|
2� 15�79��
<br /> DEE�] DF TRVS�T
<br /> ���Cltinued� Page 3
<br /> Maintenan�e of insuranGe. Trus�nr shai� procure and maintain pali�ies ❑f f re insurance with standard ex�ended
<br /> cv�erage endarsements an a �Fair �alue basis for the full insurah[e �alue cvver�ng aEl �mpravements an the Rea[
<br /> Property in an amount sufficie nt to a�oid app�ication a� any cosnsurar�ce �lause, and w sth a standard rnartgagee
<br /> clause in fa�or of Lender. Trustor shall als�procure and maintaEn comprehens��e general liabi�i�y insurance in such
<br /> Gv�erage amnunts as Lender may request wifh T�-us�ee and Lend�r bein� named as additiona[ insureds in such
<br /> liability insuranGe policies. Additivna�ly, Trustvr shall ma�ntain �uch other �nsurance, including bu� no� limited ��
<br /> hazard, business interr�ption, and boifer insurance, as Lender may reasvnably requ�re. Palicies shall he written in
<br /> form, amaunts, cv�era�es and basis reasanably a�ceptable to Lender and issu�� by a campany or c�mpanies
<br /> reasonably a�ceptab[e �v Lend�r. Trustar, upon request af Lende�, ►nrill de�i�er tn Lend�r fr�m tim� to time fihe
<br /> poli�ies ar certificates ❑f insuranGe in farm sa#�sfa��ory�v Lender, inciuding stipu�ations�hat cv�erages wi�l nvt be
<br /> cancelled vr dfmin�shed withaut at least th3rry �3�3} days�rior written no���e to Le�der. Each insurance poiicy also
<br /> shall include an endarsemen#pro�iding that�o�erage in�a�ar Qf Lender wil� nat be impaired in any way by any ac�,
<br /> omission ar default of Trust�r ar any other person. S��uld the Real Proper�y be located in an area desEgnated hy
<br /> the Administra�ar o�the Federal Emerg�ncy Manager�ent Agency as a special ffood hazar�!area, Trustvr agrees tv
<br /> abtain and maintain Federa� Flaod �nsuran�e, if a�ailable, for�he �ull unpaid prin�ipal ba�ance of the �oan and any
<br /> prior liens on the praperty securing the Ioan, up �Q the maximum palic� l�mi�s set under the Nativnal Flood
<br /> Insuranc�Program,or as��herw�se required by Lender,and to maintain su�h �nsurance for the term ofi the loan.
<br /> Appl�cation af Rroceeds. Trustor�ha�l promptly nvti�y Lender af any lass or damage fa the Property. Lender may
<br /> make praof of lass if Trustor fails tv do so w€thin fifr�en �15� days a� the �asualty. V1lhe�her❑r not Lender's
<br /> securi�y is impaired, Lender may, at Lender`s electivn, recei�e and retain the pro�eeds of any insuran�e and apply
<br /> �he proceeds�o the reductivn ofi the Indeb�edness, paymen�of any �ien af�ec�ing the Prvper�y, ar the restoratian
<br /> and r�pair af th� Proper[y. If Lender elec�s fa apply�he prviceeds to restara�ivn and repair, Trus�or sha�1 repai�or
<br /> replace the damaged or des�royed improvemen�s in a manner satis�ractary to L�nder. Lende�- shall, upan
<br /> satis�actor-� praaf o� such expendi�ure, pay nr reimburse Trus�ar �rom the �rviceeds far �he reasflnable cost ❑�
<br /> repair or res�ara�fon if Tru�tor is not in default under this Deed of Trust. Any proceeds which have not been
<br /> disbursed vu��hin 18a days afte��hei�- receipt and which Lender has nat cammitte� ta the repair❑r res�ara�ivn of
<br /> the Prvperty shall be used first to pay any amount❑wing to Lender under this Deed�f Trust,then ta pay accn.red
<br /> interest, and the remainder, E€ any, sha�! be applied tv th� principal ba�ance af the inde��edness. If Lender halds
<br /> any praceeds after paymen� in full flf #he Indebtedness, sueh p��ceeds shaff be paid �a T:-ustvr as Trustar's
<br /> interesfis ma�appear.
<br /> Trustvr's Report on fnsuranGe. Upon reques�of Lender, h�we�er no� m��e�han ance�year, Trustor sha�i furnish
<br /> �a Lender a report on each existing poficy vf insurance �howing: �'i} the name of the insurer; t2} th� risks
<br /> insured; t3} the amvunt of the policy; �4} the pr�p�r�y insured, the then current rep�a�ernent �alue ❑f such
<br /> pr�pe�ty, and�he rnanner Qf determining that value; and �5} the exp�ratifln date vf the poli�y. Trus���shaff, upan
<br /> request af�.ender, have an tndepend�nt appraFser satisfa�tory to Lender de�ermine the cash�alue replacement cost
<br /> �f the Property.
