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2� 1 ��5832
<br /> DEED �F TRU�T
<br /> ��ontinued� Page 3
<br /> lVla�ntenance c�f lnsurance. T�ustor shall prvcure and mainta�n pvli�ies o� #ire �nsuranGe wi�h standa�d extended
<br /> �o�erage endorsements on a replacemen� basis fvr the full insu�ab�e �alue co�ering a�l lmpro�emen�s an the Rea[
<br /> Prop�r�y in an amount su�fi�ient to a�oid applica�ion af any coinsurance clause, and w��h a standard mor�gagee
<br /> c�ause in favvr��Lender, togeth�r wifih su�h o�her hazard and iiabi�ity�nsu�ance as Lender may reasvnably require.
<br /> Po1�Gies shall be w�itten �n fo�m, amaun�s, ca�erag�s and bas�s reasvnably acceptable �o L�nder and issu�d by a
<br /> �ompany ar companies reasonably acceptable to Lender. Trus�or, upon request af Lender, wi�€ deli�er tv Lender
<br /> fram time�a time the palici�s or cer�ifi�a�es �f insurance in form sa�isfactory to Lender, incfuding stipulations that
<br /> co�erages wil� not be cancslled or diminished v+rithvu�at[east thirty t3U� days prior wri�ten notice�� Lender. Each
<br /> insuranc� pa�i�y also shall include an endorsement prv�iding �ha� �v�erage in fa�or of Lender wi�l n�t be impaired
<br /> in any way by any act, omissinn or de�auft o�Trustar or any o�her persan. Shauld the Rea( Property be loGated in
<br /> an area designa�ed by th� Admin�strator of�he Fed�ra� Emergency Management Agency as a spec�a� filvod hazard
<br /> area, Trus�or agrees �o vbtain and mainta�n Fede�ai Flovd Insurance, �f a�aifab�e, for �he max�mum amount �f
<br /> Bor�awer`s credit �ine and the �u11 unpa�d prin�ipai balan�e a� any priar ���ns ❑n the prape�-ty securing the Inan, up
<br /> �a the maximum pol�cy limi�s se� under the National F�ood Insuran�e Pragram, ❑r as othertirvise required by Lender,
<br /> and�v maintain su�h insurance for�he term vf-�he loan.
<br /> Appl�cativn �# Prviceeds. Trus�or shall promp�ly na�ifiy Lender of any lass or damage to th� Praperty if the
<br /> �stimated cvst af repair�r r�placement exceeds $�,���.��. Lender may make proa�af �vss i�Trustvr fails t❑ do
<br /> so wi�hin �i#�een ��5� days of�he casualty. VIlhether or no� Lender's se�uri�y is impaired, Lender may, a�t Lender's
<br /> ele�tion, r�ceive and re�ain the prv�eeds of any �nsurance and apply the proceeds �o the reductian of the
<br /> Indebtedness, payment af any lien affectEng the Property, or the restoratian and repair af the Proper�y. �f Lend�r
<br /> �lects to apply the praceeds to restoratEon and repa�r, Trus�or shall �epair or �-eplace the damag�d or dest�oyed �
<br /> Impro�ements in a manner satis�actory to Lender. Lender shall, upon satisfactary proa�o�such expenditure, pay
<br /> or reimburse Trustor from �he praceeds for the reasanable c�st o� repair or restoration if Trus�ar is not in de�ault
<br /> under this Deed af Trust. Any pro�eeds which ha�e nat been d�sbursed w�th�n �8D days af�er their r�ceipt and
<br /> which Lender has no� cvmmit��d to the repai�or res�vration a�the Praperty shail �e used #irst tv pay any amount
<br /> awing to Lender under�his Deed of Trust, then ta pay accrued interest, and the r�mainder, i�any, shall be app�ied
<br /> t� the principa[ ba�anc� ❑� �he indebtedness. !� Lender ho�ds any prvc�eds a#ter paymen� in �ul[ a# the
<br /> �ndebtedness, such proceeds shal� be paid to Trus�or as Trusto�'s in�er�sts may appear.
<br /> �ampliance with Exisfing lndeb�edn�ss. During the p�rivd in which any Exis�ing �ndeb�edness descri�ed belvw is
<br /> �n ef��ct, compiiance with the insurance pro�isions cvn�ained in the ins�rument e�idenc�ng su�h Existing
<br /> Indebtedness shall �onstitute campliance with �he insurance pro�isi�ns under thEs Deed ❑� Trust, ta the exten�
<br /> compiiance wi�th the terms n� th�s ❑eed of Trust v►roufd canst�tute a dupf�cat�an v� �nsurance requirement. lf any
<br /> proceeds �r�m �he insurance become payable vn ioss, the pro�isians in this Deed of Trust�or di�ision af proceeds
<br /> shall apply an�y to tha�portion v��he proceeds not payable to the holder of�he Existing Indeb��dness.
