|
2� 1 ��352�
<br /> ��EC� �F 1'��J��'
<br /> ����t��u�d� Page �
<br /> c��erage endors�men�s on a fair va[ue basis f�r �he ful[ �nsurab�e value co�ering a�l Impravements on th� R�al
<br /> Prvperty in an amaunt sufficien# to avvid appl€Gatian a� any cainsurance c�ause, and wi#h a standard rno�tgagee
<br /> clause�n fa�ar o�Lend�r,tag�ther with such o�her hazard and liabili#y insuran�e as L�nder may reasnnab[y�-equire.
<br /> Polici�s shall be wri#ten in form, amvunts, co�erages;and bas'rs reasonably a�cep�able tv Lender and issued by a
<br /> campany or companies r�asonably acceptab�e ta Lend�r. Trustvr, upon reques� pf Lend�r, wili de�iver to Lender
<br /> from time t❑time the pvlicie� or c�rtifica�es af insurance in �orm satisfiac#ary#� Lender, inciuding stipulativns�hat
<br /> Ca�erages wi�f nat be�an�elled❑r diminish�d wi�haut a�least th�r�y�3�}day�pri�r writ�en nat�ce fo Lend�r. �ach
<br /> insurance palicy also sha�1 ir�clude an endvrsement providing tha� coverage in ���or af Lender wili nat be impaired
<br /> , in any way by any act, �mtss�on or defau�t of Trus#or or any a�her pers�n. Should fihe Rea1 Property be lo�ated �n
<br /> an area designated by#h�Admin�stra�or o#the F�deral �mer�ency Management Agency as a specia� �IQad hazard
<br /> area, Trust�r agrees ta Qb�ain and main�ain Federal �lood Insurance, i# a�ailable, far �he maximum amount af
<br /> Trustar's credit�ine and�he full unpaid principal balance��any pr�iar I�ens on the property �ecuring�he laan, up to
<br /> the rnaximum pol�cy limi#s set under�he Nationa� Flood Insuranc�Program,or as otherwise required by Lender,and
<br /> #o maintain such insuran�e�ar the term vf the Ir�an:
<br /> Applica�ion of Prviceed�. Trus�or sha[i pramp�ly naf�fy Lender❑f any lass❑r damage t❑ �he Proper#y. Lender may
<br /> make proa� �� Ivss if Trus�ar fa�ls to do sv w�th�n fif�een �'15} days a� fihe casualty. Vllh��her ar not Lender's
<br /> security is impaired, Lender may, at Lender's elec�ifln;rece�We �nd retain the proc�eds�f any insurance and apply
<br /> �he prviceeds to th� reductian a�the Indeb�edness, pay�nent of any lien affe�#ing #he Pr�perty, or the res�ora#ion
<br /> and repair v�the Property. lf Lender elects t❑ apply�he praceeds t❑ restoration and repair, Trus�or shalt repair vr
<br /> rep�ace #he damaged or destrayed Emprovemenfis in a manner satisfac�ory tv L,ender. Lender sha�l, upvn
<br /> satisfactory prvof a� such expenditure, pay ❑r reimburse Tru�tor fr�om fih� p�-aceeds for fhe reasonable �os� of
<br /> repa�r ❑r restvratian if Tr�ustor is not in defaul� under this De�d ❑#� Trust. An� praceeds wh�ch ha�e not been
<br /> disburs�d wi�hin �8D days after their receip� and which L�nder has no� committed ta th� repair or restara�ion o#�
<br /> the Proper�y shafl be used�irs�ta pay any amvunt owing #o Lender under�his:Deed af Trust,then ta pay acc�-ued
<br /> tn�erest, and the remain�ier, �f any, shal! be applied to the principal bal�n�e o�the Indebtedness. Ef Lender holds
<br /> any praceeds a�#er payment in fu�� af �he lndebtedness, such proceeds shal� be paid �o Tru�tor as Trustor's
<br /> interes�s may appear. -
<br /> Cvmp[i�nce with Existing tndebtedn�ss. During th� periad in wh�ch any Existing lndebtedness descr�bed below is
<br /> in effect, compl�ance v►�i�h #he insurance pravis�ons cantained in �he instrumenf e�idenc�ng su�h Existing
<br /> Indebtedness shall canstitu�� comp[iance irvith �h� insurance provisions under �h€s Deed af T�u�t, tv the ext�nt
<br /> comp�iance with the �erms af this Deed af Trust would canstitute a duplicatian vf insurance requirement. i�any
<br /> pro�eeds fr�m�h� Ensurance became payable on loss, the p���isians En th�s Deed a�Trus�f�r di�ision af proceeds
<br /> shali apply vnly���hat p�rt�on o€�he proc�eds na�payab�e to�he ho[der af the Ex€sting lnd�b�edness.
