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2� 1 ��228�
<br /> DEED �F TRVST
<br /> �Continued� Page �
<br /> other lien c�u�d be asserted on accoun� of the wark, ser�ices, ❑r materials. Trustor wifl upon reques� of Lender
<br /> �urnish �o Lend�r ad�ance assurances satisfactory to Lender tha� Trusfior can and will pay the cost of SUCh
<br /> impro�ements.
<br /> PR�PERTY DAMAGE INSURANCE. The following prQ�isions relating to insuring the Property are a part o#this Deed of
<br /> Trust.
<br /> Ma�ntenance vf [nsurance. Trustor shall pr�cure and ma�ntain pvlicies of �ire insurance with standard �xtend�d
<br /> co�erage endorsements on a �eplacement �asis for the fu�l insurable �alue co�ering al! �mpro�ements vn the Rea!
<br /> Prop�rty in an amount suffi�ient to a�vid app[ication of any coinsurance clause, and with a standard mortgagee
<br /> clause in�a�vr o� Lender. Trustor sha�l also pracure and maintain comprehensi�e g�neral liability insuran�e in such
<br /> co�erage amounts as Lender may request with Trustee and Lender being named as additional insureds in such
<br /> �iabi[ifiy insurance pvlicies. Additionally, Trust�� shall maintain such other insurance, including but not limited ta
<br /> hazard, busin�ss interruptian, and hoiler insu�an�e, as Lender may reasvnably require. Po�icies shall be written in
<br /> fvrm, amounts, co�erages and bas�s reasonably ac�ep�table to Lender and issued by a �ompany or companies
<br /> reasonably accep�able �❑ Lend�r. Trus�or, upan request v� Lender, wi�� deli�er to Lender �rom �ime ta time �he
<br /> pol€cies vr certificates o# insurance in farm satis#ac�vey to Lender, inc[uding s�ipulati�ns tha� co�erages will not be
<br /> cancelled or diminish�d wi�hout at leas�thirty �3�� days prior wri��en noti�e to Lender. Each insuranc� policy a{so
<br /> shal� include an endorsement pro�iding that co�erage in fa�or af Lender v+ril� na�be impaired in any way by any act,
<br /> vmission or default ��Trustor or any o�her persvn. Should the Rea[ P�oper�y be [vcated in an ar�a designated �y
<br /> �he Administra�or o�the Federa! Emergency Management Agency as a special flood hazard ar�a, Trustor agrees tv
<br /> obtain and main�ain Federal F[aod Insurance, i� a�ailabfe, within 45 days af�er natice is gi��n by Lender that the
<br /> Property is �acated �n a specia[��ood hazard ar�a, for-�he full unpaid principai balan�e��the loan and any prior iiens
<br /> ❑n the prvperty secu�ing the loan, up�v the maximum policy�imi�s s�t under�he National Flood Insuran�e Program,
<br /> or as o�herwise required by Lender, and to ma�ntain such insurance for the term of�he �aan.
<br /> Applica�ion of Proceeds. Trustvr shall promptly no�ify Lender of any 1Qss ar damage to #he Property. Lender may
<br /> make proof o� loss if Trustor fai�s to do s� within fifteen 415� days o�F the casua[ty. Whether or not Lenderr5
<br /> securi�y �s impaired, Lender may, at Lender's elec�ian, recei�e and retain the prv�eeds ❑f any �nsuranc� and app�y
<br /> the proceeds to �he reduction o� the fndebtedness, payment of any lien a��fe�ting the Property, ar ths restorati�n
<br /> and repair o�the Property. lf L�ndsr elects tv apply the p�v�eeds to r�storation and repair, Trustor shall repair or
<br /> replace the damaged or destroyed Impro�emen�s in a manner satis#actvey to Lender. Lender shall, upon
<br /> satisfa�tory proaf af such expendi�ure, pay or reimburse Trustor from the praceeds for the reasvnab�e c�st ❑f
<br /> repair or res�oration if Trustor is not in de�aul� under this Deed o� Trust. Any proceeds which ha�e not been
<br /> disbursed wi�hin 1 Sa days a�ter their re�eip� and which Lender has not �vmm�tted �o �he repair or restQration of
<br /> the Property sha�� be used first to pay any amount owing to Lender under this ❑eed af Trust, then to pay accrued
<br /> interest, and th� remainde�, i� any, shail be applied to the principa� balance o� the [ndebtedness. ff Lender hvlds
<br /> any proceeds a�ter payment in fu[� of the Indebtedness, such proceeds sha�l be paid to Trustor as Trus�or's
<br /> interests may appear.
<br /> Trustar's Repart on Insurance. Upan r�quest vf Lender, hawe�er nvt more �han ance a year, Trustar shall furnish
<br /> to Lender a repor� on each existing poliGy �� insurance shawing: ��y the name o� the insurer; ��� th� risks
<br /> insured; �3y the amvunt af the policy; 44� the praperty insured, the then current replac�ment �alue of such
<br /> praper�y, and the manner❑f determining that�alue; and {5� the expiration date v�the policy. Trustflr shall, upon
<br /> r�quest o�Lend�r, ha�e an ind�pendent appraiser sa#isfactory�o Lend�r de�ermine the cash�a[ue repla�ement cvst
<br /> of the Proper�y.
