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2� 1 �� 1 �25
<br /> DEED �F TRUST
<br /> Lvan No: 'i�'i 2�3'1 g6 ��ontinued� Page 4
<br /> �easanab�y acceptable �a Lender. Trus�or, upon request of Lender, wilE deli�er to Lender from time to �ime the
<br /> p�Ii�ies or cer�ificates ❑f insurance in form sat�sfac�ory to Lender, in�luding stipula�ions that co�erages wil! nat be
<br /> canc�!!ed or dim�nished withou� a� �eas� �en ��Df days prior written notice to Lend�r. Each insurance pvli�y a�so
<br /> shaii include an endorsemen�t pro��ding that�o�erage �n fa�or at Lender will not be impaired in any way by any act,
<br /> amissivn or de�aul� af Trustor vr any v�her person. 5hould �he Real P�operty be Iv�at�d in an area designated by
<br /> the Administrator of the Federai Emergency Management Agency as a special �lood ha�ard a�ea, Trustvr agrees to
<br /> obfiain and maintain Fed�ral Fiood lnsurance, it a�ai[abLe� wi�hin 45 days a�ter no#ice is gi�en by Lender tha� the
<br /> Property is laca�ed in a special f[ood hazard area, for the full unpaid principal balance of�he loan and any prior liens
<br /> on�he proper�y s�curing th� ioan, up tv the maximum pvlicy iimits set under the Nationa� F�ood lnsurance Pragram,
<br /> ar as❑the�wise required by Lender, and to main�ain such insurance�nr the term ❑#the laan.
<br /> Application of Proceeds. Trustor shall prompt�y notify Lender o�any ioss nr damage ta �he Properfiy. Lender may
<br /> make praaf of l�ss if Trus�or fails tv d❑ so within fifteen {�5} days ❑� �he casualty. Whether or nat Lender's
<br /> security is impaired, Lender may, at Lender's eiection, receE�e and retain �the pra�eeds o�any insuranc� and apply
<br /> the proceeds t� the redu��ion af the lndebtedness, payment of any l�en affec�ing the Property, or the restoratian
<br /> and repai� of the Pr�perty. If Lender ele�ts to appEy the proc�eds t❑ restorativn and repair, Trus�or shal[ repair ❑r
<br /> repiace the damaged or destroyed �mpra�emen�s in a manner satis�ac�ory ta Lender. Lender shall, upon
<br /> satis�actary proof of such expenditure, pay or reimburs� Trustor fram the praceeds for the reasanable cost o#
<br /> repair or res�ara�ion if Trus�or is n�t in defauEt under �h�s Deed af Trus�. Any proceeds which ha�e no� be�n
<br /> disbursed wi�hin �$� days after their receipt and which Lend�r has not commif�ed �v the repair ar rest�rati�n of
<br /> the Praperty shall be used first to pay any amount❑wing t� Lender under th�s D�ed ❑�Trus�, then tv pay accrued
<br /> interest, and th� remainder, Ef any, sha[E be applied fia �he principal balance o�F the lndeb�edness. 1� Lender holds
<br /> any pro�eeds atter payment in full v� the Indehtedness, such proce�ds shall be paid ta Trustor as Trus#ar's
<br /> in�eres�s may appear.
<br /> Compl�ance wi#h Existing Indebtedness. During the period in which any Existing Indeb�edness described below is
<br /> in effect� c�mplian�e wi�h �he insurance pro�isions conta�ned in the instrument e��dencing such Exis�ing
<br /> fndebtedness sha[[ cons�i�u�e cvmpliance with the insurance pr��isions under this Deed o� Trust, to the extent
<br /> campliance with #he terms af this Deed o�Trust wauld const�tute a duplica�ion af insurance requiremen�. �f any
<br /> proceeds -From th� insurance become payab�e vn loss, the pro�isians in this Deed �f Trust for di�ision o�pra�eeds
<br /> shall apply oniy ta�ha�por�ion a�f the proceeds nat payable�to the ho[der af the Existing indebtedness.
