|
2� 1 ��522�
<br /> �EE a �F T`RUST'
<br /> �Cont�nued} Page 3
<br /> reasana�ly ne�essary to pratec�and preserve the Prape�ty.
<br /> TAXES AN D L1ENS. The fof�owing provisions re�ating ta the taxes and liens on the Praper�y are part of�h is Deed of
<br /> Trus�:
<br /> Payment. Trusta�shal� pay when due �and in a11 events prior to de�Enqu�ncy}a!I taxes, special taxes, assessments,
<br /> charg�s �including wa#er and sewer}, fines and impositions le�ied agains� or on acc�unt❑f the Property, and shalf
<br /> pay when due all ciaims far wo�k done on �r fa�services rendered or materiaf furnished �o the Proper�y. T�ustor
<br /> shall main�ain the Proper�y free of aff liens having priori�y aver o�equal�o fh�in�eres�o�Lender under this Deed❑f
<br /> Trust, except for �he lien o� taxes and ass�ssmen�s not due, �xcep� �or the Existing Indebtedness referred to
<br /> be�ow, and except as otherwise pro�ided in this❑eed af Trust.
<br /> R�ght to Cvntest. Trustor may w��hho�d payment o�any tax, assessment, or c�aim in �onnection with a good faith
<br /> dispute aver the abligation to pay, so long as Lender's in#erest in �h�Properky is no�jeopardized. �f a lien ar�ses or
<br /> is fi��d as a resuft o� nonpayment, Trustor shall within fifteen ��5} days after�he lien arises or, if a lien is filed,
<br /> wi�hin '��fi�een (15} days after Trustor has notice of �he fifing, secure #he discha�ge of the lien, ar if requested by
<br /> Lender,deposit with Lender cash❑r a suf�icient corparate sure�y bond �r other secur��y sa��sfac�ory to Lender in an
<br /> amount suff�cient to discharge�he lien p[us any cos�s and attorneys'f�es, or other charg�s that could accrue as a
<br /> result af a fo�eclasure or sale under�he fien. In any can�est, Trusto�shall defend�tsel�and L.ender and shalf satisfy
<br /> any adverse judgment before en�ar�emen�against�he Prope�ty. Trus�or shal! name Lend�r as an addi#ional obl�gee
<br /> under any surety bond furnished in�he contest proceedings.
<br /> Evidence af Payment. Trus�or shall upon demand furnish to Lender satisfac�ory evid�nee of payment of the taxes
<br /> �r assessmen�s and shall authorize the appropriate go��rnmental offiiciaf to def��er to Lender at any time a written
<br /> statement a�th�taxes and assessments against the Property,
<br /> Natice of Construc�ion. Trustor shal� notify Lender at Eeast fifteen �15} days before any work is cammenced, any
<br /> services are�urnished, or any materials are supp�ied to �he Prope�ty, if any mechanic's lien, mat�riafinen's lien, or
<br /> othe���en G�ufd be asser�ed an acc�unt of the work, S�IVEC�S, or mat�rials. Trustor wil! upon reques� of Lender
<br /> furnish �o Lender adWance assuran�es sa�isfactory �o Lender �hat Trustor can and w�ll pay the cos� of such
<br /> impra�ements.
<br /> PRQPERTY DAMAGE INSURANCE. The�ollowin� pro�is�ons relating to insur�ng the Property are a part af this �eed of
<br /> Tru�t.
<br /> Main��nance �'�lnsurance. Trustor shal[ procure and maintain policies o��ire insurance with standard �xtended
<br /> coverage endorsements an a replacemen� basis for the �ull insurable va�ue c��ering a�l lmpro�ements on the Rea!
<br /> Property in an amaunt suff�cient �o avoid appf�cat�an a�any coinsurance cfaus�, and with a s#andard mortgagee
<br /> clause in�avor of Lender,together with su�h athe�hazard and iiabili�y�nsurance as Lender may reasonably require.
<br /> Palicfes shalf be writt�n in farm, amounts, coverages and basis reasonably acceptabl� �o �ender and issued by a
<br /> company ❑r companies reasanably acceptable ta Lender. Trustar, upan request of Lend�r, will delive��o Lender
<br /> from time�o time the po�icies ar eertifi�a�es o�F insu�ance in �o�m satisfac��ry to Lender, �nc�uding s�ipufa�ions tha�
<br /> cov�rages wil� no� be cancel�ed or diminish�d withou�at [east ten �1 D} days pr�or wri�ten not�ce �a Lender. Each
<br /> insurance policy afso sha�l in�lude an endorsement p�o�iding that caverag� in favor of Lend�r will not be impaired
<br /> in any way by any ac�, omission or default of Trust�r or any other person. Shou�d the Rea� Property be loca�ed in
<br /> an area des�gnated by�he Administrator o�the Federa! Emergency Management Agency as a speciai fload hazard
<br /> area, Trustor agrees �a obtatn and maintain Federa� Flood �nsurance, i� a�a�lable, f�r �he maximum amount af
<br /> Trus�or's credi�line and the fufl unpaid principal �alance of any prior liens on �he proper�y securing the loan, up�o
<br /> �he maximum policy fimits set under�he Na�ianal Fload Insurance Program, ar as otherw�se required �y Lender, and
<br /> t❑maintain such insurance for the term of�he loan.
<br /> �Appli�atian v�Proceeds. Trustor shall promptly not�fy Lender�f any loss or damage to the Property. Lender may
<br /> make proof o� loss i� Trus�or fails to da so within fi�F�een �'�5� days o��he casual�y, Whether ar no� Lender's
<br /> se�urity is �mpaired, Lender may, at Lender's election, recei�e and retain the proceeds ofi any insurance and app[y
<br /> �he proceeds �o the redu�tion of�he lndeb�edness, payment of any fien a�fec�ing the Praper�y, or the resto�ation
<br /> and repair of the Property. ��Lender elects �o app�y �he proceeds�o restoration and repair, T�ustor shalf r�pair or
<br /> replac� #he damaged ar des�royed lmpro�ements �n a manner satisfactory to Lender. Lender shall, upon
<br /> satisfacfory proof o� such expenditure, pay or re�mburse Trus�or f�om the proceeds �or the reasonable cost o�
<br /> repair or �estoration i� Trus�ar is not in defaul� under this Deed flf Trust. Any proceeds which have not been
<br /> disbursed w��hin '�8� days after their rece�pt and which Lender has no� commit�ed �o �he repair or restflration of
<br /> the Property shalf be used first to pay any amount owing �o Lender under this Deed of Trust, then �o pay accru�d
<br /> interest, and the r�mainder, if any, shall be applied to the principa� balance of the Indebtedness. If Lender halds
<br /> any proceeds a�ter payment in full of the lndeb�edness, su�h praceeds shall be paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Campliance with Existing Indebtedness. During the period in which any Existing [ndeb�edness described below is
<br /> in effec�, compliance wi�h the �nsurance p�avisians contained in �he instrumen# e�idencing su�h Existing
<br /> �ndebtedness shaf� c�nst�tut� c�mpfiance with the insurance pro�isions under this Deed �f Trust, to the ex�ent
<br /> compliance with the terms o�this Deed o�Trust would cc��sti�ute a duplication of�nsurance r�quiremen�. I�any
<br /> pr�ceeds fr�m �he insurance be�ome payable on loss, the pro�isions in �his Deed��Trust for division of proceeds
<br /> sha�l appfy onfy ta tha�portion of the proce�ds not payab�e�o the hofder of the Exis�ing Indebtedness.
<br />
|