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2� 1 ��4�88
<br /> DEED DF TRUST
<br /> ���ntinued} P�g� 3
<br /> coverage endorsements on a replacemen� basis �ar the fuli insurable �alu� �o�ering all lmpro�em�nts on the Rea1
<br /> Prop�rty in an amoun� sufficien� �o a�oEd appIication a� any coinsurance �Iause, and wi�h a s�andard mortgagee
<br /> clause in fa�or of Lender,�oge�her wi�h such o�her hazard and liability insurance as Lender may reasonably require,
<br /> Policies shaII be written in form, amoun�s, caverages and basis reasonabIy acceptable to Lender and i�sued by a
<br /> company or companies reasonably accep�able to Lender. T�rustor, upon r�ques� of Lender, wi11 deli�et- to Lender
<br /> �ram time�o�ime the policies ar cer-�s��cates of snsuranc� in f�rm satRsta�tory to Lender, including stipuia�sons fihat
<br /> cvverages will no�be canceIIed Qr diminished wi�hout at least-�hir�y �3�} days prior wri�ten notice fo Lender. Each
<br /> �nsuran�e policy alsv shaII incIude an endorsemen� pr�Widing that co�erage in fa�or af Lender w[1� nafi be impa'rred
<br /> in any way by any act, omissian ar defau��of Trus�or or any o�her person. Should�he Rear Prope�ty be iocated in
<br /> an area de�igna�ed by th� Adminis�ra�or�o��he Federal �mergency Managemen� Agency as a �pecial fload hazard
<br /> area, Trustar agrees to ❑btain and maintain Federal Flaod Insurancer if a�ailabler far the maximum amaunt of
<br /> Trustor's credi� �ine and th��ufl unpaid principa! balance of any prior liens on the proper�y securing �he loan, up t❑
<br /> th� maximum paIicy limits se�under�he National Flood Insurance Program, or as oth�rwise required by Lender� and
<br /> �a main�ain su�h insurance for the�erm �f th�Ioan.
<br /> App[icatian ❑f Prvc�eds. Trus�or shall promptly notify Lender of any Iass or damage ta �kh� Prnpert� ifi the
<br /> estima��d cost of repa�r ar replacemen�exceeds $'[,D��.�D. Lender may make pravf of Iass it Trustor fails to do
<br /> sv within �ifkeen (�5} days af the casuaity. VIlhe�her o�not Lender's security is impaired, Lender may, a� L�nder's
<br /> elec�ion, �eceive and re�ain �he proceeds o�F any insurance and appIy �he proceeds �o th� r�duction of the
<br /> Indebtedness, paymen� of any Ii�n aff�c�ing �he Property, or�he restoration and repair �f the Property. jf Lender
<br /> elects to appIy �he proceeds to res��ra�ion and repair, Trus�ar shall repair ❑r replace the damaged ❑r destroyed
<br /> lmpro�emenfs in a manner sa�isfactory t❑ Lender. Lender shall� upan satisfactory proo� ofi such expenditure� pay
<br /> or reimburse Trustar from the proceeds fvr�the reasonable cos� af �epair or restoration i�Trustor is na� in default
<br /> under this Deed of Trusf. Any proceeds which have no� been disbur-sed within �80 days after their receipt and
<br /> which Lender has not commi�ted �v �h� repair ar restoration of the Praperty shall be used first�a pay any amount
<br /> awing to Lender under�his �eed ❑�Trus�, th�n to pay ac�rued interes�, and the �emainde�-r if any, shall be applied
<br /> �o the principaI baIance �f �he Indebtednes�, I�F Lend�r ha�ds an}� proceeds a-Fter payment in full ❑� the
<br /> Indebtedness, such proceeds shall be paid ta Trustor as�I'rus�or`s interes�s may appear.
<br /> CvmpIiance wi�h Exis�ing lndebtedness. During the period in which any Exis�ing indebtedness descr�bed belaw is
<br /> in effect. comp�iance with th� insurance pra�isions �an�ained in �he instrumen� evidencing such E�ist�ng
<br /> Indebtedness sha�! consfiitute camplian�e with the insu�ance pro�isians under this Deed of Trust, t❑ the exten�
<br /> c�mpIiance with the �erms of this Deed of Yru�t wouid cans�itu�e a dupIication o� insurance requirement. 1� any
<br /> proceeds from the insurance became payable ❑n loss, the pr��isions in this Deed of Trust�or di�isivn af proceeds
<br /> shaII apply only�o�ha�por�ion o�the proceeds no�payable to the hoIder at�he Exis�ing Indebtedness,
<br /> LEN�ER'S E�CPEN��TURES. If Trustar faiI� {A} �a keep the Property free of a!C taxes, Iiens, securlty inte�ests�
<br /> en�umbrancesf and a�her claims, {g� �o pro�ide any r�quired insurance on the Property, {C} to make repairs ta the
<br /> Prop�r�y ar �❑ c�mply with any abligation to maintain Existing lndebtedness in good standing as requir�d below� then
<br /> Lende� may do so. If any action or proceeding is commenced �hat would materialfy afFect Lender's inte�-ests in the
<br /> Property, then Lender an Trustar's behaifi may, bu-t is no� required ta, take any ac�kion that Lender belie�es fo be
<br /> appropriate �o pro�e�t Lender's in�erests. All exp�nses incurred ❑r paid by Lender �or such purposes wiIi �hen bear
<br /> int�res�t at the rat� charged unde�~ �he Credi� Agreement from the dat� incurred or paid by Lender to the date o�
<br /> repayment by Trus�ar. AII such expenses will became a part af the Indek�fedness and, a� Lender's aption, wiI� �A) be
<br /> payabfe vn demand; (B} be added to �he balance ❑f the Gredit Agreement and be apport�oned among and be payal�l�
<br /> wi�h any installment payments fio becom�due during eith�r {�} the term of any applicable insuran�e policy; vr {2} �he
<br /> remaining �erm �f the Credi�Agreement; or {C� h�treated as a ballaan payment wh�ch wiil be du�and payable at fihe
<br /> Credi�Agr�ement's ma�urity. The ❑eed o�Trust a�so wiil secure paym�nt of these amaunts, The rights pro�ided fvr in
<br /> �khis paragraph shaII be in additian to any a�her rights or any remedies �o which Lender may be entitled on acGaun� of
<br /> any default. Any such ac�ian by Lend�r shali nat be constru�d as �uring the defaul� sfl as to bar Len�er #ram any
<br /> remedy that it o�herwise would ha�e had.
