|
} 2� 1 ��79�4
<br /> k
<br /> DEE� �F TRUST
<br /> ��antinu�d� Page 3
<br /> the Nativnai F�ood �nsurance Program, or as otherwise required by Lender, and t❑ maintain such insurance far the
<br /> term o�the�oan.
<br /> App��cativn of Praceeds. Trustar shal! promptly notify Lender�fi any�a$s or damage to the Prvperty. Len�er may
<br /> make provf of Ioss if Tru�tor fails to dv sv wit#�in ffteen �'l5} days of the �asualty. Whether or not Lender's
<br /> security is impafred, L�ndet'may, at L+ands�'s e�ectivn,recei�e anti retain the pr�ceeds of any insurance and apply
<br /> the proceeds to #he �eductifln 4�the �ndebtedness, payment❑�any lien affecting the Property, vr the restoratinn
<br /> and repair vf the p�-aperty. ��'Lender elects to apply the prv+�eeds�4 restoratipn and repair, Trustor shall repair ar
<br /> �epla�e the damaged vr de�trvy�d 1mp�o�ements in a manner satis�actory #o Lender. Lender shall, upon
<br /> satisfactory proof of such expenditure, pay or reimhurse Trus#vr �r�m the prvae�s for the reasonable cast af
<br /> �epair or restvratian if Trustar is nflt in def�ult under this Deed of Trust. Any pro�eeds which have not been
<br /> disburs�d within 'I8� days afte�their receipt and which Lender has nvt cvmmit�ed tv the repair❑r res�arativn af
<br /> the Property sha��be used firs#ta pay any amount owing to Lender under th is Deed of Trust,then ta pay acc�us�i
<br /> interes#, and the remainder, if any, shal! be�ppiied tv #he principa� ba�ance ort the �ndebtednes�. �€Lende�h�lds
<br /> any prt�ceeds afte� payment in full of the lndeb#edness, suGh proceeds Sha#� be pai�i to Trustvr as Trustar's
<br /> interests may appear.
<br /> Compfiance wi#h Ex�sting �ndebtedness. Dur�ng the periad in which any Existing Indeb#�dness described be��w is
<br /> in effect, campiiance with the �nsurance pro�isivns con#ained in ths instrumen� e�iden��ng such Existing
<br /> Indebfedness shall constitute campliance w�th the insurance prv�isions under ihis Deed o� Trust, ta the exte�t
<br /> compliance with the terms af this Deed o�Trust wnuld constitu#e a duplication of insurance r�quirement. �� any
<br /> pro�eeds from #he insurance become payable on ivss,the provts�dns in th�s Deed of T�ust far d�visifl�n of proceeds
<br /> sha!!app�y only ta that porti�n af the proceeds not payable to the holde�o#the Ex�sting lndebtedness.
<br /> LENDER'S EXPENDiTLIRES. 1f Trustnr fiails �A} ta keep the Pra�aerty free af ali taxes, liens, secu�ity interests,
<br /> encumbrances, and ather claims, �B} to pro�ide any required insuran�e on the Property, (C� #a make repairs�a the
<br /> �aperty or to comp�y with any ob�igativn#a maintain Existing Indebtedne$s in gaod standing as r�quired b�low, tt�en
<br /> Lender may do so. If any actian nr pr+oceedin� is oommenced that wvuld m�terially affect Lender's interests �n the
<br /> Property, then Lender vn Trustor'� behaif may, but �s nvt raquired to, take any ackian that Lendsr be�ie�es to t�e
<br /> appropriate to protect Lender's interests. Ail expens�s incrurred or paid by Lender�o� such purposes will then bear
<br /> interest at the rate charged under #he Note frvm the date in�urred or pa�d by Lender to the date af repaymer�t by
<br /> Trustor. All su�h expens�s wili �me a part v#the �ndebtedness and, at Lenders optivn, wi�l tA} be payable vn
<br /> demand; {B) be added tn the halanae o#the Nate and be appa�t�aned among and be payabis with any instaltment
<br /> payments to b�come�lue during either ��I} the term af any app�icab#s insurance pvli�y; or �2) the remaining term ot
<br /> the NQte; or �G} be treated as a balloon paymen#which wi�l be due and payable at the Note's maturity. The D�eed❑�f
<br /> Trust al�o will secu�e payment a�these amounts. The rights pro�ided for in�his paragraph shall be in addition�v any
<br /> vther�ights or any reme�Sies to which Lende�r may be sntitled on aocount of any defau�t. Any su�h actinn by Lender
<br /> sha��not be construed as curing the default so a►�to�ar Lender fram any remedy that it otherwise waufd ha�e had.
<br /> WARRANTY;�EFENSE QF�`ITl.E. The fvllowing p�av3s�fl�s�elatsng to ownership a#the Prop�rty are a p�r#�f this Deed
<br /> af Trust:
<br /> Titie. Trustor warrants that: (a}7'rustflr holds gvad and mark�table title of recvrd ta the Pr�p�rty�n fee simpie,
<br /> fres and ��ear of al! liens and en�umbrances vther#han tho�� sat f�rth in the F�eal Property description or in the
<br /> Existing Indebtedness s�c#ion below or in any#itle insuranGe�v�iCy,#itle repv�t,ar f�na�title op�nion is$ued in fava�
<br /> vf, and accspt�d by, Lender in cann�ctivn w�th this Q�ed of Trust, aru� �b}Trusto�has the ful� r�ght, power, and
<br /> authvrity t�exeeute and de�iver this C]e�d v�Trust to Lender.
