200003920 - Laserfiche WebLink

Browse

10155-08-2000 0 0 DEED of TRUST 20Q00 3 9 2 0 Page 3 Loan No 25517 (ConUmied) authorize the appropriate governmental official to deliver to Lender at any time a written statement of the takes and assessments against the Property. Notice of Construction. Trustor shall notify Lender at least fifteen (1 b) days before any work Is commenced, any services are furnished, or any materk ft are supplied to the . Property, if any mechanic's .lien, materialmen's Non, or other lien could ba asserted on account of. the work, servkar.,`or'mir rtals. Trustor Will upon request of Lender furnish to Lender assurances sat ICtcrY b Lender that Tnutor can and will pay the coat of sudh improvements. - , , .. : PROPERTY DAMAGE INSURANCE,.. The following provisions r*t1ng to tonsuring the Property we a part of his Deed of Trust. . Mdnten0no of Insurance. Tnutor shah procure and maintain policies of fire Insurance with standard extended coverage endorsements on a replacement basis for the full Insurable value covering. all Improvements on the Real Property in an amount sufficient to avoid application of any I coinsurance clause, and with a standard mortgagee clause in favor of lender, together with such other hazard and liability Insurance as Lender f may reasonably require. Policies shall be written in form, amounts, coverages and basis reasonably acceptable to Lender and Issued by a company or companies reasonably acceptable to Lender. Truster, upon request of Lender, will deliver to Lender from time to time the policies or certificates of Insurance In form satisfactory to Lander, Including stipulations that coverages will not be cancelled or diminished without at least ten (10) days' prior written notice to Lender. Each Insurance policy also shall Include an endorsement providing that coverage In favor of Lender will not be impaired In any way by any act, omission or default of Tru slor or any other person. The Real Property is located In an area designated by the Director of the Federal Emergency Management Agency. as a special flood haawd area. Trustor agrees to obtain and maintain Federal Flood Insurance for the full unpaid pdndpal balance of the loan, Lip to the maximum policy limits set under the National Flood I ar, at r . for, se eN d e � X n o IIM! K:a : of'tfluie "' fails to do so withln fifteen (15) days of the casualty. Whether or not.Lendees security is impaired, Lender may, at Its election,' receive and'retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Properly, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or replace the damaged or destroyed ImprmleRMnts in a manner satisfactory to Lender. Lender shall, upon satisfaolary proof of such expenditure, pay or reimburse Trustor from the prooseds for the reasonable cat of repair or restoration if Trustor Is not In dWW under this Dead of Trust. Any proceeds which have not bean disbursed within 180 days after their receipt and which Lender has not oommitied to the repair or restoration of the Property shall be used Mel to pay any amount owing to Lender under this Deed of Trust, then to pay accrued Interest, and the remainder, If any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's Interests may appear. Unexpired Insurenq eft Selo. Any unexpired Insurance sire# inure to the benefit of, and pass to, the purchaser of the Property covered by this Deed of Taut at any Uw*e's sale or other sale held under the provisions of this Deed of Trust, or at any fcradostse sale of such Properly. iTlS1E8 by LOOM. If Trustor falls to comply wlth any provision of this Deed of Trust, or lt any action 'or proceeding is commenced that would materially aifect'Lender's'interests M the Property, `Lender on Trustor"s behalf may, but shall nct be required to, take'any action that Lender dean* appropriate. Any amount that Lender .wpy ds'in so doing *ill bow Interest' at the rate provided for In the Note' from the dale` incutted or paid by Lander to the date of repayment by Trustor. -A# such expenses; at Lander* option, will (a) be payable on demand,, (b) be added to the balance of the Note and be Apportioned amoria and be payable with any Instalment payments to become due during either (1) the term of any applicable Insurance policy or (N) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the Note's maturity. This Deed of Trust also will secure payment of than amounts. The rights provided for In this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account of the default. Any such action by Lender shah not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust. Title. Trustor warrants that: (a) Trustor holds good and marketable 11% of record to the Property In fee simple, free and dear of all liens and encumbrances other than those set forth in the Real Property description or in any We insurance poky, tide. report, or final