|
2� 1 ��5774
<br /> vEE�a oF T�us-r
<br /> Lvan No: 'I�1�97959 �Continued� Page 4
<br /> Compliance with Existing Ir�deb�edness. auring the period in which any Existing lndebtedness described below is
<br /> in effect, compliance with the insurance pro�isions cantained in the instrument e�idencing such Existing
<br /> lndebtedness shall constitut� compliance with the Ensu�-ance pro�isivns under this �]eed af Trust, t❑ the extent
<br /> compliance wifih the terms ❑f this Deed ❑f Trust would cvnstitute a dup[icatian vf insurance requirement. If any
<br /> praceeds from th� insurance become payabEe on ]vss, the pro�isions in this Deed of T�-ust tar division of proceeds
<br /> shall apply on�y ta�hat partion of the proceeds nat payable t❑the holder of the Existing Indebtedness.
<br /> Trusto�'s Repor#on Insurance. Upon requ�st❑f Lender, hawe�er nat more �han ❑nce a year, Trusto�-sha[[ furnish
<br /> to Lender a report on each existing policy of insurance showing: {1} th� name o� the insurer; {2} �he risks
<br /> insured; �3y �he amount of the pvlicy; �4y the praperty insured, the fihen currenfi replacement �alue of such
<br /> property, and the manner of determining that�alue; and �5} the �xpiration date ��the policy. Trustor shall, upon
<br /> request ofi Lender, ha�e an independen#appraiser satisfactvey to Lender dete�-mine the cash�a[ue replacement cost
<br /> ❑f#he Praper�y.
<br /> LENDER'S EXPENC3ITURES. l� any action ar praceedEng is cammenced fihat would materially a#fec� Lender`s �nterest in
<br /> �he Prvperty or i�Trus�ar fai[s t❑ �omply with any pro�ision of this ❑eed of T�-ust ❑r any Related ❑ocuments, incEuding
<br /> but not [imited to Trusfivr's fai�ure to comp[y with any obligativn to maintain Existing Indebtedness in good sfianding as
<br /> required b�low, or to discharge vr pay when due any amounts Trustvr is required t�d�scharge ar pay under this Deed af
<br /> Trust ar any Related Documenfis, Lender an Trustor's behal� may �but sha[l not be abligated fio� take any action that
<br /> Lend�r deems apprvpriate, inc�uding but nat limited to dischargir�g ❑r paying all taxes, [iens, security interests,
<br /> encumbrances and o�her claims, at any time �e�ied or placed vn the Property and paying all �osts for insur�ng,
<br /> mainta�n�ng and preser�ing the Property. Ali such expenditures incurred ar paid by Lender for such purposes will �hen
<br /> bear infierest at�he rate charged under the Note �ram the date incurred a� paid hy Lender to the date ❑f repayment by
<br /> Trustor. A[[ such expenses wi�i become a part o� the fndebtedness and, at Lender's op�ion, will �A� be payable on
<br /> demand; �B� be added to the balan�e ❑� the Nate and be appor�ioned amang and be payabfe with any instal[ment
<br /> payments ta become due during eithe� �1 y the term of any applicab�e insurance pa[icy; or {2� the remaining term ❑f
<br /> the Note; �r �C} be trea�ed as a balloan payment which w��! be due and payable at the Nate`s ma�uri�y. The D�ed of
<br /> Trust alsv wi�! secure payment ❑f these amvunts. Such right sha[� be in addition to all other rights and remedies to
<br /> which Lender may be entitled upon Defauit.
