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2� 1 ���� 14
<br /> DEED �F TRUST
<br /> ��ont�nu��1j Page 3
<br /> th� maximum policy limi�s set under�he NatiQna� Flood Insur�nc� Prvgram, or as otherw�se required by Lender, and
<br /> ��main��in such insurance fvr�he term��the I�an.
<br /> App�li�atinn o� Proceeds. Trus��r shall promptly nati�y Lender Qf any las� v� dam�ge tv the P�-a�erty i� the
<br /> �stim���d cost of r�p�ir �ar replacem�nt exGeeds $1,��a.�]f]. Lender may ma�e prvof ot I�ss it Tru�tor fiails to da
<br /> sQ withir� fi�teen t 15} days af the casuaity. Vtlhether vr no# Lend�r's secu�ity is impaired, Lender� may, at Lender's
<br /> el�ctian, recei�e and r�tain �he p�viceeds af �ny insurance and appiy the praceeds ta the reduction ofi the
<br /> Indebtedness, payment a# �ny lien affe�ting the Property, or the restoratian and repair af the Property. if Lender
<br /> el�cts tQ apply th� proceeds to res�vration and repair, Trustor shal� repair ar replace the damaged vr destrayed
<br /> lmprovements in a manner satisfactory to Ler�der. L�nder shall, upvn sat�s�actory pr���Qf such e�cpenditure, pay
<br /> ar reimburse 7rus�or firom the proceeds #or the reasvna�le c�st of repai� or re�to�at�vn i�Trustar is not in default
<br /> under �his Deed vf Trus�, Any proceeds which ha�e no� b�en d�sbursed within �S� days af�er �heir receipt and
<br /> which L�nd�r has nat committ�d ta th� �epair or r�storativn o��Ch� P�operty shall be used first to p�y any amount
<br /> owing t� L�nder under this Deed of Trust, then tv pay accrued interest, and the remainder, i�any, sha�l be applied
<br /> to �he principal ba�anc� of the Indeb��dn�ss. if Lende� ho�ds any prQceeds a�fie� paym�n� in full ❑f the
<br /> Indeb���iness, such proc�eds sha[l �e paid ta Trust�r as Trustor's interests may appear.
<br /> Cvmplian�e wi#h Existing lndebtedne�s, �uring the perivd in rrvhich any Existing fndebtedness descri�ed belaw is
<br /> in ef�ect, GaR1p��anC� with �he insuran�e �rv�isions Gantained in the instrument eviden�ing suGh Fxisting
<br /> Inde���dr��ss shall c�ns�i�ute c�mpliance with the insuran�e �ra�isions under �his Qeed af Trus�, t� the ext�nt
<br /> compliance with the terms of this Deed of Trust would �ans�itute a duplication af insurance requirem�nt. If any
<br /> proceeds fram �he insuran�e kaecoms payafale on ivss, th� pr��isions in this Qeed of Trust for di�ision ❑fi prac�eds
<br /> shall apply only tv tha��artivn of the proceed� not payable to�h� holder of the �xisting lndebtednes�.
<br /> LENDER'S EXPENDITURES. If Trus�vr �ails {Ay to keep the Property free a�r all taxes, liens, security �nterests,
<br /> encumbranc�s, and �ther claims� ��� �❑ �rv�ide any required insurance an the Pr�perty, 4C} to make repairs to the
<br /> Prvper�ky ar to camply with any ahligation t❑ m�intain Existing Indebtedness �n gQod standing as required below, then
<br /> Lender may do s�, l� any ac�ion ❑r proce�ding iS commenc�d �[ha� wvuld materially a��ect Lender's in�erests in the
<br /> Proper�y, th�n Lender �n Trustor's behalf may, but is not required to, take any action that Lender belie�es �a be
<br /> app�vpr�at� fia protect Lend�r's �n�er�s�s. �Ill �xp�ns�s incurred or paid by Lender for such purposes will then �e�r
<br /> interest at �h� rate charged under the Credit A�reement from the date incurred ar paid �y Lender �a the date Qf
<br /> repayment by T�ustor. Ail su�h exp�nses wil! b�cam� a part of the Indebtedness and, at Lender's �ption, wifl {Af �e
<br /> payable vn d�m�nd; tB� �e adal�d t❑ the ba�ance of the Cr�dit Agreement and be appartia�ned among and be payable
<br /> �vith any in��allment payr�ents tQ t��cvme due during either �'17 �Ch��erm of any appli��ble in�urance pvli�y; vr ��} the
<br /> remaining �erm o�f the Gredi�Agreement; or �G� be�treated as a ballaon payment which vuill be due and p�yab�� at th�
<br /> Credit Agreemen�'s maturity. The Deed o#Trus�als❑ will secure payment vf these amounts. The rights pro�ided for in
<br /> this par��r�ph shall be in addition to any o�her �ights �r any r�medtes to which �..�nder may be en���led vn account of
<br /> any defaul�. �Iny such action by Lender shall nat he construed as �uring the defau�� so as to bar L�r�der frvm any
<br /> remedy#ha#it vtherwise wauld ha�e had.
<br /> WARRANTY; QEFENSE QF TtTLE. The fallowing prauisions reia�ing to ownership v�the Prvperty ar�e a part of�his Deed
<br /> vf T�us�:
<br /> Title, TrustQr rrvarrants that: taj Trustor hQlds goad and ma�ketabl� t�t�e af reGv�d �v the Property in ��� simple,
<br /> fr�e and clear of all li�ns and encumhranc�� other than �ho�� set fo�th in �he Reai Pr�perty de��ripti�n or in #he
<br /> Extsting �ndehtedness sec�Cion ��law ar in any�itfe insurance policy, title rep�rt, or finai titl� opinton i�su�d in�a�or
<br /> a�, and a��epted by, Lender in �onnection with this Deed o�Trust, and t�� T�ustvr has the fufl righ#, power, and
<br /> autharity to e�c�cute and deli�er�his De�d�f Trust to Lender.
