|
2� 15�8�9�
<br /> []EED C]F TRUaT
<br /> �Gontirtu�d� Page 3
<br /> the maximum po[i�y fimits se�under the Na�ional Ffaad lnsurance Pr�gram, ar as o�herwise required by L�nd�r, and
<br /> to maintain su�h insuranGe fic�r�he term of th� l�an.
<br /> Applicattan of ProGeeds. Trustcar shall promptly notify Lender of any �oss or damags tQ th� Prop�rty i� the
<br /> estimated cos�af repair or replacemen�exGeeds $1,�OQ.�D. L�nd�r may make proaf af [vss i�Trus�ar fails to do
<br /> so within fifteen ���� days of th� casualty. Whether or not Lender's seGurity is impaire�, Lender may, at Lender's
<br /> etection, receiW� and re�ain the prv�eeds nf any insurance and apply the pra�e�ds tv th� reductian o� the
<br /> lndeb�edn�s�, p�yment of any li�n affecting the Prop�rty, ar the rest�sration and r�pair of the Property, I�F Lender
<br /> elects t� appiy the prc�ceeds to r�st�ratian and repair, Trustar shall repair or repiace the damaged or d�strvyed
<br /> Impravemen�s in a manner sa�Cisfactary to Lender. Lender shall, upon satisfactvey proo�of such expendi�ure, pay
<br /> or reimburse Trustar frorn �he pr�ceeds for the reasonable cost of repair or r�storatian if Trus�vr is nat in default
<br /> under this Deed ❑f Trus'�. Any pro�e�ds vvhi�h haW� n�t b�en disburs�d w�thin 18� days after their receipt and
<br /> which Lender has nc�t �ommit�ed tv the repair or restoration ❑f�he Proper�y shall be used f�rst tv pay any amount
<br /> owing to Lender under this Deed af Trus�, ther�to pay accrued in�er�st, and the remainder, €f any, shail be applied
<br /> to �Che prir�cipal balance of the Indebtedness. If Lender holds any prviceeds aft�r payment in �ull vf th�
<br /> indebtedr�ess, such pro�eeds shail be paid ta Trustor as Trustor`s in�erests may appear.
<br /> LENDER'S EXPEND�TURES. !f �"rustvr fai�s �A} �a keep the Pr�perty fr�e v� all ��xes, �iens, se�urity interests,
<br /> encumbranCes, and other ciairns, �By ta pr�vEde any requ�r�d insurance an�he Prop�rty, �r �C� tc�make repa�rs ta�he
<br /> Property then Lender may dQ so. lf any a�tion or proce�ding �s �ommenced that would materia!!y a�f�ct Lender's
<br /> in�erests in the Prvp�rty, �hen Lender on Trustar's behalf may, �u� is nvt required ta, tak� any actian that Lender
<br /> b�iie�es ta b� appropriate to pra�ect Lender"s interests, All expenses in�urred �r paid by Lender�or such purposes will
<br /> then bear interes�a��he rate charged under�he Credit Agreement fram �he date in�urred ar paid by Lender to the date
<br /> of repaym�nt by Trustvr, All such expenses will become a part af the indebtedness and, at Lender's ❑ptivn, uvill �A}
<br /> �� payable on d�mand; �B� be added t❑ the �a�an�e of the Credit Agr�ement and b� appvrtioned amvn� and b�
<br /> payable with any installment payment��� becvme du� during either {1} �he te�m of any applicabl� insurance policy; or
<br /> �2y the remaining�erm o�the Credi�Agreernent; ar tC� be treated as a bal�von payment which�vill �e du� and payabfe
<br /> at the Crer�it Agreement's maturity. The Qeed�f Trust also vui��secure payment af these amounts. The rights pra�ided
<br /> �Qr in this paragraph shall be in addi�ian t❑any�ther rights�r any remedi�s to which Lender may he entitled on a�cvunt
<br /> a� any defaul�t. Any such ac�ion by Lender shall n�� be construed as curing the default sv as to bar Lend�r from any
<br /> remedy that i�a�herwise wauld h��e had.
<br /> VIIARRANTY; DEF�N�E QF TITLE. �The faffowing pro�isians re�ating to awnership a�the F'roperty are a par�❑f�his ❑�ed
<br /> of Trust:
<br /> Title. Trustor warrants tha�: ta� Trus�or hvlds gaod ar�d marketa�fe titl� af rec�rd to the �raperty in fee simple,
<br /> free and clear of all liens and en�umbranGes v�her �han those set fQrth in the Real Property d�s�rip�ivn ar in any
<br /> title insu�ance paii�y, title repart, �r �inal title opinian issued in fa�or ❑f, and ac�epted hy, Lender in connectian
<br /> with thi� Deed a�Trust, and �b} Trustor has the ful! riyh�k, power, and authority to e�e�ute and del���r this Deed��
<br /> Trust ta Lender.
<br /> Defense o�Tifile. 5ubject to th� exc�ption in the para�raph abv�e, Trustar warrants and wil[ for��er defend �he
<br /> title tv th� Prop�rty against�he lav+rfuE ciaims of a�� persons. ln �he e��nt any action or proceeding is �ammen�ed
<br /> �hat questions Trustvr's title or the in#�re�t a�T�ustee ar Lend�� under this De�d af Trust, Trustor shall defenal the
<br /> action at Trustor's expense. Trus�or may be �he norninal party in su�h prviceeding, bu� Lender sha�f be �ntitled to
<br /> participate in the prac�eding and tv be represented in the proceeding �ay counse� ❑� Lender's awn chai�e, and
<br /> Trustor will del�ver, ❑r cause rc� �e deii�ered, ta Lender such in�truments as Lender may request�frvm time to time
<br /> to permit su�h participativn.
