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2� 1 ����37
<br /> DEED �F TRUST
<br /> Lvan No: 'I�1�985�8 �C�nt�nued� Page 4
<br /> security is impairedf Lender mayf at Lender's electivn� re�ei�e and refiain the proceeds �� any insurance and apply
<br /> the pro�eeds tv the r�duc�ion o�the lndebtedness, payment o� any lien a��ecfiing the Property. or the r�storation
<br /> and repaEr o#the Praperty. if Lender elec�ts to app�y the praceeds to restoration and repair, Trusfior sha[I repa�� or
<br /> rep[ace the damaged or des�rayed lmp��a�ements in a manner satis�actory to Lender. L�nde� shall, upan
<br /> satisfacta�y prvofi ❑t such expenditure, pay or reimburse Trustar from the proceeds for #he reasonahle cvst of
<br /> repair or restorat�on i� Trustor is not in defau�t under this Deed ❑f Trust. Any p�-oceeds which ha�e no� been
<br /> disbursed within 18� days after their receipt and which Lender has no� cammitted to the repair vr rest�ration of
<br /> the Property sha�� be used �irst to pay any amount ❑wing t� Lender under this ❑eed ❑f Trust, then �❑ pay accrued
<br /> interest, and the rema�nder, if any, shall be applied t❑ the principa[ balanc� of fihe ind�bt�dness. if Lender holds
<br /> any proceeds after payment En #ull af the Inde��edness, such proceeds sha[[ be paid �t❑ Trusto� as Trustor's
<br /> interesfis may appear.
<br /> Cvmpliance with Exis#ing �ndebtedness. During the period in which any Exisfiing �ndebtedness described below is
<br /> in ���ect, camplianc� with the insuran�e pr��isi�ns confiained in the instrumen� e�idencing such Existing
<br /> lndebtedness shall constitute campliance wi�h fihe �nsurance pro��sions und�r this Deed ❑f Trust, �a the extent
<br /> camp�iance with the terms of�this Deed ❑f Trust wvuid cvnstitute a dupfication af insurance requirement. [f any �
<br /> praceeds from the Ensuran�e bec�me pay��b�e on loss, �he pro�isivns in this Deed of Trust for di�ision af praceeds
<br /> sha�� apply only to that portion nf the proc�eds not payab[e t�the holde�-of�he Existing lndeb�edness.
<br /> Trus#or's Report on Insurance. Upan req�.�est a� Lender, hvwe�er not more �han once a year, Trustor shall furnish
<br /> to L�nder a �epvr� on ea�h existing poli�y vf insurance showing: t1� the name ❑# the insurer; �2� the risks
<br /> insured; {3} the amvunt of the pvlicy; �4� the pr�perty Ensured, the then curren� replacement �alue of such
<br /> property, and the manner o�determining t�at�alue; and �5} the expiration date of the pvlicy. Trustor shall, upon
<br /> requesfi��Lender, ha�e an independent aRpraiser satisfactory t� Lend�r d�termine the cash�a[ue rep�acement cost
<br /> v#the Prvperty.
