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2� 1 ��557�
<br /> DEED �F TRUST
<br /> ��antinued} Page 3
<br /> replace th� damaged or dest�oyed �mpro►►ements in a manner satisfactory to Lender. Lender shall, upon
<br /> sa#isfactvey proa� af su�h expenditure. pay or rsiml�urse Trust�r from the praceeds for the reasanable cost af
<br /> repair or restoration if Trustor is not in defau�t under this Deed of Trust. Any prviceeds whi�h ha�e not been
<br /> disbursed wi#hin 18� days after their receipt and which Lender has nat cornmitted ta the repair or restoration ofi
<br /> the Property sh�!! be ussd fi�st to pay any amaunx owing tv Lender under this ❑eed of Trust, then t❑ pay accrued
<br /> in�er�st, and the remainder. ifi any, shall he applied t❑ th� principal balan�e of the Indebtedness. If Lender holds
<br /> any proceeds after payment in full of the Indebtedness, such prviceeds shait be patd to Trustor as Trustor's
<br /> interests may appear,
<br /> Compliance w�th Existing Indebtedness. During the periad �n which any Existing Indebtedness described below is
<br /> in effect, cvmpliance wi�th the insurance pro�isions cantain�d in the instrument e�idencing such Existing
<br /> Indebtedn�ss shall c�nstitute campliance with the tnsuran�e p�ro�+sians under this L7eed vf Trust, to the extent
<br /> �vmpliance w�th the terms vf this Deed vf Trust wou�d constitute a duplication of insurance requirement. If any
<br /> praceeds from the insuran�e becQme payabl� an loss, the pro�isions in th�s Deed af Trust for di�isivn o� proceeds
<br /> shall app�y only ta that partivn of the proceeds not p�yable ta the holder of the Existing Indebtedness.
<br /> Trustor's Report on Insurance. Upan request of L�nder, howe�er not mvre than once a year, Trustor shall furnish
<br /> tv Lender a repvrt on each exrsting palicy af insurance sh�wing: �1� the name of the insurs�; t�} the risks
<br /> insured; [3j the amaunt ot the po�icy; �4y the prvperty insured, the then current replacement �alue vf su�h
<br /> prop�rty, and the manner vf determining that�alu�; and {5� the expEration dats of the palicy. Trus�ar shall, upon
<br /> request of Lend�r, ha�e an ind�penden#appraiser satisfactory t� Lendsr dete�mine the cash�alue replacement�ost
<br /> of the Prvpsrty.
<br /> LENDER'S EXPENa1TURE5. If any action ar proceeding is commenced that would materially affect Lender's interest in
<br /> the Praperty or if Trustar fai[s to comply with any pro�ision of this Deed of T�ust or any Related ❑ocum�nts, including
<br /> but not limited tv Trustor's failure to cvmpiy with any obligation to maintain Existing �ndebtedness in gaod standing as
<br /> required helvw, vr to discharge or pay when due any amounts Trustor is required to discherge ar pay under this D�sd af
<br /> Trust or any R�lated ❑v�uments, Lender on Trustor's behalf may tbut shall not be obligated ta� take any activn that
<br /> Lender deems apprvpriat�, inc�uding but not limited to discharging vr paying all taxes, liens, secu�ity interests,
<br /> encumhrances and other claims, at any time ie�ied or pla�ed on the Prvperty and paying all costs tor insuring�
<br /> maintaining and preser�ing the Property. All such expenditures incurred �r paid by Lend�r #or such purposes w��# then
<br /> bear interest at the rate charg�d under the Note from the date incurred or paid by Lender to �he date of repayment by
<br /> Trustor. All such expenses wi11 become a part of the Indebtedness and. at Lender's op#ion, will �Aj be payable ❑n
<br /> demand; 4B� t�e added to the halance of the Note and he apportivned amang and be payable with any insta�Ement
<br /> payments to be�vme due during eith�r �a j the term of any appfic�ble insuranGe pvlicy; vr ��j �he remaining term ofi
<br /> the Note; or {C� be #reated as a halloon payment which wiil be due and payable at the Note's maturity. The �eed of
<br /> Trust a�sv wili secure payment of these amounts. Such right shal! be in addition to all other rights and remedies to
<br /> which Lender may be entitled upon Default.
<br /> WARRANTY: DEFENSE�F'TITLE, The fvllowing pro�isions relating to ownership of the Prvperty ar�a part of this ❑eed
<br /> af Trust:
<br /> Titla. Trustor warrants that: ta� Trustor holds gvod and marketable titl� of recvrd �o the Property in #ee simpls,
<br /> free and clear �f a�� liens and encumbran�es ath�r than those set �orth in t�e Real Pr�per�y des�ription or in the
<br /> Existing Indebtedness sectivn below or in any title insurance pol��y, title report. ❑r final title❑pin�an issued in�a�or
<br /> of, and accepted by, Lender in �onnection with this Deed of Trust. and �bf Trustor has the full right, power, and
<br /> authority tv axecute and deli�er this aeed vf Trust ta Lender.
