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2� 1 ���349
<br /> DEED �F TRUST
<br /> ���ntlnued� Page 3
<br /> the maximum policy lim�ts set under�he Na�ional Flovd Insurance Program, Qr as o�hervvise required by Lender, and
<br /> ta maintain su�h insurance for�he term ❑f the Ioan.
<br /> Appli�atian v# Pro�eeds. Trustvr shall pr�mpt{y notify Lender vf any Ioss ar damage �o the Property if the
<br /> es�imated cast ❑f repair ❑r rep�ac�ment exceeds $1,���.�D. Lender may make proof❑fi loss if Trustvr fails to do
<br /> s� within fifteen ��5} days of the casualty. W�ether or no� L�nder's securi�y is impaired, Lender may, at Lender's
<br /> eEectian, recei�s and retain the praceeds of any insurance and apply the p�oceeds t� the reduction of the
<br /> �nd�btedness, paymen� o� any lien affecting the Property, �r the restoration and repair o�the PrQperty. If Lender
<br /> e�ects �� apply the proceeds to res�oration and repair, Trustvr shall repair vr replace the damaged ❑r destrvyed
<br /> �mpro�ements in a manner satisfacfiary ta Lender, Lender �ha�l, upon satisfa�tory proof o�f such expenditure, pay
<br /> ❑r rsimburse Trustor fram the proceeds fvr the reasonabf� c�st o� repair or restoratian if Trustar is not in defauft
<br /> under this �]eed af Trust, Any pro�eeds which ha�e not been disbursed within �8D days af�er the�r receip� and
<br /> which Lender has not �ammitted �o the repair or r�storation vf the Prvperty shall be used first to pay any amoun�
<br /> vwing to Lender under fihis Deed Q#Trust, then tv pay accrued inter�st, and the remainder, if any, shall be applied
<br /> t� the principal balance o�fi �he Indebtedness. If L�nder hvlds any prv�eeds after paym�nt in �ull ofi the
<br /> Ind�btedness, su�h prnce�ds shall he paid to Trustor as Trustor's interests may appear.
<br /> Campliance with Exist�ng indebtedness. During th� peri�d in which any Existing lndebt�dness d�scrihed below is
<br /> in e#fect, comp��anc� with the insurance pro��sions �vntained in the instrument e��den�ing such Exis�ing
<br /> Indebtedness shall constitute compliance with the insurance pro�isions under �hiS ❑e�d a� Trust, to �he �xtent
<br /> G�mpliance with �he t�rms of this D�ed of Trust would canstitute a dupli�ation vf insurance requirement. If any
<br /> praceeds from the insurance become payable ❑n [vss, the prvvisions in �his Deed af Trust for di�isivn of proce�ds
<br /> sha�i apply only ta�hat port�vn��the proceeds no�payable�o�he holder o#�he Existing Indebtedness.
<br /> LENDER'S EXPENDITURES. If Trustvr fails tA) tv keep �he Property �ree �f all t8?C�Sr liens, se�urity int�rests,
<br /> en�umbranc�s, and ❑ther claims, �By tv pravide any requ�red insurance on the Property, ��� ta make repairs t� the
<br /> Praperty ❑r �a �omply with any abligation to maintain Existin� Indebtedness in g�ad standing as required helow, then
<br /> Lender may dv so. ff any activn or pro�eeding is cflmmenced that would materially a�f�ct Lender's interests in the
<br /> Property, then Lender on Trustor's behal# may, but is not required to, fiake any activn fihat Lender belie�es �a �ae
<br /> appropriate to prote�t Lender's inte�ests. All �xpenses incurred �r paid t�y Lender fvr su�h purposes will then hear
<br /> interest at the rate �harged under the Credit Agreement firom the date in�urred or paid by Lender to the date of
<br /> repayment by Trustor. �II such �xpenses v+rill hecome a part of the lnd�btedness and, at Lender's ❑ption, wi�i �A} be
<br /> �aya�le on d�mand; �B} �e add�d t❑ the �a�ance af the �redit Ag�eement and be appartianed among and be payable
<br /> with any installment paymen�s ta become du�during either �1� the term af any applicable insurance policy; or ��� th�
<br /> remaining term �f�he �redit Agreem�nt; vr �C� be �reated as a ballovn payment which wi!! be due and payahle at the
<br /> Credit Agreement's maturity. The Deed �f Trust also ►►vill secure payment of these amounts. Th� r�gh�ts pro�ided for in
<br /> this para�raph shall be in addi��on to any oth�r rights or any remedies to which Lender may be entitied ❑n accaunt of
<br /> any de�ault. Any su�h acti�n by Lender shall not be construed as cur�ng �he default so as to ba� Lender firom any
<br /> remedy that�t vtherwise w�uld ha�e had.
<br /> 1NARRAiVTY; DEFENS��3�TIT'LE, The following pro�isions re�ati�g ta owners�ip of the Prape�ty ar�e a part o�th�s Qeed
<br /> of Trust:
<br /> Title. Trustor warrants that: �a� Trus�vr holds goad and marketable ti�le ❑f �ecord �o the Prop�rty in fee simple,
<br /> free and clear vf all liens and encumbrances other than those s�# �vrth �n the Real Prope�-�y description or in the
<br /> Existing lndek�tedness section belvw ❑r in any t�tl� insuran�e poficy, title rep�rt, ar�inal title opinion issued in fa�o�
<br /> of, and accepted by, Lender tn connection with this De�d a�r Trust, and �by Trustor has the full r�ght, pawer, and
<br /> authority tv exe�ufie and deli�er this D��d of Trust ta Lend�r.
