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� 2� 1 ��5474
<br /> DEED �F TRUST
<br /> �Continued y Pa+�e 3
<br /> Notice of Cvnstructian. Trustor shal� noti�y Lender at least fift�en �15f days before any wark is commenced, any
<br /> ser�ices are furnishsd. or any mate�ials are supplied tv the Property. i�any meGhanic's �ien. ma�erialmsn's I�en. or
<br /> other lien could be asserted on account o��he work, ser�ices, or materi�ls. Trustar wilf upon request of Lender
<br /> furnish t❑ Lender ad�ance assurances satisfactory tv Lender that Trustor can and will pey the cost of such
<br /> impro�ements.
<br /> PR�PERTY DAMA�E IN5URAN�E. The foltawing pro�isions rel�ting to insuring#he Proper#y are a part of this ❑eed o#
<br /> Trust.
<br /> M�intan�nce of insurance. Trustor shall pr�cure and maintain policies of fire insurance with standard extendsd
<br /> co�erage endorsemsnts vn a replacement basis far the ful! �nsurable �alue co►►ering ail impro�ements on the Real
<br /> Property in an amount sufficient to a�vid appli�ation o# any coinsuran�e clause, and with a standard mortgagee
<br /> clause in fa�or vf Lender. Trustar shall also procure and maintain comprehensi�e generaf iiability insurance in such
<br /> coverage amounts as Lender may request with Trustse and Lender �eing named as additivna� insureds in such
<br /> iiability insurance poiic+es. Additivnally, Trustor shali maintain such other insurance, including hut not �imited to
<br /> hazard, business interruptian, and boilsr insurance. as Lender may reasonably require. Palicies shali be written in
<br /> farm, �mounts, �o�erages and hasis reasonably acceptable t❑ Lender and �ssued by a �ampany or companiss
<br /> reasonably acce�table to Lender, Trustor, upon request o� Lender, will deli�er to Lender fr�m time to time the
<br /> policies or certificates of insurance in #Qrm satisfactory to Lender, including stipulations that ca�erages will not t�e
<br /> cancelled or d�minished without at least thirty �3�f days prior written natice�v Lender. Each insurance pvfi�y alsa
<br /> shall include an endorsemsnt pro�iding that ca�erage in fa�or of Lender will not be impaired in any way by any act,
<br /> amission or default vf Trustor�r any other person. 5hould the Real Prvperty be located in an area designat�d,hy
<br /> the Administrato�af the Federal Emergency Management Agency as a special flood ha�ard area. Tfustor agrees t�
<br /> ❑bta�in and maintain Federal Fiood Insurance, �f ��ailab�e, within 4� days after notice is gi�en by Lender that the
<br /> Praperty is Incated in a special flood hazard area, for the fuf�unpaid principal balance of the loen and any priar liens
<br /> on the propsr�y securing the loan, up to the maximum policy limits set under the Nationaf F��od Insurance Program,
<br /> or as otherwise required by Lender� and tv maintain such insurance for the term o�the Ioan.
<br /> Applic�tion vf Proceeds. Trustar shalf prompt�y notify Lender vf any ioss vr damege to the Property. Lender may
<br /> make proof of Ivss if Trus#or fails ta do so within fifteen ��5f days of the casualty. Whether vr not Lender's
<br /> security is impaired. Lender may. at Lender's ele�tion, recei�e and retain the proceeds of any insurance and apply
<br /> the proceeds t❑ the reductivn of the Indeb#edness, paymsnt v# any lien affecting th� Property, or the r�star�tion
<br /> and repair of the Praperty. If Lender eiects tv apply the proceeds ta restoration and repair, Trustar sh�fl repair vr
<br /> replace the damaged or destroyed Impro�emen#s in a mannsr s�tisfa�tory to Lender. Lender sha�l, upon
<br /> sa�isfactvey proof of such expgnditure, pay or reimburse Trustor f�om the proceeds for the reasvnahle cost of
<br /> repair ❑r restarat+on if Trustvr is nvt in default under this Deed of Trust. Any proceeds which h��e not been
<br /> disbursed within 18� days after their receipt and wh�ch Lender has not c�mmitted to the repair �r restoration of
<br /> the Property shal! be used #irst to pay any amount owing to Lender under this ❑eed�f Trust. then to pay accrued
<br /> interest, end the remainder. if any, shall be applied to the principal balance of the Indebtedn�ss. If Lgnder hvlds
<br /> any praceeds after payment in #u�f of the Indehtedness, such pr��eeds shall be paid t❑ Trustor as Trustor's
<br /> interests may appear.