<br /> LENDER'S EXPENDITURES. lf any a�tivn v� proceeding is �ommenced that would materially a���ct Lender's interest in
<br /> th� Prvperty vr if Trustvr�ails to �ampfy with any pro�ision vf this Deed of Trust vr any Re[ated Documents, including
<br /> but no� lim�ted to Trustor's #ailure tv discharge or pay when due any amounts Trustvr is requir�d tv discharge vr pay
<br /> under this Deed of Trust vr any Rela�ed ❑ocumen�s, Lend��-on Trust�r's behalf may �bu�shaff not �e obligated to} take
<br /> any a�tion that Lender deems apprvpriate, including but no� limited to discharging flr paying a�i taxes, liens, security
<br /> interes�ts, encumbrances and other claims, at any time I��ied or pla�ed on�he Property and paying all cos#s�or insuring,
<br /> main�a�n�ng and preser�ing the Property. All such expenditures incurred or paid by Lend�r �or such purposes wilf then
<br /> bear interest at the rate Gharg�d under the No�e from the date incurred ❑r paid hy Lender to the da�e vf repayment by
<br /> Trusto�. All such expenses will become a part of �he Indebtedness and, at Lender's opti�n, ►►vill �Aj be payab[e on
<br /> demand; �B� be added �o the ha�ance of the Nate and be apportivned among and he payable with any ins�tallment
<br /> paym�nts �v become du� during either �1� the term of any app���able insurance pvlicy; or ��} �he rema�ning term v�
<br /> the Nate; �r �Cf be treated as a balloan payment which wi�� be du� and paya�le at the Note's maturity. The Deed Q�
<br /> Trust also wil[ secure paymen� of these amaunts. 5uch right shall be in addition tv a[� other rights and rem�dies to
<br /> which Lender may be entitled upon Default.
<br /> WARRANTY; DEFENSE QF TITLE. The fallowing prv�isions re�ating�o ownership vf the Property are a part of this De�d
<br /> of Trust:
<br /> T�#le. Trustor warran�s that: �af Trustor holds good and marke�abfe t�tle of �ecord �o the Praperty in �ee simple,
<br /> free and ��ear of al� liens and encumbran�es other than those set forth in the Real Property description or in any
<br /> title insurance pvlicy, tit�e report, or final titfe opinion issued in fa�or o�, and accepted by, Lender in connection
<br /> v►rith this ❑eed vf Trust, and tb� Trus�or has the full right, power, and author��y�o exe�ute and de[i�er this Deed o#
<br /> Trust to L�nder.
<br /> Defense of Ti�le. Sub�ect to the ex�eptian �n the paragraph a�ao�e, Trustar warrants and will for��er defend the
<br /> title t❑ �he Property against the �awful claims �f all persvns. fn the e�ent any action ar proceeding is c�mm�nced
<br /> tha�questians Trustor`s tit�e ❑�the interest�f Trustee or Lender under this Deed o�Trust, Trustor shall de��nd the
<br /> ac�ion at Trust�r's exp�nse. Trustvr may be the nQm�nal party in such proceeding, but Lender shall be �ntitled tv
<br /> participate in the praceeding and to be represented in the proceeding by couns�� af Lender's own choice, and
<br /> Trusta� will deli�er, ar�ause to be de[���r�d, �o Lene�er such instruments as Lender may request from time to time
<br /> t❑ permit such part€cipa�ion.
<br /> Complian�e Vllith Laws. Trustor warrants that the Property and Trusto�'s use v�F th� Property complies with all
<br /> ex�s�ing applicabl� laws, ordinances, and regulations of ga�ernmenta[ authvri�ies.
<br /> Sur�i�al nf Representations and Warranties. All representations, warranties, and agreemen�s made by Trusto� in
<br /> this Deed of Trust shall sur�i�e �he execution and deli�ery vf this Deed of Trust, shall be cvntinuing in nature, and
<br /> shall remain in fukf�orce and e�fect un�il such time as Trustor`s Indebtedness shal[ be paid in fu��.
<br /> G�NDEMNATIDN. The�allowing pro�isions re�ating to condemna�ion praceedings are a part of this I]eed of Trust:
<br /> Proceed�ngs. If any proceeding in condemnation is f��ed, Trustor sha�l pramptfy notify Lender �n writing, and
<br /> Trustor shall pramptly take such s�eps as may be necessary to d�fend the ac�ion and obtain the award, Trust�r
<br /> may be the nominai party in such proceeding, bu�Lender shall �e en�ft�ed tv partiGipate in the prv�eed�ng and tv be
<br /> represented in the proceeding by counse[ o� �ts own choice, and Trustor will deli�er o� cause to be deli�ered to
<br /> Lender such ins�ruments and dacumentation as may be r�quest�d by L�nder from time �o time ta permit su�h
<br /> participation.
<br /> Appiication vf Ne� Prviceeds. If a�� or any part of the Property is condemned hy eminent damain proce�dings or by
<br /> any prnceeding or pur�hase in lieu of condemnation, Lender may at its electi�n require that al1 vr any portion vf the
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