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2� 1 ��3�88
<br /> DEED �F TRUST
<br /> �Cont�nued� Page 3
<br /> reasonably acceptable to Lende�. Trustor, upon requ�st af Lender, will deli��r to Lender from time to time the
<br /> policies or�erti�icates of insurance in form satisfa�tory to L�nder, including stipulati�ns that co�e�ages wiil not be
<br /> �an�elied or diminished without at le�st thirty{30] days prio► written natice to Lender. Each insurance policy alsa
<br /> shall inc�ud�an endarsement pro�+iding that ca�erage in fa�or af Lender wi�l not be impaired in any way by any act,
<br /> omissian�r default �f Trust�r or any ather pgrsvn. Should the Real Property be Iocated in an area designated by
<br /> the Administrat�r of the Federa� Emerg�ncy Marragement Agerrcy as a sp��iaE flood haz�rd are�, Trustor agre�s to
<br /> obtain and maintain Federal Fluv� Insuran�e, if a�aiiable, far the �ull unpaid principai �alance of the loan and ar�y
<br /> prior liens on the property s�curing the loan, up ta the maximum policy timits se# under the N�tianal Flood
<br /> lnsurance Program, �r as otherwise required by Lend�r� and to m�intain such insuran��for the term of the��an.
<br /> Application��Prviceeds. Trustor shall promptly notify Lender of any lass�r damage to the Property. Lender may
<br /> rnake praof af lass if Trust�r fails ta do so within fifteen (15} days of the casualty. Whether or not Lender's
<br /> se�urity is impaired, L�nd�r m�y, at Lender's electian, recei�e and r�tain th� praceeds af any insurance�nd apply
<br /> the proceeds ta the raductian of the Indehtedn�ss, payment of any lien affec#in� the Praperty, or the rest�ratian
<br /> and repair af the Prvperty. If Lender elects ta apply t�e praceeds to restorativn and repair, Trustar shall repair or
<br /> replaG$ ttre damaged or destroyed impro�ements in a rnanner satisfactory to L�nder. Lender shall, upvn
<br /> sat�s�actory provf af such expen�iture, pay ar reimburse Trustar fram the proceeds far the reasvnahle cost of
<br /> repair or resto�ation if Trust�r is not in default under this Deed �f Trust. Any proceeds which ha�e not b�en
<br /> d+sbursed within i$D days aner their receipt and which Lender has nat committed to the repair ❑r restarati�n af
<br /> th� Property shall be used first tv pay any amount awing #� L�nder under this Deed af Trust, then ta pay accrued
<br /> interest, and the remainder, if any, sh�ll be applied tv the principal baiance af th� Indek�tedness. I# L�nder hvlds
<br /> any proceeds aft�r payment in full af the Ind�btedness, such prac�eds shall #ae paid to Trustor as Trustar's
<br /> interests may appear.
<br /> T�ust�r's Report on Insurance. Upon request a�Lsnder, howe�er not more than ance a year, Trustor shall furni$h
<br /> to Lender a report on ��cFr existing paiicy vf insurance shawing: t�y the name of th� insurer; t2� the risks
<br /> insured; �3y ihe amount of the pvli�y; �4] the p�aperty insured, the then �Urrent r�placement �alue of such
<br /> property, and the manner❑f deterrnining that ualus; and �5} �he expiration date of the paliGy. Trustor shall, upon
<br /> request af Lender, ha�e an independent�ppraiser satisfa�tory to Lend�r d�terrnin�th��ash�alue replac�m�nt cost
<br /> of the Property.
<br /> TAiC AN� INSURANCE RE�ERVES. 5ubject ta an� limitations and consist�nt with any requir�ments set hy �pp�icable
<br /> law. Lender may require Trustar ta maintain with Lender reserves fior paym�nt of annual taxes, assessments. and
<br /> insurance p�emiums, which rsserues shall bQ created by �n initial deposit and subsequent monthly payments, or
<br /> payments at such othsr inter�al as payments und�r the Nate may be due, of a sum��timated by Lender to be sufficient
<br /> to pay the tatal annual taxes, assessmen�s, and insurarrce premiums Lender r�as�nably anticipates tQ be p�id from
<br /> these reserves. The rese�ve funds sh�ll be held by Lender as a genera!depasit rtrom Trustar, which Lender may satisfy
<br /> by payment vf the t�xes, assessments, and insurance premiums requir�d ta be paid by Trustor as they become due.
<br /> Lsnder sh�ll ha�e the right tu draw upon the re�erwe funds ta pay su�h items, and Lender shall nat be required ta
<br /> determine the �ralidity or accura�y ofi any item before �aying it. IVothing in the Deed o# Trust shall be construed as
<br /> requiring Lender to adyance other monies #ar�u�h purp�ses, and L�nder shall not incur any liability far anything �t may
<br /> do ar vrrrit to do with r�spect ta the reser�e ac�ouni. Subject to any limitations set hy applicahle iaw. if th� c�s�rve
<br /> funds disclase a short�ge vr defiGiency, Trust�r shall pay �uch shortag� Qr deficiency as required by Lender. Ail
<br /> arnounts in th�reserue ac��unt are hereby pledg�d to furth�r secure the Ind�btedness, and Lend�r is hereby authvri�ed
<br /> t�with�raw and apply su�h amounts on tt�e Indebtedness upvn thQ occurrence of an E�ent a�Default. Lender shall not
<br /> be required ta p�y any interest or �ernings an the reser�e fund� unless required by law ar agree� t� by Len�er in
<br /> writing. Lender does nat hold the reserae fun�i� in trust for Trustor, and Lender is not Trustar's agent far payment af
<br /> the taxes�nd asses�ments required t�be paid by Trustor.