<br /> LENDER'S E�CPEN�ITURES. [f any act�on or proc�eding is commenced tha�would materially a##e�t L�nder's interest En
<br /> th� Property or i#Trustor fails to comp[y with �any pro�isian of this ❑eed ❑f T�-ust ❑r any Related Dacuments, including
<br /> but not limified to Trustvr's failure to compiy writh any ❑bligatian ta main�ain Existing lndeb�edness in gv�d standing as
<br /> required befaw, ❑r�o discharge or pay when due any amaunts Trustor is required to discharge or pay under this Deed af
<br /> Trust ❑r any Re[ated D��uments, Lender an Trusfior's behalf may �but shall not be obfEgated tv� take any action that
<br /> Lender deems appropriate, including but not limited tv discharging ar paying al[ taxes, IEens, security interests,
<br /> encumbrances and other claims, afi any tim� le�ied or pfaced on the Praperty and paying a�l costs for insur�ng,
<br /> maintaining and preser�ing the Property. All such expenditures incurred or paid by Lender t�r such purpases will then
<br /> bear interest a�the rate charged under the No�e from the date incu�rred ❑r paid by Lender to the date of repayment by
<br /> Trustor. All such expenses will be�ome a part of the �ndebtedness and, at Lender's optivn� wil[ �A} be payable on
<br /> demand; {B} be added fio the ba[ance af thP Note and be appvrtioned among and be paya�ie with any instal�men�t
<br /> payments ta become due during either {�} the t�rm vf any applicable insuranc� poficy; or {2} the remaining term ❑f
<br /> �he Note; or {�y be trea�ed as a ba[��vn pay�r�ent which will be due and payable at the Note's maturity. The Deed of
<br /> Trus�t a[so wi[I secure paymen� o� these amaunts. Such right shaii be in addition �o all ❑ther rights and remedies to
<br /> which Lender may be entitled upon I]e�aul�.
<br /> V1IARRANTY; DEFENSE�F TITLE. The follvwirfg provisi�ns reiating to �wn�rsh�p of the Praperty are a part of this D��d
<br /> of Trust:
<br /> TitEe. Trustor warrants �hat: {ay Trustvr halds good and marketab[e title ot record t❑ the Prap�rty in te� simple,
<br /> free and clear of all liens and encumbrances ❑ther than �hose set for�h in the R�al Prop�rty des�ripti�n ❑r in the
<br /> Existing [ndeb�edness sec�ion be�ow ❑r in any title insurance policy, tEtEe repart, vr�inal �itle apinion issued in fa�or
<br /> of, and accepted by, Lender in �annectiar� with this Deed o�Trusfi, and {b� Trustor has �he full right, power, and
<br /> authority t❑ execute and def iver fih�s aeed�f T�-ust fo Lender.
<br /> De�ense of Titfe. Subject �v �he exceptian in the paragraph abo�e, Trustor warrants and will �vre�er detend the
<br /> title to the Property against fihe �awfu[ c�a�ms ❑f all persons. ln the e�ent any action ar proceeding Es commenced
<br /> that questians Trustor's tit[e or the interest vf Trustee ar Lender under this ❑�ed of Trust, Trustor shail defend the
<br /> acti�n at Trustor's expense. Trustor may be the naminal party in such praceeding, but Lender shall be entitled ta
<br /> parti��pate in the proceeding and to be represented in the proceeding by �aunseE of Lender's own choice, and
<br /> Trustflr wiE! deli�er, or cause to be deliver��d, �❑ Lender such instruments as Lender may request from time to time
<br /> tv permit such participa�ivn.
<br /> Compliance With Laws. Trustor warrant:� that the Prvperty and Trustvr's use ❑f �he Property comp[ies with all
<br /> exisfiing appli�abE�laws, ardinan�es, and regulativns of g��ernmental authorities.
<br /> Survival vf Representations and 1Narranti�:s. A�� representations, warranties, and agreements made by Trustor in
<br /> this Deed of Trust shall sur�i�e the execu�ion and deli�ery of this Deed ❑f Trus�, shall be continuing in nature, and
<br /> shall remain in full force and effiect until such time as 6arrvwer's Indebtedness shall be paid in#ull.
<br /> EXISTING 1NDEBTEDNESS. The fol[awing pra�isions concerning Existing indebtedness are a part o�this ❑eed v�Trust:
<br /> Existing Lien. The fien a� this Deed of Trust securing fihe Indehtedness may }�e secandary and inferior to an
<br /> existing Iien. Trustor expressly �a�enants� and agrees #a pay, vr see t� the paym�nt of, th� Existing 3ndebtedness
<br /> and t� pre�ent any defau[t❑n such indebt�dness, any defau[t under the instruments e�id�ncing such indebtedness,
<br /> ❑r any de�au�t under any security documerits for such indebtedness.
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