|
2� 1 ��474�
<br /> D��C] �F TRL,��T
<br /> Lflan N�; '�C]'i�939�� �Continue�� Page 4
<br /> Indeb�edness �hall c�ns�i�ut� �amplian�e wFth �he insurance �ro�isions under this �3e�d a� Trust, t❑ the �xten�
<br /> comp�ian�e vui�h the terms o��his ❑eed of Trus� wouid constitut� � dupli�ativn v� insurance requiremen'�. lf any
<br /> prviceeds �rom the insurance become payable vn loss, th� pro�isions in this Deed o�Trust far di�isivn a�prviceeds
<br /> sha�i appiy on�y ta that pvr�ion of�he proce�d� nvt payable tv�he holder o�the Exi��ing Indeb�edness.
<br /> LENQER'S EXPENDtTL�RES. I� Trustvr fails �A} t❑ keep �he P�vperty �ree o� all taxes, liens, s��urity in�erests,
<br /> encumbran�es, and oth�r c�aims, {B} �o p�a�ide any required insurance on �he Property, �G� ta make repair� ta the
<br /> Prapert� nr to �ampiy with any ❑bligativn ta maintaEn Existing Indebt�dness in gaod standing as required belor�rv, then
<br /> Lender may do sa. �� any ac�ion or prv�eeding is camm�nced that wauld m�terially affect Lender's in�eres�s in the
<br /> �raper-ty, then L�nder ❑n Trustar'� behal� may, bu� is not required �v, '�ake any ac�ion �hat Lender b��ie�es to he
<br /> approp�iate to prdtec'� Lender's in�erests. All expenses in�urr�d ❑r pa�d by Lender �or such purposes wil[ then bear
<br /> in�eres� a� �he ra�e charged und�r the No�e ��am �he date incurr�d or paid by Lender to the dat� a� repayment by
<br /> Trustor. All such exRenses wilf become a part �� �he Indebfedness and, at Lender's optian, will �A} be paya�le on
<br /> demand; t6y be added �o the balance af the Na�e and �e appartioned amang and b� payable wi�h any ins�a�iment
<br /> payments ta h�e�ame due durin� either �1 j the �erm of any applicable insurance policy; or {�} the remaining term of
<br /> th� Nvte; or ��y be tr�ated as a ba�loon payment whEch wili be due and payab�e at the Note's maturity. Th� Deed ❑f
<br /> Trus� also will seGure payment v��hese amoun�s. The rights pro�ided �nr in th�s paragraph sha�l be in addi�ian to any
<br /> vth�r rights ar an� remed�es tv whieh L�nder may be enti�led on accaunt ❑f any defaul�. Any such aG�ian by Lender
<br /> shall not lae construed as curin��he de#aul�so as�o bar Lender#rom �ny remedy that i���herwise would h��� had.
<br /> WARRANTY� DEFENSE�F TITLE. Th�following pro�isions ralating to ❑wnership❑-�the Proper�y are a part vt this Deed
<br /> ❑�T�-us�:
<br /> Ti�le. Trustar warrants that: �a} Trus�ar holds gavd and mar�e-table �i�le n� recard to the Praperty in fee simpEe,
<br /> free and clear of a!I �iens an�l �ncumbrance� �ther �han �hose se� �vr�h in �he Real Pro�aerty des�riptivn or in the
<br /> Exis�ing lnd�b'�edness sectivn �elaw or in any�i�l� insurance palRcy� �i�le report, or�inal �rtle opinion issu�d in fa�ar
<br /> vf, and accep�ed by, Lend�r in cannec�ivn wi�h �his Deed o�Trus�, and �b� Trus�or has the �u�� right, p�wer, and
<br /> authori�y�v execu�e and delir�er�his Deed o�Trus��o Lender.
<br /> Defense ❑f Titie. Subject ta �he e�cept�on in th� paragraph abo�e, Trustor warrants and wiil �ore�er defend the
<br /> title '�o the Property against the fav�v�ul cfaims �� al[ persons. In the event any action ar pr�ceeding is cvmmenced
<br /> �h�'�ques�ions Trus�vr's ti�le ar th� int�rest o�Trus�ee or Lender under this Deed �f Trust, Trustor shall de�end�he
<br /> ac�ian a�Trus�ar'� expense. Tru�t�r may be the nominal par�y in suGh pr�ceeding, but Lender shall a� �n�i�led �o
<br /> par�icipa�e in �he proc�eding and to be repres�n�ed in the �rv�eeding by c�unsel o� Lender's ov�rn ch�ice, and
<br /> Trustvr will deli�er, Qr caus��a be deli�ered, �a Lender such ins�ruments as Lender may request#rom�ime ta time
<br /> �o permE�such participa'�ian.