<br /> VI�ARRANTY; DEFENSE OF T1TLE. Th�foliowing p�o�isivns re[ating ta own�rship o#the Praperty are a part❑f this Deed
<br /> vt Trust:
<br /> Title. Trustor warrants tha�t: {a} Trustor hoids good and marke�abl� title ❑�f record #❑ th� Pr�perty in tee simpl�,
<br /> �ree and �lear a� a[[ EEens and encum�rances other than those set �orth in the Reaf Property description ❑r in the
<br /> Exist�ng Indebtedness sectEon belvw or�n any tit[e insurance policy, #it[e report, or�inal title opinian issued in fia�vr
<br /> ��, and accepted by, Lende�- in cannectian with this Deed of Trust, and �b} Trustor has the full right, power, and
<br /> autho�ity t❑execufie and de���er this Deed of Trust to Lender.
<br /> Defense of Tit[e. 5uhject to the exception in �he paragraph abo�e, Trus�or warrants and will fore�er d�fend �he
<br /> title tv the Property against the law�ul claims of aEi persons. �n the e�en� any action or prviceeding is commenced
<br /> that questions Trustor's tit�e or the int�rest❑f Trust�� or Lender under�his ❑eed o�f Trust, Trus�tvr shal! defend the
<br /> action at Trustor's expense. Trustor may �� the nominal party in such praceeding� but Lender sha[[ be entit[ed to
<br /> pa�ticipa�e in th� proceed�ng and t❑ be repres�nted in fihe proceeding by cvunsel of Lender's own chaice, and
<br /> Trustar wi�l deli�er, or cause t❑ be defivered, to Lender such instrumen�s as Lender may request fram �ime tv time
<br /> �o permit such par�icipatEvn.
<br /> Complian�e With Laws. Trustor warrants �ha� the Pr�perty and Trustor's use ❑t the Prvperty complies with aIl
<br /> exis�ing app[ica�ale laws� ordinances, and regu[ations of ga�ernmenta[ authorities.
<br /> 5urvi�a! of Represen#a�ions and War�anties, All representativns, warrant�es, and agreements made by Trustor in
<br /> fihis Deed of T�usfi sha[[ sur�i�e �he execution and de[i�ery a#�his Deed of Trus�, sha[I be cantinuing in nature, and
<br /> shall remain in full force and ef�ect unfiil such tEme as Trus�or's lndebtedness shal[ be paid in ful[.
<br /> EXtSTING INDEgTEt]NE55. The fiol[vwing provisivns concerning Existing Indebfiedness are a par�❑f this Deed ❑f Trust:
<br /> Existing Li�n. The lien Q� �h[5 De�d of Trust s�curing the [ndebtedness may be secandary and in�erior tfl an
<br /> existing EEen. Trus#or expressly co�enants and agrees to pay, ❑r see to �he payment af, the Exisfiing lndebtedness
<br /> and �a pre�ent any defau[t on such indebtedness, any de�auit under�he instruments e�idencing such Endeb�edness,
<br /> ❑r any de�auit under any security dacuments�or such indebtedness.
<br /> No Niodificat�an. Trustvr shall nofi enter int❑ any agreem�nt with the hofder o# any mvrtgage, deed ❑# trust, ❑r
<br /> ❑ther security agreement which has privrity o�er this Deed of Trust by which that agreemen� is mvdi�Fied,
<br /> amended, extended, ar renewed without the prior writ�en consent of Lender. T�ustor shall neither �eques� nor
<br /> accept any future advances under any su�h secur�ty agreement with�ut the priar written consent vf Lender.
<br /> C�NDEMNATIDN. The taI[vwing pra�isians relating ta condemnati�n proc�edings are a part of this Deed of Trust:
<br /> Proceedings. [f any proceeding in condsmnation is filed, Trustvr shal� promptly notify Lender in wri�ing, and
<br /> Trustor shaEl prampt[y �ake such steps as may be necessary tv defend the action and obtain the award. Trustor
<br /> may I�e the nominal par�y in such proceeding, but Lender shal[ be enti�led ta participa�e in the pr�c��ding and tfl be
<br /> represented in the prviceeding by counsel v� Ets own choi�e, and Trustor will deli�er or cause to �e deli�ered to
<br /> Lender such insfiruments and d�cumen�ation as may be requested by Lender from time to time to permit such
<br />
|