<br /> WARRANTY; DEFENSE�F T1TLE. The�ollowing pra�isivns reIating�o awnership o�F the Property are a part❑�F this Deed
<br /> o f Trus�:
<br /> Ti#le. Trustor warrants thaf: �aa Trus�or halds gaad and mark�tabfe tit�e of record �o the Proper�y in �ee simple,
<br /> free and clear of al� �iens and encumbrances other than those set forCh in the ReaI Property descriptivn o� in �he
<br /> Exis-�ing lndebtedness section beIow ❑r in any ti�le insurance poIicy, title repor-�� or final titl�opinian issued in favor
<br /> �f, and a��ep�ed by, Lender in connec�ion wi�h this Deed af Trus�, and {b} Trustot- has the full righ�, power, and
<br /> au�hority to execute and deIi�er this Deed ❑f Trust to L�nd�r.
<br /> ❑efense of T�t�e. Sub�eGt to the ex�epfion in the paragraph abo�e, Trustar warran�s and will fa�eve� de�end the
<br /> �itIe to the Property agains�the law�uf �Iaims of arI persons, In the e�ent any a�tion or prviceeding is cammenced
<br /> �hat questians Trustor`s ti�le or the in�eres�of Trustee or Lend�r under�his Deed of Trust, Trustor shalf defend�h�
<br /> action a�Trustor's expense. Trustor may be the nom�nal party in such pr�ceeding, but Lender shaii be entit�ed to
<br /> participate in the pr�ceeding and to be represented in the p�ac�eding by counsel of Lender's awn chaice, and
<br /> Trus�ar wilI deliver, or�ause to be deliv�redr t� L�nder such insfrum�n�s as Lender may request from time to �ime
<br /> �o permit such parCicipafion.
<br /> Complian�e With Laws. Trus�tor warrants thaf �he Praperty and Trustar-'s use of �he Proper�y complies wi�h all
<br /> exis�ing appIi�able laws, ❑rdinances� and �-egulations o�go�ernmenfal au�horities.
<br /> Sur�ival af Pramise�. AII promises, agreements, and staf�ments Trustor has made in this Deed o� Trus� shall
<br /> survi�e�h� executian and delivery of this Deed af T�ust, shalf fae continuing in nature and sha11 remain in fu11 fior�e
<br /> and effie�t until such time as Trustor's Indebtedness is paid �n fuII.
<br /> E)CISTING 1NDEBTEDNESS. The faliowing pravisians cancerning Exis�ing Ind�b�edness are a part of this Deed af Trus�:
<br /> Existing Lien. The lien of this Desd o� Tru�t securing the lndebtedness may be secandary and inferior fo an
<br /> existing iien. Trustar exp�essly cavenants and agrees to pay, or see to �he payment a�, the Exis�ing Indebtedness
<br /> and to pre�enf any defaul�on su�h ind�btedness� any defauit under the ins�rumen�s erriden�ing such indeb�edness�
<br /> ❑r any defaul�under any securlty documents for such indebtedness,
<br /> No Nfad�fi�ation. Trus�or shaII na� enter in�v any agr�emen� with �he hoIde�- of any m�rtgage, d�ed vf trust, or
<br /> other security agreement which has priarity ❑�er this ❑eed of Trust by which that agreement is madifi�;d,
<br /> amendedr extended, ar r�newed wi�hau� the prtor written G�nser�� af Lender. T�ustor shai� nesther requ�st nor
<br /> ac�ept any future ad�ances under any such securi�y agreemen�withaut�h�prior writtc:n ��nsent of Lende�.
<br /> CDNDEMNAT[�N, The�ollowing pro�isions r-ela�ing�o cond�mnation p�oceedings are a part��F�his Deed of Trust:
<br /> Proceedings. !� any praceeding in condemnation �s �iiedr Trus�or sha!! promptly no�ify LEnder in writing, and
<br /> Trus�or shall promptly tak�: such s�eps as may be necessary to defend �he actian and obtain th� award. Trus�or
<br /> may be the naminaI party in su�h proceeding, but Lender shal! be entitIed�o par-tiGipate in the pro�e�ding and�o b�
<br /> r�presented in the proceeding by couns�I vf its own choIce, and Trus�or wi�I deli�er or cause to be deIi�ered to
<br /> Lender such ins�rumen�s and dacumenta�ion as may be reques�ed by Lender firam �ime t❑ �ime �� permit such
<br /> participafion.
<br /> Appli�atian of Net Prflceeds. if��I ar any part af the Proper-ty is cand�mned by eminen�domain proceedings or by
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