<br /> D�fense of Titl�. 5ubje�� ta the e�cepti�n in the pa�agraph a�v�e, Trustar warrants and wi�i fvre��r def�nd the
<br /> ti�tle ta the P��perty against the �awfuf ciaims o#all persans. In the e�ent any activn vr praceeding is �ammenced
<br /> that questivns Trust�r's title a�the int�rest Qf Trus�ee vr �.ender under this De�d af Trust, Trust�r shall d���nd the
<br /> ac�ion at T�us�vr`s expe�rs�. Trustor may b� the nvminal par�y in such praceeding, �ut Lender sh�ii be entitied ta
<br /> participa�e in the pro�eedin� and to he repr�sented in the pra�e�ding by cvunsel of Lender's own �hoice, and
<br /> Trus�ar will deli�er, or cause�o b�deli�ered, �a� L�nder such instruments as Lender may request from time to time
<br /> t�permit such par�icipa�ion. �
<br /> Cflmplianc� With Laws. Trus�or �arrants that �he Property and Trustor's use of rhe Property carinplies with all
<br /> existing appli�able laws, ordinan�es, and regulatians af gv��rnmental auth�rities.
<br /> Survi�al o� Prv�mises. All prvmises, agreem�nts, and sta�ements Trustar has made in this Deed af Trust shall
<br /> sur�i�e �he execut�on ancl deli�ery o�this ❑eed v�Trust, sha11 be continuing in nature and shall remain in full for�e
<br /> and�ffect until su�h�time as Trustor's Indeb��dness is paid in full.
<br /> EXfST�N� INDEBTEDNESS. The foflowing prv�isivns con�erning Existing Indebt�dn�ss are a part a#this D�sd a�Trus�:
<br /> Existing Lien. The [ien af this Deed af Trust securing th� lndebtedness may be secvndary and inferiv�- ta an
<br /> existing iien. Trustar�acpress�y co�enants and agrees tv pay, ar see t� the payment af, the Exis�ing Indeatedn�s�
<br /> and to pre�rent any d�fi�ul�on such �ndea�edn�ss, any de�aul�under�he instruments e�idencing such indehtedness,
<br /> or any default under any security documents�a�such indebtedness.
<br /> Na Niodi��catian. Trustor shall not enter intv any agreement with the holder ofi any m�rtgac�e, deed vf rrust, vr
<br /> ❑the� ��curity agreemer�t which has pri�ri�y o�er this I�eed v� Trust by which that agreement is modified,
<br /> amended, ext�nded, or renewed vuithout the �rivr wri�ten consent ❑f Lender. Trusto� shall ne�th�r request nar
<br /> aGcept any future ad�ances under any such security agreemen�without the privr wr�tten cvnsent o�Lend�r.
<br /> C�NQ�MNATI(]N. The following pr��isions rel�ting to condemna�i�n pro�eedings�r�a part o'f this L�ed❑f Trus�:
<br /> Pro�eedings, l� any proceeding in �Qndemnat�an is filed, Trustor shall promptly not�#y Lender in writing, and
<br /> Trustor shal! p�amptly take such steps as may be ne�essary tQ defend th� action and ❑btain �h� a►nrard. Trustor
<br /> may be�he nominal par�y in such praceeding, bu�Lender sh�ll b�entitled to p�rtiGipa�e in the proceeding and to be
<br /> represen��d in the proce�ding hy counsel ❑f i�s awn choice, and Trustar will deli�er or �ause to b� deii�ered t�
<br /> Lender such ins�ruments and d�cum�ntation as may be requested by Lender from tim� �o time tv pe�mit such
<br /> p�rticipation.
<br /> AppiEcatian v�Net Rrviceeds. �f all ar any par�of the Prvperty Fs candemn�d by eminent d�main proceedings or by
<br /> any pr�c�eding or pur�hase in�ieu of�ondemnati�n� L�nder may at it�election requ�re that all ar any portivn o�f the
<br /> n�� proceeds a� the award �e applied �o the �ndebtednes� ar the repair ❑r restvrat�on of the Praperty. The net
<br /> proceed� of�he award sh�ll mean the avuard �f�er payment v��!I reasona�le cos�Cs, expenses, and ��tvrneys' fees
<br /> incurred by Trustee vr Lender in�onnection with the candemnat�vn.
<br /> INIP�S�T1�N QF TAXES, FEES AND CHARGES BY �C]VERNMENTAL AUTHORiT1E5. The foilawing pra�isian� relating
<br /> to gvvernmental ta�ces, �ees �nd Gharges ar� a part afi this Deed of Trust:
<br /> Current Tax�s, Fees and Charg�s. Upon request by Lender, T�ustor shall execute su�h dacuments in addition tv
<br /> this Deed of Trust and take whate�er o�her acti�n is requ�s�ed by L�nder to perfec�and cantinue Lender's lien on
<br /> the Re�l Prop�r�y. Trus�Cor shal! reimburse Lender for all taxEs, as des�ribed belaw, tagether wi�� aE! expenses
<br /> incurred in re�arding, perf�cting or continu�ng this Deed vf Trus�t, including withvut timitatian all taxes, fees,
<br /> d��umen�ary s�amps, and�ther cha�ges for recarding or registering this Qeed �f Trust.
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