|
2� 1 �� 1 �75
<br /> DEED �F TRUST
<br /> �Continued� P�ge 3
<br /> to maintain such insurance for the�erm of�he loan.
<br /> Applica�ion a# Proceeds. Trustar shall prompt�y notify Lender ❑f any ioss or damage tv the Prvperty if the
<br /> estimat�d cost of repatr or replacement exceeds $'I,QDQ.DD. Lender may make proof❑f Ioss �f Trustar fai�s to dv
<br /> sa within fifteen �15f days of the casualty. Whether ar nat Lender's s�curity is impaired, Lender m�y, at Lender's
<br /> electian, re�ei�e and retain the proceeds o# any insuran�e and apply the proceeds to the redu�tion of the
<br /> Indebtedness, payment of any lien affe�ting the Property, or the restoration and repair vf the Property. If Lender
<br /> ele�ts to apply the pro�eQds to restvration and repair, Trustar shall repair ar replace the damaged vr destroyed
<br /> �mpro�ements in a manner satisfactory ta Lender. Lender shalf. upon satisfactory pra�f❑f such expenditure, pay
<br /> ar reimburse Trustar from th� proc�eds fvr the reasanahle cost of repair ar restoratian if Trustor is not in default
<br /> under this D�ed of Trust. Any proceeds which have nvt heen disbursed with�n 1 S� days after their receipt and
<br /> which Lender has n�t commit#ed to the r�pair or restoration ot the Property shal� be used first t❑ pay any amount
<br /> ❑wing to Lendsr under this Deed of Trust, then to pay accrued interest. and the remainder. if any. shafl be applied
<br /> ta the principal halance of the �ndebtedness. I# Lendsr holds any proceeds after payment in full o# the
<br /> Ind�btedness. such proceeds shall be paid to Trustor as Trus#�r's interes#s may appear.
<br /> Compliance with Existing �ndebtedness. During the period in which any Existing lndebtedn�ss described below is
<br /> in eff�ct, compliance with the insurance pro�isians contained in the instrument e�idencing such Existing
<br /> Indebtedness shall constitute compliance with the insurance pro�isivns under this Deed of Trust, to the extent
<br /> camplianc� with the terms of ihis ❑eed ❑f Trust would constitute a duplicativn of �nsurance requirement. I# any
<br /> proc�eds from th� insurance became payable on loss, th� pra�isions �n this Deed of Trust#or di�isivn of proceeds
<br /> shall apply only to that partion vf the praceeds not payable to the h�lder vf ths Existing Indebtedness.
<br /> LENDER'S EXPEN�ITURES. If Trustor fails �Af to keep the Property free ❑f all taxes, fiens, security interests,
<br /> encumbranc�s, and other claims� �gy to pro�ide any required �nsurance on the Property, �C� to make repairs tv th�
<br /> Property vr #o comply with any obligatian to mafntain Existfng Indebtedness in govd standing as required helaw� then
<br /> L�nder may do so. If any action vr proceeding is cvmrnenced th�t would materially affe�t Lender's interests in the
<br /> Property, then Lender on Trustor's b�haff may, but is not requEred to, take any activn that Lender belie�es to be
<br /> appropriate to protect Lender`5 interests. AI� �xpenses in�urred or paid by Lender for su�h purpvses will then hear
<br /> interest at the rate �harged under the Credit Agreement from th� date incurred ar paid by Lender to the date of
<br /> repaym�nt by Trust�r, All such expenses wil� b�come a part of the Indehtedness and� at Lender's option, will �A� be
<br /> payable on demand; (gf he added to the ba�ance of th� �redit Agr�ement and be apportioned among and be payahle
<br /> with any installment payments tv become due dur'rng e�thsr �1 y the term of any applicable insurance po�icy; or {�f the
<br /> remaining term vf the Credit Agreement; or ��f be �r�ated as a balloon payment whi�h will be due and payable at the
<br /> �redit Agreement's maturi#y. The Deed af Trust also will securs payment v�these amaunts. The rights pro��d�d for in
<br /> th�s paragraph shall be in addition t� any other rights ar any remedies t❑ which Lender may be entitled on accvunt of
<br /> any default. Any such action by Lender shall nvt be cons#rued as curing the default so as �o bar Lend�r from any
<br /> remedy that it o#herwise woufd ha�e had.
<br /> WAF�f�ANTY; DEFENSE OF TITLE. The failowing pra�isions relating to ownership of the Property are a part of this Deed
<br /> o�Trust:
<br /> Titie. Trustor warrants that: �a� Trust�r holds good and marketable title of record t❑ the Prvperty in fee simple,
<br /> free and clear af all li�ns and encumbrances other than those set fvrth in the Real Property description or in the
<br /> Existing Indeb#edness section belaw or in any title insurance pvlicy, title report, vr final titl�opinion issued in#a�ar
<br /> of, and ac�ept�d by, Lender in �vnnection with this Deed of Trust, and tbj Trustor has the full right, power, and
<br /> authority to execute and deli�er this Deed af Trust to Lender.
