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2� 1 ��74�8
<br /> DEED �F TRUST
<br /> Loan No: '167���5 t�olltinu�d� Page 3
<br /> co�erages wifl nat be cancelled or diminFshed withaut at least ten �7�} days priar writ�en notice to Lender. Each
<br /> insurance policy a(so shall include an endorsemenE pro�iding that co�erage in fa�ar of Lend�r will not be impaired
<br /> in any way by any act, om�ss�on or detault af Trus�or or any other persan. 5hould the Reai Property be Iocated in
<br /> an area designated hy the Administrator o� the Federal Emergency Management Agency as a special flvad hazard
<br /> area. Trustor agrees ta obtain and maintain F�deral Flood Insurance, if a�ailable, for the fu1� unpaid principal
<br /> balance ofi the�oan and any priar liens❑n the property securing the loan, up to the maximum poEicy iimits set under
<br /> the National Flaad Insurance Program, ar as atherwise required by Lender, and to maintain such insurance for the
<br /> t�rm vf ihe loan.
<br /> Application of Proceeds. Trustor shall prompt{y notify Lender of any Ioss or dama�e ta the Property. Lender may
<br /> make proof of foss if Trustor fails to do so within fif#�en �15� days of the casualty. Wh�ther or noi Lender's
<br /> security is impaired, Lender may, at Lender's elect�an, rec�i�e and reta�n the praceeds of any insurance and appfy
<br /> the prac�eds to the reduGtion vf the Indebtedness, payment of any fien affecting the Property, or the restoration
<br /> and repa+r vf the Property. If Lender elects to appiy the proceeds to restoration and repair, Trustor shall repair or
<br /> replace �he dar�naged or destraYed lmQsv�eme�ts +n a �an��� satisfactary ta �er�der. Le�der sha��, uQon
<br /> satisfa�tory praof ❑f such expenditure, pay or reimbucse Trustvr fram the proceeds for the reason�ble cost of
<br /> repair or restoration if Trusior is nvt in defauit under this �eed of Trust. Any pr�ceeds which ha�e not been
<br /> disbursed within �8D days after th�ir receipt and which Lender has nvt committed to the repair or �estvration of
<br /> the Proper�y sha!! be used #irst tq pay any amount vwing to Lender under this ❑eed o� Trust, then tv pay accrued
<br /> interest, and the remainder, if any, shall be applied to the pr�ncipal balance af the Inde�tedness. �f Lender holds
<br /> any proceeds after payment in full of the Ind�btedness, such praceeds shali be paid to Trustvr as Trustor's
<br /> interests may appea�.
<br /> LENDER'S EXPENDITURES. If Trustor fails {A} to keep the Property free of all taxes, liens, security interests,
<br /> en�umbrances, anc� vther claims, �Bf to pro�ide any required insurance on the Property, or (Cy t❑ make repairs to the
<br /> P�aperty then Lender may do so. If any action or proceeding is commsnced that would materially affect Lender's
<br /> interests in the Prap�rty, then Lender vn Trustar's behalf may, but is not required to, take any a�tion that Lender
<br /> befieves to be appropriate ta protect Lender's interests. A!I expenses incurred or paid by Lender for such purposes will
<br /> then bear interest at the rate charged under the Note fram the date incurred or paid by Lender to the date of repayment
<br /> by Trustvr. All such expenses will become a part�f the Indebtedness and, at Lender's aptian, will �A} b� payab�e vn
<br /> demand; �B� be added to the ba�ance ❑f the Note and be apportioned among and be payable with any installment
<br /> payments ta become due during either �1� the term of any applica�le insurance policy; or t2y the remaining term vf
<br /> the Nvte; or ��} be treated as a baEl�nn payment which will be due and payable at the Note's maturity. The ❑eed af
<br /> �rust also will secure payment �f these amaunts. The rights pro��ded for in this p�ragraph shall be En additian to any
<br /> oth�r rights or any remedies to which Lender may be �ntitled on account of any d�fault. Any such action by Lender
<br /> shall nat be construed as curing the defauit so as to bar Lender from any r�medy that it�therwise would ha�e had.
<br /> VtiIARRANTY; �EFENSE QF TITLE. The ���lowing pro�isions relating to awnership of the Praperty are a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants that: �a� Trustor halds good and marketable titl� of record to the Property in fee simple,
<br /> #ree and clear vf all liens and encumbrances ather than those set farth in the Real Prvperty dsscriptian or in any
<br /> title insurance policy, title report, or final titl� opinion issued in fa�or o#, and accepted by, Lender in cannection
<br /> with this fl�ed ofi Trust, and ��� Trustar has the tul� right, p�wer, and authority to exe�ute and deli�er this Deed af
<br /> T�ust to Lender.
