|
2� 15�7457
<br /> DEEa �F TRUST
<br /> {��n#inue�l� �age 3
<br /> I
<br /> I
<br /> co�erag$ am�unts �s Lender may rsqu�st with Trustee and Lender being n�med as additi�nal insur�ds in such
<br /> li�bility insurance palici�s. Additionafiy, Trusto� sh�ll ma�intain such other insuran��, includin� bu# not lin�ited to
<br /> haz�rd. busine�s interruption, and b�ilsr insur�nc�, as L�nder m�y �e�son�bly require. Policies shall be written in
<br /> form. �rnaun�s� c�u�r�g�s and k�asis reasonab�y acceptable ta Lender and issued by a cornpany or campanies
<br /> reasonably ac�ept�ble ta L�nder. Trustar, upan requeat a�i Lender, wil� deli�er to L�naler fr�rri time to time the
<br /> palici�s ar certificate� of insur�nce �n f�rm satisfactory to Lender� including stipulations #hat c4v�rages will not be 1
<br /> G�ncelled a�diminish�d without�t least thirty �3�} days prior wr�tten natice ta L�n�ier. Each insurance policy alsa '
<br /> shall include an end�rsement pr��iding that�aWerage in fa�ur of Lender will not�e imp�ir�d in an�w�y by any act,
<br /> amission ar default �f Trustar ar any other per��n. Shauld the Real Praperty be lacated in an area designated �y
<br /> the Admin�strato�af the Federaf Emergen�y Managem�nt�gen�y as a speci�l ftaod h�zard are��TrUstar agr�es ta
<br /> ob�ain an� m�intain Federal �laod Insur�nce, if avai��ble, for thQ fUll unpaid prin�ipal balance of the loan a�� $ny
<br /> prior liens an the pr�perty securing the l�an, up to the rnaximum palicy limits s�t under th� National Flood
<br /> Insur�n��Prograr�n,ar as otherwis�require�by Lender, snd#�maint�in such�nsurance for#he t�rm af the I�sn. i
<br /> �
<br /> Applicatian of Pro�eed�. Tru�t�r shall pramptly natify Lendar af an� Ivss ar dama�e to the Rroperty. Lendsr may �
<br /> m�ks pr��# of lass if Trus�ar #�ils t� do so within fift�en R 15f days v# the �asualty. 1Nhethef �r not L�nder's
<br /> security is imp�ir$d, L�nder may. at Lend�r's electi�n, recei�e �nd ret�in the praceeds�f any insuranc�snd�pp�y
<br /> the pr�ceeds t� the reduction of th� Indeb#edne�s� paym�nt af any lien �ffecting th� Praperty� ar the re�taration
<br /> and repair at the Property. If Lender elec#s t� app�y th� prQc�eds to rest�ration a�nd repair� Trustor shall repair or
<br /> repiace the damaaed ar �estrayed Impro�ements in � manner s�tisfactory t� Lender. L�nder sha11� upon
<br /> s�tisfact�ry praQf Qf such expenditur�, pay 4r reimbur�� Trustor from the pro�eeds far the reasonable cast of ;
<br /> repair or restora#i�n if Trustor is not in def�uEt under this Deed af Trust. Any pro�ee�s which haW� not been ;
<br /> di�bursed within 18� days Sf#�r th�ir re��ipt and which Lender has not commit�ed ta the repair or rest�ration �f
<br /> the Rrap�rty shall be used first to ��y any �mount owing ta Lender under this Deed of Trust� then to pay a�cru�d
<br /> inxerest� and the rsmainder, if any, shall b$ appltsd #o the princip�l balanG� of the In�ebt�dness. If Lender halds .
<br /> any pra�ssds �fter paymen� in full of the Indebtedn�s�, such proGeeds shall bs paid ta Trust�r as Trustar's
<br /> interests m�y appe�r.
