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2� 1 ��5479
<br /> DEED �F TRUST
<br /> ��ant�nued� Page �
<br /> farm, amounts, cv�e�ages and basis reasonably acceptahle to Lsnder and issued by a company ar companies
<br /> reasonably acceptable to Lender. Trustor, upon request vf Lender, wi�l deli�er to Lender from time ta time the
<br /> poli�ies or certificates of insurance in form satisfa�tary tv Lender, including stipulations thet co�erages wiif nvt be
<br /> cancefled❑r diminished without at least thirty �3Dy days prior written notice ta Lend�r. Each insuranc� policy alsa
<br /> shall in�lude an endarsement prv�iding tha#co�erage in#a�vr of Lender will not�e impaired in any way by any act,
<br /> omission or default❑f Trustor or any vther person. 5houid the Reai Praperty be lacated in an area designated by
<br /> the Administrator of the Fed�ral Em�rgency Management Agency as a speciaE fl�od hazard area. Trustor�grees to
<br /> obtain and mainta�n Federal Flavd Insurance, if a�aiiable. �or the ful! unpaid prin�ip�l balance o�the Ivan and any
<br /> prior liens an the property securing the laan, up to the maximum policy limi�s set under th� [Vational Flood
<br /> Insurance Pragram. ar as otherwise required by Lender. and to maintain suCh insurance fvr the t�rm of the Ivan.
<br /> Appficatian of Proceeds. Trus#�r sha11 prvmptly notify Lendsr�#any Ivss vr damage t❑the Praperty. Lend�r may
<br /> make proo# of iass if Trustar fails to do so within fifteen ��5f days of the �asualty. Whether or not Lender's
<br /> security is impaired, Lender may, at Lender's e�ection, recei�e and retain the prv�eeds of any insurance and apply
<br /> the proceeds to the redu�tion of the Indebtedn�ss, payment of any lien affecting the Prvperty, ❑r the restoretion
<br /> and repair of the Property. If Lender elects #o apply the proceeds ta restarativn and r�pair, Trustor shal! repaEr or
<br /> repiace the damaged or destroyed lmpro�ements in a manner satisfa�tvey ta Lend�r. Lender shall, upon
<br /> satisfactory praaf o# such expenditure, pay or reimburse Trustar #rom �he procesds far the reasona�le �ast af
<br /> repair or restoration i# Trustor is nvt in default under this ❑eed of Trust. Any praceeds which ha�e nvt been
<br /> disbursed within 'I8� days after their rece�pt and which Lender has not committed tv the repair vr res#oration of
<br /> the Property shall he used first ta pay any amount owing to Lender under this Deed of Trust, then to pay accrued
<br /> interest, and the remainder, if any, shall be applied t❑ #he principa! halance of the Indeb#edn�ss. If Lender holds
<br /> any proceeds after payment in #ull af the Indebtedness, such p�oceeds shal� be paid to Trustor as Trustar's
<br /> interes#s may appsar.
<br /> Trustor's Report on lnsurance. �pvn request vf Lender, h�we��r nat more than once a year, Trustvr sha!! furn'rsh
<br /> to Lender a repart on each existing pvlicy of �nsurance shawing: t�� the name o� the insurer; �2y the risks
<br /> insured; �3y the amount vf the po��cy; �4y the prvperty insured. the then current replacement �alue of su�h
<br /> property. and the manner of determining that►►alue; end �5y #he expiration da#e�f the pofE�y. Trust�r sha��, upvn .
<br /> request of Lender, ha�e an independent appraiser satisfactory to Lender determine the�ash�alue replacement cost
<br /> of the Pr�perty.
<br /> TAX AND INSURANCE RESERVES. Sub�e�t to any �imitations �nd consistent with any requirements set by applicable
<br /> law, Lender may require Trustvr to mainta�n with Lender reser�es for payment of annual taxes, ass�ssm�nts, and
<br /> insurance premiums, which reser�es shafl #�e �reated hy an initial deposit and suhsequent monthly payments, ar
<br /> payments at such ather inter�a�as payments under the Note may be due, of a sum estimated by Lender to he sufficient
<br /> to pay the total annual taxes, assessm�nts, and insurancs prem�ums Lender reasvnably anticipates to h� paid fr�m
<br /> these reser�es. The reser�e funds sha�l he held by Lender as a g�nera!deposit from Trustor, which Lender may satisfy
<br /> by payment of the taxes, assessments� and insurance premiums required to be paid hy Trustar as they become due.
<br /> Lender shall ha�e the right to draw upon the reser�e funds ta pay such items, and Lender shall not be required to
<br /> determine the �a�idity or accuracy af any item before paying it. Nvthing in the �eed of Trust shall be construed as
<br /> requiring Lender to ad�ance othe�monies #or such purposes, and Lender sha11 n�t in�ur any liability for anything it may
<br /> do or omit to do with respect to the rgser►�e account. 5ubject to any limitatians set by applicable law. if the reser�e
<br /> funds disclose a shortage vr def�ciency� Trustor shall pay such shortage �r derticiency as required by Lender. All
<br /> amaunts in the reser�e account are hereby piedged to further secure the lndebtedness, and Lender is herehy authorized
<br /> to withdraw and apply such amounts on the Indebtedness upon the occurrence o�an E�ent of Defau�t. Lender shall nvt
<br /> be required to pay any interest or earnings on the reserve funds unless required by iaw vr agreed to �y Lender �n
<br /> wri�ing. Lender does nat hold the reser�e funds in trust for Trustor, and Lender is not Trustor's �gent for payment o#
<br /> the taxes and assessments required to be paid by Trustor.
