|
2� 1 ��4199
<br /> DEED �F TF�UST
<br /> L�an IVo� 'I�`I�����5 ��ont��ued} Page 4
<br /> �he Prap�rty shall be used first t� pay any amount owing t� Lender under�his Deed of Trust, then to pay accrued
<br /> interest, and the remainder, ifi any, shall b� applied to the principal balance af the �ndebtedness. I�f Lender htiids
<br /> any proceeds after payment �n fiull of the Indebtedness, such proceeds shall be paid to Trustor as Trustar's
<br /> interests may appear.
<br /> LENDER'S E�CPEiVaITURES. I�r Trustor fiai[s �A} to keep th� Praper�ty �ree �f all taxes, liens, security interests,
<br /> encumbran�es, and a�h�r�laims, {g} fo prov�de any required insuran�e on fhe Property, or {Cy t� make r�pairs to the
<br /> Praper�y th�n Lender may do sa. If any action ar proceeding is commenced #ha� would materially affect Lender's
<br /> in�erests in the Prvperty, then Lender an Trus�or's behalf may, but is not requir�d t�, �ake any acti�n �hat L�nder
<br /> be[ie�es t� be apprapriate to protect Lender's interests. AI! expenses incurred ar paid by Lender for such purpos�s wili
<br /> then �ear interest af�he rat� charged under the Nate fr�m the date incurred or paid by Lender tv th�date of repaymenfi
<br /> by Trustor. All su�h expenses will beGome a part o�th� lndebtedness and, at L�nder's �ptivn, will �Ay be paya�le on
<br /> demand; �By be added to the balance of the Nats and be apporti�ned among and b� payab�e with any instailment
<br /> payments tv becom� due during ei�he� ��f the term of any applicable insurance poliGy; or �2� the remaining term �f
<br /> th� Nvte; or {Cy be �reat�d as a balfoon payment which will be due and payable at the Nv�e's maturity. Th� Deed of
<br /> Trust alsa will secure paym�n� of these arnvunts. The rights pro�id�d �ar in this paragraph shall be in addi�ion to any
<br /> other rights or any r�medies to which Lender may be enti�l�� an accoun� of any defiault. Any such activn by L�nder
<br /> sha[I nat be ��nsfirued as �uring the defau�t so as�❑ bar Lender fram any remedy that i�o�herwise wauld hav� had.
<br /> VIIARR�4NTY; DEFENSE�F TITLE. The following pravisi�ns re�ating ta awn�rship af�he Property are a part of this Deed
<br /> of Trust:
<br /> Tit[e. Trustor warrants that: �af Trus�vr holds g�od and marketab�e title of record t� the Pr�perty in fee simp[e,
<br /> firee and clear of all liens and encumbrancas o�her than those se� f�rth in the Real Proper�y d�scrip�ion ar in any
<br /> title insurance policy, title report, vr fina! title opini�n issued in favar of, antl a�c�pted by, Lender in cvnnection
<br /> with this Deed of Trust. and {b� Trust�r has the full right, pawer, and auth�rity to exe�ut� and deliver thEs Deed of
<br /> Trust to Lender=
<br /> Defiense o�F Title. Subj��� tv the exceptian in the paragraph abav�, Trustor warrants and wi[I fare�er defend the
<br /> titl� to the Property aga�nst th� law�rul �laims of all pers�ns. In the e�ent any activn ❑r proce�ding is commenced
<br /> that questions Trustor's tit[e or the interes�of Trustee or Lender under this Deed �f Trust, Trustor shall de�end the
<br /> acti�n at Trustar's �xQense. Trus�or may be the naminal parfiy in such proceeding, but Lender shall b� enti�led �a
<br /> par�icipate in the pra�eeding and to he represen�ed in the proceeding �y �ounsef of Lender's own �h�ice, and
<br /> Trusto� will deli�er, or cause �a be deli�ered, to L�nder such instruments as Lender may request from�ime to time
<br /> to permi�su�h participativn.
<br /> Compliance V11ith Laws. Trustar warrants that the Property and Trus�or's use o� the Property �ompli�s ►rvith all
<br /> existing applicable laws,ordinances, and regulatians of governmentaf au�harities.
<br /> Sur�ival of P�om�ses. All promises, agreem�nts, and stat�ments Trust�r has made in fihis Deed af Trust shall
<br /> sur�ive the �xecuti�n an�! deli�ery of this Deed of Trust, shalf be cvntinuing in natur� and shall remain in�ull force
<br /> and ef�fect unti�such t�me as Trustor's Indebtedness is paid �n fulf.
<br /> ��N�E�111NATi0N. Th�following prQ�isi�ns relating ta candemnation prv�eedin�s are a part of th�s De�d o�Trust:
<br /> Proceedings. If any proceeding in condemnat�on is filed, Trustor shall pr�mp�ly natify Lender in wri�ing, and
<br /> Trustor shall promp�ly �ake such steps as may be necessary �o defend the actian and obtain the award. Trustar
<br /> may be th� nominal party in such praceedin�, but Lender shall be entitl�d to participate in the pra�eeding and to be
<br /> rep�esented in the proceedin� by caunsel �f its own choic�, and Trustor will deli��r or cause to be �eliWer�d tv
<br /> Lend�r such instruments and dvcumentatiQn as may be requested by Lender from tim� to time to permifi such
<br /> participa�ion.
<br /> Application flf Net Praceeds. I#a11 or any part af fhe Property is condemned hy eminent domain proceedings ar by
<br /> any pro�eeding ar pur�hase in lieu af condemna�iQn. Lender may at its election require that all �r any pvrtion of the
<br /> net proceeds of the award �e applied �v th� Indebtedness or the repair �r restoratinn vf the Prope�ty. Th� net
<br /> prace�ds of the award shall m�an the award aft�r payment of al� reasonabie costs, expenses, and attarneys' fees
<br /> incurr�d by Trustee�r Lender in connection vvith the condemnation.
<br /> INIPDSITI�iV �F TA�CES. FEES AND �Hl�RGES BY GaVERN�IJIE[VTAL AUTH�RiT'IES. The fo[Ivwing proWisions relating
<br /> �o goWe�nmental tax�s. fe�s and char�es are a part of�his Deed of Trust:
<br /> Currenfi Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to
<br /> �his Deed flf Trust and take whateWer ather action is r�quested by Lende�'to perfect and �ontinue L�nder's lien on
<br /> fihe R�al Praperty. Trustor shall reimburse Lsnder far all taxes, as described b�[vrrv, tage�her wi�h all exp�nses
<br /> incurred in recording, perfecting or c�ntinuing this Deed o� Trust, inc�uding without Eimitati�n all tax�s, fees,
<br /> do�um�ntary stamps, and�ther charges for recording or registering this Deed of Trust.
<br /> Taxes. The �ollawing shall constitute taxes tv whEch this s�c�ian applies: ��� a specifi� tax upan this type of
<br /> Deed vfi Trust ar upon a!I or any part af the Indebtedness secured by this Deed of Trust; �2� a specific tax on
<br /> Trus�vr which Trustor is autharized or required t� deduc�from payments on fhe Indebtedness secured by this type
<br /> of Deed vf Trust; �3} a tax�n this type of Deed of Trust chargeable against the Lender or the hvlder vf the Nate,
<br /> and �4y a specific tax�n all vr any partion af fhe lndebtedness ar Qn payments of principal and interes� made by
<br /> Trusto�.
<br />
|