We opinion Issued in favor of, and accepted by, Lender In connection with this Deed of Trust, and (b) Truutor has the fun right, power, and authority to execute and - .., °etTillts: ,;fr ;t:, anxf.;tlfie,ihearcpsstyr� the lawful claims of all persons. In the event any action or proceeding is commenced that' questions Trustoes title or the interest of Trustee or Lender under this Deed of Trust, Trustor shad defend the action at Trustoes expense. Trustor may be the nominal party In such proceeding, but Lender shall be entitled to participate In the proceeding and to be represented in the proceeding by counsel of Lender's own choke, and Trustor will deliver, or cause to be delivered, to Lends such Instruments as Lender may request from time to time to permit such participation. Compillanq WNh laws. Trustor warrants that the Property and Trustoes use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust. Application of NO Proceeds. if all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in Neu of condomrAll n, Lender may at its election require that all or any portion of the net proceeds • of the award be applied to the Indebtedness or the repair or restoration of the Property. The not proceeds of the award shall mean the award after payment of all reasonable cos@, 'sxperaes, and attorneys' teas Incurred by Trustee or Lender in connection with the condemnation. P recood6 If any proceeding In condemnation is filed, Trustor shall promptly notify Lander in writing, and Trustor shall promptly take such steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party M such proceeding, but Lender shall be entitled to participate In the proceeding and try be represented in the proceeding by counsel of its own choke, and Trustor will deliver or cause to be delivered to Under such Instruments as may be requested by it from time to time to permit such participation. IMPOSITION OF TAXES, FEES AND CHARM BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges area part of this Deed of Trust: Current Taxes, Fees end .Charges. Upon request by Lender, Trustor shall exaecuts such documents in addition to this Deed of Trust and take whatever other action Is requested by Lender to perfect and continue Lender's Non on the Real Property. Truster shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfectIM or oontinul g this Deed of Trust, including without Imitation all taxes, fees, documentary stamps, and other charges for recording or replebring this Deed of Trust. Taxes. The following shall constitute taxes to which this section applies: (a) a specific tax upon this type of Deed of Trust or upon all or any part of the Indebtedness secured by this Deed of Trust; (b) a specific tax on Trustor which Trustor Is authorized or required to deduct from pt•Y an3hre, secured; this We ot.Deed.of T .Ws (c), a tax on this type o De@d of Trust chargeable against the Lender or txi the at+ct ' (t a tax on-* or airy potation pf tths IrtdebMlf� or on i>.iylhants +ft'` Mldiiltlf�sih a by T tor. SubsequeM Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as an Event of Default (as defined below), and Lender may exercise any or all of Its available remedies for an Event of Default as provided below unless Trustor either (a) pays the tax before it becomes delinquent, or (b) contests the tax as provided above in the Taxes and Lions section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT;' FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of this Dead of Trust. Security Agreement. This instrument she# constitute a security agreement to the extent any of the Property constitutes fixtures or other personal property, and Lender. shah have all of the rights of a secured party under the Uniform Commercial Code as amended from time to 11MI Security InteresL Upon request by Lender, Trustor shall execute financing statements and take whatever other action Is requested by Lender to perfect and. continue Lender's security interest in the Rents and Personal Property. In- adcdtlon to recording stale Deed 'of Trust in the real property r000rds,. Lander may; at any. time and without: further authorization from Trustor, file executed counterparts; copies or reproductions of this Deed, of Trust as a financing statement. Trustor shad reimburse Lender for all expenses incurred' In peribut ng or condnulng this security IntsrseL Upon default, fivstor shag assemble the Persons! Property in a manner and at a piece reasonably oonvwnlent to Trustor and Lender and make it available to Lender within three (3) stays after receipt of written demand from Lander. Addrevem The mailing addresses of TrusW (debtor) arrwti, -Lender (eeounrd, party), from which trrfwr4lio n concerning the security Interest granted by this Deed of Trust may be obtained 041t 1al required by lir of ft pn Cceuami aT Cobs), ire i it Wed on the first papa of this Deed of Trust.