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2� 1 ��2325
<br /> DEED �� TRUST
<br /> ���tltirlLl�d� Page �
<br /> is fled as a resul� vf nanpayment, Trustor shall within fif�een �'15} days after�he [ien ar[ses or, if a lien is filed,
<br /> wi�hin fift�en �`�5} days a�ker Trustor has n�tice vf the fi[ing, secure#he d'[s�harge of�the �ien, or if requested by
<br /> Lender, deposit wi�h Lender cash or a sufficient corporate surety band vr ather security safis�ac�ory to Lender in an
<br /> amaunt su�fi�ient to discharge�he lien plus any�vsts and a#torneys'fees, or Qther charges�hat�auld aGcrue as a
<br /> result of a foreclosure or sa(e under�he lien. In any contest, Trustvr shall defend itself and Lender and sha([sa�isfy
<br /> any ad�erse judgment before enforcement against th�Prvperty. Trustor shall nams Lender as an additivnal obligee
<br /> under any sur��y bond fu�nished in the contest proceedings.
<br /> E�idence ❑f Payment. Trustvr shall upon demand furnish to Lender satisfac#ory evidence o�payment of the�axes
<br /> or assessmen�s and shali au�hori�e the appropriate gar�ernrr�ental officiaf to deli�er t� Lender at any time a written
<br /> statement of the taxes and assessments agairts�the Property.
<br /> Nv�ice of Cons�ruction. Trus�or shall notify Lender a# least fif�een �'15} days befare any work is cammenced, any
<br /> services are furn�shed, ❑r any materials are supplied ta the Praperty, if any mechan�c's fien, materialmen's lien, ❑r
<br /> oth�r lien cauld �e asse�#ed an account vf the work, services, ❑r materia[s. Trustor will upvn request of Lender
<br /> furt�ish �a Lender advance assurances saf[s�actory to Lender �hat Trustvr can and will pay the cos# af such
<br /> impra��m�nts.
<br /> �'R�PERTY�AMAGE INSURANCE. The fo[lawing pra�isivns re�ating to insuring the Prflper�y are a part of this Deed of
<br /> Trust.
<br /> IVlain�enance of Cnsurance. Trus�or shal� procure and maintain pvlicies a�fire insurance with standard exfended
<br /> co�erage endorsemen�s vn a fa�r value basis for the fuf� insurable value cv�er[ng all lmpro�ements on �he Real
<br /> Pt�ope�ty �n an amount sufficient to a�oid application of any coinsurance c�ause, and with a standard m�rtgagee
<br /> clause in�a�or of Lender,�vgether w�th such ather hazard and liabili#y insurance as Lender may reasvna�ly require.
<br /> Policies shall be written in form, am�un�s, co�erages and basis reasonably acceptab�e to Lender and issued by a
<br /> company or campanies reasonab�y ac�eptab�e to Lender. Trustor, upon request of Lender, will deli�er to Lender
<br /> from time to time the pvlicies or cer�ifcates of insurance in fvrm satisfactnry to Lender, includ�ng stipula�ions that
<br /> co�erages will nvt be cance[led or diminished w[thout at least thirky{3��days priar wr�tten nvtice to Lender. Each
<br /> insurance policy alsa shal! inc�ude an endorsement prv�iding tha#co�erage in fa�vr vf Lender wil[ not be impaired
<br /> in any way by any act, omission ❑r default of Trustar vr any vther persan. Should the Real Property be located �n
<br /> an area designated by#he Administratvr of the Federal Emergency Managernen�Agency as a special flaod hazard
<br /> area, Trustor agrees tv obtain and maintain Fed�ral Flovd Insurance, if a�ailab�e, fvr the maximum amount of
<br /> B�rrower's cr�dit line and the�ull unpaid principal balance of any prior liens on the proper�y s�curing the �van, up
<br /> to the max�mum p�licy limi�s set under the Nativnaf Flvod lnsurance Pragram, or as❑therwise required by Lender,
<br /> and�o maintain such insurance for th�term of the Ivar�.
<br /> Application vf Prviceeds, Trustvr shai! promp�ly notify Lender vf any loss or damage to the Proper�y. Lender may
<br /> make proof of 6oss if Trustor fai�s to dv sn wi�hin fi�teen �15} days of the casualty. Whether or no� Lender's
<br /> security is �mpaired, Lender may, at Lender's el�ction, receivs and retain th�praceeds af any insurance and apply
<br /> the proceeds to the reduction of the Indebtedness, payment of any �ien a�f�cting �he Property, or the restoration
<br /> and repair of the Proper�y. lf Lender elects to app[y�he proceeds to restvration and repair, Trustor sha!! repair❑r
<br /> replace the damaged ❑r des�royed ��-nprovemen#s in a manner sat[sfactary fo Lender. Lender shafl, upon
<br /> satisfactory proaf o� such expenditure, pay ❑r reimburse Trustor �rom the proceeds for the reasonab�e cost of
<br /> repair or restorativn if Trustor is not in de�ault under this Deed o� Trus�. Any prviceeds which ha�e nat been
<br /> disbursed within 1 SD days after their receip� and which L�nd�r has nvt cvmmit�ed to �he repair or restnration of
<br /> the Proper�y shall be used firs�to pay any amount owing to Lender under this�eed af Trust,then to pay accrued
<br /> �nterest, and �he remainder, if any, shall be app[ied to the principa� balance of the [ndebtedness. lf Lender holds
<br /> any proceeds after payment �n full ❑f the Indebtedness, such prvc�eds shalf be paid to Trus#or as Trus�or's
<br /> in�er�s�s may appear.