<br /> Defense vf Title. Subject to the excepiion in the paragraph abv�e, Trustor warrants and will fare�er defend the
<br /> title to the Property against the lawful claims of a�� persons. fn the ��ent any �ction ❑r proceeding is commenced
<br /> th�i questi�r�s Trustar's title or the interest of Trust�e vr Lender under this deed of Trust, Trustor shall defend the
<br /> actian at Trustor's expense. Trustor may be the naminal party in such proceeding, but Lender shalE be entitled t❑
<br /> participate in the pra�eeding and ta be represen�ed in the proceeding by �vunsel af Lender's own choice, and
<br /> Trustor will deli�er, or �aus� ta be deli�ered, to Lender such instrumen#s as Lender may request from time t❑ time
<br /> ta permit such QarticiQation.
<br /> Complian�e With Laws. Trustar warrants that the Property and Trustor's us� o� the Prvperty �omplies with al�
<br /> existing applicable laws, ordinances, and regulatians of go�ernmsntal auth�rities.
<br /> Sur►►i�ai of Pramises. A�I promis�s, agreem�nts, and statements Trustor has made in th�s Deed of Trust shall
<br /> surWi�e the executivn and deli�ery of this ❑eed of Trust, shalE be continuing in nature and shall remain in �u�l force
<br /> and effect until such time as Trustor's fndebt�dness is paid in full.
<br /> C�NDEMNATIaN. The fol�owing pravisians relating t❑ �ondemna�ion proceedings are a part❑�this Deed�#Trust:
<br /> Proceedinc�s. !f an� Qrviceedina� in condemnation ks fi�ed, Trustor shall prom�tlY noti�y Lender in writing, and
<br /> Trustor shall prompt�y take su�h steps as may be necessary tn defend the actian and obtain the award. Trustor
<br /> rnay be the nomina! party in such proceeding, bu� Lender shali be entitled ta participate in the proce�ding and to be
<br /> repr�sented �n the proceeding t�y counsel of its own �hoice, and Trustor wiff deli�er ar cause to be de�i�ered to
<br /> Lender such instruments and da�umentation as may be requestad by Lender fram tEme to time to permit such
<br /> participation.
<br /> Appli�ation ❑f Net Procesds. If all or any part af the Praperty is cvndemned by emin�nt domain pro�eedings or by
<br /> any proceeding or purchase in lieu of cvndemnation, Lender may at its election require that a!! or any portion of the
<br /> net proc�eds ot the award be applied tv the lndebtedness or the repair ar restoratian of �he Property. The net
<br /> procee�s of the awarc� sha11 m�an the award a�ter payment o� all reasonable costs, expenses, and att�rneys' fees
<br /> in�urred by Trustee or L�nder in connection with the condemnation.
<br /> IMPQSiTI�N DF TAXES, FEES AND CHARGES BY G�VERNMENTAL AUTH�RlTIES. The following pro�isions relating
<br /> to ga�ernmental taxes, fees and charges are a part�f this Deed of Trust:
<br /> Current Taxes, Fees and Charges. Upon request by Lender, Trustor shali ex�cute such documents in addition to
<br /> this Deed ❑f Trust and take whate�er other action is requested by Lender �o psrf�ct and c�ntinu� Lender's lien on
<br /> the Reai Property. Trustor shall reimburse Lender for a1l taxes, as described below, together with all expenses
<br /> incurred in recording, perfecting or continu�ng this Deed ❑# Trust, includ'+ng withvut limitation a11 taxes, fees,
<br /> documentary stamps, an� ather charges for r�corciing or registering this fle�d�of�rust.
<br /> Taxes. Yhe following shai! �onstitute taxes to which this section applies: (1 f a specific tax upon this type of
<br /> ❑eed of Trust or upon asl or any part of th� Indebtedness s�cured �y this Deed o� Trust; �2� a specific tax on
<br /> Trustar which Trustor is authori�ed ❑r requir�d ta deduct from payments on the Indebtedness secured k�y this type
<br /> vf Deed af Trust; t3� a tax ❑n this type of ❑eed af Trust chargeable against the Lender ar the hvlder af the Note;
<br /> and t4y a specific tax on all or any pvrtion of the Indebtedness or on payments of principaf and interest made by
<br /> Trustor.
<br /> Subsequent Taxes. ff any tax tfl which this section appl�es �s enacted subsequent to the date o� this Deed �f
<br /> �"rust, this e�ent shall ha�e the same �tfect as an �vent of D�#ault, an� L�nd�r may exer�ise any ar ai� a� its
<br /> a�ailable remedies �or an E�ent ❑f D�fault as pro�ided belaw unless Trust�r ei�her �1 y pays the tax before it
<br /> becomes detinquent, or �2y �ontests �he tax as pra�ided abo�e in the Tax�s and Liens ssction and depasits with
<br /> Lendet cash o�a sufficient corparate surety bond�r other seCurity satisfaCtory tv Lender.
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