /> f�-ee and c�ear of aIl �iens and �ncurnbrances oth�r�han thvse set fc��th in th� l�eal Property descriptivn or in any
<br /> title insurance pvlicy, title repar�, ❑r final ti�le apinian issued in fa�ar of, an� accepted by, Lend�r in �onnection
<br /> wi�h�his Deed❑�Trust,and �b}Trustar has the fuli right, pawer,and au�hv�ifiy�v exe�ute and defi��r this�3eed af
<br /> T'rust to Lende�.
<br /> Defen�s o�T�tl�. 5ubject to the exception in the par�graph aba�e, Trustor warran�s and will fore�er ciefend the
<br /> titl�to the Property against the lawful claims of all pers�ns. In fhe e�en�any activn or proGeeding is cvmrnenced
<br /> �ha�questions Trus�or`s ti�le ar the interest of Trustee or Lender und�r�his D�ed af Trust,Trus�or sha11 defiend the
<br /> a�ti�n at Trus�or's expense_ Trustor rnay �e the narninal party in such prviceeding, but Lender shaf! be entitled t❑
<br /> parti�ipaLe in �he praceeding and t❑ be represented in the pro�eeding by counsel of Lender`s awn ch�ice, and
<br /> Trustor v+rill deli�er, or cause to be delivered,tv Lender such instruments as Lender may request�rom time tQ �ime
<br /> �o permit such par�i�ipa�ion.
<br /> CampEiance W'rfh Laws. Tnas�or warrants #hat the Praperty and Trustor's use vf fhe Properky cvmplies with all
<br /> existing�pplicable[aws,ardinan�es,and regulations of gv�ernmental authar�t3es.
<br /> Surrrival of Represen�atians and 1Na�ranties. Aff representafEons, war�-an�ies, and agreements made by Trus�o�-in
<br /> this Deed o�Trus�shalf sunrive the execution and deli�ery a�this Deed of Trusi�, shall be continuing in nature,and
<br /> shall remain in full�vr��and e�fect until sueh time as Bo�ro�nrer's�ndeb�edness shal[be paid in full.
<br /> �DNDEMNaTl�N. The�ollawing provEs�ons re�ating tv cand�mnativn proceedings are a part of this ❑eed a�Trust:
<br /> Proceedings. E� any proceeding in condernnation is fied, Trustor shall prompt�y notifiy Lender in writing, and
<br /> Trustor shall promp�ty take such steps aS may bs necessary�o defend the actian and ❑btain the award. Trus�or
<br /> may be the nomina[party in such prvc�e��ng, bu�Lender sha��be entit[ed�o participate in�he pro�eeding and�o be
<br /> represented in the p�oceeding by counsel of its �wn chaic:�, and Tnastor will de�i�er a�r cause t� be de�i�e�ed t�
<br /> Lender such ins�rum��rts and do�umentatian as may be requesteci by Lender from tir�e to �ir�-�e t� perm�� such
<br /> parkicipatior�.
<br /> Applica�ion of Net Proceeds. If all or any part of the Property is condemned b�eminent dvmain proceedings or by
<br /> any pro�eeding or purchase in li�u of condemnation,Lende�may at�ts election requi�e that a11 or any partion o�the
<br /> net prooeeds o�the award be applied to the �ndebtedness or the repaEr�� res�aration of the Praperty. The net
<br /> proceeds o�the award sha11 mean the award afte�payrnen�v�al! reasonable casts, expenses, and attQrneys'fees
<br /> in�urred by Trustee or Lender in�onnee�ion wi�h�he candernnation.
<br /> IMP�S�TI�N �F TAXES, FEES AN❑ GHARGE� BV��VERNMENTAL AUTH�RITIES. The follawing prov�sions rela��ng
<br /> ta go�ernmental taxes,�ees and charges are a par�of this De�d of Trust:
<br /> Gurrent Taxes, Fees and Charges. lJpon request by L�nder, Tr�us�ar shall execu�e such documents in addition ta
<br /> this Deed vf Trus�and�ake whatever Qther action is rec�ues�ed by Lend�r to perfect and con�inue L.ender's�ien on
<br /> the Real Praperty. Trustor sha�f reirnburse Lender far a[1_ ta�ces, as des�ribed be[aw, �og��her wi�h al� expenses
<br /> incurred �n recording, perfecting ar cantinuing this Deed of Trusfi, including withaut limitatian alI �axes, fees,
<br /> da�umenta�-y starnp$,and other charges for recording or registering th�s Deed❑f Trust.
<br /> 'Ta�ces. Th�folla�v�ng shall constitut� taxes t❑ whiGh this s�c�ian applies: ��} a specific tax upon thi� typ� o�
<br /> �eed of Trust or upan all or any par�❑f th� �ndebtedness s�cured by this ❑eed af Trust; �Z} a s�eci�ic tax on
<br /> Bor�-ower which Borrower is auth�rized ar required tv d�duct fram payments on the �ndeh�edness secured by this
<br /> type af Deed of Trust; {3} a tax on�his type o�F f�eed vf T�-usi�chargeable against the Lend�r ar the holder of the
<br /> Note, and ��} a specific tax vn all or any portion of the lnd�b�edness ❑r an pa}�ments of principa� and interest
<br /> made hy Bvrrower.
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