<br /> Defense of Ti�le. 5ubject tv th� exceptian in the paragraph abo►►e, Trustar warrants and will fore��r de#end the
<br /> title to the Praperty against the �awful �laims o#all ��rsons. In the e�ent any action or proceeding is cammenced
<br /> that questivns Trustvr`s title❑r the inter�st of Trustee ar Lender under this ❑eed vf Trust, Trustar shall defend the
<br /> aci�on a�Trustor's �xpense. Trustor may be the nominal party in such proceeding, but Lender shall be eniit#ed to
<br /> parti�ipate in the pro�eeding and to be represented in th� pro�eeding by counsel of Lender's own choice. and
<br /> Trustor w��l deli►►er, vr cause to be de�ivered, tv Lender such instruments as Lender may request from time to time
<br /> to permit such participativn.
<br /> Cvmpliance Vllrth Laws. Trustar warrants ihat the Property and Trustvr's use of the Prvperty c�mplies with ai�
<br /> existing applicab�e laws, ordinan�es, and regulat�ons of ga�ernmentai authorities.
<br /> Sur�i�al vf Representations end Warran#ies. All representattans, warranties, and agreements made by Trustor in
<br /> this ❑eed of Trust shall sur�ive the e�ecution and d��i�ery of tt�is aeed of Trust, sha�� �e cvntinuing in nature, and
<br /> shaEl remain in fufl fvrGe and effeGt until such time as Borrvwer's Indebtedness shall be paid in full.
<br /> EX�ST�NG INDEBTEDNESS. T#�e fa#lowing pro�isions c�ncerning Exist�ng Indeb�edness are a part of�his ❑eed of T�us�:
<br /> Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secandary and inferivr #o an
<br /> exist�ng lien. Trustor expre�sly c��enants and agre�s tv pay. or see ta the payment�t, th� Existing Indebtedness
<br /> and t❑ pre�ent any default on such indebtedness, any default und�r the instruments e�id�ncing such indehtedness,
<br /> or any de�ault under any security dv�uments fo�such indebtedness.
<br /> Na Modificat�on. Trustor shall not enter inta any agreement with the holder of any mortgage. deed of trust, �r
<br /> other security agr�ement which has priority o�er this Deed vf Trust by which that agre�ment is mvdified,
<br /> amended. extended, ar renewed withaut the privr written �onsent of Lender. Trustor shall neither request nor
<br /> accept any future ad�ances under any su�h security agreement withaut the pri�r written consent of Lender.
<br /> C�N�EIVINAT��N. The follawing pro�isions relating tv condemnation proceedings a�e a pa�t af this []eed of Trust:
<br /> Proceedings. If any prvice�ding in �ondemnat�on is f��ed, Trustor shall promp#ly nvtify Lender in writing, and
<br /> Trustor shall prqmptly take such steps as may be necessary ta defend the action and obtain the award. Trustor
<br /> may be the naminal party in such proceeding, but Lender shall he entitled to participat�in the praceeding and to be
<br /> represented in the proceeding by �ounsel ❑f its vwn ch�i�e, and Trustor will deliver vr cause tv be deli�ered ta
<br /> Lend�r su�h instrurnents and do�umentation as may he �equested by Lender fram time to time to psrmit such
<br /> participatian.
<br /> Application of Ne#Praceeds. If all ar any part of the Praperty is condemned by eminent domain p�oGeedings or by
<br /> any praceeding vr purchase in lieu of condemnation. Lender may at its electivn require that all or any portivn a#the
<br /> ne� proceeds ot the award be applied to the !ndebtedness nr �he repair ar restoration ot th� Property. The n��
<br /> prv�eeds vf th� award shall mean the award aft�r paym�nt of all reasonabie costs, expenses� and attorneys` fees
<br /> incurred by Trustee ar Lender in cvnnec#ion with the condemnatinn.
<br /> IIIAP�SITI�N �F TA�CES. FEES AND CHARGES 6Y GDVERNMENTAL AUTH�RITIES. The fo�ivwing prv►risions relating
<br /> tv g��ernmenta�taxgs, fess and charges ar�a part of this Deed of Trust:
<br /> Current Texes, Fees and Charges. Upon request by Lender, Trus#�r shall execute such documents in addition to
<br /> this�eed vf Trust and take whate�er❑ther actian is requested by Lender tv perfiect and continue Lendsr's lien on
<br /> the Re�l Prvperty. Trust�r shal� reimhurse Lender for all taxes, as descrihed b�lvw, together with all expenses
<br /> incurred in recording. perfecting or continuiny this Deed of Trust, including without limitation a!I taxes� fees,
<br /> dacumenta�y stamps, and other charges fvr r�cording or register�ng this Deed vf Trus#.
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