201602298 - Laserfiche WebLink

Browse

2� 1 ��2298 �EE� �F TRUST Loan N�: 'i��88743 �Continued� Page 4 �ndebtedness shai! �vnstitute compf�ance with #he insurance pro�isi�ns under th�s ❑eed o# Trust. tv the ex�ent compIiance ►rvith the terms ❑f this Deed of Trust wouId constitute a duplication o�F insurance �equirement, 1f any � proceeds from the-insuranc� become payable on Ioss, th� pro�isians in this Deed of Trust�or di��sion af prvCeeds shall apply vnly t�that portEon�f the pra�eeds na�payab�e to the ho[der a�the Existing Endebtedness. LENDER'S EXPENi31TURES. If Trustor fails �A} ta keep the Property #ree of all taxes, Eiens. security interests, encumbran�es, and o�her cEaims, �B� to prov�de any required insurance on the Prvperty. �C} ta make repairs ta the Pr�per�y �r tv comply with any abligation to maintain Existing fndeb#edness in gvvd standing as requ�red helorrv, then Lender ma� da so. If any actian or proceeding is commenced that would materia[Ey a�fec� Lender's Enteres�s in the Proper�y, then Lender on Trustor's behalf may, �ut is nat requir�d to, take any act�on that Lende� believes tv be appropriate t❑ protect Lender's in��rests. All expenses in�urred or paid by Lender #vr 5L1Ch pUCpOS�S wilE then bear interes� a� the rate charged under the Note fram �he date incurred or paid by L�nder �o �th� date of repaymen� by Trus�ar. All such expenses will become a part �f th� lndebtedness and. at Lend�r's ❑ption, wi[f �A} be payab�e on demand; {By be added to the balance a� the Note and be appartivned among and be payable �r.ith any ins�a[�ment payments to hecome due during eEther {'I y the term o� any appli�able insurance policy; or t2� the remaining term df the Note; or �C} he treated as a bai[oon paymsn�which wil� be due and payable at th� Note's maturity. The �eed of Trust als8 wi�� secure payment of these amoun�s. The �ights pro�ided for �n this paragraph shail be in addit�an �tv any ather rights or any� remedies to which Lender may be entEtEed an accoun� a�F any default. Any su�h action by Lendsr sha�� not be canstrued as curing�he default so as to har Lender frorn any remedy that it❑therwise wou[d ha�e had. 1J�ARRANTY: DEFENSE QF T�TLE. The�ollowing prvvisions relating�o❑wnership o�the Praperty ar� a par�af this ❑eed ��Trust: Ti#�e. Trust�r wa�ran�s that: �a} Trustor holds govd and marketah�e titie v# record to the Pr�perty in fee simple, �r�� and clear of all liens and encumbrances otl�er than thos� set forth in the Real Praperty descriptian ❑r in �he Existing [ndeb�edness sectivn b�{ow or in any title insurance policy, title repart, pr�inal titfe opinivn issued in fa�or of, and accepted by, Lender in connection wi�th this Deed of Trust, and �b� Trustor has the full righ�, pnwer, and authority ta ex�cute and deli�er this D�ed of Trust tv Lender. De�ense of Ti�#[e. Su��ct to the exception in the paragraph ab�ve. Trustor warrants and wil! forever defend the tit�� to the Prope�y against the lawful c�aims o� aEI pers�ns, in the event any ac#ion ar proceeding is cvmmen�ed that questions Trustvr's title or the interest a�Trustee or Lender under this Deed of Trust, Trustvr shall defiend the acti�n at Trustor's expense. Trustar may he the nomina[ party in such prviceeding, but Lender sha[� be entit�ed tv participate in the pro�eeding and �o be represented in the �roceeding by counse! o�F Lender`s own chvice, and Trustor w�lI de[i�er� or cause ta be de[i�ered, ta Lender such instruments as Lender may request�rom time ta time to permit such par�icipation. Cvmpiiancs 111rith Laws. Trus�or warrants that the Property and Trustor's us� �f the Proper�y compli�s with all exEsting a�piicable Iaws, ordinances. and reguEations of g��ernmenta� au�horities. Sur��vat of Pramisss. A�1 promises, ag�eements, and statements Trustor has made �n �his Deed of Trus� shafl survi�e the executian and dsli�ery of this ❑eed af Trust, sha�� be cantinuing in nature and sha[[ remain in#ull #orce and ef�ect unt�l such time as Trustor's lndebtedness is paid in�ull. EXlST�NG �NDEBTEDNESS. The fol�owing provisions concerning Existing Indebtedness are a part of this Deed o�Trust: Ex�s#ing Lien. The �ien o� this Deed of Trust securing the �ndebtedness may be secondary and inferEo� to an existin� lisn. Trustor express[y cavenants and.agrees to pay, or see tv �he payment o�, the Existing indsbt�dness and to pre�ent any d�fau[t on such indehtedness, any defauIt under the instruments e�idencing such indebtedness, or any de�ault under any security documents fior such indebtedness. Nv Mndi#ication. Trustor shalj not enter into any agreement w�th the hofder o� any mortgage, deed of trus�, or ather securi#y agreement which has priority aver this� �eed v� Trust by which that ag�eement is madi�ied, amended. extended. or renewed withvut the prior written consent a� L-�nder. Trustor sha[I neither reques� nor accept any�u�ure ad�ances under any such securi�y agreement withou�the priar written consent of Lender. CONDE�II�NAT�DN. The fa��ow�n� provisions reiating to condemnativn proceedings are a part❑�this Deed af Trust: Proceedings. If any proceed�ng in candemnation is filed, T�ustor shall promptly notify Lende� in writing, and Trustar shal� promptly take such steps as may be necessary t❑ defend �he action and obtain the award. Trus��r may be th� nomina� party in su�h praceeding, but L�nder sha[[ be entit[ed to parricipate in the prviceeding and tn �e represented in �he proceeding by counsel ❑f its v►nrn �hoice, and Trustvr wili deli�er or cause to be deli��red to Lender such instruments and dacumenta#ivn as may be requested by Lender ��m time ta time t� permit su�h participation. AppIication o�F Net Proceeds. If a�l ar any part vf the Property �s condernned by eminent dvmain prv�eedings �r hy any pro�eeding or purchase in lieu o�condemnation� Lender may a�its election require tha#a[I or any p�rtion❑�th� net proceeds o�f the award be applied to the Indebtedness or the repair or res�oratEan vf the Pr�perty. The net prac�eds of the award shail mean the award after payment o�F a[� reasvnabie cas�s, expenses, and attorneys' �Fees incurred by Trustee or Lender�n connectian with th�condemnation. IMP�SITI�N aF TAXES, FEES AND CHARGES BY G�VERNMENTAL AUTHQRtT�ES. The fvI[ow�ng provisio�s relating #o ga�ernmental�axes, fees and Charges are a part of this D�ed o�Trust: