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2� 1 ��5542
<br /> DEED �F TRUST
<br /> ��onti�u�d� Page 3
<br /> and repair vf#he Prvperty. If Lender elects to apply ths proceeds to restvration and repair, Trustor shall repair or
<br /> replace the damaged or destroyed Impra�ements in a manner satisfactory to Lender. Lender shali, upon
<br /> satisfactory pro�f vf such expendEtur�, pay or reimburse Trustor �rvm the proceeds far the reasvnahl� cvst vf
<br /> repair or restnration if Trustor is nat in de�ault und�r this Deed o� Trust. Any �roceeds which ha�e not been
<br /> disburs�d within �$� days after their �eceipt and which Lender has nvt cvmmitted to the repair o� restaration of
<br /> the Property shal! be used first to pay any amount owing to Lender under this Deed of Trust, th�n to pay a�crued
<br /> interest, and the r�mainder, if any, sha�! he applied t❑ the principal ba�ance of ths Indebtedness. If Lender holds
<br /> any proceeds after payrnent in fu�l af the Indebtedness, such proceeds sha�� be paid ta Trustvr as Trustar's
<br /> interests may appear.
<br /> Trustor's Report an insurance. LJpvn request of Lender, however not mvre than once a year, Trustor shall fu�nish
<br /> t❑ Lender a repart an each ex�sting policy vt �nsurance showing: ��r the name of the insurer; �2) the risks
<br /> insured; (33 the amount of the poliGy; ��j the property insured, the then current repla�ement �alue of such
<br /> property, and the manner af determining that�alue; and �5y the exp�ration date vf the policy. Trustvr sha�l, up�n
<br /> request o#Lender, ha�e an independent appraiser satisfactvey to Lender determine the cash�a�ue rep�acement cost
<br /> af the Property.
<br /> LENaER'S EXPENDITURES. If any action vr proceeding is Gommenced that uvould materially affect�ender'� interest in
<br /> the Property vr if Trustor fails to comply with any proWisian of this Deed ❑f Trust vr any Related Documents. including
<br /> but nvt limited t� Trustar`s failure to dis�harge or pay w►hen due any amounts Trustor is required to dis�har�e or pay
<br /> under this ❑esd vf Trust or any Related ❑�cuments, Lender❑n Trustor's behalf may tbut shall nox be ohE�gated toy take
<br /> �ny action th�t Lender deems apprvpriats, including but nvt lirnited to discharging or paying all �axes, liens, security
<br /> in#erests, encumbrances and ather claims, at any iim�le�ied or placed on the Proper€y and paying all costs tar ansuring,
<br /> maint�ining and preser�ing the Property. Ail such expenditures incurred vr paid by Lender far su�h purposes will then
<br /> bear interest at the rate charged under the Note fram the date incurred or paid by Lender to the date vf repayrnent by
<br /> Trustar. All such expenses wil� be�ome a pa�t af the Indebtedness and, at Lender's option, will �A� be payable vn
<br /> demand; �By be added to the balance of the Note and be apportivned among and be payable with any installment
<br /> payments to becvrne due during either t�f the term ot any appl�cable insurance p�licy; Qr {2� the remaining term �f
<br /> the Note; or �C� be treated as a t�allavn payment which wili be due and payable at the N�te`s maturity. The Deed vf
<br /> Trust alsa wi�l secure payment af these arnounts. Such right shal! be in addition ta all other rights and remedies to
<br /> whi�h Lender ma�be ent+t�ed upon Defauit.
<br /> WARRANTY; DEFENSE�F TITLE. The following provisivns r�lating to ownership ofi the Property are a part of this Deed
<br /> vf Truat:
<br /> Title. Trustvr war�ants that: �a� Trustvr halds gvad and marketable titte of recvrd to the Prvperty in fee simple,
<br /> free and c�ear vf afl li�ns and en�umbran�es other than those set forth in the F�eal Prope�ty descr�ption ar in any
<br /> title insurance poficy, title report, or final title apinion issued in fa�ar vf. and a�cepted by, Lender in connection
<br /> with this Deed o#Trust, and (hf Trustvr has the fuil right, power, and autharity to execute and deli�er this ❑eed of
<br /> Trust ta Lender.
<br /> Defense of Ti�le. Subject tv fihe excep#ion in ihe paragraph abo�e, Trustvr warrants and will fore�er de#end the
<br /> title to the Property against th� lawful clairns of all persans. In the e►►ent any action ar praceeding is commenced
<br /> that questians Trustor's title or the interest af Trustes�r Lender under this Deed vf Trust, Trustor shall defend the
<br /> actEon at Trustor's expense. Trust�r may be ths nominal party �n su�h pro��ed'+ng, but Lender shall he ent�tled to
<br /> participate in the proceeding and to he represented in the prviceeding by cauns�l of Lender's awn choice, and
<br /> Trust�r will d�li�er, or cause to be deliWered, to Lender such instruments as Lender rnay r�quest from time to time
<br /> ta permit such participation.
