|
2� 1 ��4325
<br /> DEED �F TRUST .
<br /> ��vnt�t-�ued} Pag�e 3
<br /> �he max�mum policy limits set under the Na�ianal Flvod Insurance Program, a�r as otherwise requi�ed by Lender, and
<br /> �� main�ain such insurance far the term afi th� loan.
<br /> Appj�cativn vf Prviceeds. Trustor shall promptiy no-�ify Lender o�r any �DSS or damage to the Property i� the
<br /> estimated cos�af repair or replacement exc�eds $'f,D��,O�. Lender may make praof a�F loss i�Trustor fails to do
<br /> so within fifteen {1�} days �f�he casualty. Whether or n�t Lender's security is impaired, Lender may, a� Lender�'s
<br /> electi�n, recei�e and retain the praceeds of any insurance and apply the proceeds to �he reducti�n o� the
<br /> �ndebtedness, payment o� any �ien affecting �he Praperty, or the restoration and repair o��he Property. i� Lender
<br /> eIects to apply the proceeds t❑ res�oratian and repai�r, Trustor shaIl repair ❑r replace the damaged or des�royed
<br /> lmprarremen�s in a mann�r satisfactary to Lender. Lender shaII, upon sa�is�actory proof of such expenditure, pay
<br /> or rsimhurse Trustor fram �he proceeds far�he reasonable cas� ❑f repair or res�oratian if Trustar is not in default
<br /> ur���r �his Deed of Trust, Any proceeds vvhich have na� been disbursed wi�h�n �8fl days after their receipt and
<br /> which Lende� has not cvmmitted to the repair or restoratian af�he Praperty shal! be used first to pay any amount
<br /> owing �o Lender under�his �eEd of Trust, th�n to pay accrued interest, and the remaind�r, ��any, shall be applied
<br /> �o �the principal balanG� of the indebtedness. If Lender hoids any pro�eeds after payment in full af fhe
<br /> ln�eb��dness, such pt-�ce�ds shaZZ be pasd�o T�ustor as Trustor's interesfs may appear.
<br /> Comp�iance with Exis�ing Indeb�edness. During �he period in wh�ch any Existing lndebtedness described bel�w is
<br /> in effec�f campliance with the insuranc� pra�is�ans �antained in the instrum�n� e��den�ing such Existing
<br /> indebtedness shall constitute compliance wi�h -the insuran�e pro�isi�ns under this D�ed of T'rus�, to the extent
<br /> �omplian�e with the terms of�this Deed of T�usf wauld constitute a duplication of insurance requiremen�. If any
<br /> praceeds from the insurance become payable on l�ss, �he pro�isions in this ❑eed of Yrus�for di�isian of praceeds
<br /> shall apply oniy to�ha�portion a��he proceeds na�payabie�a the hald�r of th� Existing Indebtedn�ss.
<br /> LENDER'S E�PENDITURES. !f Trust�r fails �A� to k�ep th� Propes-ty free of all taxes, li�ns, security inte�ests,
<br /> encumbrances� and ather cCaims, �B} to pro�ide any required insurance �n the Praperty, �C} ta m�ke repairs to �he
<br /> Praper�y ❑r �o c�mpIy with any obliga�ion ta main�ain Existing lndebtedness in gaod standing as required be�ow, th�n
<br /> Lender may do so. !� any ac�ion o� praceeding is cammen�ed �hat wau�d materialIy affe�t Lender's int�resfs in the
<br /> Praperty, then Lender on Trus�or�s b�hal� may, �ut is no� requir�d to, tak� any ac�ion thaf L�nd�r belie�es to he
<br /> apprapriate ta profec� Lender's interests, AII expenses incurred ❑r paid by Lende�- for su�h purposes will �khen bear
<br /> En�erest a� the rate charged under th� Credit Agreemen� �rom �khe da�te incurred ❑r paid by Lender �o the date ❑f
<br /> repaymen� by Trust�r. AI! such expens�s wiII become a part of the Indeb�edness and, at Lender's aption� wilI �A� be
<br /> payable an demand; �B] be added �a the ba�ance of th� Credit Agreem�nt anc� be appor-kioned amot�g and he payab��
<br /> with any instalIment paymen�s to become due during ei�kher {"I� the term of any appIicable insurance poiiGy; or {�� the
<br /> remaining term of the Credit Agreem�nt; ar �C) be�reated as a baiiaon payment which will be due and payable at the
<br /> Gredit Agreemen�'s maturity. The Deed of Trus�also w�li secure payment of fhese amoun�s. The rights pravided fvr in
<br /> this paragraph shall he in addi�ion t❑ any other rights �r any r�med�es to which Lender may be en�itl�d an accoun��f
<br /> any defau�t. Any su�h action by Lender sha�� nat be construed as �uring the default so as �o bar L�nder �ram any
<br /> remedy�ha�it�therwis�would harre had.
<br /> WARRANTYr DEFENSE�F TITLE. The f�!lowing pro�isi�ns relating to awnership af th� Property are a parf of this Deed
<br /> of Trust;
<br /> Title. Trus�or warrants �ha�: {a} Trustar holds good and marke�able titl� vf record t� the Property in fee simple,
<br /> free and clear o� aIx Iiens and encumbrances other �han th�se s�t farth in the Rea! Pr�perty descripti�n ❑� in the
<br /> Existing fndebtedness sec�ion below or in any title insurance poIicy, �itie report, or�ina� t[�le opinian issued in fa�ar
<br /> of� and accepted by, Lender in connectEon with this Deed of Trust, and {b� Trustor has fhe full righ�, power, and
<br /> au�hority ta execufe and deliver this Deed o�F Trust to Lender.
