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2� 1 ��7228
<br /> DEED �F TRUST
<br /> ��antinued� Page 3
<br /> balance nf the loan and any priar liens on the prvperty se�uring the Ivan,up ta the maximum policy lim�ts set under
<br /> the National Flood Insurance Prag�am, or as otherwise required by Lender, and to maintain such insurance for#he
<br /> term af the Ivan.
<br /> Application of Proceeds. Trustor shall pr�mptly noti�y Lender vf any foss or damage to the Property. Lender may
<br /> make proof ❑f lass i� Trustor fails to da so w�thin ff�een [15� days ❑f#he casualty. Whether or not Lender's
<br /> se�urity is impaired, Lender may, at Lender's�lection, �-e�ef�e and retain the proveeds nf any insurance and apply
<br /> the proceeds #o the reduction of the �ndebtedness, payment v�any lien affecting the Property, or the restorativn
<br /> and repai�of the Property. If Lender elects to apply the proceeds to rest�ration and repair, Trustvr shall repair vr
<br /> replace the damaged ar destroyed Impro�ements in a manner satisfactory t� Lender. Lender shal�, upan
<br /> satis#actary praof o� such expenditure, pay or reimburse Trustor frvm the praoeeds #vr the reasonab�e cost o�
<br /> repair or restoration if Trustor is not in default under this Deed vf Trust. Any �raceeds which have nfl� #�eeri
<br /> d�sbursed within 18� days after their receipt and which Lender has not committed to the repair ar rest�rati�n a�
<br /> the Praperty shall be used fi�'st ta pay any amount owing#o Lender under this Deed nf Trust,then tv pay accrued
<br /> interest, and the remainder, if any, sha�� be app�ied fv the principa� bafance of the indebtedness. ��Lender holds
<br /> any proveeds after payment in full af the Indebtedness, such proo�eds shal! be paid to Trustvr as Trustor's
<br /> interests may appear.
<br /> Campliance with Existing lndeb#edness. During the period in which any Existing Indebtedness described below is
<br /> in effect, campl�ance with the insurance pro�isions c�nta�ned in the instrument ��iden��ng such Existing
<br /> Indebtedness shali constitute cflmpliance with the insurance pro�isivns under this I7�ed of Trust, ta the extent
<br /> compliance with the terms ❑f this Deed vf Trust would constitute a duplication of insurance requirement. If any
<br /> prviceeds��am the insu�ance become payable on ivss, �he prc��isions in this Deed of Trust fvr di�ision of proceeds
<br /> shall app�y only t❑that portion of the p�viceeds not payable to the holder of th�Existing Indebtedness.
<br /> LENDER'S EXPENDiTURES. !f Trustor fails tA} tv keep the Rroperty free af al# taxes, fiens, security interests,
<br /> encumbranoes, and o#her c�aims, �B} to pro�ide any requi�ed insurance on the ProRerly, (C} to make repairs to the
<br /> Properly or to comply w�th any obligativn�o maintain Existing indebtedness in c�ood standing as required below, then
<br /> Lender may da so. If any action or prvicee��ng is cvmmenced that wouid materially affect Lender's interests in the
<br /> Praperty, then Lender an Trustor`s behalf may, but �s n�t required to, take any actian that Lender helie�es to be
<br /> appropriate ta pratect Lender's interests. A�I expens�.s incurred or paid by Lender for such purposes wil� #hen bear
<br /> interest at the rate charged under the Nate from the date incurred or paid by Lender tv the date o� repayment by
<br /> T�ustvr. Af1 such expenses will beoome a part�f the Indebtedness and, at Lender's optian, will �A} be payable on
<br /> demand; �B} be added to the �alanoe o�the hlote and be apportivned among and be payabte with any i nstall ment
<br /> payments to beoame due during either (1} the term of any app�icable insuranae policy; ar {2} �he remain�ng term o�
<br /> the Note; or �C} be treated as a ballvon payment which wil� be due and payable at the Note's ma#urity. 'T�e Deed a�
<br /> T�rust also wilf secure payment of these amounts. The�ights pro�ided fo�in this paragraph shall be in addi#�on to any
<br /> other rights or any remed�es to which Lender may be entit�ed on acvaunt of any defau�t. Any such actian by Lender
<br /> shall not be�nstrued as curing the defau�t so as ta bar Lender�ram any remecly that it otherwfse would ha►►e had.