<br /> Defense af Ti#ie. Subject�o the exception in the paragraph a�o�e, Trustar warrants and w�ll farever defend the
<br /> title ta the Property against the lawful claims of afl persans. ln the event any activn vr praceeding is commenced
<br /> #hat questivns Trusta�'s title or#he interest o�Trustee or Lender under th�s Deed of Trust,Tcusta�shalR defe�d the
<br /> action at Trust�r's expense. Trustor may be the naminal party in such proceeding, but Lends�shall be entitled t�
<br /> par#icipat� in the p�aceeding and tv be represen�ed �n the p�ocee�ing by cvunse� vf Lende�'s awn chnice, an�
<br /> Trustor wili deliver,ar cause ta be deli�e�ed,tv Lende�s�ch inst�uments as Lender may reques�irom time ta time
<br /> to permit such participation.
<br /> Compliance W�th Laws. Trustar warrants that the Property and Trustar's use of the Property complies with a�l
<br /> existing applicable laws, ordinanves,and regulati�ns vf go�ernmenta!authorities.
<br /> Surviv�l of Pram�ses. All promises, agreeme�nts, and statemen�s 7rustor has made in this Deed af Trust shali
<br /> survi��the execut�on and de�i�ery of this Deed�f Trust,shail be ovn#�nuing in nature and shal�remain in full force
<br /> and e�#ect until such time as Trustor'�lndebtednes�is paid in full.
<br /> EXISTENG INDEBTEDNESS. The following p�-mv�s�t�ns concerning Existing�ndebte�ness are a part of this De�d ofi Trust:
<br /> Existing Lj�n. The lien vf this Deed of Trust Se�uring the Indebtedness may �� secondary and inferiar to an
<br /> existing lien. Trustvr�xpressly covenants and agrees to pay, ❑r see to the �ayment of, the Existing Indebted�ess
<br /> and to prevent any defauit on such indebtedn�ss,any defau�t unde�the instrum��ts ev�dencing su�h ind�btedness,
<br /> ar any default und�r any security dvcuments fvr such in�sbtedness.
<br /> No Madificatian. Trustvr shall nvt enter� +nto any agreement with the holder of any mortgage, deed vf trust, or
<br /> other seGurity agreemen# which has privrity o�er this D�ed vf Trust by which that agreement is modified,
<br /> amended, extended, r�r renewed without the prior written consent vf Lender. Trustor s�hall neither reque�t n��
<br /> accept any futu�e ad�an�e�under any such�ecurity agreement withaut th�prior wri�ten consent o#Lender.
<br /> �CyN13EMNAT�DN, The following prv�isions reiating ta condemnation proceedings are a part of this Deed�f Trust:
<br /> Pr�ceedings, !f any pr�ooeeding in ovndemnation is filed, T�asta�' sha�� prampt�� natify Lender in writing, and
<br /> 7rustvr shail prorrtpt�y ta►ks such steps as may be nevessary to defend t�e action anc�vbi�in the award. Trustor
<br /> may be�tne nomina�¢arty in�uch praceeding,but Lertider st�alf be errt�tled to participate in the proc�eding and ta be
<br /> rspresented in the proceeding by cQunsel v'�its �wn �hoive, and Trustor wiil deii�er o�cause ta be deli�ersd tv
<br /> Lender su�h inStruments and do�umen�atian as may be requested by L+�nder�ram time to time to permit su�h
<br /> participation. �
<br /> AppilGation vf Net Proce�ds. �f a#I or any�art of the Qrope�ty is car�demned by err�nsnt domain proceeclings or by
<br /> any proo�eding or purchase in lieu of c�n�#emnation,�.ender may at its ele�ti�n r�equ�re that a1��r any partion af the
<br /> nst p�ooeeds of the award be appli�to the Indel�t�ciness vr th� repair vr restorafion vt the Property. The net
<br /> p�ac�ecis af the award shal� m�an the award after payment o�al� re�aso�nable eosts, expenses, and attnrneys'fees
<br /> �ncurred by Trustee or Lender in cavnne���n with the c�andemnativn.
<br /> IMP�S�TI�N 4F TAXES, FFES ANa �HA�tGES BY CD11E#�1VM�NTAL AUTHOl�1TIES, The f�IlQwing pr�v�ssans re�ating
<br /> to gavernmenta�taxes,fees and charges a�e a part v�this�e�d o�T�ust:
<br /> Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such dvcuments �n additian ta
<br /> this �eed o�Trust and #ake whatever ather ac#ion is requested by Lender to perfect and continue Lender's lien an
<br /> the Real Property. Trustor shall reimburse Lender�or al� tax�s, as described below, together with a!I expenses
<br /> incur�ed in recarding, perfectir�g or con#inuing this De�d of Trust, in�luding w�th�ut limitati�n a�l taxes, �ees,
<br /> documentary s#amps,and other charges�or r��arding ar�egistecing�his Dee�a�Trust.
<br />
|