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2� 1 ��8558
<br /> DEED �F TRUST
<br /> ��ont�nued� Page 3
<br /> to maintain such insuranc�far�he term vf the laan.
<br /> Appli�ation of Proceeds. Trus�or sha1� prompt�y nvtify Lende� o� any Ivss vr damage �o the P�oper�y if th�
<br /> �stimated �ost o# repair or replacement exceeds $1,Q��.��. Lender may mak� proo�o# Ivss if Trustor fails tv da
<br /> sv w�thin fifteen ��5} days o#the �asualty. 1Nhether❑r nvt Lender's securi�y is impaired, L�nder may, at Lender's
<br /> elect�on, recei�e and retain the proceeds af any insurance and apply the pr�ce�ds to the reductivn of the
<br /> Indel�tedness, payment ❑�r any lien af�ecting the Pr�perty, �r the r�st�ration and repair af the Property. [f Lender
<br /> �lects tv apply the proceeds to resto�ation and r�pair, Trustor sha�3 repair flr rep�ace the damaged or destroy�d
<br /> Impro�ements in a manner sa�isfa�t�ry ta Lender. Lender shall, upon satisfaGtory proo�❑f such expenditure, pay
<br /> ar reimburse Trustar from th� proceeds �or the reasonable cost o� repair or restorativn i#Trus#vr is not �n defaul#
<br /> under �his ❑eed af Tr�st. Any pro�eeds which ha�e not been dis�ursed within �S� days a�t�r thei� re�eipt and
<br /> ►nrhich Lender has not commit�ed �a the r�pair or resto�a�ion af the P�vperty shall be used first to pay any amount
<br /> awing ta Lender under this Deed ��Trust, then to pay accrued interes�, and the remainder, if any, shall be applied
<br /> t❑ �he principal halance of the Indebtedness. I� Lender holds any proceeds a�te� payment in full of the
<br /> Ind�btedness, such proceeds shal� be paid ta Trustor as Trustor's interests may appear.
<br /> Gompliance with Existing indebfiedness. During the period �n which any Existing Indeb�edness d�scribed below is
<br /> in e�fe�t, complianc� with �he insurance pro�isions contained in th� instrument e�idencing such Exist�ng
<br /> lndebtedness shall �onsti�ute compliance with the insurance pro�isians under this Deed ❑f Trust, to the extent
<br /> compliance wi�h th� terms of this CJeed o� Trust would c�nstitute a duplication vf insurance r��u�rement. lf any
<br /> proceeds fram the insurance becvme payabl� on loss, the pro�isivns in th�s Deed vf Trust for di��sion of praceeds
<br /> shall apply only to that portion o#the prv�eeds no�payable t❑the holder af the Existing lndebtedness.
<br /> LENDER`S EXPENDITURES. lf Trustvr �ails �A} to keep �he Property free a� all taxes, liens, security interests,
<br /> encum�ran��s, and ❑ther claims, �B} �v pro�ide any required insuran�e an �he Property, ��y to make repairs ta the
<br /> Proper�y or to comply with any ❑�ligation to maintain Existing Indebtedness in good s�anding as required below, then
<br /> Lender may do so. I� any a�tian or proceeding is comm�nced that woufd materially affect Lender's in#erests in the
<br /> Proper�y, then Lender on T�ustor's behal� may, but is not required t�, tak� any action that Lender belie�es �v b�
<br /> appropriate to profie�t Lender's in�erests. Ali expenses incurred ❑r paid by Lender �or such purposes w��l then bear
<br /> interest at the rate charged under the Cr�dit Agre�ment from the date incurred or paid by Lender to the date of
<br /> repayment by Trustor. All su�h expenses will hecome a pa�t of the lndebtedness and, at Lender's optian, v►ri�i �A� be
<br /> payable �n demand; �B} be added to the halance of the Credi� Agreement and be apportioned among and �e payable
<br /> with any �nstallment payments to become due during either �'[� the term❑�any applicabl� insurance po�icy; vr {2} the
<br /> remaining term ❑f the Cred�t Agreement; o� 4�� be treated as a ba��oon payment wh�ch wil� be due and paya�le at the
<br /> ��edit Agreement's maturity. The De�d of Trust also vui�l se�ure payment of th�se amounts. The rights prv�ided �vr in
<br /> this parag�aph sha�l be in addition to any vther rights or any remedies to whi�h Lender may be entitied on account of
<br /> any d��ault. Any such action by Lender shall not be construed as curing the de�ault so as to bar Lender �ram any
<br /> remedy that it otherwis� wvuld ha�e had.
<br /> WARRANTY; DEFENSE�F TITLE. The following pr��isians re[ating t❑awnersh�p o�the Property are a par�❑f th�s D��d
<br /> of Trust:
<br /> Title. T�ustvr warrants that: �a� Trust�r holds good and marke�able t�t�e of record to th� Proper�y in �ee simple,
<br /> fr�� and ciear of all �iens and encumbrances vther than thase se� forth in the Real Property des�riptivn ❑r in the
<br /> Existing indebtedness se�t��n belaw vr in any ti�le insurance policy, title report, or�inal tit�e vpinion issued in fa�vr
<br /> of, and accepted by, Lender in connecti�n w�th this Deed �f Trust, and �b} Trus�ar has the #ull righ�, power, and
<br /> authvr€ty to execute and d�li�er�his �eed of Trus#to Lender.