<br /> Defense v#T�tle. Subject t❑ the ex�eption in the paragraph abv�e, Trustar warrants and will �arever defend the
<br /> tit�e ta the Property against the lawful claims of all persvns. In �he e�ent any aCtion �r proceeding is comm�nced
<br /> that questi�ns Trustar's title vr the interest Qf Truste�or Lender under�his Deed of Trust, Trusfiar shall defend the
<br /> action at Trustor's expense. Trus�or may be the naminal party in such proceeding, but Lender shali be entitled to
<br /> parti�ipa�e �n th� proceeding and to be r�presented in the proceed�ng by cauns�i of Lender`s �wn chaice, and
<br /> Trustor will deli�er, or cause tv b� deli�ered, to Lender such ins�rumen�s as Lendsr may request from time �o �ime
<br /> tv p�rmit su�h participation.
<br /> ComplianGe 1Ni#h Laws. Trustar warrants that the Property and Trust�r's use a� the Prvperty comp�ies with af{
<br /> e�is#ing appli�able laws, ordinanc�s, and r�gulatians vf go�ernmen�al authorities.
<br /> Surv��al of Prvmises. All pramises, agreements, and statem�nts Trusfior has mad� in this Deed af Trust sha�l
<br /> sur�i�e the execution and deli�ery of this Deed of Trust, shall be continuing in nature and shall remain in full force
<br /> and ef�ect unti!such time as Trust�r's Indebtedness is paid in�ui�.
<br /> EXISTING INDEBTEDNESS. Th�fnlfvwing pr�v�sivns con�erning Ex�sting lndebtedness are a part�f fihis Deed of Trust:
<br /> Exis#in� Lien. The �ien afi this Deed ofi Trust securing the fnde�tedness may �e secvndary and inferior ta an
<br /> existing lien. Trustor expressly co�enants and agre�s �o pay, or see to �he payment vf, the Existing In�Jebt�dness
<br /> and tv pre�ent any default on su�h inde�tedness, any default und�r�he instruments evidencing su�h indebt�dness,
<br /> or any default under any se�urity dv�um�nts#vr su�h indebtedness.
<br /> No IVlvdi�i�atian. Trustor shall not en��r into any agr�ement with the holder of any mvrtgage, deed af�trust, vr
<br /> a�her s�curity agreement which has priarity o�er this Deed of Trust by which �hat agreement is modified,
<br /> amended, extend�d, or renewed with�ut the prior writ�en consent of Lend�r. Trustor shall neither request nor
<br /> accept any fu�ure ad�ances under any such security agreement wi��aut t�e priar written cansent of Lender.
<br /> �ONDEIVINATI�N. The f�llowin� p�v��sions rela�ing�o condemnation proceedings are a parfi of this 1�e�d of Trus�:
<br /> Proceedings. [f any proceeding in condemnatian is filed, Trustor shall promp�ly nvti#y Lender in writing, and
<br /> Trustor shali prompt[y take su�h steps as may be necessary ta defend the action and ��tain the a►nrard. Trustor
<br /> may be the nominal party in such proceeding, but Lender shafl be enti�ki�d to parti�ipate in the proceeding and to be
<br /> �-epresen�ed in the p�aceeding f�y caunsel �� its awn chaice, and Trustar wiil d�lE�er or cause to be delivered to
<br /> Lender such instruments and documentativn as may be r�quest�d by L�nder �rrom time to �ime to permi� such
<br /> participatEon.
<br /> Applica�ion of Net Prv�eeds. 1f all or any pa�t of th� Prvperty is condemned by eminen�damain pro�eedings or by
<br /> any proceeding or purchase in fieu of condemnation, Lend�r may afi its eiectian require that all vr any portian of the
<br /> net proce�ds of �he award �� appiied t� the I ndebtedness ❑r the repair or �estvrati�n af the Property. The n�t
<br /> proceeds ❑�F the award sha!! mean the award af�er payment of all r�asvnable costs, expens�s, and a�tarneys' fees
<br /> incurred by Trustee�r Lender in cvnnection vuith the�ond�mnativn.
<br /> INiP�S�T��N QF Ti��CES. FEES AND CHARGES BY GDVERNMENTAL AUTH�RITIES. The �o��Qwing pra�isians �ela�ing
<br /> ta ga�ernmental�axes, fees and �harges are a part af this ae�d af Trust:
<br /> �urrent Taxes, Fess and Charges. Upon request by Lender, Trustar shall execute such dv�uments �n addition �o
<br /> this Deed of Trust and take whate�er vther action is requested by Lender tv perfect and continue Lender's lien on
<br /> the Reaf Pr�perty. Trustor shall reimburse Lender #or all �axes, as described �elow, together with all expenses
<br /> �n�urr�d in r�co�ding, perfect�ng or �antinu�ng this D��d of Trust, inc(uding wi#hout fimi�a�tion a!I taxes, fees,
<br /> d�cumentary s�amps, and other�harges for re�vrding❑r reg�stering�his aeed of Trust.
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