<br /> Trustor`� Report an Insuranca. U�on request�f Lsrrd�r, haweuer not more than on�e a ysar, Trustor shsll furnish
<br /> to Lender � report orr each existing policy Qi insura�nce showing: ��j the name of #he insurer; {2} th� risks
<br /> insured; �3f #he amount of the p�licy; t4f the prap�rty insured, the then current repl���ment vaiUe af such ;
<br /> p�operty, and the msn�er af d�termin�ng that�a1ue; and {5} the expiration dat�af the pQEic�. Trus�or sha�l, up�n ,
<br /> reque�t o#L�nder� haWe an ind�p�ndent sppraiser sstE�factory to Lend�r determine the ca�h value r�pl�cement cost �
<br /> �f the Property.
<br /> TAX AND I�►lSURANCE RESERVES. Subja�t to any limit��ians and car�sistent with any requ�remen�s set by appli�ahle
<br /> iaw, Lender may r��u�re Trusta� ta maintain with Lender r�ser�es for paymen# a# annual taxes� as��s�ments, �nd
<br /> insuranGe premiums, which reserWes sh�ll b� ��eated by an initi�l dep��it and �uasequent monthly payments, ar
<br /> payments�t such other inter�►al as payments under the N�t� may b�due, of a sum estimated h� Lend�r to be su�ficient
<br /> #v pay the tatal annu�l tax�s, assessments, a�nd insurance premium� Lender reas�nably an#icipates t� t�e paid from
<br /> the�e ressrves. The reser�e furrds sF�sil tae held by Lender as a g�neral deposix from Trusta�, wh�ch Lender may satisfy �
<br /> by p�yrnent �f the #axes, as��s�ments, and insuranc� premiums required ta be pa�d by Tr�stor as they a�come due.
<br /> L$nder shal� have th� right ta draw upan th� resen►e #unds to pay such items. ar�d Lend�r shall not be required to
<br /> deterrnin$ the vali�Ety or accuracy af any item bef�r� paying it. Nothing in the Deed a� Trust shal! be construed as
<br /> requiring Lender to advancs o�h$r monies far su�h purposes, an� Lender$hall nat incu�any liability for�nything it may
<br /> do or omrt t� do with respec� to the res�rve account. Subj�ct to any limitations set�y �pplicabie �aw, if the reserve
<br /> funds disclos� a shar�age �r deficiency, Trusto� shal� ps� suCh shar�a�e or deficiency as required ay Lend�r. �il
<br /> �maunts in ths rsser�e�ccaunt�re hereby p�edgsd ta#urther secure the Indebtedness, and L�n�er is h�reby�utharEz��
<br /> to withdraw and epply sUch amoun#s an th�In�eb#sdness upan the�ccurrence of�n Event of Default. Lender shall nat
<br /> be required t4 pay �ny ir�terest �r sarnings �n the res�rue iunds unl�ss r�quired by law or agreed ta hy Lender in
<br /> writing. Lender does not hold the reserv$ fUn�s in trust for Tru�t�r� and Lendar is nat Trust�r's agent fQr payment o# :
<br /> th�taxes and a�se�sments requir�d to he paid by Trust�r. �
<br /> LENDER'S EXPENDITUF�ES. If any action or pro��eding is commsnced that wauld materially affec�L�nder'� interest in �
<br /> the Rroperty or Ef Trustor fails ta c�mply with �r�y pro�ision af this �eed of Trust ar any Related D�cumer►ts, in�luding i
<br /> bu� not limited to Trus�or's failure t� discharge ar p�y when due any amaunt�Trustar is r�qUire� to discha�ge or pay �
<br /> under thia aeed of Trust or any Related Documen�s. Len�er�n Trustor's behalf m�y tbut shall not!�ahligated to� take �
<br /> any actian xhat Lender d��ms apprapriate. includin� but nflt limited ta discharging ar payir�g �II ta�€es, li�ns, security �
<br /> ;
<br /> inte�est$,encumbranc�s and other cl�ims, at any time le�ied or placed�n the Property and paying�I!�osts for insuring� �
<br /> maintaining and pr�servin� �he Property. Ali su�h expenditures incurred or p�id by Lender fvr such pur�oses wil#then
<br /> bear�n�erest at the ra�e charged ur�der th� N�te frQm the date in�urred or paid by Lender to the�a�e af repa�ymen# by
<br /> Trustar. All such �xpenses will become a part �f the lndebtedne�s and, �t Lender's vptiQn, will {Ay be p�yable on �
<br /> demand; �B� be ad�#ed �o th� bal��Ge af th� Nate and b� apporti�ried �mong and �� payabl� with �n� instailm�nt �
<br /> paymsnts ta become due durtng eith�r �1 f the t�rm af any appl�c�bEe insurancs policy; �r {2� the �emaining t�rm af '
<br /> the Note; �r �G} be tr�a�ed as a la�lloan paymen�wh�ch wil! be tlue and payable at the Note's ms#urity. The Deed of
<br /> Trust also will secur� payment af these arn�unts. Su�h right shail be in addition ta all other rights and remedies to
<br /> which Lender may be enti��ed up�n Default.
