|
2� 1 ��2555
<br /> ���� �F �����
<br /> €��n�����d� Page 3
<br /> Pr�perty in an amaunt su�f cient tn a�oid app�icati�n;�f any �oinsurance �lause, and with a standard markgag�e
<br /> clause in fa�or of Lender,together ws�h such nther ha��r� and liab�ltty insurance as Lender may reasofla�iy require.
<br /> Policies sha�l be written in form, amaunts, co�erages and basis reasvnab�y acc�ptable to L�nder and issued by a
<br /> comp�ny or companies reasonably acceptable �o Lender. Trustor, upon reque�t of Lender, wi[I deli�er ta Lender
<br /> from#ime�o time�he pa�icies ar ce�ki�i�ates of insurance in form satisfactory�o Lender, inc�uding s�ipulations that
<br /> coverages will no�be cance��ed or diminished wi�hQut at least thirty�3�}days prior writ#en na�ice ta Lender. Each
<br /> insurance poli�y a�so shall in�lude an endvrsemen�prpvid�ng�hat Goverage in favor o�L�nder wEl[ not he imp�ired
<br /> �n any way by any a��, ❑missian ❑r d�fault❑�F Trustar:or any�ther person. Sl�ouid the R�al Property be lo�ated in
<br /> an a�ea designated by the Administrator a�the Federal Emer�ency Managemerrt Agency as � special flaod hazard
<br /> area, Trustor a�rees to ❑btain an�i maintain Federa�`�laod Insurance, i� a�railable, for the ma�cimum amQun� �f
<br /> Trus�vr's cred�t line and �he fu�l unpaid princfpa� balance o�any prior liens ❑n the property secu�in�the�oan, up to
<br /> �he maximum poIicy��mits set under the hia#ional Flood Insurance Program,or as otherwise required by Lender,and
<br /> t❑mainta�n such insurance for the term of the laan.
<br /> Applicat�on of Pr�viceeds. Trustar shafl promptfy no�i�y Lender n�any l�ss or damage t�the Proper�y, Lender may
<br /> make pr-oo� of ioss if Trustor #ails to do so wi�hin fifteen (�5} days of the casualty. VIlhether or not Ler�der's
<br /> security is impair�d, Lender may, �t Lender'S e��C�l�l'l; receive and retain the prviceeds o�any insuran�e and apply
<br /> the proceeds to the reduct�an of the Indebtedness, paym�nt ❑f any lien a�fiecting the Prape�ty, or the restoration
<br /> and repair of the Property. �f Lend�r e�ects tc� apply the pro�e�ds to restorat�on and repair, Trustor sha[j repair or
<br /> replace the damaged or destroyed lmpro�ements i'n a mann�r satisfacfa�-y tv Lender. Lender shall, upan
<br /> satisfactory praof �f such expenditure, pay or re�mburs� Trustor from �he pr�ceeds far the reasonabie cost o�'
<br /> repair- ar res�ora��on i� Trustc�r is nat in default under this Deed of Tr��#. Any procceds wh�ch have no� been
<br /> disfaursed within �8❑ days �fter the�r receipt and wh�ch Lender has na� committed to the repair or restoratian af
<br /> the Praperty shaf[ he used first ta pay any�moun�owing to Lenr�er ur�der this l�eed of Trus�, then to pay accrued
<br /> interest, and the remainder, if any, sha�l be applied to the prinGipal balance of the Indebtedness. Ifi Lender holds
<br /> any praceeds after payment in fu�[ af �he �ndebtedness, such praceeds shalf be paid t❑ T�ustar as Trustor's
<br /> in�erests may appear.
<br /> Campliance wifh Exis�ing Indeb�edness. 17uring the period in which any Existing lndeb�edness described below is
<br /> in e�fe�ti, campiiance wi�h the insurance provisions cantained in fihe ins�rument evidencing such �xis�ing
<br /> lndebtedness sha�l constitu�e cvmpl�ance with �he insuranGe provisions under �his Deed �f Trust, to �he ex�ent
<br /> compiiance with th� terms a�this Deed of Trust wauld constitu�e a �uplicati�n of�nsuran�e requi�ement. lf any
<br /> proceeds from the insurance became payahle vn lass, the pravisians in this Deed of Trus�for di�ision o�proceeds
<br /> shall apply❑n[y ta�ha�par�ian af the praceeds na�payak�ie t❑the holder�f the Existing Indebtedness.
<br /> LE�IDER`S EXPEND�TURES. 1� Trust�r fails �A} t� keep the Property free af a!� taxes, ��ens, security interests,
<br /> �n�umbrances, and a�het-claims, [B� to provid� any required insurance ❑n the Prvperty, �C} to make repairs to the
<br /> Proper�y or ta cornply wi�h any ❑b�iga��on to maintain Existing �ndebtedness in good standing a� required below, �hen
<br /> Lend�r may da so. If any ac�ion �r proceeding is �ommenced tha� would ma�erialEy affec� Lender's interests in the
<br /> Proper�y, �hen Lender on Trustor`s behalf may, but is nat required �o, tak� any actian �hat Lender believes �o b�
<br /> appropriate to protect Lender`s interes�s. All expen�es incurr�d or paid by Lender�ar su�h purposes wi9� then bear
<br /> �nterest at the rafe charged under the Credi� Agreem�nt fram �he date in�urred or paid b� Lender to the da�e ��
<br /> r�payment by Tr�ustor. AI� such expenses will become a p�rt of#he �nd�btedness and, at Lender's aption, will �A} be
<br /> payable on demand; (B} be added t❑the balance o�the Cred�t Agrsement and be appor�ioned among and be payab�e
<br /> wi�h any�nstallment payments to become due during either ��} the term❑f any applicable insuran�e pa�'tcy; or �2} �he
<br /> remaining term of�he Credit Agreement; ar �C} be trea�ed as a ba�loon paymen�which wi�l b�due and payable at the
<br /> Credi#Agreement's matur��y. The ❑eed af Trust also w[Il �ecure paymen�af these amounts. The rights provided for in
<br /> �his paragrap�� sha�l be in addi�ion to any other rights or any remedies to which Lend�r may b� enti�led on account of
<br /> any defauit. Any such a�tion by Lendet� sha�I no# be construed as cur�ng the default sa as t❑ bar Lender from any
<br /> remedy tha�it o�henrvise would have had.
