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2� 15�7�8�
<br /> DEED �F TRLJ�T
<br /> ��otltinued� Pa�e 3
<br /> the maximum pvli�y limits set under the Nat�onal Flood Insurance Pragram, or as atherwise required by Lender, and
<br /> to maintain such insuran�e for the term af th� ioan.
<br /> Appli�a�ian o� Proceeds. Trust�r shaif pr�mptly notify Lend�r of any I�ss vr damage ta the Prop�rty if the
<br /> estimated �ost v� repair or r�pla�ement exceeds $1,��D.4�. Lender may make provf of Ivss i�T�ustor faifs �a dQ
<br /> sa within fifteen �15f days of th� casua��y. Whe�her ar not Lender's security is impaired, Lender may, at L�nder's
<br /> elec�ivn, re�ei�e and r�tain the proce�ds of any insurance and apply the proGeeds t❑ the reduct�on v� the
<br /> Ind�b�edness, payment o� any lien a��ect�n� the Praperty, or the restoration and r�pair af the Property. I� Lender
<br /> �I�c�s t❑ apply the proceeds tv restoratian and repair, Trustor shall repair or replace the damaged or destroy�d
<br /> Impr��emen�s in a manner satis#actory �o Lender. Lender shall, upon sattsfa�tory proof of such exp�nditure, pay
<br /> ❑r r�imburse Trus�ar from the praceeds for the reasonab[e cvs� af r�pair or restvratian if Trus�or is not in de�Fault
<br /> und�r �his De�d of Trust. Any prviceeds whi�h ha�e nvt been �isbursed tirvithin 18D days after their r��eipt and
<br /> which Lender has not �ommit�ed tv the repair❑r r�stvratian of#he Pr�perty shall be used first ta pay any am�unt
<br /> owin� tv Lender under this Deed vf Trust, #hen tv pay accrued interest, and the remainder, if any, shall be applied
<br /> to �h� principal balance vf the Indeb�edness. I� Lend�r holds any praceeds a�ter payment in �ull of the
<br /> 1nd�bt�dness, such praceeds shall be paid ta Trustor as Trusta�'s in�eres�s may a�pear.
<br /> �ompliance with Existing Indebtedness. During the period in whi�h any Existing Inde�tedness descrihed below is
<br /> in e#�rect, c�mpfEanG� with the insuran�e pro�isions contained in the ins�rument e�iden�ing such Existing
<br /> Ind�btedness shal! canstitute camplfance rrvith the insurance pro�isions under this �eed o� Trus�, to the extent
<br /> comp��ance with the terms �f this De�d af Trus� would e�nstitu�� a duplicatian of insuran�e requirement. lf any
<br /> proceeds fram �he insuranc� becvme payable on lass, the provisivns in this ❑eed of Trust for di�ision vfi pr�ceeds
<br /> shall app�y oniy to that porti�n o�the praceeds nat payahle�o the holder of the Existing Indehfiedness.
<br /> LENDER'S EXPENOITURES. !�F Trustvr fails �A} to keep the Property �ree af all taxes, liens, secu�ity in��r�sts,
<br /> enGumbrances, and other claims, {6} �o pro��de any required insurance on the Prop�rty, �C� to mak� r�pairs ta the
<br /> Praperty or ta camply with any a�ligat�on t❑ main�ain Existing Indebtedness in go�d standing as required helow, then
<br /> Lender may da so. If any actian or proceeding is cvmmenced that would mat�rially affect Lender's inter�sts in fih�
<br /> Property, then Lender an Trustor's behal� may, bu� is nat requir�d to, take any ac�ion that Lender belie�es to be
<br /> appropriate to protect Lender's interests. All expenses in�urred or pa�d by Lender for such purp�ses will then hear
<br /> in�eres� a� the ra�e charg�d under the Credi� Agreement frvm the dat� �ncurred or paid by Lender �a the date of
<br /> repayment hy Trus�vr. All such expenses will become a part af the lndebt�dness and, at Lender's aption, will �A} be
<br /> payable on demand; �B� be added to the balance of�he Credit Agreement and b� apportioned amang and be payable
<br /> with any instalfinen�payments to becvme due during e�th�r �1 f the t�rm�f any appEE�able insuran�e policy; ❑r ��� the
<br /> remaining term of the Credi�Agreement; vr tC) �ae treafied as a �alloon payment wh��h will be due and payable a�the
<br /> Cr�dit Agre�ment's maturity. The De�d of Trust also wil� secure payment of�h�se amvunts, The rights pro�ided �or in
<br /> this paragraph shall be �n addi�ion to a�y ather rights or ar�y reme�lies �o whteh Lender may be entitled on accourtt of
<br /> any d��ault. Any su�h action by Lender shall not be canstru�d as curing the de�ault sa as to bar Lender �rom any
<br /> remedy�ha�it otherwis�would have had.
<br /> VIFARRANTY; DEFENSE aF TITLE. The following p�a�isions r�lat�n�to awnership of the P�operty a�e a part af this ❑eed
<br /> o�Trust:
<br /> Title, Trustar warrants �hat: �a� Trust�r h�lds good and marke�able titl� �f record t❑ #he Pr�perty in fe� simple,
<br /> free and clear �f aff fien� and encumbrances ather than those set forth in the Real Prvperty description ar in the
<br /> Exis�ing indebt�dness s�ctian below or in any t�t�e insuran�e palicy, title report, or final tit�e vpinian issued in fa��r
<br /> of, and a�cepfied by, Lender in connectivn with this Deed of Trust, and �by Trustor has the full right, pvwer, and
<br /> authvrity ta execute and deli��r this De�d af Trust ta Lender.
