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2� 1 ��5532
<br /> DEED �F TRIJ�T
<br /> ���ntinued} Page 3
<br /> prior liens on the prvperty securing the ivan, up to the maximum pvlicy fimi�s set under the National F�ood
<br /> Insurance Program,o�as a�herwise required by Lender,and to maintain such insurance for the term o�F fhe laan.
<br /> Application of Proceeds, Trustor shall prvmptly not'rfy Lender of any lvss ar damage ta�he Properfy. Lender may
<br /> make pr�v� of loss if Trustor fai[s tv do so wi�h in �ifteen �'�5} days of the casua�ty. Vllhether ❑r no� Lender'�
<br /> se�uri#y is �mpaired, Lender may, at Lender's ele�tion, recei�e and retain the proceeds of any�nsurance and apply
<br /> the proceeds tv the reduction vf�he indebtedness, paymen�vf any lien af��cting the Properky, or the restvra�i�n
<br /> and repair vf#he Prvperty. !f Lender elec�s to apply�he prviceeds to restora��on and repair, Trustor shall repair v�-
<br /> replace the damaged or destroyed lmpra�ernents in a manns�- sa�isfac�ory �o Lender. L�nder shall, upon
<br /> sa��sfactor� praof of such expenditure, pay or reimburse Trus�or �rom fhe proceeds for �h� reasvnabie cost ❑f
<br /> repair or restorativn if Trus�or is na� in de�ault under this Deed vf Trust. Any p�-oceeds which ha�e nvt been
<br /> disbursed within �84 days aiter their�receipt and which Lender has not commit�ed to the repair or res��ratian vf
<br /> the Property shall be used first tv pay any amount owing �a Lende�under this Deed of Trust,th�n tv pay accrue�l
<br /> in�erest, and the r�mainder, if any, shall be applied to the principal balance of�he lndeb�edness. If Lender halds
<br /> any pr�ceeds ai�er payment in full af the Indehtedness, such pr�ceeds shall be paid t� Trus�ar as Trustvr's
<br /> in�er�s�s may appear.
<br /> Trustar`s Report an Insurance, Upvr�request of Lender, hawe�er nvfi more than once a year,Trusta�shaff furnish
<br /> to Lender a repor� an each �xisting po�icy of insurance showing: �'1} #he name o�the insur�r; �2} the risks
<br /> insured; �3} �he amaunt vf the poli�y; �4} the property insured, the then curren� replacem�nt value vf suGh
<br /> property, and the mann�r of determining�hat�alue; and �5} the expiration date af�he pa�icy. Trustor sha[l, upon
<br /> � request of Lender,ha�e an independen�appraiser satisfactary to Lender de�e�mine�he cash�alue rep[acernent cos�
<br /> of the P�operky.
<br /> LENDER'S EXPENDITURES. lf any action or proceeding is cvmmenced that would mater�alfy a�fect Lender"s interes�in
<br /> �he Property ar if Trustor fails�o cvmply with any prv�ision af�his De�d vf Trus�ar any Re[ated Docum�nts, including
<br /> but not limited to Trus�or's failure�o �ischarge or pay when due any amoun�s Tr�us�v�-i.s required�o discharge❑r pay
<br /> under this D�ed of Trust ar any Rela�ed Documents, Lender an Trustor's behalf may(but shall nat be obligated to}take
<br /> any acfion that Lender deems appropriate, including but nat limited to dischargin� or paying all taxes, liens, secu�ity
<br /> interes�s, encumbrances and other�laims,a�any�ime le�ied❑r placed an the Praper-�y and pa}�ing a�l costs for insuring,
<br /> ma�n�aini ng and presenring�he Prvperty. Al I su�h expenditures�n��rred ar paid by Lender for such purposes wi i 1 then
<br /> bear interest a�the ra�e charged under the Nate f�om the date incurred or paid by Lender to�h�da�e af r�payment by
<br /> Trustor. All such expenses wi I� become a part of the Inde�tedness and, at Lender's option, wi I1 �A} be paya�le an
<br /> . demand; tB} be added to the balance o��he Nate and be apportioned among and be payab�e wi�h any ins�a�finent
<br /> payments to b�cvme due during either t1} the�erm��any applicabie insuran�e�aol�cy; v� �2} th� remaining�erm�f
<br /> the Note; or (C} be treated as a ba[laan paymen�which will be due and payabfe at the Nvte's maturi�y. The D�d of
<br /> Trust also will secure paymen� af these amaunts. Such right shall be in addi�i�n �o all ather rights and r�medies�o
<br /> whi�h Lender may be en�it�ed upvn De�aui�.