<br /> WARRANTY; ❑EFENSE�F T�TLE. The following provisians relat�ng to awnership❑f the Pt-ope�t�are a part❑�this ❑eed
<br /> a�Trust:
<br /> Tit�e. Trustar warrants tha�:: (a}Trustor halds good and marketable �it�e of record �❑ the Prope�ky in fee simple,
<br /> free and clear of alf liens and encumbrances ather than thase set farth in the Rea� Proper�y descript[�n or in the
<br /> Existing Indebtedness sec�ivn belaw❑r in any�it�e insurartce po�iGy, tit�e r�part, or�inal titl� ❑pin�on issu�d in�a�or
<br /> a�, and accep�ed by, Lender in Gonn�cfion wi�h this ❑eed of Trust, and �b}Trustor has the �uli right, p�wer, and
<br /> authori�ty ta execu�e and deii�er�his Deed of Trust to Lencier.
<br /> Defen�e ❑f Title. 5ub�ect fo the exceptian in the paragraph abo�e, Trustar warrants and t�vifi fare�er defend fihe
<br /> tit�e t❑th� Proper�y agafnst the law�u� cEaims of all persons. In fhe e�ent any action or proceeding is�ommen�ed
<br /> �hat questians Trustor's tit�e or the interest of Yrustee or Lender under this �eed of T�us�,Trus#or sha!! defend�he
<br /> action a�t Tr-ustor`s expense. Trus�or may b�the nom�nal party in such proce�din�, but Lender shall be �ntitied to
<br /> par�icipate in th� pro�eeding and to be �-ep�esented in �he proceeding by caunse[ of L�nder's ❑wn choice, and
<br /> Trus#or wi�l deii�er, or cause t❑be delivered,to Lender such instruments as L�nder may request�ram time to time
<br /> �❑permit such par�ic�pa�ion.
<br /> Campliance INith Laws. Trustor warrants that the Prope�ty and Trustor's use of the Prop�rty camplies with a�!
<br /> ex�sting applicab�e�aws, ordinances,and regulatians❑f ga�ernmentai au�hor��ties.
<br /> Survi�al af Pramises, A11 promises, agreements, and s�atemen�s Trustar has made in this Deed of Trust shal�
<br /> su�vi�e the execu�ion and deliWery af this Deed af Trus�, shall be continuing in na�ur� �nd shall remain in full force
<br /> and effect unti!such time as Trustor's�ndeb�edness is paid in ful�.
<br /> E�CISTING INDEBTEDNESS. The�al�owing pro�isions concerning Ex�sfing lndebtedness are a part of this Deed of Trus�:
<br /> Existing Lien. The lien of this ❑eed of Trust securing the Indebtedness may be secondaty and �nferior t❑ an
<br /> existing liet�. Trustot-expressly ca�enants and agrees�o pay, ar see�ta�he paymen�a�, the Exis�ing Indebtedrzess
<br /> and ta preven�any de#ault on such tndebtedness, any de�aust under the tnstrum�r��s e�idencing such indebtedness,
<br /> ar any d�fault under any securi�y documents for such ind�bfiedness.
<br /> No Modrfication. Trustor shal� nat enter ih�o any agreement wifh the ha{der af any mar�gage, deed of trust, or
<br /> ather sscuri�y agreemenf which has pri�rity o�er this Deed of T�ust by which that agreement is modifi�d,
<br /> amended, exfended, ar renewed w�thou� �he prior written consent af Lender. Trus�c�r shall nei�he� r�quest nar
<br /> a�cept any future advances u�ider any such security agreement without the priar written consent o�Lender.
<br /> G�NQEM[VATt�N. The following pro�isians rela�ing to con�ernnation proceedings ar'�a par�af this Deed af Trust:
<br /> Proceedings. �� any proceeding fn condemnation is filed, Trustor sha�l prompt3y notify L�ndez- in writing, and
<br /> Trustor shall promptfy take such steps as may be necessary to defend the action and obtain the award. Trustor
<br /> may be the nom�na�party in such proceeding, but Lentl�r sha1I be entit�ed�o participate in the proceeding and ta be
<br /> represent�d in fh,e p�-oGeeding by counsel Q� its awn chvice, and T�-ustar will de�i��r ❑r cause t❑ be delivered to
<br /> Lender such instruments and documentation as may be reques�ed by Lender fram time �o �ime to permit such
<br /> parficipation.
<br /> �pplica�ion o�Ne�Praceeds. lf aIi c�r any part af the Proper�y is condemned by eminent d�main proceed�r�gs or by
<br /> any proceeding ar purchase in lieu of candemnat�an, L'ender may at its e�ecfiion require that a!E ar any port�on a�'�he
<br />
|