<br /> LENDER'S EXPEND�TURES. �� Trustar faiis tAf to keep �he Prvperty free flf a�f taxes, �IEf15� security interests,
<br /> encumbrances, and ❑ther c�aims, =B3 �o prv�ide any required insuran�e vn the Prope�ty, tC� �a make repairs to the
<br /> Proper�y or to comply with any ❑bligation t❑ maintain Existiny (ndeb�edness in gvod s�anding as required below, then
<br /> Lender may da so. �f any act�on vr proceeding is commen�ed tha�t wvu[d materially a��ect Lender's €nterests in �h�
<br /> PrQperty, then Lende�� on Trus�ar`s hehalf may, bu� is nv� required to, take any aGtion that Len�ier befie�es to be
<br /> appropriate �n pro�e�� Lender's interests. AI� expenses incurred �r paid �y Lender �c�r such pu�poses wi�l then bear
<br /> in�erest a� the rate charged under �he �redit Agreement �ram the date �ncurred or pa�d by L�nd�r tv the da�e ❑fi
<br /> repaymen-� hy Trustvr. All such expenses wil[ become a part of the lndeb�edness and� a� L�nd�r's optifln, will �A3 �e
<br /> payable on demand; 4B� be add�d to th� bafance o�the Credit Agreement and be app�rtioned am�ng and be payable
<br /> with any ins�allm�nt payments�o be�ome due during either 4�� the term of any app��cabl�insuran�e po[icy; o�- �2� the
<br /> remaining term af the Credit A�reement; or ��� be treat�d as a ballovn payment which wi�f be due and payable at the
<br /> Credit Agreemen�'s maturity. The Deed of Trust als�wi!! s�cure payment o�these amaunts. The r�gh�s pro�ided for in
<br /> this paragraph shall be in addition to any other rights or any rem�dies ta wh�ch L�nd�r may be enti�led on account o�
<br /> any default. Any such action by Lender shall nvt be cvnstrued as curing the defaul� so as t� bar Lender �ram any
<br /> remedy that it atherwise would ha�� had.
<br /> VIfARRANTY; DEFENSE�F T1TLE. The following pro�isivns relating to ownership of the Proper�y are a part❑f�his Deed
<br /> of Trust:
<br /> Titte. Trustor warrants �hat: �a} Trustor holds good and marketab�e t�tle o� recard tv the Proper�y in fee simple,
<br /> free and clear o� all �iens and encumk�rances ather than those set for�h in �he Real Proper#y d�s�ription ❑r in the
<br /> Exist�ng lndeb�edness section be�ow or in any titie insurance pa�icy, �it[e repvrt, or final titie vpinion issued in fa�ar
<br /> vf, and accepted by, Lender in cannec�ivn wi�h �his Deed o#Trust, and �b3 Trus�or has �the fu�� r�ght, power, and
<br /> au�ho�ity tfl execu�e and deli�er this Deed o�F Trust tv Lender.
<br /> Defense of Title. 5ubject t4 the exceptivn in th� paragraph abo�e, Trustor warran�s and wil� fore�sr defend the
<br /> title to the Prnperty against�he iawful clairns o�a�� persons. In the s�ent any action or proceeding is cvmmenced
<br /> that questians Trustor`s t�t�� a��he inte�est o�F Trustee❑r L�nder under�h�s D�ed o�T�rus�,Trustor shaff de�end the
<br /> action a�Trustor's expense. Trustor may be the nvminal par�y in such praceeding, �u� Lender shall be en�itled to
<br /> par�icipate in the prviceeding and tv be r�presen�ted in �he proceeding by c�unse� of Lend�r's vwn chvice, and
<br /> Trustar wili deli�er, �r cause to �e de�i�ered, to Lende�such instruments as L�nde�may request frvm t�me �v�ime
<br /> to permit such part�c�pation.
<br /> Compliance Wi�h Laws. Trustar warrants that the Praperty and Trustar's use a� the Prop�rty complies wi�th a11
<br /> �xisting applicab�e �aws, o�-dinancss, and regula�ions o�go�e�nmental authorities.
<br /> Sur�i�al ❑� Promises= A�[ promises, ag�eements, and stat�ments Trus�or has made in �his D�ed vf Trust shall
<br /> su�-�i�e�he executinn and de�i�ery❑f�his ❑eed ❑f Trus�, shali be con�inuing in na�ure and shal� remain in full far�e
<br /> and e�Ffe�t unti� such time as Barrvwer`s indek�tedness is paid in full.
<br /> EX15T�NG INDEBTEDNESS. The�v�lowing p�oW�sivns cfln�erning Existing lndebtedness a�re a part❑f this Deed o#Trust:
<br /> Existing Lien. The iien of �h�s Deed of Trust securing the lndebtedness may he secandary and inferior �o an
<br /> ex�sting lien. T�ust�r expressly co�enan�s and agrees to pay. or see to the payment a�, the Existing lndebtedness
<br /> and ta pre�ent any de�aul�an such indebtedness, any defau��under the instruments e�idencing such indehtedness,
<br /> or any defaul�under any securEty dQcuments for such indebtedness.
<br /> No iVlodificativn. T�us�or shall not en�er in�a any agreement with the holder of any mortgage, deed of trus�t, or
<br /> o�her security agreement which has pr�o�ity aver this Deed vf Trust by which that agreemen� is madi�ied,
<br /> amended, extended, ❑r renewed w��h�ut the prior v►rritten c�nsent o� Lende�. Trus�or shall neither reques� nor
<br /> accep�any future ad�ances under any such security agreement withou��he privr writt�n cvnsent❑�Lender.
<br /> �ONDEMNATI�N. Th��of�owing pro�is�ons rela�ing to cvndemnativn pro�e�dings are a part af this ❑eed vf Trust:
<br /> Pro�eedings. lf any prviceeding in c�ndemnation �s filed, Trustor shall prvmp�ly notify Lender in writing, and
<br /> Trustor shall promptly �ake such steps as may be necessary �� de��nd �h� a�tion and flbtain the award. Trustar
<br /> may be the naminal party in such praceeding, but L�nder sha11 be sn�i�led to participa�e in the proceeding and ta be
<br /> represented in �he prviceeding by cvunse� o� i�s own cho�ce, and Trustor wil� de�i��r or cause to be deli�ered tv
<br /> Lender such instruments and d�cumenta�'ron as may be reques�ted by Lender from time ta t�m� t� permit such
<br /> participation.
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