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DEED OF TRUST
<br />(Continued)
<br />or assessments and shall authorize the appropriate governmental official to deliver
<br />statement of the taxes and assessments against the Property.
<br />Notice of Construction. Trustor shall notify Lender at least fifteen (15) days befo
<br />services are furnished, or any materials are supplied to the Property, if any mech
<br />other lien could be asserted on account of the work, services, or materials. Tru
<br />furnish to Lender advance assurances satisfactory to Lender that Trustor can
<br />improvements.
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Pr
<br />Trust.
<br />Maintenance of Insurance. Trustor shall procure and maintain policies of fire in
<br />coverage endorsements on a replacement basis for the full insurable value coveri
<br />Property in an amount sufficient to avoid application of any coinsurance clause,
<br />clause in favor of Lender. Trustor shall also procure and maintain comprehensive
<br />coverage amounts as Lender may request with Trustee and Lender being name
<br />liability insurance policies. Additionally, Trustor shall maintain such other insura
<br />hazard, business interruption, and boiler insurance, as Lender may reasonably req
<br />form, amounts, coverages and basis reasonably acceptable to Lender and issu
<br />reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver t
<br />policies or certificates of insurance in form satisfactory to Lender, including stipul
<br />cancelled or diminished without at least thirty (30) days prior written notice to Le
<br />shall include an endorsement providing that coverage in favor of Lender will not be
<br />omission or default of Trustor or any other person. Should the Real Property be I
<br />the Administrator of the Federal Emergency Management Agency as a special floo
<br />obtain and maintain Federal Flood Insurance, if available, within 45 days after no
<br />Property is located in a special flood hazard area, for the full unpaid principal balan
<br />on the property securing the loan, up to the maximum policy limits set under the N
<br />or as otherwise required by Lender, and to maintain such insurance for the term of
<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or dama
<br />make proof of loss if Trustor fails to do so within fifteen (15) days of the cas
<br />security is impaired, Lender may, at Lender's election, receive and retain the proc
<br />the proceeds to the reduction of the Indebtedness, payment of any lien affecting
<br />and repair of the Property. If Lender elects to apply the proceeds to restoration a
<br />replace the damaged or destroyed Improvements in a manner satisfactory t
<br />satisfactory proof of such expenditure, pay or reimburse Trustor from the proc
<br />repair or restoration if Trustor is not in default under this Deed of Trust. Any
<br />disbursed within 180 days after their receipt and which Lender has not committe
<br />the Property shall be used first to pay any amount owing to Lender under this De
<br />interest, and the remainder, if any, shall be applied to the principal balance of th
<br />any proceeds after payment in full of the Indebtedness, such proceeds shall
<br />interests may appear.
<br />Trustor's Report on Insurance. Upon request of Lender, however not more than o
<br />to Lender a report on each existing policy of insurance showing: (1) the nam
<br />insured; (3) the amount of the policy; (4) the property insured, the then cu
<br />property, and the manner of determining that value; and (5) the expiration date o
<br />request of Lender, have an independent appraiser satisfactory to Lender determine
<br />of the Property.
<br />LENDER'S EXPENDITURES. If any action or proceeding is commenced that would mat
<br />the Property or if Trustor fails to comply with any provision of this Deed of Trust or a
<br />but not limited to Trustor's failure to discharge or pay when due any amounts Trusto
<br />under this Deed of Trust or any Related Documents, Lender on Trustor's behalf may (b
<br />any action that Lender deems appropriate, including but not limited to discharging or
<br />interests, encumbrances and other claims, at any time levied or placed on the Property
<br />maintaining and preserving the Property. All such expenditures incurred or paid by Le
<br />bear interest at the rate charged under the Note from the date incurred or paid by Len
<br />Trustor. All such expenses will become a part of the Indebtedness and, at Lender's
<br />demand; (B) be added to the balance of the Note and be apportioned among and
<br />payments to become due during either (1) the term of any applicable insurance polic
<br />the Note; or (C) be treated as a balloon payment which will be due and payable at th
<br />Trust also will secure payment of these amounts. Such right shall be in addition to
<br />which Lender may be entitled upon Default.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the
<br />of Trust:
<br />Title. Trustor warrants that: (a) Trustor holds good and marketable title of reco
<br />free and clear of all liens and encumbrances other than those set forth in the Re
<br />title insurance policy, title report, or final title opinion issued in favor of, and ac
<br />with this Deed of Trust, and (b) Trustor has the full right, power, and authority to
<br />Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warr
<br />title to the Property against the lawful claims of all persons. In the event any act'
<br />that questions Trustor's title or the interest of Trustee or Lender under this Deed o
<br />action at Trustor's expense. Trustor may be the nominal party in such proceedin
<br />participate in the proceeding and to be represented in the proceeding by couns
<br />Trustor will deliver, or cause to be delivered, to Lender such instruments as Lende
<br />to permit such participation.