<br /> LENDER'S EXPENDITURES. If eny ac�ion or p�o�eed�ng is ��mmenced that woufd materia�ly affe�t L�nder's interest in
<br /> the Property or if Trus�or #ails to comply with any pro�isian of this l7eed of Trust or any Related Do�uments, including
<br /> hut not I�mited #v Trustar's failure t� discharge or pay when due any amounts Trustor is required to discharge or pay
<br /> under this Deed of Trust ar any Related D�cuments, Lender on Trustvr`s behalf may 4but shall not he obligsted toy take
<br /> � any acti�n that Lender deems appropriate, including hut nat limited to discharging or paying all taxes, iiens, se�urity
<br /> ,, interssts, encumbrances and oth�r claims. at any time I�►►ied vr placed❑n thg Property and paying all costs fvr insuring,
<br /> mainta�ning and preser►►ing the Property. Alf such expenditures incurred or paid by Lender for such purpases w��! th�n
<br /> bear interest at th� rate charged under the Note frvm the date incurred or paid by Lender to the date o# rspayment by
<br /> Trus�vr. All such expenses will hecome a part of the Indehtsdness and� at Lender's opt�on, w�l� �Af he payable an
<br /> demand; �By be added t� the balance of the No#e and be apportioned among and be payable with any installment
<br /> payments to become due during either �1 f the term of any applicahle insurance pvl��y; or �2y the remaining term o#
<br /> the Note; or tCf be treated as a haflaon payment which will be due and payahie at the Note's maturity. Th� Deed of
<br /> Trust also will s�cure payment o# these amvunts. Such right shall be in addition t� a�� vther rights and remedies to
<br /> which Lender may be entitled upon De#au#t.
<br /> VIIARRANTY; DEFENSE�F TITLE. The fvilowing pro�isi�ns relating to ownership of the Property are a par#of this Deed
<br /> af Trust:
<br /> Title. Trustor warrants that: �af Trustor hvlds gaod and ma�ketable title of recvrd ta the Praperty in fee simple,
<br /> #ree and clear ot a�l liens and encumbrances other than those set f�rth in the Reai Prvperty descrip#ion vr in any
<br /> titl� insuranc� poiicy, title report� or fina� titie opinion issued in fa�vr of. and accepted by,, Lender in connection
<br /> with this D�ed of Trust. and �bf Trustar has th�full right. pawer, and authority to execute and deii�er this Deed of
<br /> Trust to Lender.
<br /> Defense of Title. 5ubje�t to the exception in the paragraph abo�e, Trustor warrants and wi�� fvre�er defend the
<br /> title t�the Prvperty aga�nst the lawful claims of all persons. ln the e�ent any action or proceeding is commenced
<br /> that questions Trustor's title or the interest o�Trustee or L�nder under this Deed of Trust. Trustor sh�ll defend the
<br /> action at Trustor's expense. Trustor may be the nomina� party in such proceeding, but Lendsr shall be entitled to
<br /> par#tcipate in the proceeding and to be representsd in the proceeding by counsel of Lender's own choi�e, and
<br /> Trustor will deli�er, or cause to be deli�er�d, to Lender such instruments as Lender mey request frvm time to time
<br /> ta permit such participation.
<br /> Compli�nce Wi#h Laws. Trust�r warrants that the Property and Trustor's use vt the Prvperty camplies with all
<br /> �x'rsting applicabie�aws, ordinances, and regulations of go�ernm�ntaE authorities.
<br /> 5ur�i�al �f Representation: �nd Vllarranties. Ail repres�nta�ions. warranties, and agrg�msnts made by Trustor in
<br /> this Deed vf Trust shall sur�i�e the executivn a�nd deliasry of this ❑esd of Trust. shall be cuntinuing in nature, and
<br /> shall remain in full force and etfect unt�l such time as Trustvr's Indehtedness shall be paid in full.
<br /> C�N�EMNATIQN, The following pro�isi�ns relating to condemnation proceedings are a part of th�s Deed v#Trust:
<br /> Proceedinga. If any procsgding in candemnation is f�led, Trustor shall promptly nvtify Lender in writing, and
<br /> Trustor shall p�omptly take such steps as may be necessary to defend the action and vbtain the award. Trustor
<br /> may be the nvmina!psrty in such prviceeding, hut Lender shall be entitled to participate in the proceeding and to be
<br /> represented in #he proceeding by counsel of its awn chaice, and Trustor wil! deli�er or cause to be deli�ered to
<br /> Lender such instruments and documentation as may be requestsd by Lender from time t� time to permit such
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