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2� 1 ��5154
<br /> DEED �F TRUST'
<br /> ��onti�ued} Page 3
<br /> r�asonably r�ecessary to pr�tec�and pres�rve the Property.
<br /> TAxES AN� LIENS. The �oflowing provisians re€ating to the taxes and liens on the Pr�perty are part of this Deed of
<br /> Trust:
<br /> Paymen�. Trustor sha�l pay when due �and in all e�ents pria��o delinquency} all taxes, specia!�axes, assessments,
<br /> charges (includ�ng wa�er and sew�r), fines and impositions levied against ar an account of the Proper�y, and shall
<br /> pay when due a[( cfaims far w�rk done an or f�r s�rvices rendered �r material furnished ta �he Property. Trus�ar
<br /> shal[ maintain �he Property free of all liens having pri�rity over or�qual ta the interest of Lender under this ❑eed❑f
<br /> Trus�, except for the lien of taxes and assessments no� due, except for the Existing Indeb��dness referred �a
<br /> be�ow, and except as otherwise pravided in this Deed of Trust.
<br /> Right t�Cont�st, Trus�or may withhald paymen�of any fax, assessment, or claim in connection with a goad faith
<br /> disput� over�he abliga�i�n �o pay, so lnng as Lender's interest in the Property is not je�pardi�ed. If a lien ar�ses fl�
<br />. is fi[ed as a result of nonpayment, Trustor sha�l wi�hin fifteen �'�5} days af�er the lien ar�ses or, if a lien is filed,
<br /> wi�hin fifteen �'I5} days after Trus�ar has natice of the filing, secure �he dis�ha��e of�he I�en, �r i� requested by
<br /> Lender,d�posi�wi�h Lender cash ar a sufficient corparate sur��y bond ar❑�her security sa�isfactary to Lender in an
<br /> amount su�ficient to discharge the �ien plus any costs and attorneys'fees, ❑r❑�her charges that coufd accrue as a
<br /> result af a�oreclasure�r sale under the lien. In any cantest, Trustor shall defend itseif and Lender and shal�satisfy
<br /> any adverse�udgment befo�e en�ar�ement against the Properky. Trustor shal� name Lender as an additiona!obligee
<br /> und�r any surety band furnished in �he cantest proceedings.
<br /> Eviden�e of Payment, Tr�ustar shall upon demand furnish t❑ Lend�r satisfactory eWidence of paymen�a��he taxes
<br /> or assessments and sha�� authorize#he appropriate governm�ntaf official t� deliver to Lender at any time a wri�ten
<br /> statemen�of�he taxes and assessments against the Praper�y.
<br /> Notice o�Construction. Trustor shall notify Lender at�east fif�een �15} days befare any work �s commenced, any
<br /> services are�urnished, or any materia�s are supplied to the Prope�ty, if any mechanic's lien, ma�eria�men's lien, o�
<br /> other [ien cauld be asserted on accoun� of the work, services, or materials. Trustor will upan �eques� af Lender
<br /> furnish to Lender ad�ance assurances satisfactory to Lender �hat Trustor can and wi11 pay �he cost of such
<br /> impravements.
<br /> PR��ERTY DAMAGE INSURANCE. Th�fo[lowing provisiflns rela�ing ta insuring �h� Prflperty are a part of this Deed of
<br /> Trust.
<br /> Maintenance of Insu�ance. Trustar sha11 procure and maintain policies of fire insurance with standard extended
<br /> coverage endorsements on a replacement basis for�h� full insurab�e �alue co��rin� all Impro�ements ❑n the Real
<br /> Property in an amount sufFicient to avoid app�i�a�ion of any coinsurance clause, and wi#h a standard mo�tgagee
<br /> c�ause in fa�or of Lender,tagether with such othe�hazard and liabili�y insurance as Lender may reasonahly require.
<br /> Palicies shafl b�writ#en in form, amaunts, coverages and basis reasonab�y acGeptabl� �❑ Lende� and issued by a
<br /> company or campanies reasonabiy accep�ahfe tQ Lertder. Trustor, upon request of Lender, wi11 de�i�er�❑ Lender
<br /> from �ime ta�ime the policies �r certifiGa�es af insu�anc� in form sa��sfac�ary to �ender, in�Luding stipula�ions that
<br /> coverages w�ll not be cance�led or diminished without at I�ast ten �'�0} days �rior vu�itten notice to Lender. Each
<br /> insurance policy also shall incfude an endorsem�nt providing �hat �overage in favor of Lender will not be �mpaired
<br /> in any way by any a�t, omission or defau�t ofi Trustor or any other person, Shou�d �he Rea! Property be�ocated in
<br /> an area designa�ed by the Adminis��ator of�he Federai Emergency Managemen�Agen�y as a spe�ial �food hazard
<br /> area, Trustar agre�s to o�tain and mainta�n Federal Flood [nsuranc�, i� avai[able, for the maximum amount of
<br /> Trusto�'s c�edit line and the fu�l unpaid prin�ipal balance a�any prior liens on #he prope�y securing the ioan, up�o
<br /> �he maximum policy limits set under the Nationa� Flovd Insurance Program, ar as o#herwise required by Lender, and
<br /> �a maintain such insurance for the term �f�he laan.
<br /> Appli�at��n�of Proceeds. Trustor shall pramp�[y notify �ender of any loss or damage to the Proper�y. Lende�may
<br /> make praof of foss i� Trustor fails to da so with�n fifteen �15} days af�he casua�ty. �IVhether a� no# Lender's
<br /> se�urity is impaired, Lender may, a# Lender`s electian, receive and re�ain the pr�oceeds of any insurance and app�y
<br /> th� proceeds to the reduction of th� Indebtedness, paym�nt o�F any �ien affect�ng �he Property, or the res�ora�ion
<br /> and repaEr of�he Pr�per�y. ��Lender e�ects �o apply the proceeds to res�oration and repair, Trustor sha�l repai�or
<br /> r�p�ace the damaged or d�s�royed lmpravements in a manner sat�sfac�ory fo Lender. Lender shali, upan
<br /> satisfactary proof of such expenditure, pay or reimburse Trustor from �he proceeds for the reasonahle �ast ❑�F
<br /> repair or r�storation if Trus�ar is not in defaul� under �his D�ed af Trust. Any praceeds which ha�e not been
<br /> disbursed within '180 days af�er their rec�ipt and which Lender has not commi�ted to �he repair or restoration ❑f
<br /> the Praperky shall be used �irst to pay any amount aw�ng to Lender under this Deed o�Trust, �hen to pay accrued
<br /> inte�est, and the remainder, �f any, shall be applied ta the p�incipal halance of the indeb�edness. !�Lender holds
<br /> any proceeds after payment in fufl af the f ndebte�ness, such proceeds shal� be paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Camplianc�wi�h Ex�sting �ndeb�edness. During the period in which any Existing Indeb�edness des�r�bed be�ow is
<br /> in �ffect, compliance with the insurance pro�is�ons con�ained in the instrument e�idencing such Existing
<br /> fndeb#�dness shall cons�i�ute compliance w�th the insurance pr��isions under this Deed of Trust, �o the exten�
<br /> compliance wi�h �he terms of�his Deed of Trust would canstitu�e a dupfication of insurance requirement. If any
<br /> proceeds from �he insurance became payable on �oss, �he provisions in this Deed of Trus��or division ❑f praceeds
<br /> shall apply only tfl that porkion of the pro�eeds nat payab�e�o�he holder o�the Existing lndebtedness.
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