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2� 1 ���718
<br /> DEED �F TF�UST
<br /> Laan No; 'I�'I�9�5Z� �Cvnt�nued� Page 4
<br /> on the pr�perty securing the [oan, up ta the maximum policy limits set under the National Flood Insurance Program,
<br /> or as vther�rvise required k�y Lender� and to maintain such insuranc�far�the term of the �oan.
<br /> App�ication of Pro�eeds. Trus�or s�al1 pramp�ly no�ify Lender afi any loss or damage to the Property. Lender may
<br /> make proa� of loss i� Trustor fails� to do sa within fifte�n {�5f days af the casual�y. VlJhether or nat Lender's
<br /> security is impaired, Lend�r may, at L�nder's �lec#ion, r�cei�e and r�tain the proc�eds of any insurance and apply
<br /> the proceeds t� the reduc�ion of the Indebtedness, paym�nt of any lien affecting the Praperty, o� the restoration
<br /> and r�pair of�he Property. If Lend�r elec�s fio apply the pr�ceeds tv restoratian and repair, Trustor shall repair ar
<br /> repla�� the damaged or destroy�d Impro�ements in a manner satisfa�tory ta Lender. Lender sha[I, up�n
<br /> satisfactory proof af SLICh expenditure, pay vr reimburs� Trus��r fr�m the proceeds for the reasonable cost of
<br /> repair or restvrativn if Trus�or is not in defauft under this ❑eed of Trust. Any praceeds �nrhich ha�e not heen
<br /> disbursed within �8� days af�er their receipt and which Lend�r has n�� cammitted �a �he repair �r res�oration of
<br /> the Property shall be us�d �irst to pay any amount vwing to Lend�r under this ❑eed of Trust, �hen ta pay ac�rued
<br /> interest, and the r�mainder, if any, shall be app�ied �o �he principa� baian�e vf the Indebtedness. If Lender holds
<br /> any proceeds after payment in fuff af the �ndebtedness, su�h proceeds shall be paid to Trus�ar as Trustor's
<br /> interes�s may appear,
<br /> Trustor's Report❑n Insuran�e. Upfln reques�t o� Lender, hvwe�er nvt mare than once a year, Trustvr shall furnish
<br /> t� Lender a report on each ex�s�ir�g pa�icy vf insurance showing: {�} the name �f �h� insurer; {�y th� risks
<br /> insured; �3f the amoun� of the policy, �4y the praperty insured, fhs �hen current repla�ement �alue of such
<br /> property, and the rnanner a�de�ermining that�a[ue; and {5} �he expiratian dat� af the policy. Trustor shalf, upan
<br /> requ�st af Lender, ha�e an independen�t appraiser satisfact�ry�o Lender de�ermin�the cash value r�plac�ment cost
<br /> of the Proper�y.
<br /> LENDER'S E�PENaITURES. If any actian or pro�eeding is commenc�d that wouid maferially affect L�nder's int�res� in
<br /> th� Property vr if TrustQr fa��s to comp}y with any pra�ision of this D�ed of Trust or any Related ❑acum�nts, including
<br /> but no� lim��ed to Trustor's failure ta d�s�ha��e or pay wh�n due any amoun�s Trustvr is required ta discharge or pay
<br /> under�his ae�d af Trust or any Rela�ed Documents, Lender fln Trustor's behal�may �but shall not be ❑b�igated ta} take
<br /> any act�on �hat Lender deems appropriate, includin� but nat limited �a discharging or paying all taxes, liens, s�curi�y
<br /> interes�s, encumbrances and other claims, at any time le�ied ar placed �n the Praper�y and paying a[I cos�s�ar insuring,
<br /> maintaining and preser�ing �he Property. All su�h expenditures incurr�d or paid by Lend�r f�r such purposes will then
<br /> hear interes� a� �the rate charged under�he Note fr�m the date incurred or paid by Lender to the dat� o� repayment �y
<br /> Trustor. A�I such �xpenses will become a part of the Endebt�dness and, at Lender's �p�ian, will �A} be payable on
<br /> demand; �B� be added �o �he ba�anc� �f the Not� and be apportivned amang and be payah�e with any installment
<br /> paym�nts to b�came dus during either ��} the term flf any applicable insuran�� policy; or f�7 the rema�nin� term of
<br /> �he Note; or t�} be �reated as a baiiaon payment whi�h will be due and pay�ble a�the Note's maturi�ky. The D�ed of
<br /> Trust also will secure payment �f �hese amvunts. 5uch right shall be in addition tv al� �ther righ�s and remedi�s �ta
<br /> which Lender may be�nfiitied upon De�au�t.
<br /> WARRANTY: DEFENSE i]F TITLE. The�o�Cowing pro�isivns relating to own�rship of the Pr�per�y are a part of this Deed
<br /> o�Trust:
<br /> Ti�le. Trus�ar warrants thafi: {a} Trus��r holds gaod and marketable titie �f r�cord to �he Property in fee simple,
<br /> free and clear a� all �iens and sncumbrances other than those s�t forth in �he Real Property descrip�ion or in any
<br /> title insurance policy, title report, or final ti�1e opinion issued in �a�ar of, and accepted by, Lender in �annectian
<br /> with this Deed of Trust, and �h� Trus�or has the full righfi, pQwer, and authori�y to exeCute an� deliv�r�his �eed of
<br /> Trust t� Lender.
<br /> ❑efense v�f Ti��e. Subject to th� exceptivn �n �th� paragraph ab��e, Trustor warrants and will farever defend the
<br /> ti�le tv th� Property against�he lawful �laims of all persans. In �he eWen� any a�tion or proc��ding is commenced
<br /> �hat questions Trust�r's �i��e ar�he in�erest�f Trustee �r Lender under this Ds�d of Trus�, Trustor shall de�end the
<br /> a��inn at Trus�or's �xpense. Trustor may be the nominal par�y in such pro�eeding, but Lsnder shall be �ntitled t�
<br /> participate in �hs praceeding and to be represented in the proceeding by ��unsel af Lender's own choice, and
<br /> Trustor wili deliver, �r cause to fae delivered, to Lend�r such instrum�nts as Lender may request from �ime to fime
<br /> to permifi su�h participation.
<br /> Camplian�e ll�lith La►rvs. Trustor warrants that the Praperty and Trustor's use of th� Prvperty complies with all
<br /> �xistin� applicable laws, ardinances, and regulatians fl�gvWernmental aufihorities.
<br /> Sur�i�al of Representations and 111rarran�ies. All represen�a�ions, warranfiies, and a�r�ements made by T�ust�r in
<br /> this De�d of Trust shal! survi�e the execution and deli�ery o�this ❑eed of Trust, shall he can�inuing in nature, and
<br /> shal! remain in fufl �arce and ��f�ct until su�h tim�as Borr��rver's Indebtedness shatl be paid in�ull.
<br /> ��NDEMNATiC]N. The f�llowing prvWisions rela�ing ta condemnativn proceedings are a part ot this Deed of Trus�r:
<br /> Rro�eedings. f� any proce�ding in condemna�ion is filed, Trustor shall promptfy notify L�nder in writing, and
<br /> Trustor shall promptly take SUCh s�eps as may be necessary tfl de�end the action and abtain the award. Trustor
<br /> may be the nominal party in such pro�eeding, i�ut Lend�r shall be entitl�d t� partic�pate in the proceedin� and t❑ be
<br /> represen�ed in the proceeding by counsei �f its own �hoice, an� T�us��r wili deli�er or cause ta be del��ered �o
<br /> Lender such inst�uments and documenta�ion as may be reques�ed by Lender from time to time ta permit such
<br /> participati�n.
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