<br /> Gvmpliance With Laws. Trustor warrants that the Property and Trustor's use vf the Property cornplies with all
<br /> existing applicable laws,ardinan�es, and r�gulations of go�ernmental autharities.
<br /> SurWi�al af Reprasentations and Warranties. All representations, warranties, and agreements made by Trustvr in
<br /> this Deed of Trust shall survi�e the execution and de�i�ery❑f this Deed af Trust, shall be continuing in nature, and
<br /> shall rema�n in full fvrce and e##ect until such t�me as�orrower's Indebtedness sha�!be paid�n#ull.
<br /> C�NDEMNATI�N. The foNowing pra�isions relating tv condemnativn proceedings are a part vf this�e�d of Trust:
<br /> Proceedings. If any proceedtng in cvndemnatian is filed. Trustor shal� prvmp�tly n�tifiy Lender in writing. and
<br /> Trustor shall prnmptly take such steps as may be necessar�to defend the acti�n and ohtain the award. Trustar
<br /> may be the naminal party in such proceeding, but Lender shal�be en#itled tv parts�ipate in the prviceeding and to be
<br /> represented in the prviceeding by �ounsel of its own cho�ce. and Trustor w�ll deli�er vr cause t❑ be deli�ered ta
<br /> Lender such instruments and dacumentation as may be request�d by Lender from time to time to permit such
<br /> participativn.
<br /> App�ication af Net Praceeds. if al� or any part of the Property is c�ndemned by eminent domain proceedings or by
<br /> any proceeding or purchase in iieu vf cvndemnation, Lender may at its�le�tion require that all or any portion vf the
<br /> net pro�eeds at the award be applied ta the Indebtedness or the repair ❑r restv�ation vf the Property. The net
<br /> proce�ds of the award shall meen tha award after paymgnt c�f all r�asonable costs, expenses, and attorneys' fees
<br /> incurred by Trustee or L�nder in�onnection with the candemnation.
<br /> lMP��iTIDN �F TA)CES, FEES AND CHARGES BY �OVERNMENTAL AUTH�RITIES. The followfng pr���sions �elating
<br /> to go►►ernmental taxes,fees and charges are a part ofi this Deed of Trust:
<br /> Current Taxes, Fees and �harges. Upvn request by L�nder, Trustar shal� �xecute such dacurnents in additian �a
<br /> this aeed af Trust�nd take whate�er other action is requested t�y Lender t❑perfect and continue Lender`s lien❑n
<br /> �he R�a! Praperiy. Trustor shall reimburse Lender for all taxes, as described below, together with all expenses
<br /> incur�ed in recording. perf�cting vr cvntinuing this Deed of Trust, in�lud�ng withvut limi�ation all taxes, fess,
<br /> dacumentary stamps, and ather charges fvr re�ording or regist�ring this ❑eed of Trust.
<br /> Texes. The follvwing shall canstitute taxes �o which this section applies: t 1 y a specific tax upon this typ� of
<br /> Deed of Trust or upon all or any part of the Indebtedness secured by this Dsed of Trust; �2) a specific tax ❑n
<br /> Barrower which 6arrower Es authorized or required to deduct frorn payrnents on the Indebtedness secured by this
<br /> type of Deed of Trust; �3f a tax on this typ� o�Deed of Trust chargeable against the Lender or the holder of the
<br /> Note; and �4y a spe�i#�c tax an all ar any partion ot the In�debtedness vr on payr�ents ot principal and in��rest
<br /> made by Borrvwer.
<br /> 5ubsequent Taxes. It any tax xo which this section applies is enacted subsequent to the date of th�s Deed vf
<br /> Trust, �his event shall ha�e the same effect as an E��nt of De#ault, and Lender may ex�rcise any or all of its
<br /> ar►ailable remedies fvr an E�ent of Default as prouided below unless Trustor either (1 y pays the tax befare it
<br /> hecames delinquent, or �2y contests the tax as pro�ided aba�e in the Taxes and Li�ns sec�ian and d�pvs�ts with
<br /> Lender cash or a su�#i�ient carparate surety hand or other security satisfactory ta Lender.
<br /> SECURITY A�REEMENT: FINANCING STI�TEMENTS. The fvllawing provisions relating to #Fiis Deed of Trust as a
<br /> security agreement are a part a#this❑eed of Trust:
<br /> Security 14greemant. This instrurnent shaii canstitute a 5ecurity Agre�ment to the extent an� of the Praperty
<br /> constitutes�ixtures, and Lender shali ha�e all vf the rights❑f a secured party under the Uniforrn Commercial Cod�
<br /> es amended frvm t�me#o time.
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