<br /> V1IARRAN�Y; DEFENSE�F T�TLE. The following provisians relating to flwnership❑f the Property a�e a pa�o�this Deed
<br /> of Trust:
<br /> Title. Trus�or warrants tha�: �a}Trustar hnlds good and marketable fitEe n�record to the Prvperty in fee simple,
<br /> free and c�ear of a[I f�ens and encumbrances�ther than thvse set fnrth in �he R�al Property�es�rip�ion vr in any
<br /> t�tle insurance palicy, �i#�e repart, or final ti�le opinivn issued in fa�ar o�, and acc�pted by, L�nder in cannection
<br /> wi�h this Deed�f Trust,and �b}Trus�vr has the ful� righ�, pvwer, and au�hority to execute and deli�er this Deed of
<br /> Trus�ta Lender. '
<br /> ❑efense af Title. 5ubjsct ta the exception in the paragraph abo�e, Trustor warrants and wif l �are�er de�end th�
<br /> title to th� Prop�rty against tk�e l�w�ul c�aims of all persons. In the e�ent any action vr proceeding�s�ommenced
<br /> tha�questions Trustor's ti�le or th� �n�erest vf Trusfee or Lender under this Deed❑f Trust,Trustar shali defend the
<br /> activn at Trustor's expense. Trus��r may be the n�minal party in such prviceed�ng, bu� Lender shall be entitfed ta
<br /> parti�ipate in the proceeding and �v be represented in the proceeding by cvunsel of Lender's awn chai�e, and
<br /> Trusto�-will deli�er, vr cause�v be del��ered,tv Lender such ins�ruments as Lender may request from time to�ime
<br /> tv permit such part€cipation.
<br /> Comp[iance 1Nith Laws. Trusfor warran�s �hat the Prvperty and Trus�Qr's use ❑f the Prvperty comp�ies with a11
<br /> existing app�icable la►rvs, vrdinances, and regufations❑f ga�emmen�al authori�ies.
<br /> Survi►ra! �f Represenfa��ons and Vlr'arranfiies. A11 representativns, warranties, and agre�men�s made by Trus�or in
<br /> �his I]eed of Trus�shaf! survi�e the execution and del��e�Jr❑�this�eed❑f Trus�, shal� be cantinuing in na�ure, and
<br /> shall remain in full farce and ef�ect un�i�such time as Trustor's Indebtedness shall h�paid�n�ul[.
<br /> GDNDEMNATION. The�ol�awing pro�isions relating ta condemnatian proceed'€ngs are a par�vf this �]eed of Trust:
<br /> Rroceedings. !f any praceeding �n condemnation is f�ed, Trustor shaf[ prompffy notify Lender in writing, and
<br /> Tn.�stor shall promptly take such steps as may be necessary ta de�end�he ac�ion and ab�ain the award. Trus�or
<br /> may be�he nominal parfiy in suGh proceeding, bu�Lender shail be entitled to parkicipate in the pro�eeding and�o be
<br /> rspresen�ed in �he proceeding by �ounse� o�its own chai�e, and Trustor will deli�er vr cause to be de[�vered i�o
<br /> Lender such instruments and dacumenta�ian as may be requested by Lender�r�m time to time tv permit such
<br /> participation. .
<br /> App�ication of Net �roceeds. If a�l or any par�vf the Properly is condemned by eminent domain proceedings or by
<br /> any proreeding or purchase in lieu ot oondemnation, Lender may at its eiecfion require�hat a�l or any portion of the
<br /> ne� prooeeds o�the award be applied to the Indebt�dness or fihe repair or re�toration af the Prope�ty. The net
<br /> prviceeds a�the award shal� mean the award a�te�-payment of al� reasanable costs, expenses, and attorneys'fees
<br /> i n�urrec�by Trust�e ar L�nder�n connection wi�h the�ondemnatian.
<br /> [MPOSIT[UN �F TAXES, FEES AND CHA�iGES BY�aVERN11rIENTAL AUTHDRITIES. The �ollowing pro�isions refating
<br /> tn go��rnmental taxes,fe�s and charg�s ars a par�ofi this ❑eed of Trust:
<br /> Current Taxes, Fees and Gharges. Upan request by Lender, T�ustvr shall execute such documents in addition t�
<br /> �his fleed af Trust and#ake wha�e�er o�her actian is requested by Lender to perfect and continue Lender's lien on
<br /> th� Rea� Prvperty. T�-ustvr shall reimburse Lender for all taxes, as �escribed below, together with all expenses
<br /> incurred in rec�rding, perFecting or cvntinuing this Qeed of Trus�, including withau� limitatian al� �axes, fees,
<br /> documen�ary stamps,and❑th�r charges for recording ar�regis��ring this Deed of Trust.
<br /> Taxes. The fo��owing shall cvnsfitu�e taxes to which this sec�i�n applies: ��} a specific tax upon th�s #ype af
<br /> Deed o�Trus� or upon all or any par�q�the Indebtedness secured by �his Deed o�Trus�; t�} a sp�cific tax on
<br /> Trustvr rrvhich Trustar is autharized ar requir�d�o deduct�rom paym�nts on the �nd�b�e�ness secu�ed by this�ype
<br /> of Deed vf Trust; (3} a tax on�his type of❑�ed vf Trust�hargeable against�he Lende�or the holder vf the Note;
<br /> and �4} a speci�ic tax vn all ar any porfiion of the Indebtedness ar on payments of principaf and interest made by
<br /> Trus�vr.
<br /> Subsequent Taxes. 1� any tax tv which th�s s�c�ion applies is enacted subsequent to the date o��his Deed vf
<br /> Trus�, �his e�en� sha�l ha�e the sam� effe�� as an E�en� of Defaul�, and Lender may e�ercise any or afl af its
<br /> a�aiiable remedies for an E�ent of Default as prouided below unless Trus�or ei�her �1} p�ys the tax before it,
<br /> bec�am�s de�inquent, ar �2} c�nt�sts the tax as pra�ided abv�e�n�he Taxes and Liens section and depasits with
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