<br /> Trustvr's Report on Insuranca. Upon request of Lender, howe�er not more than onc� a year, Trustor shall furnish
<br /> to Lender a report on each existing policy of insuran�e showing: �1� the name af the insurer; �2f the risks
<br /> insured; �3f the amvunt af the policy; �4y the property insured, the then current replacem�nt �alus of such
<br /> praperty, and the manner of determining that�alug; and �5f the expiratian date af the policy. Trustor shall, upvn
<br /> request of Lender, he�e an independent appraiser satisfactory tv Lender determine#he cash�a�ue repiacement cost
<br /> of the Property.
<br /> LENDER'S ExPENDITURES. �f any activn or proc�eding 'rs cvmmenced that would materially affect Lender's interest in
<br /> the Property or i#Trustor fails to comply with any pro�isian af this Deed of Trust or any Re�ated avcuments, including
<br /> but nvt iimi#gd ta Trustvr's failure to discharge or pay when due any amvunts Trustor is requirad tv discharge or pay
<br /> under this Deed�f Trust or any �elated Da�uments, Lender on Trust�r's behalf may �but shal! not be obligated toj take
<br /> any act�an ths�t Lender deems appropriat�, including but not limited tv discharging ar paying all taxes, liens, security
<br /> inter�sts,encumbrances and other�laims, at�ny time�e�ied vr placed on the Property and paying all costs for insuring,
<br /> maintaining and preser�ing the Property. All such expenditures incurred or paid by Lender for such purposes will then
<br /> bgar interest at the rat� ch�rged under the Note from the date incurr�d or paid by Lender to the date of r�payment by
<br /> Trustor. All such expenses will become a part of the Indebtedness and, at Lender's opti�n. wiii �Ay be payable on
<br /> demand; �By be added to the hafan�e af #he Note and he apportioned among and he payable with any insta�lment
<br /> payments ta become due during either ��y #he term af any appiicable insurance pof�cy; ❑r �2] the remainfng term of
<br /> the Note; or tCj be treated as a balloon payment which will be due and payable at the Note's maturity. The Deed of
<br /> Trust also r►vi�l secure payment of #hese amounts. 5uch right sha�� be in addition ta all �th�r rights and remedies ta
<br /> which Lender may be entitled upvn❑efault.
<br /> WARRANTY;DEFENSE�F TITLE. The following pro�isians relating to❑wnership o#the Property are a part of this Deed
<br /> of Trust:
<br /> Title. Trustvr warrants that: �af Trustvr hv�ds gaod and marketable title of record to thg Praperty in fee s�mple,
<br /> free and clear of all liens and encumbrances other than those set forth in the Rea� Property description �r in any
<br /> title insurance policy, title r�port, or final title opinivn Essued in fa�or of� and accepted hy, Lender �n conne�tinn
<br /> with#h�s Daed❑f Trust, and �h}Trustor has the ful!right, power, and autharity to execute and deli�er this Deed of
<br /> Trust to L�nder.
<br /> Defense of Title. Subject tv the exception in the paragraph a#�v�e. Trustor warrants and will fore�er defend ihe
<br /> titfe to the Property against the lawful claims of all persons. In the e�ent any action ar proceeding is commenced
<br /> that questions Trustor's title or the interest vf Trustee or Lender under this Deed of Trust, Trustor shall de#end the
<br /> action at Trustor's expense. Trustor may be the nom�na� party in su�h pro�eeding, but Lendsr shall be ent�tled to
<br /> participate in the proceeding and to bs represented in the proceeding by cvunse� of Lender's own chai�e, and
<br /> Trustor will deii�er, or cause to be defi�ered, to Lender such instruments as Lender may request from time to time
<br /> tv permit such participat�vn.
<br /> Compiian�e With Laws. Trust�r warrants that th� Property and Trustor's use ❑f the Property �omplies with al!
<br /> existing applicable laws. ordinances, and regulat+ons of go�ernmental authorities.
<br /> Sur�i�al of Represar�tations and Vllar�antias. Afl rspresentations, warranties, and agreements made t�y Trustor in
<br /> this Deed of Trust shall sur�i�e the executi�n and deli�ery af this ❑eed af Trust, shall he continuing in nature, and
<br /> shall remain in full force and sff�ct until such time as Trustor's Indebtedness shall be paid in full.
<br /> ��NDEMNATIDN. The following pro�isivns relating to condemnatinn proceedings are a part o#this Deed of Trust:
<br /> Pro�eedinss. If any praceeding in condemnation is �f�ed, Trustar shall prvmptly natify Lender in writing, and
<br /> Trustor shail promptly take such steps as may be necessary to d�fend the actian and ab#ain the award. Trustor
<br /> may be the naminal party in such proceeding, but Lender shall be entitled to participate in the proceeding end t�be
<br /> represented in th� proceeding by caunseE of its ❑wn choice, and Trus�of will deli�er or �ause �o t�e deli�ered to
<br /> Lender such instruments and dvcumentation as may k�� requested hy Lender #rom time to tim� to permit such
<br /> participa�tion.
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