<br /> LENDER'S E]�PENQITURES. 1f any acti�n or pr�ceeding is commenced that would materially affect Lender's interest in
<br /> the Property ar if Tr�star iails to cvmply with any proaision af this Deed af Trust or any Related Documents, including
<br /> but noi limited ta Trustor's f�Elure to discharg� Qr p�y wh�n du� any arnounts Trustar is r��uir�d to discharge or pay
<br /> under this Deed vf Trust ar any Related Documents, Lender an Trustor's behalf maY tbut shal!not be obligate� t�) take
<br /> any acti�n that Lender deems apprapriate, including but not limited tQ disc�arging �r payin� all taxes, �iens. security
<br /> interests, encumb�rances and othe�claims, �t any time le�ied or placed on the Property and paying all costs f�r insuring,
<br /> maintaining and preserving the Property. All such expenditur�s in�urred or paid by Lender far such pu�pases will then
<br /> bear interest at the rate charged under the Nate from th� date incurred�r paid by Len�er to the date of repayment by
<br /> Trustor. All such expenses wi�! become a part a# the Indebtedness and, at Lender's optian, wiil tA� be payable �n
<br /> ��mand; tBf be add�d tv the balance of the Note and be appartianed amang and be payable with any installment
<br /> payments to b�come du� during either t 1} th� term of any appli�able insurance p��icy; �r t�y the rsmaining term of
<br /> the Note; ar {C� be treated as a b�l�oon payrnent which wiii b�due and payable at the Nate`s maturity. The De�d �f
<br /> T�'ust �ls4 will secure payment o# these amaUnts. �uch right shall be in addition to all other rights �nd rernedi�s ta
<br /> which Lender may be entitled up�n Default.
<br /> WARRANTY:QEFENSE DF TITLE. The follawing provisians relating ta ownership of the Property are a part o�this ❑eed
<br /> o�Trust:
<br /> Title. Trustor v�arrants that: �a� Trustar holds gaod and marketable title of recvrd to the Property in fee simple.
<br /> free and clear o� ali lie�rs and encumbrances �thsr than those set forth in the Real Property description vr in any
<br /> ti#le insur�nc� poliGy, title repart, nr final title opinian issued in favar of, and a�c�pte� by. Lend�r in connection
<br /> with this De�d�f Trust, and �bf Trust�r has the�uli right, power, and�utharity to execute and de�iver this �ee�l of
<br /> Trust t� Lender.
<br /> Qef�nse of Trtie. �ubject t� the exception in the paragraph aborre, Trustor warrants and will fare�er defend the
<br /> title#a the Property against the lawful claims of all persans. In the e�ent any action vr proceeding is commenced
<br /> that questions Trust�r's title�r the interest of Trustee or Lender under this Deed of Trust, Trustor sh�ll defend the
<br /> aGtiQn at TruStar's expense. Trustor may b�the norninal party in such praceeding, but Lender shall hs entitled ta
<br /> participate in the proceeding and to b� represented in the proceeding by cvunsel of Lender's own choice, and
<br /> Trustor will deli��r, or cause to be deli�►ered, t� Lend�r su�h instruments as L�nder m�y request fram time tv tim�
<br /> Eo permit such participativn,
<br /> Cvrnplianca 1Nith Laws. Trustor warrants that the Property and Trust�r's us� af t�e Property c�mplies with al�
<br /> existing applicable laws, ordinances,and regulatians�f�o►►ernm�nta!authoriti�s.
<br /> Surviva�af Representations and Vll�rr�nties. All representatians, w�rranties, and agreern�nts made by Trustor in
<br /> this Deed af Trust shall sur�i�e the execution and de�i�ery Qf this Deed vf Trust, shall be �ontinuing in naturs, an�
<br /> shall remain in tull f�rce and effect until su�h time as Trust�r's Endehtedness shall h�paid in full.
<br /> C�NDEMNATI�N. TFre fiollowing provisEons relating t�condemn�ttan prv�e�dings are a part af#his Deed at T�ust:
<br /> Praceedings. If any pro��edin� in �on�iemnation is fiied, Trust�r shall pramptly notify L�nd�r in writing, and
<br /> Trustar shall promptly take such steps as may be necessary t❑ defend the action and obtain the awa�d. Trustor
<br /> may k��the nomin�l party in su�h proce�d+ng, but Lender sh�ll be entitled ta participate in the praceeding and to be
<br /> repre�ented in the praceedirtiy hy counsel ofi its awn choice, and Trustor will deliver or cause ta be deli�ered to
<br /> Lenc�er �uch instrum�nts and documentation as rnay he reque$ted by Lender from time ta time tn permit sueh
<br /> participdtfon.
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