<br /> Defense vf Tit�e. Sub�ect tv the exc�ption in the paragraph abo�e, Trustor warrants and v+rill fore�er de�end �he
<br /> ti�le to the Praperty against the lawfui Claims of a�� persvns. in the e�ent any action or proceeding is comm�nced
<br /> that questions Trus�or's tifile or the interest of Trustee or Lender under this Deed o�Trust, Trustar shal! d�fend the
<br /> action a�Trustar's �xpense. Trustar may be the nominal party in such pro�eed�ng, but Lender shall be en�itled t❑
<br /> participate in the proceeding and �o be represented in the proceeding by �aunsel of Lender's vwn chai�e, and
<br /> T�ustor wi�l deli��r, or cause ta be deli�ered, to Lender such instruments as Lender may request from time ta tim�
<br /> �o permit such participation.
<br /> Compl�ance With Laws. Trustvr warrants that �he Property and Trustor's use of the Property complies with a11
<br /> exisfiing applic�bi� laws, ordinan�es, and r�gulations of go�ernmental author�ties.
<br /> Survi�al af Promises. A[l prvmises, agr�emen�s, and statements Trustor has made in this Deed vf Trust shali
<br /> sur�i�e the execution and d��i�ery of th�s Deed af Trust, shall be �ontinuing in na�ure and shall remain in ful� �orce
<br /> and ef�ect unti�such�ime as Trus�vr's Indehtedness �s paid in full.
<br /> EXISTING IN�EBTEDNE55. The fvllowing pro�isions concerning Existing Indebtedness are a part vf this Deed of Trus�:
<br /> Exist"rng Lien. The lien of this Deed o� Trus� securing #he Indebtedness may be se�ondary and inf�r�ar tv an
<br /> existing lien. Trus�or expressly co�enants and agrees to pay, vr see �o the payment ❑�, the Exis�ing Inde#��edness
<br /> and tv pre�ent any default on such indeb�edness, any default und��the �nstruments e�idencing such indebtedness,
<br /> ar any defau�t under any security documents for such indebtedness.
<br /> Nv Mad�fication. Trustor shall not enter in#o any agreement with the holder of any mortgage, deed of trus�, or
<br /> oth�r security agreement whi�h has priarity o�er �his Deed of Trus� by which tha� agreement is modified,
<br /> amended, extended, or renew�d without the priar writt�n consent of Lender. Trustor shall neither request nor
<br /> accept any future ad�ances under any su�h s�curity agreement v►rithou�the pr�ar►nrrit�en�onsent of Lender.
<br /> C�N�EMNATI�N. The�ollawing pro��sions relat�ng tv condemnation proceedings are a part o#this Deed of Trust:
<br /> Pra�eedings. If any proceeding in condemnation is filed, Trustor shall promptly na�ify Lender in wri�ing, and
<br /> Trustar shall promptly take such s�eps as may he necessary t❑ defend th� action and vbta�n �he award. Trustar
<br /> may be the nominai party in suGh pra�e�ding, but Lender shall he entitled to par�icipate in the prflceeding and ta be
<br /> represented in th� proceeding by Counsel v� its ❑wn ch�ice, and Trustar wi�l deli�er or cause to be d�livered to
<br /> Lender such instrumen#s and dacumentation as may be �eques�ed by Lender frvm time ta �time �v p�rmit su�h
<br /> participation.
<br /> ApplEca#ion of Ne#Proceeds. ff all �r any part of the Praper�y is candemned by eminent domain proceedings or by
<br /> any praceeding vr purchase in lieu o�condemnation, Lender may at its election require that all or any p�rtion of�he
<br /> net proceeds o� the award be app�ied ta the lndebtedness or the repai� vr restoration v� the Property. The net
<br /> proceeds of the award shall mean the award after paymen�of all r�asonahle �osts, expenses, and attorneys' fees
<br /> in�urred by Trustee or Lender in connec�ion with the cvndemnation.
<br /> IMP�51T1DN �F TAXES. FEES AND CHARGES BY G�VERNtVIENTAL AUTH�3RlTIES. The fvllowing pro�is�vns relating
<br /> to go�ernmental taxes, fees and �harges are a part��this Deed o�Trust:
<br /> Current Taxes, Fees and Charges, Upvn request by Lender, Trus�or shall execute such dacum�nts �n additian ��
<br /> this Deed flf Trust and �ake what��er other action is requested by Lender to pe��ec�and C�ntinue Lender's lien on
<br /> �he Rea� Property. Trus�vr sha�l reimburse Lender for all tax�s, as described below, togethe� wi�h all expenses
<br /> incurred in �ecording, perfecting ar cantinuing this Deed o� Trust, inc�uding wi�hout limitation all tax�s, fees,
<br /> documentary stamps, and other charges�or recording vr registering this Deed of Trus�.
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