<br /> Cvmpliance 1Nith Laws. Trustor warrants that the Property and Trustor's use ❑f the Property cvmplies with all
<br /> �xistin�a�pli�able laws, ord�n�nces, and regulations af go�ernm�nt�l �uthQrities.
<br /> Sur�i�a! af Pramises. A!1 promises, agr�ements, and statements Trustor has mad� in thl5 Deed vf Trust shal�
<br /> sur�i�e the execution and deli�ery of this Deed of Trust, shai! be cQntinuing in nature and shall �-emain in �u(f fvr�e
<br /> and ef�ect until such#ime as Trustor's ind�btedn�ss is paid in fuf�.
<br /> C(3NDEMNATIC�N. The follvwing����isions relating to cvndemnation proceEdings�re a part nf this Qeed af Trust:
<br /> Praceedings. if any prace�ding in �ondemnation is filed, Trustvr sha�l pr�mptly notify Lender in writing, and
<br /> Trustar shall promptly take su�h steps as may be necessary t� d��end the actian and ab�ain the award, Trustor
<br /> may ��the naminal par�y in such proceeding, aut Lender shall be entitled to partieipate in the p�roGeeding and to be
<br /> represen�ed in �he prviceeding by �ounsel o# its �wn Ch�IC�, and Trustor will de�i�er �r �ause to I�e deli�e�ed tn
<br /> Lender su�h insxrumen�s and d�Gurnentation as may be requested by Lender frvm time tv �ime ta p�rmit such
<br /> parti�ipa�ion.
<br /> Applicati�an af Net Prviceeds. ��a11 or any par�o�F the Prvperty is cor�demned by eminent domain proc�edings ❑r by
<br /> any prnceeding vr purGhase in �ieu a�cond�mnatian, L�nder may a�its election requir�th�t all or any pQrtivn af the
<br /> ne� pr�c��ds o# �kh� award be applied to the lr�debt�dness vr th� repair or res�ora�ion vf the Prap�rty. Th� net
<br /> prv�eeds of the award shall mean the award after pa�men�ot all reasonable casts, expenses, and att�rneys' fees
<br /> in�urred by Trustee ar Lender in eonnection wi�h the condemnativn.
<br /> �M�'�SITIQN �]F TA�ES, FEES AND CHARGES QY GUVERNMENTAL AUTH�f�IT�ES. The f�llvwing p�v�is�ans reiating
<br /> tv�o�ernmenta!fia�es, �ees and chargeS are a part o�this De�d of Trust:
<br /> �urrent Taxes, Fees and Charges. Upon request hy Lender, Trustor shall execute such documents �n addi�ion to
<br /> �his Deed ��Trust and take whate�er Qther a�tion is requested by Lender to perfec�C and continue Lender's lien vn
<br /> the Re�i Prvperty. Trustvr shaff reimbu�se Lender for al� taxes, as descr�bed belQw, together with a�i expenses
<br /> �ncurred in recording, perfeG�ing or cantinuing this ❑eed of Trust, in��uding withau� fim�tation al� �axes, #ees,
<br /> docum�ntary stamps, and other�harges far recarding vr registering this Deed v�Trust.
<br /> Taxes. The follaw'sng sha!! c�nstitute taxes to which this section appiies: t�f a specific �ax upa�n this type of
<br /> Deed vf Trus�C ar upon all ar �ny part of the Indehredness se�ured �y �his Deed ❑� Trust; ��} a sp�ci�ic tax on
<br /> Trustar which Trus�or is au�hariz�d or required to deduct from payments on the lndebtedness se�ured by this type
<br /> a�Deed a�F Trust� �3} a tax❑n xh�s type of Deed vf Trust chargea�le against the Lender or the hold�r of�he �redi�k
<br /> Agreem�nt; and 44� a specific tax on all ❑� any part�on af the �ndeb�edness or an payments o� princi�al and
<br /> interest made by Trustor.
<br /> Subse�uent Ta�ces. If any tax �❑ which this se��ian app�ies is �na�t��i subsequent �❑ the date a� this C�eed of
<br /> T�ust, this event shall ha�� the same eff�ct as an E�ent of ❑e�Fault, and Lender may exercise any ar all ❑f its
<br /> a�ailable remedies for an ��ent �� Default as pro�ided below ur�l�ss T�ustor e�ther ��} pays �he �ax b�for� it
<br /> be�vmes delinquent, or ��f contes�s�he�ax as pro�ided ab��e in th� Taxes �nd Liens se�tian and dep�sits with
<br /> Lender cash nr a su�ficient corpora�e surety band or other secur�ty satisfactory tQ Lender.
<br /> SE�LIRITY AGREEMENT; FINANG�NG STATEiVfENTS. The follawing pro�isi�ns relating tv this aeed vf Trust as a
<br /> security agreement are a part vf this Qeed�#Trust:
<br /> Security A�reemen#. This �nstrument sha�I constitute a Secu�ity Agreement t❑ the extent any of the Property
<br /> cons�itutes fixtures, and Lender shall ha�e afl of the rights o� a secur�d party under the Unifo�m Cvmmer�Eal Code
<br /> as amended fr�m time to time.
<br />
|