<br /> ❑efense of Title. Subjecf �o the excep�ion in the paragraph aba�e, Trus�or warrants and wii� �ore�er defiend the
<br /> titie �a�he Property against the lawful c�aims vf all persons. ln �he e�ent any activn ❑r proceeding is commenced
<br /> �ha�questions Trus�or's�itle ar�he �n�erest o�Trus�ee ar Lender under�his Deed o-�Trust,Trustor shall defend�he
<br /> ac�ion af Trustor's expense. Trus�or may �e�he n�minaI parky zn such proceeding, but Lend�r shall h� en�itfed t❑
<br /> par�icipa�e in fhe proceeding and ta be represented in #he praceeding by ��uns�I of Lender`s ❑wn Cj'1DIC�f and
<br /> Trustor wil� delive�� or cause tv be deli�ered, to Lend�r su�h instruments as Lender may request from time�o time
<br /> �o permit such participa�ion.
<br /> GompIiance Vllith Laws. Trustar warr�n�s that �he PrQperty and T�usto�'s use o�F the Praperty camplies with alI
<br /> existing applicable laws, ❑rdinance�f and regula�ians of go�ernmenfal au�horities.
<br /> Survival vf Promises. AII promises, ag�eements, and s�atements Trus�or has made in �his Deed of Trus� shall
<br /> sur�irre the execution and deli�e�-y of this ��ed o�Tru�t, shall b� con�inuing in nature and sha1I remain in fuil forc�
<br /> and effect untiI such�ime as Trusfor's Indebtednes�is paid in fuil.
<br /> EXiSTING 1NOEBTEDNESS. The following pro�isions concerning Exis�ing Indebtedness are a part of this D��d of Trus�;
<br /> Existing Lien. The lien of �his �eed af Trust securing the lnd�btedness may be secandary and in�erior �a an
<br /> existing lien. Trustor expressly �a�enants and a�rees�� pay, ❑r see-�o �he paymen�❑f, the Existing Ind�btedness
<br /> and to �re�en�any detautt on such�ndebtedness, any defaul�ur�der�he instrumen�s e�idencing such indebtedness,
<br /> or any de�ault under any security documents for such inde�tedn�ss.
<br /> No Modi#icatsvn. Trustor sha�l no� enter into any agreement wi�h �he h��der of any martgage, deed o�F trust� or
<br /> ather security agreement which has privrity o�er fhis ❑eed of Trust by which that agreement is modified,
<br /> amended, extended, or renewed without the prio�- writ�en �ansent of Lender. Trus�or sha11 neither reques� nor
<br /> accept any fu�ure ad�ances under any such security agreement wi�hout the prior written consent�f Lender.
<br /> CDNDEMNATfaN. Th�follawing pravisions rela�ing to �andemnation pro�eedings are a part of this ❑eed o�Trust:
<br /> Proceedings. I� any pro�eeding in candemnativn is filed, Trustor shall pr�mp�ly noti�y Lender in writing, an�
<br /> Trus�ar shall promptIy �ak� such steps as may be nec�ssary to defend the action and obtain �he award. Trustor-
<br /> may b��he naminaI party in such proceeding{ bu�Lender shall be entitIed to participate in�he pra���ding and ta be
<br /> represented in the proceeding by caunsel of its awn choicer and Yrustor wiIl deli�er o� �ause t❑ b� de�ivered t❑
<br /> Lender such instruments and documentation as may be requested by Lende� �rom time �ca time to permit such
<br /> parkicipation.
<br /> Applica�;on of Net Proceeds, If all ❑r any par�of the Property is condemned by em�nen�domain pt�o�eedings or by
<br /> any pr�ceeding or purchase in lieu af cvndemnation, Lendar may at its electian�'e�ui��that all or any portion of the
<br /> net proceeds of �he award be applied �o �he Indeb�edness or �h� repair or r�s�arativn of the Prop�rty. The net
<br /> pro�eeds ❑#the award shall mean the award after paymenf❑f all r�asanable costsf expens�s, and at�orneys' fees
<br /> incurred by Trus�ee or Lender in cvnnection wi�h�h�condemnatian.
<br /> 1N�PDSITIaN �F TA�CES, FEES ANI] CHARG�S BY G�VER�N�ENTAL AUTH�RiTiES. The �oiiawing pr��isions relating
<br /> t❑ go�ernmen�al taxes,�ees and charges are a par�C a�fh�s Deed afi Trust;
<br /> Currenf Taxes. Fees and Charges. Upan request by Lender, Trustor shall execu�e su�h dacumen�s in addition �❑
<br /> this ❑eed af Trust and take what��er ather action is �equested by Lender to perf�ct and cvntinue Lender's l��n ❑n
<br /> the Real P�-aperty, Tr'us�or shall reimburse Lender �or a�Ii �taxes, as described below, together with a�{ expenses
<br /> incurred in recording, per�ec�ing ❑r �on�inuing fhis ❑eed �� Trust, Encluding without limitation all taxes, fees,
<br /> documentary stamps, and other�harges far re�ording or r'egis���ring this Deed of Trust.
<br />
|