<br /> L��DER'� EXPEf�I��TURE�. �f Tru�tar �ai�s �A} tv ke�p the Pro�erty �ree a�;all taxes, [i�ns, security interests,
<br /> encum bran�es, and afiher c�aims, �B} ta prouide any r�q�ir�d insurance on the Praperky, {�} �kv mak� repairs to the
<br /> Prop�rty❑r�o comply w�th any abiigation�a main�a�n Ex�s��ng [nd�b��dness in gaad standin� as r�quired be�aw, then
<br /> Len�er may do sv. If any act�on a� praceeding is commen�ed th�t w�ufd materiaEly affect Lender's interes�s in the
<br /> Prope�y, th�n Lende�- on Trus�or's behal� may, hut is nvt �equired �o, �ake any a�fi�n �ha� Lend�r ��lieve� to be
<br /> appropriate #a pratec� Lender�s interests. AI[ e�penses �ncurred or paid by Lende��or such purposes wi![ �hen bear
<br /> interest a� the rafie charged under fhe Credit Agreement;fram the date fn�urred �r paid by Lender to the date of
<br /> repaymen�by Trustor. Alf such expenses will h��me a par�af the lndeb�edness and, at Lender's❑ptiQn,w��l �A} be
<br /> payable❑n demand; �B} be add�d to the ba[ance a�th�Cr��dit Agreemenf and be appo�tioned among and be payable
<br /> with any ins�al�ment payments ta becorr�due during either; (1} the term afi any applicahle insurance policy; or �2} �he
<br /> remaining�erm of the Credit Agreement;or �C� be treate�l as a ba�lovn payment wh�ch will be due and payable a�the
<br /> Gred�t Agreement"s ma�urity. The D�ed o�Tru�t a[sa wifl se�ure payment of these amaunts. The rights p�a�ided�or in
<br /> �hi� paragraph shall be in addition ta any o�her righ�s vr any remedi�s tv whi�h Lender may b�enti�ied an account af
<br /> any de�aul�. Any such a�tian by Lender �hall not be cor�strued as curing the defau[t so as to bar Lend�r�rom any
<br /> remedy that it o�herwise vrrould ha�e had.
<br /> WA�RANTY; ❑EFENSE(3F T1TLE. The following pr�o�is�ons:re�ating ta ownership of the Property are a part of th�s Deed
<br /> of Trust:
<br /> Ti�le. Trustvr warrants�ha�: �a}Tr�ustor halds gvod and mark�table �itle Q�re�ord to the Prpperty in fee simp�e,
<br /> #r�e and clear o�a[I liens and encumbrances ather#han th�se se# farth in �he Real Prape;-ty desGri�tion or in the
<br /> Exis�ing lndebt�dness sec��r�n hefow or in any title insurance poli�y, t�tle repor#;:❑r fina�title flpinivn issu�d in fa�or
<br /> of, and accepf�d by, Lender in �annection with �his Deed of Trust, and �h�T�ustvr has the fuf� �ight, pvwer, and
<br /> au�hori#y ta exe�u�e and del i�er th is i3eed�f Trust to Lender.
