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2� 1 �� 1 �8�
<br /> DEED �F TRUST
<br /> Laan No: 1 D'I 294'i 4� ��ontinued� Page 4
<br /> the Administrator af th� Federal Emergency Management Agency as a sp�cial �lood hazard area, Trustar agrees t�
<br /> obtain and maintain F�dera! Flood Insurance, if a�ailable, for the �ulf unpaid principaf balance ❑f the loan and any
<br /> prior liens on the property securing the loan, up t❑ the maximum policy limits set under the Natis�nal Flood
<br /> Insurance Program, or as otherwise required by Lender, and t❑ maintain such insurance fior the term of the loan.
<br /> Applicati�n ❑f Proceeds. Trustor shall promptfy notify Lender of any loss �r damage to the Property. Lender may
<br /> make proof ❑f loss if Trustar fails to d❑ sa within fifteen �15y days of the casualty. Whether or not Lender's
<br /> security is im�aired, Lender may, at Lender's election, recei�e and retain the praceeds of any insurance and apply
<br /> the praceeds to the reduction ❑f th� Indebt�dness, payment of any lien affe�ting the Praperty, or the restoration
<br /> and repair ❑f the Pr�p�rty. If Lender elects t❑ apply the proce�ds to resfi�ration and repair, Trustor shafl repa�r or
<br /> repface the damaged or destrayed Impro�ements in a manner satisfactory t� Lender. Lender shafl, upon
<br /> satisfactory proa� of such expenditure, pay or reimburse Trus�or from the proceeds for the reasana�le cost of
<br /> repair or restoration if Trustor is nat �n default under this ❑eed of Trust. Any proceeds which ha�e not been
<br /> disbursed within �8� days after their receipt and which Lend�r has not committed to the repair or restara�ian of
<br /> �he Property shalf be used first t� pay any amaunt owing t❑ Lender under this Deed of Trust, th�n to p�y accrued
<br /> interest, and the remainder, if any, shall be applied to the principal �alance of the lndebtedness. ff Ler�der holds
<br /> any prviceeds after payment in full ❑f the �ndebtedness, such prac�eds shafl be paid to Trus�or as Trust�r's
<br /> interests may appear.
<br /> Compliance with Exist�ng Indebtedness. ❑uring the period in which any Existing Indebtedness describe+� belaw is
<br /> in etfect, compliance with the insurance pro�isions �ontained in the instrument e�idencing such Existing
<br /> fnd�btedness sha�� consti�ute compliance with the insurance pro�isians under this Deed af Trust, t❑ the extent
<br /> �ompliance with the terms of this Deed ot Trust would cans�itute a duplication af insurance requirement. If any
<br /> proceeds trom the insuran�e #�e�ame payable ❑n i�ss, the pro�isians in this Deed o� Trust for di�ision o� proceeds
<br /> shall appfy oniy ta that portion of the pTaceeds nat payabfe to the hafder af�he Existing indebtedness.
<br /> Trustor's Repar# on lnsurance. Upan request �f Lende�', howe�er not mor� than on�e a year, Trustor shaf� furnish
<br /> ta Lender a report on each existing palicy �f insurance shnwing: �1� the name of the insurer; �2y th� risks
<br /> insured; t3� the amaunt ❑f the paii�y; {4} the praperty insured, the then current replacement �al�ue of such
<br /> proper�y, and the manner af determining that�afue; and �5y the expiration date af the pali�y. Trustor shall, upon
<br /> request af Lender, ha�e an independent appraiser satisfactory to Lender determine the cash �alue replacement cost
<br /> af the Praperty.
<br /> LENOER'S E�PENDjTURES. i� any action ❑� praceeding is commenced that would materia�ly affec� Lend�r's interest in
<br /> th� Property ❑r if Trusto�- fails �o �omply with any pro�isian ❑f this ❑eed of Trust �r any Related Dacuments, in�luding
<br /> but not limited t� Trus�ar's fai[ure to camply with any obligation to main�ain Existing fndebtedness in gaod s�anding as
<br /> requRred below, ❑r to discharge or pay when due any amounts Trustar is required to discharge or pay under this Deed o�
<br /> Trust or any Related ❑acuments, Lender ❑n Trustor's behalf may �but shall not be abligated ta� take any �ction that
<br /> Lender deems appropriate, including but nat limited to discharging �r paying all taxes, liens, security interests,
<br /> encum�rances and nther claims, at any time le�ied or piaced on fihe Praperty and paying ali costs for insuring,
<br /> maintaining and preser�ing the Property. All such expenditures incurr�d or paid by Lender for such purpflses will then
<br /> bear interest at the rate charg�d under the Nate fram the date incurred or paid by Lender t❑ the date of repayment by
<br /> Trust�r. AI� such expenses will became a part of th� Ind�bt�dness and, at Lender's aptifln, will �Ay be �aya�le on
<br /> demand; �B� be added to the balance of the Note and he appartianed among and be payable with any i�stalEment
<br /> payments to became due during either �'1 y the term af any appli�able insuran�e policy; ❑r ��} the remaining term of
<br /> the Note; ar �C} be tre�ted as a ballaan paymen# which will be due and payable at the Note's maturity. The Deed of
<br /> Trust also will secure payment ❑f these amounts. Such right shall be in additian to all ❑ther rights and remedies ta
<br /> which Lender may be entitled up�n Default.
<br /> WARRANTY: DEFENSE QF TITLE. The failowing pro�isions re�ating t� awn�rship of the Property are a pa�t af this Deed
<br /> af Trust:
<br /> Title. Trustor warrants that: �a} Trustar holds good and marketable title o� record to the Property in fr�e simpfe,
<br /> free and clear ❑f all �iens and encumbrances other than those set farth in the Reai Property descriptian ❑r in the
<br /> Existing Indebtedness section �elow ar in any title insurance poEicy, title repart, or final titl� opinian 155L1E'C� in fa�or
<br /> ❑f, and a�cepted by, Lender in connection with this Deed of Trust, and �bf Trustor has the full right, p�ower, and
<br /> authority to �xecu�e and de�i�er this Deed of Trust to Lender.
<br /> Defense of T�tle. Sub�ect to the ex�eption in the paragraph abo�e, Trustor vvarrants and will fore�er rJefend the
<br /> title to the Property against the iawful ��aims ot all pe�sons. In the e�ent any action or proceeding is �c�mmenced
<br /> that questions Trustor's title or the interest ❑f Trust�e ❑r Lender under this Deed ❑f Trust, Trustor shall c�efend the
<br /> action at Trustor's expens�. Trustor may be the n�mina[ party in such proceeding, but Lender shall be {�ntitled t❑
<br /> participate in the proceeding and #❑ be represented in the pro�eeding by counsel ❑f Lender's ❑wn choice, and
<br /> Trust�r will deli�er, ❑r �ause to �e deli�ered, to Lender such instruments as Lender may request �From time to time
<br /> to permi�such participation,
<br /> �ompl�ance With Laws. Trustor warrants that th� Prop�rty and Trustor's use �f the Property complies with all
<br /> existing appficable laws, ❑rdinances, and regulations af go�ernmental authorities.
<br /> Sur�i�al of Represen�atians and Warranties. All representations, warranties, and agreemen�s made by Trustor in
<br /> this Deed of Trust shall sur�i�e the execution and de�i�ery ❑f this ❑eed of Trust, shal! be continuing in n�ture, and
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