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2� 1 ��5492
<br /> DEED []F TRUST
<br /> �Continued� Pa�e 3
<br /> the Natianal Flaod �nsuranve�r�gr�m, or as oth�erwise required by Lender, and#o maintain such Ensurance far the
<br /> t�rm fl�ths�oan.
<br /> Appl�cation of Proceeds. Trustor shalf pramptly notify Lend�r of any lass o�damage ta the Prope�ty. Lend�r may
<br /> make proa�af Ioss if Trustor fails ta do so within frfteen {�5} days vf#he casu�lty. Wheth�r or no# Lender's
<br /> security�s impaired, Lender m�y, at Lec�der's ele�tivn,recesv�:and retasn the p�aceeds of any insurance and app�y
<br /> the praoeeds#v the reductian vf the indeb#edness, payment a�i any lien a�Fecting the Praperly, vr#he restarati�n
<br /> and repa��af t'he Prap�e�ty. 1��ende�esects tv apply the procee�s to restorativn and repair,Trustor shai� repafr or
<br /> replace the damaged ar destrvyed Impro�ements in � manner satisfactory to Lender. Lender shall, upon
<br /> sa#i�fac#ary proof of such expenditure, pay or reimbur�se Trustor from the proceeds for the reasonabl� �ast af
<br /> repair or restaration if Trustor is nat in default under this []eed of Yrust. Any pro�eeds which ha�e nv# be�n
<br /> disbursed within 18� days af�er their receipt and which Lender has not cammitted tv the repair or restara#ian ofi
<br /> the Property sha�l be used frrst to pay any amaunt owing to Lender under this Deed of Trus#�#hen to pay accrued
<br /> interest, and the remainder, if any, shall be applied to the principal balanve o�the Indebtedness. If Lender holds
<br /> any �rac�eds after payment in fui� of #he Indebtedness, such praveeds shall be Raid to Trus#ar as Trustar's
<br /> interes#s may appear.
<br /> �ompiiance with Exist�ng lndebtednsss. During �he period in which any Existing Indeb�edness described below �s
<br /> in effect, oampiiance wi#h the insurance prvvisions contained in the inst�ument e�idencing such Exi�ting
<br /> Indebt�dness shal� constitute compliance with the insuran�e prv�isions under this Deed af Trust, tv the extent
<br /> comp�iance with the #erms ❑�this D�ed vf Trust►nrouEd canstitute a duRlicatian af�nsurance requirement. If any
<br /> prac:�eds from the insutance became payable�n loss, the pro�isians in this De�d af Trust fvr di�ision of proc�eds
<br /> sha!!apply only t�that portian❑#the prtocee�s n�t payabte to the holde�o#the Existing�ndebtedness.
<br /> LENDER`S EXPENDITURES. I� Trustor fails �A} to keep the Property free of a!i #axes, liens, securi#y interests,
<br /> �ntx.rmbranoes, and other Glaims, {B} t� pro�ide any requined i nsur2�nce on the Praperty, (C} #v rr�ke repai rs tv the
<br /> property or�o ovmp�y with any obligat�on to maintain Existing lndebtedness in gaad standing as required bel4w,�hen
<br /> Lender may dv sv. �f any action vr proceeding is oommenaed that wvu�d materially affec� Lender's interests in #he
<br /> prop�rty, then Lender ��n TrUstor's be�ralf may, but is not requ��ed tv, t�ke any acts� t#�at Lender b�I�eWes to be
<br /> apprvpriate to protect Lender's interes�#s. Ail e�enses incurred vr paid by L�nder fvr such purpases will then bear
<br /> in#er�st at the rate char�g�d unde� the I�ote from the date incun�ed or paid by Lsnder to �he dat� �f repaymerrt by
<br /> Trustor. Af f such expenses wi f I beoome a part of the lndeb#edness and, at L�nder's aptir�n, wi I I �A} be payable nn
<br /> dem�and; tB} be added to ths baf�noe �f the hlote and be �ppartionect amvng and be payabie with any ins�a�lment
<br /> paymen#s tv bec�ome due durin�either �1} the term of any applicable insuranoe policy; or [2} the remaining term of
<br /> the Note; or �C} be treated as a balloon payment which will be due and payable a�the Note's ma#urity. The D�ed vf
<br /> Trust also will sea.�re payment of these amoun#s. The rights prv�ided for in this paragraph sha!! be in addition#o any
<br /> other rights ar any remedie�s to which Lender may be en#itled on aoGaunt of any defauft. Any such action by Lender
<br /> shall not be construed as curing#he default so as to bar Lender from any remedy that�t vtherwise would have had.
<br /> YVAR�ANTY;�EFENSE�F TITLE. The tollowing pra�isions relating to awnership of the Property are a part af#his �eed
<br /> of Trust:
<br /> T�tlg. T�us�flr warra�ts that: ta}Tn�star hvlds g�d and marketab�e tit�e nf re�card t� the Prv�erty in fee simpfe,
<br /> free �nd clear vf a�l liEns and encumbrances vther than those set farth in#he Real Property de�cription vr in fhe
<br /> �xis�ing In�eb#edness$ect�on be�ow a�in any title insuranve po�icy,title report,�r f na�title ap+n�on issued in fia�or
<br /> af, and accepted by, Lender in cvnnection with this D�d❑f 7rust, and 4h)Trustvr has the full right, power, and
<br /> authority�o execute and del��er this Deed af Trust tv Lender.