<br /> �efense vf Tit�e: Sub�ect t� th� excepfiion in the paragraph abo�e, Trustvr warrants and wil� �arever de�end the
<br /> titfe to fhe Praperty against�he law�u( cfa�ms o�alf persans. !n the e�en�any a�tion ar proceeding is cammenced
<br /> that ques�ions Trus�vr's titfe �r the interest of T�-uste�:or Lender under this D�ed of Trus�,Trustar shall de�end th�
<br /> a��ian at T�-usfvr's expens�. Trustvr may be the nominal par�y in such proceeding, but Lender sha11 be entitled ta
<br /> par�icipate �n the proceeding and �a b� represented in the pro�eeding by caunsel of Lender's awn chaice, and
<br /> Trus�ar will deliver, o�-cause ta he delivered,to Lender sucn �nstrumen�s as Lender may request fram time ta �ime
<br /> tfl permi�such par���ipativn.
<br /> Cvmp�ianc� 11�ith Laws. Trus�or warrants #hat the Praperty and Trustor's use o� the Property complies w�th a!I
<br /> existing appli�able laws, o�dinan�es,and regulationS of gv�ernmen�a[au#hor�ties.
<br /> �ur►�i�al of P�vmises. AII pramises, agreements, and s�a�em�n�s Trustor ha� made in �his Qeed �� Trus� shal�
<br /> survi�e�he executian and delE�ery a�this Deed of Trust, shall be confinuing in nature and sha[� remain in full��rce
<br /> and effect un�if such time as Trus�tar`s Indebfedness is paid in ful(.
<br /> E��ST�IVG INDEBTEaIVESS. The�o[[�wing pra�isions canc�rning Existing Indebtedness are a part of this Deed vf Trust:
<br /> Existing Lien. The lien of �his �]eed of Trust securing the lndebtedness may be secondary and inferiar to an
<br /> existing [ien. Trus�or expressly covenants and ag€�ees to pay, o�-se��o �he pa�ment of, the Exis�ing lndebtedness
<br /> and t� pre�ent any default on such indebtedness, any defau�t unde�-�he instrumen�s evidencing such indebtedness,
<br /> or any default under any security documents for such ind�btedness.
<br /> No MvdificatiQn. T�us�ar shal[ not en#er into any agreement with the ho�der'�� any mortgage, deed o�trus�, vr
<br /> Qther security agreement ►rvhich has p�-ivri�y o�er this Deed o� Tru�t by whi�h that agr�em�nt is mod�fied,
<br /> amended, ex'�end�d, or renewed wi�hou� �he priar wri#ten cansenf af Lend�r:: Trustar shall neither request nor
<br /> accep�any fu�ure ad�ances under any su�h se�urity agr�emen#w�thc�ut the priar virri�#en Gansen�of Lender.
<br /> GUNDEiVtNATIC3N, The folloviring provisions relatin��v condemna�ian proceedings are a par���this Deed af Trust:
<br /> Proce�din�s. If any pro�eeding in rondemnation is filed, Trustar shall prorr�ptly nc�tify Lend�r in writing, and
<br /> Trustor shall pr�mptly take such steps as may be necessary ta defend the action and obfain the award. Trustar
<br /> may be�he nominal party in such proceeding, laut Lender shall be entitled ta parti�ipate in the pr�oc�ed�ng and t�be
<br /> represen�ed in �he proceeding by counse[ vf i�s own �hoice, and Trusto�wifl deliver or cause ta be deli�ered to
<br /> Lende€- such instruments and documentation as may be �eques�ed by Lender�rom �ime to �ime �a permit such
<br /> partic�pa#�on.
<br /> Appiication af Net Praceeds. If alI or any part of the F'roperty is candemned by em�nent domain proceedings or b�
<br /> ;
<br />
|