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2� 1 ��5487
<br /> D�ED �F TRUST
<br /> �Contl n ued} Page 4
<br /> omission or default af Trustor❑r any other person, Should �h� Real Property be lo�ated in an area designated by
<br /> �he Admin�strato�of the Federal Emergency Management Agency as a spe�ia�flood hazard area, Trustor agrees�o
<br /> obtain and main�ain Fed�ral F�ood Insurance, if ava��abie, for the ful� unpaid p�-incipa� ba�an�e of the �oan and any
<br /> pr�or liens on �he proper�y securing the loan, up �o the maximum policy �imits set under the National Flood
<br /> lnsurance Pragram, vr as o�herwise required by Lender, and�o maintain su�h insurance far the term of the�oan.
<br /> Applicat�on �f Prvc�eds. Trustor shal� promptly notify Lender of any �ass or damage to the Property. Lender may
<br /> make proof of lass if Trustor fails to do so within fifteen �15} days of the casualty. Whether or nat Lender's
<br /> security is impa�red, Lender may, a� Lender's election, recei�e and reta�n the proceeds of any insurance and app�y
<br /> fhe proceeds �o the reduc�ian of the Indeb�edness, payment of any lien affec�ing the Property, or�he restoration
<br /> and repair o#�he Pr�per�y. I�Lender elects �a apply#he praceeds to rsstora�ion and repair, Trustor sha(I repair a�-
<br /> replace the damaged or destroyed lmprovements in a manner satisfactory to Lender. Lender shali, upon
<br /> satisfactory proaf of su�h expenditure, pay or �-eimburse Trus�or frflm the proceeds fo� the reasanab�e cost af
<br /> repair ar restarat�on if Trustor is nat in default under �his Deed of Trust. Any proceeds which have no� �een
<br /> disbursed within 'I8� days after their receipt and which Lender has not committed �o the repair or restoration of
<br /> #he Proper�y sha(I be used first t� pay any amaunt owing �o Lender under this Deed o#Trust, then to pay accrued
<br /> interest, and the remainder, if any, shal[ be applied �o the principa� balance ❑f the Indebtedness. If Lende�- holds
<br /> any proceeds after payment �n ful� of the fndebtedness, such proceeds shall be paid �o Trustor as Trus�or's
<br /> in�erests may appear.
<br /> Trustor's Repor�on Insurance. Upon request of Lende�, howe��:r not more than once a year, Trustor sha�l furnish
<br /> ta Lender a repart �n each existing po�icy of insurance showing: ��} the name of the insurer; ��} �he risks
<br /> insured; t3} the amount of the poli�y; �4} #he property insured, the then current repla�emen� value of such
<br /> property, and the manner of determining that�alue; and �5} the expira�ion da#e nf the po�icy. Trustor shall, upon
<br /> reques�a�Lender, have an independent appraiser sa�isfac#ory t❑Lender de�ermine the cash�alue rep�acemen�cosf
<br /> of�he Property. '
<br /> LEN�3ER`S EXPENDITURES. [f any acfion❑r proceeding is commenced �ha�would materially a�fect Lender's in�erest in
<br /> fhe Property or if Trustor fails to cornp�y with any pro�ision of this Deed of Trust or any Related Documents, including
<br /> but not limited to Trus�or's fai[u�-e to discharge or pay when due any amounts Trus�or is �-equired to discharge or pay
<br /> under this Deed of Trust or any Related Documents, Lender an Trustar's behaif may �but shall not be abliga#ed to}take
<br /> any a�t�on that Lender deems appropriate, includ�ng but na� limi�ed to discharg[ng ❑r paying all taxes, liens, secur��y
<br /> �nteres�s, encumbrances and other claims, a�any time levied or placed on the Property and paying all costs far insuring,
<br /> main�aining and preser-ving the Proper�y. A�I such expenditures �n�urred or pa�d by Lender for su�h purposes will then
<br /> bear interest at the ra�e charged under the No#e from �he date incurr�d ar�a�d by Lender to the da�e af repaymen� by
<br /> Trust�r. All such expenses wili become a part of the indebtedness and, a� Lender's option, wil[ €A} be payable ❑n
<br /> demand; �B} be added to �he ba[an�e of the Note and be apportioned amang and be �ayahle with any ins�allmen�
<br /> payments fo bec�me due during either ��} the term of any applicab[e insurance poli�y; ar ��} the r�ma�nin� term of
<br /> the Nate; or �G} be �rea�ed as a ballaon payment which w�l[ be due and payable at the Nate's maturity. The D�ed af
<br /> Trust also wi[1 secure payment of these amounts. 5u�h right shal� be in addition �o all o�her rights and remedies t�
<br /> which Lender may be entitied upon ❑efaul�.
<br /> WARRANTY; ❑EFENSE�F TITLE. The fallowing pro�isions relating to ownership of�he Property are a pa�t o��his Deed
<br /> of Trust:
<br /> Tif�e, Trus�or warran#s that: �a} Trustor holds go�d and marketable tit�e of recard �o the Property in fee simple,
<br /> free and clear of al[ �iens and encumbrances other than those se� for�h in �he Real Proper�y description o� in any
<br /> tit(e insurance policy, t[#[e report, or final title opin�on issued in fa�ar of, and accep�ed by, Lender in connection
<br /> wlth�his Deed of Trus�, and �b}Trus�nr has the�ul� right, pow�r, and authority to execute and deli�er th�s Deed of
<br /> Trus�to Lender.
<br /> Defense of Title. Subject tn the exception in the paragraph above, Trustor warrants and w�l� fore�er defend the
<br /> �itle to the Property against the lawful �[aims af a�l persons. In the event any ac��on or proceeding is cammenced
<br /> that quesfions Trus�or's��tle ar�he inte�-est of Trus�ee or Lender under this Deed of Trus�, Trustor shall defend the
<br /> action at Trustar's expense. Trustor may be the nominal par�y in such proceeding, but Lender shall be enfEt�ed ta
<br /> participate in th� proceeding and �❑ be represen�ed in the praceeding by counsel of Lender's awn choice, and
<br /> Trustor will deli�e�-, or cause �Q be deli�e�-ed, ta Lender such instruments as Lender may request fram time ta�irne
<br /> to permi�such pa�ticipa�ion.
<br /> Comp�iance Vlr��h Laws. Trus�or warrants that the Property and T�-us�or's use of �he Property complies with a�l
<br /> exis��ng applicable laws,ardinances, and regu�at�ons of ga�ernmen�a[authori��es.
<br /> Surv[�al of Representations and Vlrarran#ies. AI� representations, warranties, and agreements made by Trustor in
<br /> �his Deed vf Trust shall surWive the execution and defi�ery of�his ❑eed of Trust, shall be con�inuing in na�ure, and
<br /> shall �emain in ful�force and effect un�il such time as Trus#or's Indeb�edness sha11 be paid in full.
<br /> ��NDEMNATI�N, The�o��ow�ng provisions rela�ing to condemna��on proceedings are a par�of�his Deed of Trust:
<br /> Praceedings. lf any p�oceeding in condemna�ion is filed, Trustor shall promp�ly na�ify Lender in writing, and
<br /> Trustor shall promptly tak� such s#eps as may be necessary to defend the action and ob#ain �he award. T�rustor
<br /> may be�he nominal party in such proceeding, hut Lende�-shall be ent�tled to par�icipate in the proceeding and to be
<br /> represen�ed in the prace�ding by counsel of i�s own choice, and Trustor will deli�er ar cause to be de���ered to
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