<br />Compliance With Laws. Trustor warrants that the Property and Trustor's use o
<br />existing applicable laws, ordinances, and regulations of governmental authorities.
<br />Survival of Representations and Warranties. All representations, warranties, and
<br />this Deed of Trust shall survive the execution and delivery of this Deed of Trust, s
<br />shall remain in full force and effect until such time as Trustor's Indebtedness shall
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall prompt)
<br />Trustor shall promptly take such steps as may be necessary to defend the action
<br />may be the nominal party in such proceeding, but Lender shall be entitled to partici
<br />represented in the proceeding by counsel of its own choice, and Trustor will deli
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<br />Page 3
<br />to Lender at any time a written
<br />e any work is commenced, any
<br />nic's lien, materialmen's lien, or
<br />tor will upon request of Lender
<br />and will pay the cost of such
<br />perty are a part of this Deed of
<br />urance with standard extended
<br />g all Improvements on the Real
<br />nd with a standard mortgagee
<br />eneral liability insurance in such
<br />as additional insureds in such
<br />ce, including but not limited to
<br />ire. Policies shall be written in
<br />by a company or companies
<br />• Lender from time to time the
<br />tions that coverages will not be
<br />•er. Each insurance policy also
<br />impaired in any way by any act,
<br />cated in an area designated by
<br />hazard area, Trustor agrees to
<br />ice is given by Lender that the
<br />e of the loan and any prior liens
<br />tional Flood Insurance Program,
<br />he loan.
<br />e to the Property. Lender may
<br />alty. Whether or not Lender's
<br />eds of any insurance and apply
<br />the Property, or the restoration
<br />d repair, Trustor shall repair or
<br />Lender. Lender shall, upon
<br />eds for the reasonable cost of
<br />proceeds which have not been
<br />• to the repair or restoration of
<br />d of Trust, then to pay accrued
<br />Indebtedness. If Lender holds
<br />e paid to Trustor as Trustor's
<br />ce a year, Trustor shall furnish
<br />of the insurer; (2) the risks
<br />ent replacement value of such
<br />the policy. Trustor shall, upon
<br />he cash value replacement cost
<br />rially affect Lender's interest in
<br />y Related Documents, including
<br />is required to discharge or pay
<br />t shall not be obligated to) take
<br />paying all taxes, liens, security
<br />nd paying all costs for insuring,
<br />der for such purposes will then
<br />er to the date of repayment by
<br />ption, will (A) be payable on
<br />e payable with any installment
<br />; or (2) the remaining term of
<br />Note's maturity. The Deed of
<br />II other rights and remedies to
<br />Property are a part of this Deed
<br />to the Property in fee simple,
<br />Property description or in any
<br />pted by, Lender in connection
<br />xecute and deliver this Deed of
<br />nts and will forever defend the
<br />• n or proceeding is commenced
<br />Trust, Trustor shall defend the
<br />, but Lender shall be entitled to
<br />I of Lender's own choice, and
<br />may request from time to time
<br />the Property complies with all
<br />greements made by Trustor in
<br />all be continuing in nature, and
<br />paid in full.
<br />art of this Deed of Trust:
<br />notify Lender in writing, and
<br />and obtain the award. Trustor
<br />ate in the proceeding and to be
<br />er or cause to be delivered to
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