<br /> Trustvr's Report on insurance. L]pon request�� Lender, howe�er not more than once a year, Trustar sha[� furnish
<br /> to Lender a report an each exis�ing pof icy a� insurance showing: {1} the name of the insurer; �2S �he risks
<br /> insur�d; t3� the amount ❑f the pvlicy; �4} the pr�perty insur�d, the then current replacement �alue af su�h
<br /> property, and �he manner vf determining that�a[ue; and �5} the exp�ration da�e of�the poiicy. Trustar sha[E, upon
<br /> request of Lender, ha�e an independen�appraiser satis�actary ta Lender determine the�ash�alue r�placem�nt cost
<br /> a�the Praperty.
<br /> LENDER'S EXPENDITURES. ��any a��ion vr pra�eeding is �ommenced that wvuid ma#erEally affect Lender's interest in
<br /> the Prope�ty or E�Trus�or fai[s to comply wi�h any pra�ision of this Deed ❑f Trust or any Related Documen�ts, incEuding
<br /> but nat limited to Trustor's tai�ure t� comply with any obliga�ion '�o main�ain Exis�ing lndebtedness in good standing as
<br /> required be[ow, or t❑ discharge ar pay when due any amaunts Trust�r is required to discharge ar pay under�his aeed of
<br /> Trus� or any Re[ated Documents, Lender vn Trus�or's �ehal� may �but shall not be ❑bligated to} �ake any acti�n that
<br /> Lender deems appropriate, including but not iimit�d to discharging ar paying all taxes, liens, securi�y i[l��i'E5t5r
<br /> encumbrances and vther ciaims, at any time le�i�d or placed on the P�operfiy and paying alf �vsts tor insuring,
<br /> maintaining and preser�ing the Praperty. A[E su�h �xpenditures Encurred ❑r paid by Lender for such purposes will then
<br /> bear inter�st at the rate charged under the Note from the date incurred ar paid by Lender t❑ �he date of repayment by
<br /> Trus�ar. A11 such expenses wiil bec�me a part of the lndebtedness and, at Lender's aption, wi�� �Ay he payab[e on
<br /> demand; {B� be added fio the balance ❑# �he Note and be apportioned among and be payable wi�h any ins�allmenfi
<br /> payments �a become due during either �'�} the term of any applicab�e insurance po[icy; or �2f the remaining term of
<br /> the No�e; or �C} be firea�ed as a balloan payment which will be due and payable at�he No�e's maturity. The Deed o�
<br /> Trus� also will secur� paymen� of these amaun�s. Such r�gh� sha11 be in addition ta all ather rEghts and remedies to
<br /> which Lender may be en�itled upon Default.
<br /> 1NARRANTY; DEFENSE nF T�TLE. The foffow�ng p�v�isions re�afiing�a vwnership fl#the Property are a part❑f this Deed
<br /> of Trust:
<br /> Ti��e. Trustor warrants that: �a� Trus�or hv�ds good and marketab�e ti�le ❑f recvrd �o the Praperty in fee simp[e,
<br /> free and cfear a# ali i�ens and encumbrances other than #hose set forth in the Rea! Property descrip�ion or in the
<br /> Existing lndebtedness section below vr in any�it[e insurance policy� titie repart� or�inal title opinion issued �n favor
<br /> ot, and accepted by, Lender in connection wi�h this Deed of Trust, and �by Trustor has �he �ufl righ�, po►rver, and
<br /> authority ta execute and de�i�er#his Deed of Trust to Lende�.
<br /> Defense a#Title. Subject �a the exception in the paragraph aba�e, Trust�r warrants and will fore�er de#end the
<br /> tit[e #❑ �he Proper�y against the [aw�ul claims o# all persons. In the e�ent any action ar proceeding is commenced
<br /> that qu�stions Trus#�r's title or th� interest❑t Trust�e or Lender under#his Deed o#Trust, Trus�or sha[l d�fend the
<br /> ac#ion at Trustor's expense. Trustar may be the nominal party in such proceeding� bu� Lender sha[I be en�i�led �a
<br /> partEcipat� in �he proceeding and tv be repr�sented in the proceed�ng �y Gounse[ o� Lender's own choice. and
<br /> Trustor will deiiv�r, vr cause ta be de[i�ered, to Lend�r such instrum�nts as Lender may request��ram �ime to time
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