<br /> Defense of Title. 5ub�ect to the exception in the paragraph abo�e. Trustor warrants and will �orever defend the
<br /> title to the Prvperty against the lawful claims of all persvns. In the e�ent any action or proceeding is commenced
<br /> that questions Trustor's title or the interest vf Trustee or Lender under th�s []eed vf Trust, Trus#vr shall defend the
<br /> action at Trustor's expense. Trustor may be #he naminal party in such prviceeding, but Lender shall be enti#led to
<br /> participate in the p�viceeding and to be represented in the proceeding by counsel of Lender's awn �hoice. and
<br /> Trustor will deli�er, or cause to be deli�ered. #a Lend�r such instruments as Lender may request from time to time
<br /> to permit such participatton.
<br /> Cvmpliance With Laws. Trustor warrants that the Prvperty and Trustar's use �f the Property complies with all
<br /> ex�st�ng applrcable laws, ordinances, and regulations af go�ernmental authorities.
<br /> Sur�i��l vf Promises. All promises, agreements, and statements Trustnr has made in this Deed of Trust shall
<br /> sur�i�e the execution and deli�ery af this Deed af Trust, shalf be cantinuing in na�ure and shalf remain in full farce
<br /> and effect until such time as Trustor's Indebtedness is paid in tull.
<br /> EXISTlNG INDEBTEDNESS. The faflowing pro�fsions concerning Exist�ng lndebtedness are a part❑f this Deed of Trust:
<br /> Existins Lien. The lien af this Deed of Trust securing thg �ndebtedness may he se�ondary and inferior t❑ an
<br /> existing fien. Trustor express�y co�enants and agrees to pay, vr see to the payment of. the Exis#ing Indeh�edness
<br /> and to pre�ent any default an such Ende�tedness, any default und�r the instruments e�idencing such indebtedness,
<br /> or any default under any s�curity d�cuments for such indebtedness.
<br /> No Modi#i�ativn. Trustor shall not enter into any agreement wi#h the holder of any mortgage, deed af trust, ar
<br /> ather security agreement which has privrity o�er this Deed of Trust by which #hat agreement is mvdified,
<br /> amended. ext�nd�d, or renewed without the prior written consent of Lender. Trustor shall neither request nar
<br /> accept any future ad�ances under any such security�greement withaut the prior written consent of Lender.
<br /> C�NDEMNATl�N. The following pra�isions relating to condemnati�n praceedings ar�a part of this ❑eed a#Trust:
<br /> Proceedings. I# any proceeding in condemnation is filed, Trustor shall pramptly n�ti�y Lender in writin , and
<br /> Trustor shall promptly tak� such s#eps as may be necessary to defend the action and obtain the award. Trustor
<br /> may be the nominaf party in such proceed�ng, but Lender shall be entitled tv participate in the proceeding and tv be
<br /> repres�nted in ths proceeding by caunsel o�F its own choice, and Trustor will deli�er ar cause to be d�li�ered t�
<br /> Lsnder such instruments and documentation as may be requested by Lender from t�me to time to permit su�h
<br /> particip�#ivn.
<br /> Application of Net Proceeds. If all vr any part vf the Property is candemned by eminent domain proceedin s vr h
<br /> any proceeding or purchase in lieu of condemnativn, Lender may at its e�e�ti�n require that aff or an 9 y
<br /> net proceeds of the award be applied to the Indehtedness ar thg repair or rgstora�fon of the Pro ep�r#r�Th f#he
<br /> p y e net
<br /> proceeds af the award shaEl mean the award after payment of all reasonable costs� �xpenses, and attorneys' fees
<br /> incurred by Trustee or Lender in connect�on with the condemnation.
<br /> I�IAPDSITI�N QF TAXES. FEES AND �HA#��ES BY G�V�RNMENTAL AUTH�RlTIE5. The followin ro�isi�ns r�latin
<br /> t❑go�srnmental taxes, fees and�harges are a part of th�a peed v�Trust: g p 9
<br /> �urrent Taxes, Fees and Charges, Upon request by Lertder, Trus#or shall execute such dvcumen#s in add�tion to
<br /> this ❑eed❑t Trust and take whate�er other ectivn ie requestsd by Lsnder to perfect and continue Lender's lien an
<br /> the Real Property. Trustor shall reimburse Lender for all taxes, as described b�low. tagether with al! ex enses
<br /> incurred in rec�rdin p
<br /> g� perfecting or continuing this G�$ed of Trust, including without limitation all taxe , es,
<br /> documsntary stamps, and othsr charges for recarding► ,ar registering this Deed vf Trust.
<br />
|