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2� 1 ��593�
<br /> DEED �F TRUST
<br /> ��c]ntirlued} Page 3
<br /> reasonably necessary to protect and prese�ve the Property.
<br /> TAXES AN D LfENS, The following provisians rela�ing to the �axes and li�ns on th� Praperty are part o�th is Deed of
<br /> Trust:
<br /> Paymen#. Trustar shal{pay when due tand in all events prior�o de�inquency}a�l taxes, special taxes, assessments,
<br /> charges �includ�ng water and sewer}, fines and imp�sitions le��ed against or an account o�the Prope�ty, and shal�
<br /> pay when due all claims for work dnne on �r far services rend�red or material furnished to the Property. Trustor
<br /> shalf maintain the Property free❑f al1 liens ha�ing priori�y over or equa!to the int�r�s�❑�Lende�under this Deed of
<br /> Trust, exc�pt for the lien o� taxes and assessments not due, except for #he Existing Cndebtedn�ss referred �o
<br /> below, and exc�p�as otherw�se provided in this Deed of Trus�.
<br /> Right�v Contes�. Trustor may withhold payment of any tax, assessment, or claim in connectian with a good fai�h
<br /> dispute a��r the ab�igation to pay, so �ong as Lende�'s interest in the Property is not je�pardized. �f a lien ar�ses�r
<br /> is filed as a resu�t of nonpaymen�, Trustor shal� wi�hin fi�teen �'�5} days aff��the lien arises ar, if a li�n is ��[ed,
<br /> wfthin fi�keen �'15} days after Trustor has notic� a�the filing, secur� the discharge ❑��he li�n, ar if requested by
<br /> Lender,depasit with Lender cash a�a sufficient carpora�e surety band or ather security satis�Factory to Lender in an
<br /> amount su�ficient'�o discharge the �ien plus any costs and a�torneys`fees, �r other charges that cauld accrue as a �
<br /> result of a foreciosure or sale under the fien. 1n any contest, Trustor shalC defend itsel�and Lender and shal[satisfy
<br /> any adverse judgment before enfar�ement against th�Property. Trustor shall name Lender as an addi�ional obligee
<br /> under any surety bond�urnished in the cant�st pro�eedEngs.
<br /> Eviden�e �f Payment. Trus�or sha11 upan demand furnish �o L�nder sat�sfac��ry e��dence af payment a��he�axes
<br /> o�assessmen�s and sha�l autho�i�e the appropr�a�e governmen�al offcial to deliver�o Lender at any time a written
<br /> statement❑f�he�ax�s and assessments aga�nst the Proper�y.
<br /> Not�ce of Construction. Trustor shalf notify Lender a�leas�fif�een �15} days before any work is commenced, any
<br /> services are furnished, or any materials are supplied ta the Properky, if any mechanic's lien, materiaimen's 1ien, or
<br /> o�her �ien cou[d be asserted on a��vunt of the work, s��vices, or materials. Trustar wi�� upan request Qf Lender
<br /> furnish to Lender advance assurances satisfactory to Lender �hat Trustor can and wil[ pay the cost af such
<br /> improvements.
<br /> PR4PERTY DAMAGE lNSURANCE. The fo��awing pravisions refating to insuring the Property are a part❑f this ❑eed o�
<br /> T�ust.
<br /> Maintenan�e a� insurance. Trustor shal� procure and maintain pa��c�es of f�e insuranc� with standard extended
<br /> coverage endarsements on a rep{acement basis f�r the fu�l �nsurahle �alue covering all �mpravements ❑n the Real
<br /> Proper�y in an amoun� su�ficient to avoid app�icat��n of any coinsurance clause, and wi�h a standard mor�gagee
<br /> clause in favor�f Lender,togeth�r with such other hazard and liability�nsurance as Lender may�easanably require.
<br /> Pvlicies shall he written in fo�m, amounts, c�verages and has�s reasonably acceptable to Lender and issued by a
<br /> Gompany o� companies �easanably acceptabfe t� Lender. Trustor, upon request of L�nder, wilf deliver to Lender
<br /> from time to�ime �he policies or�ertificates of insurance �n �orm satlsfactory to Lender, in�[uding st�pulat�ons that
<br /> cove�ages wi�� not b� can�elled or diminished wi�hout at least ten �1�} days prior wri��en notice to Lender. Ea�h
<br /> insurance policy aisv shall include an endorsement p�oviding �hat coWerage in favor of Lender will not be impaired
<br /> �n any way by any a�t, om�ssion or defaul�of Trustor or any other person. Should the Rea[ Prope�ty be located in
<br /> an area des�gna�ed by the Admin�strator of the Federa[ Emergen�y Management Agency as a special flood hazard
<br /> area, Trus#or agrees to obtain and main�ain Federal F�ood lnsurance, i� availabfe, for the maximum amount of
<br /> Trustor's cr�dit line and �he fu[I unpaid principal balance af any prior[iens on the proper�y securing the laan, up to
<br /> the maximum policy�imits se�under the National Fload lnsurance Program, o�as o�herwise required by L�nder, and
<br /> to maintain such insurance for the�erm of the foan.
<br /> Application of Pr�ceeds. Trus�or�hall prampt�y not��y Lender�f any loss or damage to the Proper�y. Lender may
<br /> make proaf o� loss i€ Trustor fails to do so within fifteen �'�5} days o'��he casua��y. Illjhether or nat Lender's
<br /> se�urity is impaired, Lender may, a� Lender`s e[ection, receive and re�ain the proceeds of any insurance and apply
<br /> the p�oceeds �o the reduction o�the lndebt�dness, payment of any lien affe�ting the Prop��ty, or the restoration
<br /> and repair of the Property. I�L�nder elects t� apply the proceeds�o resto�ation and repair, T�ustor shall repair or
<br /> repla�� the damaged or destrayed Impro�ements �r� a manner sa�isfac�ary to Lender. Lender sha�l, upon
<br /> satisfactory proo� af such expenditure, pay or reimb�rse Trustor from the proceeds for the reasonable cost af
<br /> repa�r ❑r restaration if Trustor is no� in defau[t under �his Deed o� Trus�. Any proceeds which ha�e not been
<br /> disbursed within '�8n days after�heir rece�p� and which Lender has no� committed to the repa�r or restoration of
<br /> the PrQperky shall be used fiirst to pay any amaunt owing ta Lender under this Deed ot Trust, then �o pay accrued
<br /> interest, and the remainder, if any, shall �e applied fo the princ�pal balan�e o�the lndebtedness. !f Lende� halds
<br /> any praceeds after payment in full af the lndebtedness, such proce�ds shall be paid to Trustor as Trusto�'s
<br /> in�er�sts may appear.
<br /> CompCiance wi�h Existing [ndebt�dness. During the p�riod in wh�ch any Existing Indebtedness described below is
<br /> in effect, compliance wi�h the insurance provisions c�ntained in the instrumen� e�ridencing such Existing
<br /> Indebtedn�ss shall constitute comp[iance wi�h the insurance pro��sions under �his Deed of Trust, �o the extent
<br /> campliance with the �erms of this Deed of T�ust wou[d constitute a duplicat�on Q�insurance requiremen�. !f any
<br /> proceeds from �he insurance be�ame payab�e on ioss, the prov[sions in this Deed of Trust for di�ision o�proceeds
<br /> shall apply only to tha�portion of�he pr�Ceeds not payable to�he holder of the Ex�s�ing lndebtedness.
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