<br /> Defense of Title. 5ubject to the exception in the paragraph abo��, Trustor warrants and will fore��r d��end the
<br /> titfe to the Property against the lawful claims o�f all persons. !n th� e�ent any action or proceeding is cammen�ed
<br /> that questions Trustor's titie or�the interest of Trus�e��r Lender under�his Deed vf Trust, Trustor sha�� de#end the
<br /> action at Trustar's expense. Yrustvr may be the naminal party in such proceeding, but Lender shall be entitled to
<br /> participa�� in the proceeding and tv be represen#ed in the proceeding by counsel vf Lender's ov�rn chvice, and
<br /> Trust�r will deli�er, or cause tv be deli�ered, t❑ Lender such instrumenfis as Lend�r may request fram �ime to time
<br /> tv permit such participa�ion.
<br /> Cvmp[�an�e Vllith Laws. Trus�or warrants that the Praperty and Trust�r's use of the Property Gomplies v►►ith all
<br /> existing applicable laws, ordin�nces, and regulatiQns�f go�ernmenta! autha�it��s.
<br /> Survirral nf Promis�s. All promises, agreements, and statements Trustor has made in �his Deed of Trus� shall
<br /> sur�i�e the executi�n and delf�ery af this Deed vf Trust, shall he �ontinuing in nature and shalf remain in full �vrce
<br /> and e��ect untif su�h time as Trustor's Indebtedness is paid in full.
<br /> EX�ST�NG 1NDEBTEDNESS. The f�[fowing pro�isions concerning Existin� Indebtedness are a part a�f this Deed af Trust:
<br /> Existing Lien. The lien of this Deed af Trus� securing the Indebt�dness may be secondary and inferior ta an
<br /> �xisting lien. Trustvr express�y cavenants and agrees to pay, �r see to the payment of, th� Existing lnd�btedness
<br /> and t❑ pre�ent any de�auit❑n �uch indebtedness, any de�fault under the instrumen�s e�idencing such indebtedness,
<br /> or any default under any security dacuments for such indebtedness.
<br /> No Modification. Trustar shall nat enter intv any agr�ement with the holder of any mortgage, de�d of trust, or
<br /> other se�urity agreem�nt which has priority o�er this Deed o�f Trust by which that agreement is modified,
<br /> amended, extended, vr renewed without the prior written consent o� L�nder. Trustor shall nei�her request nor
<br /> a�cept any fu�ture ad�ances under any such securi�y agreement withaut the priar writt�n Gonsent of Lender.
<br /> CON�EMNATI�N. The fvllowing pro�isians relating ta cvndemnati�n pr�ceedings a�e a part of this Deed v�Trust:
<br /> ProGeedings. If any prviceeding in condemna�tion is fi�ed, Trust�r shall promptly notify Lender in writing, and
<br /> Trustor shall prvmp�Cly �Cake such steps as may be necessary �o def�nd th� action and obtain the award. T�usto�
<br /> may be the nominal party in such prviceeding, but Lender shail be�ntiti�d ta parti�ipate in the proceeding and�o be
<br /> represented in the prv�eeding by cvunsel of its own cho��e, and Trustvr wiil deliver vr cause tv be deli�ered to
<br /> Lender such instruments and do�umentation as may be requested by Lender f�om time to time to permifi such
<br /> par�ticipati�n.
<br /> Applicativn vf Net Rrviceeds. I�afi ar any part a�the Prvper�y is �ondemned by eminent domain praceedings vr by
<br /> any proc��ding or purGhas� in iieu of�andemnat�on, Lender may at its election require that a!I or any portion of the
<br /> ne� prviceeds o# the award be applied to th� lndeb�edness ❑r the r�pair ar restara�ian ❑� the Property. The net
<br /> proceeds of the award shall mean #he award after payment af all reasanable costs, expenses, and attorneys' fees
<br /> in�urred by Truste�❑r Lender in connect�on with the�vndemnativn,
<br /> IMP�SITI�N aF TAXES, FEES AND CHAR�ES 6Y GaVERNMENTAL AUTH�RITIES. The fvllawing pro�isivns rela�ing
<br /> to ga�ernm�n�al taxes, fe�s and charges are a part of this Deed af Trust:
<br /> Current Taxes, Fees and Charges, Upan reques� [�y Lender, Trustor sha�f exe�ute su�h documents in addition to
<br /> this D�ed vfi Trust and �ake whate�er other action is requested by Lender to perfect and continue Lender's lien on
<br /> the Real Proper�y. Trusta� shal� reimhurse Lender far all taxes, as d�s�ribed belov►►, tvge�her with a!i expenses
<br /> incurred in recording, perfecting or continuing this ❑eed ❑f Trust, inc�uding withaut limi�a�ivn all taxes, f�es,
<br /> dQcumentary stamps, and o�her charges far recording vr registering this De�d❑�Trust.
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