<br /> WARRANTY; QEFENSE�F TITLE. The fa�lowing pro�isions relating to own��ship o�the P�operty ar�a part of this Dsed
<br /> �f Trust:
<br /> Title. Trustar warrants that: tay Trustor hol�s gaQd and marketahle title of rec�rd to �he Praperty in fe$ simple�
<br /> fr�e and clgar of al� liens �nd encumbrances �ther �hsn th��e set �orth in th� Real Property description or in �ny
<br /> title insurance palicy, title repo�t, or final titl� opinian issued in favor a#, and ecc�pted by� Lender in connectivn
<br /> with this Deed of Trust� and �bf Trustor has th�full ri�ht, p�wer,and authority tv execute a�nd deliver this Desd of
<br /> Trus�to Lend�r.
<br /> Q�f�nse v#Tit�e. Suhject #o the ex��ptian in the paragraph abowe. Trus#or warr�nts and will foreuer de�end the
<br /> title to the Property against ths �awful �laims of all p�rsans. In the e�ent any sctifln or proc�e�ing �s commenced
<br /> th�t question�T�usto�'s title�r tFr�interest of Trustee ar Lender under this Deed af Trust.Trustor shall d�fand the
<br /> a�tion at Tru�tar's expense. Trustor may be th� nomina� part�in such pracee�iin�� �ut Lender shall he entitled t4
<br /> participate in th� pro���dirrg Snd t� be repr�sen#ed in the proceeding ay couns�i of L�nder's own choic�, and
<br /> Trustor wi11 deliver, ar cause to be d�li��red. tQ Lender�uch ins#ruments as Lsnder ma�y requ�st fram time to tim�
<br /> to p�rmit such pertiCip��tion.
<br /> ��rnpiianGe Wi#h Laws. Trustar w�rrants that th$ Property and Trustor's us� of #he Property comQlies with �II
<br /> �xist�ng applicable laws,ordtnance�,and regu�a#ions�f g�vernrnental authariti�s.
<br /> Sur►�iv�l of Repres�nt�tions snd Warr�ias. AI� representati�ns. warran#ies� and agreements made by Trustor in
<br /> this Qeed af Trust shall survi��the ex�cution and d�ii�ery of this De$d�f Trust, $hal� be cantinu�ng in nature, �nd
<br /> shall rema�n in full f�r�e an�l effect until such time��T�ustar's Indebte�ness sh�li�e paid in full.
<br /> CQNflEMNATi�N. The fallowing pr��isions rel�ting to candemna#ion pr��eedings ar�a part of this Deed of Trust:
<br /> Proceedjrr�s. If any pracseding in condemna#E�n is filed, Trustor shalf promptly notify Lender �n writirrg. and
<br /> Trustflr shal� pramp�l� taks such steps �s ma�y be necessary tQ defen� the a�tian and obt�in the aw�r�l. Trustor
<br />
|