<br /> �3efense af T�t�e. 5ubject to the exceptian in fhe para�raph abov+e, Trustor warrants an�wifl fore�e�de�Fend the
<br /> title to the Property against the lawful claims❑f al� persvns. In the e�ent any action or proceeding is commenced
<br /> that questions Trustor`s title or the interest o�Trustee❑r Lender unde��his Deed of Trust,Trustar shail defiend�he
<br /> action at Trustor's expense. Trustar may be the nominal party in such pro�eeding, but l�ender shal� be entitled to
<br /> partici�ate in the proceeding and to b� represented in the p�roceeding �y couns�l of Lender's vwn choice, and
<br /> Trustor wil� defi�er, vr cause tv be deli�ered,to Lend�r such instrumsnts as Lender may request from time tv time
<br /> tv permit such participation.
<br /> Com�l�ance With Laws. Trustor warrants that the Property and Trustor's use �f �he Prvperty complies w�th a11
<br /> exis#ing appficable iaws,ordinances,and regulations o►f go�ernmenta�au#horities.
<br /> Survlr►al of Promises. All pmmise�, agreemen#s, and statements Trustor has made in this Deed of Trust shall
<br /> survive the execu�ian anc!del�very v�th�s Deed ot Trust,shall be cont�nuing in nature and shaf�rema�n�n�ull force
<br /> and effect until such t�me as Trustvr's lndebtedness is paid in full.
<br /> EXISTING IND�BTE�NESS. The following pro�isions Goncerning Existing indebtedness ar�a part o�this Deed of Trust:
<br /> Exist�ng Lien. The lien of this Deed of Trust secur�ng the Indeb#edness may �e secondary and infsrivr to an
<br /> existing lien. Trus#or express�y covenants and agrees to pay, or see#a the paymen#of, the Existing Indebtedness
<br /> and ta prsvent any defauit on such indebtedness,any detault unde�r the ins�ruments evidencing such indeb�edness,
<br /> or any defau�t under any securi�y dacuments far su�h ir�deb�edness.
<br /> No lVlodification. Trustor shall no# enter into any agreement with the halder of any mortga�e, deed o�trus#, ar
<br /> ather security a�reement which has priority v�er this Deed of Trust by which that agreement is modifisd,
<br /> amended, ex�ended, or renewed without the prior written consent of Lender. Tr�ustor shall ne�ther request nor
<br /> accept any future ad�ances under any such security agreement without the prior written consent af Lender.
<br /> CDhii�EM1VAT1�1V. The following provisions re�a�ing tv condemna�ion praceedings are a park afi thi�Deed oi Trust:
<br /> Pr�csed�ngs. If any prvc�ed�� �n ronci�mna#�on is filed, �"�us#vr sha�� �rampt�y nt�ti�y �.er�de� in �►riti��, and
<br /> Tn.rstor shall �romptly take suc�h s#eps as may be nevessary to defend the actian and obtain the award. Trustor
<br /> may be the namina�party in suc�praoeed�ing,but Lender s'hall be entitl�d tv participate in ths prooeeding anc#tv be
<br /> represer�ted in the proveeding by oaunsel of its awn �hoive, and Trustor will de�i�er ar cause�o be deli�ered tv
<br /> Lender such ins�ruments and documentativn as may be requested by Lender frvm time tv time ta pe�mit such
<br /> participat�on.
<br /> Appl�cation of Net Proceeds. I�a!I or any part�f the Property is avnderrmed by eminent doma+n prooeeaffngs vr by
<br /> any prnceecling or purchase in lieu v�aondemnati�n,Lendgr may at its electivn require that al1 nr any portian of�he
<br /> net proveeds ot the award be applied tn th� Indebtedness or the repair vr restoratian of the Proper#y. The net
<br /> proveeds of#he award sha11 mean the award a�ter payment af atl r�sana�e cas�s, expenses,and attorneys`fees
<br /> incurred by Trus#ee ar Lender in oonnection with#he vondemna#ion.
<br /> fMP�SITIaN �F TAXE5, FEES AND CHARGES E3Y GaVERNI��NTAL AUTH�RlTIES. The fa�lowing pro�isions relating
<br /> to governmentaf taxes,fees an�charg�s are a part of this �eed vf Trust:
<br /> �urrent Taxes, Fees an�i Charg�s, Llpan�equest by Lender, Trustor sha�i execute su�h dacuments in a�idition ta
<br /> this Deed of Trust and take whate�er vther action is requested�y Lende�ta pe�Fect and continue Lender's iien on
<br /> the Real Property. Trus�ar shall reimburse Lender for all taxes, as described �e�ow, tagether w�th all expenses
<br /> incur�ed in recording, perfecting or continuing this Deed of Trust, including without I�mi#ation al� taxes, fees,
<br /> dacumenta�stamps,and other�charges for recarding or regis#ering this Deed of Trust.
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