|
2� 1 ��� 153
<br /> aEE� oF TRusT
<br /> Loan Na: 1(]��9854'1 t�ontinued� Page 3
<br /> to maintain such insuran�e far the term ❑f the 1oan.
<br /> LENDER'S E�CPENDITURES. If Trustor #ails �A} t❑ keep the Property free af all taxes, �iens, secu�ity interes�s,
<br /> �ncumbrances, and other claims, �B} ta pro�ide any required insurance vn the Prvperty, ��� t❑ make r�pairs to the
<br /> Proper�y ❑r to comply with any vbligation to maintain Existing Indebtedness in goad standing as required below, �hen
<br /> Lender may da so. If any actian or prviceeding is commenced that wauld materially affect Lender's interests in the
<br /> �roperty, then Lender on Trustor's behalf may, but is nvt required to, take any activn that Lender belie�es to be
<br /> appropriate ta pratect Lender's interests. All expenses incurred or paid by Lender far such purposes will then h�ar
<br /> inter�st at the rate charged under the Credit Agreement fram the date incurred ❑r paid by Lend�r to the date of
<br /> repayment by Trustor. A!� such expenses will become a part of the Indebtedness and, at Lender's option, will �A} �e
<br /> payabfe an demand; �By be added to the balance af the �redit Agreement and be appartivned amvng and he payable
<br /> with any installment payments�o becom� due during either ��y �he term af any applicable insurance policy; ❑r �2� the
<br /> remaining term vf the Credit Agreement; or {�} be treated as a balloon payment whi�h will be due and payable at the
<br /> Credit Agre�ment's maturity.
<br /> WARRANTY; [7EFEN5��F TITLE, T�e tallowing pra�isions re�atin� ta ownership of th� Praperty are a part o�'ti�is D��d
<br /> vf Trust:
<br /> Title. Trustor war�ants that: {a} Trustar h�fds gaad and marketable titls of re�a�d to the Property in fe� simple,
<br /> free and clear at a!I liens and en�umbrances vther than those set forth in the Real Prvperty description or in the
<br /> Existing Indebtedness se�tion below or in any title insurance pa�icy, title repart, vr final title opinian i�sued in fa�ar
<br /> vf, and ac�epted by, Lender in cvnnectifln with this Deed of Trust, and �by Trustor has the �ul� right, power, and
<br /> authority ta execute and deli�er this Deed o#Trust to Lender.
<br /> Defense of Title. Sub�ect ta the exception in the paragraph aba�e, Trustv� warrants and wi�! fore�er defend the
<br /> title to the Property against the lawful claims of all persons.
<br /> E�ISTING IN�EBTEDNESS. The fallawing pro�isians concerning ExistFng lndebtedness are a part of this Deed of Trust:
<br /> Existing Li�n. The lien of th�s Deed of Trust securing the Indebtedness may be secondary and inferiar ta an
<br /> existing lien. Trustar express�y cv�enants and agre�s tv pay, or see to the paym�nt af, the Ex�sting Indebtedness
<br /> and t❑ pre�ent any default on su�h indebtedness, any ds�ault under the instrum�nts e�idencing such indebtedness,
<br /> or any default und�r any security dvcuments fnr such indebtedness.
<br /> EVENTS �F DEFAULT. Trustor wili be in d�fault under this ❑eed ❑f Trust if any ❑f the fallowing happen: �A� Trustflr
<br /> commits fraud ❑r makes a materia� misrepresentation at any time in connectivn with the Credit Agreement. Thts can
<br /> includ�, far �xamp#e, a false statement abvut Trustor's in�ame, assets, liab�lities, or any flther aspects vf Trustor's
<br /> financia! canditivn. �B� Trustor does nat meet the repayment terms vf the Credit Agreement. �Cy Trustor's actian or
<br /> inactian ad�ersely affects the c�llatera� or Lender's rights in the collateral. This can include, for example, faiture to
<br /> maintain required insuranc�, waste �r destructi�e us� of the dwelling, failure t❑ pay taxes, death of all persons liable on
<br /> �he account, transfe� ❑f title �r sale af the dwelfing, creation of a seninr lien fln the dwelling ►rvithout Lender's
<br /> permissian, foreclasure by the halder af another lien, ❑r the use of funds or the dwelling fvr prohibited purposes.
<br /> RIGHTS AN❑ REMEDIES 4N D�FAULT. LJpon the occurrence �f any E�en� of Default under any indebtedness, ❑r
<br /> should Trustor fail ta camply with any of Trustor's obligations under this Deed ❑f T�ust, Trustee ❑r Lender may exer�ise
<br /> any�ne ar more of the following rights and remedi�s:
<br /> Acceleratian Upon Default; Addit�onal Rerr�edies. If any E�ent of ❑efault occurs as per the terms of the Credit
<br /> Agreement secured hereby, Lender may de�Eare all Indebtedness secured by this Deed of Trust t� be due and
<br /> payable ar�d the �ame shal� t�ereupon became due and payable without any presentment, demand, pr�test or
<br /> nat�ce af any kind. Thereafter, Lender may:
<br /> �a� Either in person ❑r by agent, with ❑r withaut hringing any acti�n or proCeeding, ❑r by a rece��er
<br /> appointed by a court and without r�gard to the adequa�y of i�s security, enter upan and take possession
<br /> of the Praperty, �r any part therea#, in its ❑wn name flr in the name af Trustee, and dn any acts which it
<br /> deems necessary or desiral�le ta preser�e the �a1ue, markstability or rentability at the Prvperty, vr part af
<br /> the Praperty ar �nteres# in the Property; increase the in�vme from the Prvperty or protect the security of
<br /> the Property; and, with or without taking possession of the Pr�perty, sue fvr ❑r �therwise cvllect the
<br /> rents, issues and prafits of the Property, including those past due and unpaid, and appiy the same, le�s
<br /> costs and expenses ❑f aperatian and collectian attarneys' fees, to any indebtedness secured by thfs Deed
<br /> of Trust, al1 in such ❑rder as Lender may determine. The entering upon and taking possession af the
<br /> Praperty, the co�lect�an af such rents, issues and profits, and the appl�cation thereof shall nat cure ar
<br /> waive any default or notice vf default under this Deed ❑f Trust or in�alidate any act dane in respvnse t❑
<br /> suGh default❑r pursuant to such notice of default; and, natwFthstanding the cantinuance in possessivn a�
<br /> the Property vr the cvlEec�ian, receipt and application o# rents, issues or prafits, Trustee ar Lender shal�
<br /> �e entitled ta exercise every right pro�ided for in the Credit Agre�mer�t nr the R��ated Documents or by
<br /> law upon the a�currence of any e�ent af default, inGluding the right t❑ exercise the pawer of sale;
<br /> tby Commence an action to foreclose this ❑eed vf Trust as a mvrtgage, appoint a recei�er ar specifically
<br /> �nfarce any ❑fi the cvvenants herev�; and
<br /> tc} Deli�er to Trustee a written de�laration ❑f default and demand �ar sale and a written notice of default
<br /> and election to cause Trustor's interest in the Property tv be sald, which nvtice Trustee shall cause t❑ be
<br />
|