<br /> VIIARRANTY; �EFENSE aF TITLE. The follawing pro��sions relating to ownership of the Prop�rty are a par�of this Deed
<br /> of Trust:
<br /> Ti#!e. Trustor warrants#hat: �a�Trustar holds good and marke#ab�e title ❑f�ecord to �he Property in fee simple,
<br /> �ree and clear of al! iiens and encumbrances v�her than those set fvrth in#he Real Praperty descriptivn or �n the
<br /> Existing Indebtedness sec#ion below vr in any ti�ie insurance policy, title report,or fina��itle�pinion issued in fa�vr
<br /> af, and aocepted by, Lender in connection with this Deed❑f Trust> and (b}Trustor has the full right, pawer, and
<br /> author�ity to execu#e and deli�er this�eed of Trust to Lender.
<br /> Defense af Tifle. 5ubject to the exceptivn in the paragraph aba�e, Trustvr warrants and will fvre�er defend the
<br /> #itle to the Property against th� lawful claims of all persons. fn the e�ent any action ar praceeding is commenced
<br /> that questians Trustor's titie or the interest of Trustee or Lender under this Deed vf Trust,Trustvr sha�#defend the
<br /> action at Trustor's expense. Trustor may be the naminal party in such proceeding, but Lender shall be entitled tv
<br /> participate in the praceeding and tv be represented in the praceeding by �ounsel of Lender's own choi�e, and
<br /> Trustvr wikl deli�er, or cause to be deli�ered,to Lender such instruments as Lende�may request from time tv time
<br /> to permit such participatian.
<br /> C�mpliance Vllith Laws. Trustvr warrants that the Prvperty and Trustvr's use vf the Praperty campli�s with a14
<br /> existing app��cable�aws,ordinances,and regulativns of go�ernmenta�authvrities.
<br /> Survival of Promises. AI� promises, agreements, and statements Trustor has made in this Deed of Trust shall
<br /> sunri�e the executian and deii�ery of this Deed of Trust,shal� be continuing in nature and shall remain in full fvrce
<br /> and effect unt�l such time as Trustor's Indebtedness is paid in fulf.
<br /> EX�STING tNOEBTEDNESS. The fallawing pro�isions concerning Existing Indebtedness are a part of this �eed af Trust:
<br /> Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an
<br /> existing lien. Trustor expressly co�enants and agrees tv pay, or se�to the payment o#, the Existing Indebtedness
<br /> and to prevent any defau�#on such Endebtedness,any default under the instruments evidencing such �ndebtedness,
<br /> or any defau�t under any security dvcuments for such indebtedness.
<br /> No Madi�catfon. Trustor shali n�t enter into any agreement with the ho�der of any martgage, deed�flf trust, or
<br /> v#he� securtty ag�-eement whi�h has privri#y a�er this Deed of Trust by which that agreement is madified,
<br /> amended, extended, or rener►ved without the privr written consent of Lender. Trustor �hal1 neither request nor
<br /> accept any future ad�ances under any such se�urity agreement without the prior written consent af Lender.
<br /> CDNDEMNATI�N. The�oll�wing provisions relating to condemnation proceedings are a part of this�eed a�Trust:
<br /> Proceedings. If any prooeeding in condemnation is filed, Tn.�stor shali promptly notify Lender in writing, and
<br /> Trustvr shal� prvmptly take such steps as may!�e n�aessary to de�end the�ct3on and abtain the award. Trustor
<br /> may be the narnina!par-ty in such prviceeding, but Lender sha��be en#�t�ed to participate in the proceeding and to be
<br /> represent�d in the praoeed�ng by caunsel vf its own choive, and Trustor will deli�er or cause#a be deli�ered ta
<br /> Lender such instruments and dacumentativn as may be ret�uesteci by Lender from �ime to time to permit suc�
<br /> participation.
<br /> Appii�at�on of Net Proceeds. !�al�ar any part of the Proper#y is c�vndemned by eminent damain proceedings ar by
<br /> any prnceeding ar purchase in�ieu vf condemnation,Lender may at its eiectian requ�re that al!vr any partian af the
<br /> net prooeeds of the award be applied to the l ndehtedness or#he repai r or restoration vf the Property. The net
<br /> prooeeds af the award shal! me�an the award afker payment of all reasonab�e costs, expenses, and attorneys'fees
<br /> incurred by Trustee vr Lender in oonnec�ion with the oandemna�ivn.
<br /> IMP�SiTIaN OF TAXES, FEES AND CHARGES BY GDVERNNlENTAL AUTHDRITiES. The following provisions relating
<br /> to governmental taxes,�ees and cha�ges are a part of this Deed of Tfust:
<br /> Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition ta
<br /> this Deed of Trust and take whate�er oth�r action is�equested by Lender to perfect and cantinue Lender''s lien on
<br /> the Reai Property. Trustor shali reimburse Lender fvr al� taxes, as described be�aw, tagether with all expenses
<br /> incurred in recarding, Qerfect�ng ❑r con#inuing this Deed of Trust, including without limitatian all #axes, fees,
<br /> documentary stamps,and ather charges for r�cording or registering this Deed of Trust.
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