<br /> LENDER'S EXPEND�T�RE5, If�ny ac#ian or Rroc�eding is cammenced�hat would ma�erially af�ec�Lender's interest�n
<br /> the Praperty o�if Trus�ar�aifs t� camply w�th any pravision of this Deed of Trus�o�any Related Qocuments, including
<br /> but na� limi�ed to Trus�or's failure#a dischar�e or pay when due any amaunts Trustvr is r�quired t� discharge ar pay
<br /> under this Deed vf Trust or any Related�ocuments, Lender an T�us��r's behalf may(but sha[E no�be ob�iga#ed t���ake
<br /> any actzon tha� Lender deems appropriate, incl�d�ng but na� limited to dis�ha�ging or p�ying ali taxes, liens, secur��y
<br /> interests, encumhrances and vther claims,at any�ime le�rie�or placed on the Property and paying atl casts for insuring,
<br /> mainfiaining and preserving the Properky. AII such expenditures incumed ar paid by Lender for such purpases wil( then
<br /> bear interes�at#he rate charge� under�he Note�rom the da�e incurred ar paid by Lende�to#he date of repaymen# by
<br /> Trustar. Ai� such expenses wi�l hecome a part v��he Indebtedness and, at L�nder's vption, will �A} be payab��on
<br /> demand; �B} be added �o the ha�anae of fhe Note and be apportianed among and be payable wi�h any ins�aflment
<br /> payments to became due during eifihe� �'I} the term of any applicable insurance policy; or ��} the remaining t�rrn o�
<br /> the Note; ar (C} be treated as a ba[l�on payment whi�h will be due and payab�e at�h� Note'�maturity. The D�eed vf
<br /> Trust aiso wi I! secure payment of these amaun#s. Such ri�ht shall ae in additian t� all o�her ri�h�s and remed�e�to
<br /> which Lende�may be enti�led upon L�efaulf.
<br /> WARRANT�; DEFENSE DF TITLE. The fallawing pro�isions relating to ownership❑f�he Prope�ty are a part of this Deed
<br /> of Trust:
<br /> Title. Trus�or warrants that: �a}Trustor ho�ds gavd and marke�a�le t��le n�F re�ord t❑ the Property in fee simple,
<br /> free and �lear of all liens and encumbrances other�han thas� set fa�th in the Real Prop�rty description ❑r in any
<br /> title �nsurance policy, �i�f� repark, vr final title op3nion issued in favo�- ❑�, and a�cepte� by, Lender in cannec�ivn
<br /> with �his❑eed❑f Trust, and �b}Tn..�stor has the fui� ri�ht, pawer, and authority�� execute and deli�er�his Deed a�
<br /> Trust tv L�nder.
<br /> Defense of Title. Subje�t t❑ the �x�eption in the paragraph abo�e, Trusto�warrants and wifl fiare�er �efend the
<br /> tit#� to�he Propert}r against the lawful claims af al� pe�sans. �n the event any actian vr proceeding is �ommenced
<br /> tnat que�tions Trustor's titfe or�he interest of Trustee or Lender under this Deed vfi Trust, Trustor shall defend th�
<br /> action at Trusta�'s expense. Trustar may be the nornina� pa�y in such proceeding, but Lender shall be entitled to
<br /> part�cipate in the proceeding and to be represented in tne praceeding hy counse[ �f Lender's own choice, and
<br /> Trus�ar wil� d��iver, ar cause to be delivered,to Lender such ins�ruments as Lender may request fram time to t�rne
<br /> to permit such parti�ipativn.
<br /> �omp�iance 1Nith Laws. Trustar warrants that the Propei-ty and Trustar's use of the Proper�y camplies wi�h all
<br /> existing applicabfe laws,ardinances,and regulatians a�governmental authvrities.
<br /> Survi�al af Representatians and Warranfies. A11 representations, warr�an�ies, and agreements made by Trustvr in
<br /> this Deed❑€Trust shall sunrive the exeGutivn and del���ry of this�ed❑f Trus�, sha�f be con��nuing in nature, and
<br /> shall remain�n�ull force and eff�c�un�il such tim�as Bvrrawer's lndebtedness shall be paid in fulf.
<br /> �ONOE�IrINATI�N. The fa��awing pravisions re�a�ing�❑ candemna�ion proceedings are a part o'�this Deed af Trust:
<br /> Pr�ce�dings. I� any proceeding in condemn�tEon is filed, Trustor shall p�omptly n�tify Lender in writing, and
<br /> Trustor shall pramp�(y take such steps as may be neaessary ta defend�he action and o�tain'�he award. Trus�or
<br /> may be the n�mEna�party in such pr�ceeding, bu�Lender shall be entitled to participate in the proceeding and to be
<br /> represented i n the pmc�edi ng by counsel vf its own choi�e, and T�-ustor wi I I del i�er or cause to be del iv�red ta
<br /> Lender su�h ins�ruments and documentation as may be requeste� by Lender from �ime �o time tv p�rmit such
<br /> participatian.
<br /> Application of Net Pro�eeds. lf all ar any part of the Prvperky is condemnsd by eminen�damain praceedings o�by
<br /> any p�-oreeding or pu�chase in lieu of candemnatian, Lender may at its ele�tion require that afl or any portion of the
<br /> ne� pr�ceeds of the award be applied ta �he lndehtedness ar the repair�r restvrativn vf the Proper�y. The ne�
<br /> p�ooeeds af the award shall mean the award after�ayment v�all reasvnable cvs�s, expenses, and attorneys'fees
<br /> �ncurred 1oy Trust��or L�nder in eonnectivn with�he cvndemna�ion.
<br /> 1lVIPaSIT14N �F TA�CES, FEES�ND CHAi��ES BY GDVIERNMENTAL AE�TH�R1TtE5. Th� f�ll�wing provisians relat�ng
<br /> ta gov�rnmentaF taxes,f�es and charges are a par�af this Deed o�Trust:
<br /> Currenfi Taxes, Fees and Charges. Upon request hy Lender, Trustar shall execute such dacuments in add��ion to
<br />
|