<br /> Compliance Vlli�h Law�. Trustar warran�s tha� the Pr�perty and Trustvr`s use vf the Praperty cvmplies with all
<br /> exis�ing applicable�aws, ordinances, and r�gulat�ans of go�ernmentaE authari�ies.
<br /> 5urviWal of Prvmis�s. A�i pramEs�s, �greement�, and s�atements Trus�ar has made in �his aeed ❑f Trust shall
<br /> sur�i�e the �xecu�ion and de[E�ery of this Deed ca�Trus�, shali be can�inuing in na�ure and sha�l r�main in �ull torce
<br /> and e��ec�unt�l such�im� as Trus�or's Indeb�edness is paid in fu�i.
<br /> E�iSTENG jNDEBTE�NESS. Th�follow�ng pro�isions conce�ning Exi��ing 4ndebtedne5s �re a part o�this Deed ❑�Trus�:
<br /> Existing Lien. The lien ❑� this ❑eed of Trust securing the lndeb�edness may be secondary and in��rivr to an
<br /> exis�ing lien. Trustor express[y �v�enants and agrees ta pay, ❑r see �o the payment t�f, the Exis�ting Indef�tednesS
<br /> and ta pr�Wen�any de�ault❑n su�h indebtedness, any de�auit under the ins�hruments �uid�ncing such inde�tedness,
<br /> or any de�aui�under any securi�y dvcuments�or�uch indeb�edness.
<br /> No Mvdific��ian. Trustvr sh�ll no� enter �n�a any agre�ment wi�h the holde�- o� ��y mortgage, deed af trust, ar
<br /> other securi�y agreemenx which has p�-inri�y ❑�er this D��d a� Trus� by which tha� agreemen� is modified,
<br /> amended, ex�ended, ar renewed withou� the prior wri��en consent of Lender. T�ustor shall neither request nvr
<br /> a�cept any�uture ad�an�es under any such security agreemen#w�thout the prior written cvnsent v�Lender.
<br /> C[]NQEIVINAT��N. The fallawing p�avi�i�ns r�lating to Candemnati�n proc�edings are a part of this Qeed o�Trust:
<br /> PrQceedings. �f any prt��eeding in condemna�i�n is filed, Trust�r shal� promptly nv�tE�y Lend�r in wri�ing, and
<br /> Trust�r sh�i� pramp�ly taf�e such steps as may be necessary to de�end the ac�ion and abta�n th� award. Trustor
<br /> may be�he nominal par�y in such proceeding, but Lender shall be en�i�led t❑ par�icipate in�he pr�ce�ding and to he
<br /> repr��en��d in 'the prac�eding by counsel o� �ts ❑wn chvice, and Trustvr will d�li��r ❑r cause �o be deli�ered tv
<br /> Lender such instrumen�ts and documentation as may be request�d by Lender from time to time to permit su�h
<br /> par���ipati�n.
<br /> Application o�Net F'roGeeds. 1�all or any part o��he Prop�rty is candemned by eminenfi domain proGeedings or by
<br /> any pro�eedin� ar purGhase �n lieu of c�ndemna�ivn, Lender may a�C��s elec�ifln require�hat all or any por�ion of the
<br /> net prv���ds ❑f �he a�rard be aRp�E�d t� the Inde�tedness or �he repair or restora�ian af the Prap�r�y. The net
<br /> proceeds ❑f the award shall rnean the aw�rd a�ter payment v�a11 reasona��e cos�s, expenses, and a�t�rn�ys' �e�s
<br /> incurred by Trustee or Lend�r in�vnnection vui�h�he cond�mnat�on.
<br /> �IVIP�S1Tl�N QF TA�{ES, FEES AND CHARGES BY G�VERNIVIENTAL AUTHQRITIES. The �oilowing pro�isi�ns rela�ing
<br /> to gv�ernmentai tax�s,fees and charges are a par�❑fi�his Deed��Trust:
<br />
|