<br /> Carnplian�e vrrith Existing Indebtedness, During th� period in wh�ch any Existing lndebtedness descri�ed below is
<br /> in effect, compliance with the insurance prn�isions cvntained in the ins�rum�n� evidencing such Existing
<br /> �ndebtedn�ss shall c�nstitu�e compIiance with the insurance prv�isions under �his Deed of Trust, �v the extent
<br /> compfiance wi�h the terms of�his Deed ��F Trust woufd canstitute a duplication vf insurance requiremen�. !f an�
<br /> proceeds from�he insu�ance become payable vn lass, the prv�isions in this Deed of Trus�for d�visivn of proceeds
<br /> shal[appiy❑n!y to�ha�portion af the proceeds not payab�e to the hoider of the Existing lnd��tedness.
<br /> LENDER'S EXPEND[TURES. [f Trustar fails �A} ta ke�p the Praperty free of all taxes, liens, security interests,
<br /> encumbrances, and other c�aims, �B} �o prv�ide any required insurance on the Proper�}�, �C} to make repairs to the
<br /> Prvperty or�o comply wi#h any vbligation �o maintain Exist�ng Indebtedness in govd standing as required below, then
<br /> Lende� may dv sv, lf any act�on o� proceeding �s cammenced that wvu�d ma�erial(y affect Lender's inter�s�s in the
<br /> Prvpe�ky, then Lender ❑n Trus�or's behaif may, but is not required to, take any ac�ion �hat Lender belie�es to be
<br /> appropriate to prot��t Lender's interes�s. All expenses incurred or paid by Lender for su�h purpvses will �hen bear
<br /> interest a� the rate charged under the Credit Agreerr�en� from �he date incurred or paid by Lender �� the dafie of
<br /> repayment by Trusto�. Al( such �xpenses will become a part of the Indebtedness and, a�Lender's vptivn, will (A} be
<br /> payable vn demand; �B} be added to the balanGe of the Credit Agreement and he apportioned among and be payable
<br /> wi�h any ins#al�ment payments to become due during either {'�} �he term v�any applicable insurance pv�icy; or �2� the
<br /> remaining term of�he Credi�Agreemen�; or �C} be treated as a balloon payment which will be due and payab�e at�he
<br /> Credit Agreement's ma�ur�ty. The Deed vf Trus�also will secure paymen�of these amaunts. The rights pro�ided for in
<br /> this paragraph shaff be in addi�ion tv any other rights or any remedies t� which Lender may�e ent��led on accvunt vf
<br /> any default. Any such action by Lender shal� nat be construed as curing the d�fault so as to bar Lender fram an�
<br /> remedy that s�otherwise wouid ha�e had.
<br /> 'WARRANTY; DEFENSE OF TfTLE. The follawing provisians re�a�ing to ownership af th�Property are a par�of this De�d
<br /> nf T�u st:
<br /> Ti��e. Trustor warrants that: �a}Trus�or holds good and marketab�e title of record to the Property �n fee simpfe,
<br /> free and clear of al� fiens and encumhran�es other than those set forkh in the Real Property description ar in the
<br /> Existing �ndeb�edness section below or in a�ny title insurance palicy,title report, ar final title❑pinivn �ssued in fa�or
<br /> v�, and accep�ed by, Lender in connectian with this Deed v�Trus�, and �h�Trustor has the �u[I right, power, and
<br /> autharity�o�xecu�e and deli�er this❑eed o�Trust�a Lender.
<br /> ❑efense of Tit�e. Subject�o the excep�ion in the paragraph aba�e, Trus�vr warrants and will �vre�er d�fend the
<br /> �it[e to the Properky against#he [awful clai�ts of a!I persons. In th�e�en�any actian o�proceeding is cvmmenced
<br /> that questivns Trus�or's tit�e ar�he interes�of Trus#ee ar Lender under this Deed of Trus�,Trustor sha(I defend the
<br /> ac�ion at Trustor's expense. Trustor may be the nvminal par#y in such proceeding, but Lender shail be entitled tv
<br /> participate in the prviceeding and tv be �-epresented in the pr�ceeding by caunsel of Lender`s awn chvice, and
<br /> Trustor w�ll deli�er, ❑r cause to be deli�ered,to Lender such instruments as Lender may r�quest�rvm t�me to time
<br /> t�pe�mit such participatian.
<br /> Compliance 11Vith Laws. Trustor warran�s that the Prvp�rty and Trustor's use of the Property camplies with all
<br /> �xis�ing applicab[e laws,ordinances,and reguiations of go�ernmental authorities.
<br /> 5urvi�a� of Promises. All pramises, agreements, and statements Trustvr has made in �his Deed a�Trust sha��
<br /> sur���e the exe�utivn and de�ivery o�this Deed of Trust, shal� be cantinuing in na�ure and shall remain in fu�l fnrce
<br /> and ef�ect un�i!such time as Borrvwer's Indebtedness is paid in full.
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