|
r
<br /> 2� 17���2�
<br /> DEED �F TRUST
<br /> �Continued� Page 3
<br /> �h�ma�cimum pa[icy��mits set under the Nationa� F[ovd lnsurance Pragram, ❑�as otherwis�required by Lende�-, and
<br /> �o main�ain such insuranc��or th�t�rm❑f the �Qan.
<br /> Appiica�ivn of P�oceeds. Trustor shai{ promptly notify Lender of any ioss or damage to the Praperty if �he
<br /> estimated cvst❑fi�epair or rep{acemen�exGe�ds $1,DDQ.40. Lender may make prao�o# �ass if Trustvr fai�s ta do
<br /> so within fifteen ��5y days of�h� casua[ty. VlJhether ar nvt Lend�r's secu�ity is impaired, Lender may, at Lender's
<br /> slection, recei�e and reta�n the praceeds vf any �nsurance and apply the proceeds to the redu��ion of �he
<br /> Indebtedness, payment of any iien a�fe�t�ng the Property, ar�he res�vration and repair of the P�oper�y. I� Lender
<br /> efects ta apply th� prviceeds tv restoratian and repair, Trusto� shall r�pair or rep�ace the damaged or destrvyed
<br /> Improvements in a manner sat�s�actory ta Lender. Lender sha�1� upon satis€�actory proo�o�such expenditure, pay
<br /> ❑r reimburse Trus�ar �ram �he praceeds #or the reasanable cflst af repair vr restoratian i�Trustor is not �n default
<br /> und�r this Deed of Trust. Any proceeds which ha�� nat been dis�ursed within 18Q days a�er their receipt and
<br /> which Lender has not committed �o the repair or restoratian o#the Property shall be used �irst tv pay any amaun�
<br /> ❑wing �o Lender under this Deed of Trust, then t� pay accrued inte�es�, and the �emainder, if any, shaff be applied
<br /> to the pr�ncipal balance o� �he lndeb�edness. i� Lender halds any pro�e�ds af�er paymen# in full a� the
<br /> 1 ndebtedness, such p�-vc�eds shall he paid�❑Trus�or as Trustor's in�erests may appear.
<br /> Cvmpliance wi�th Exis#ing �ndeb�edness. During the periad in which any Existing Indehtedness descrihed belaw is
<br /> in effec�, comp�iance with #he insu�ance p�o�isions contained in the instrument e�idencing such Exis�ing
<br /> lndebtedness shall �ons�i�u�e camp�iance with the insurance pro�isions under this ❑eed o�F Trust, �o the extent
<br /> compf�ance wi�h the terms of �h�s ❑eed of Trust wou�d constitute a duplicatian af insurance requir�ment. If any
<br /> proceeds fr�m the insurance becvme payable an �oss, the pravis�ons in th'rs Deed o�Trust�ar div�sion o� praceeds
<br /> sha�� app�y only�a that portivn of the prv�eeds nat payab�e to the h�fd�r��the Ex�sting Indebtedness.
<br /> LENDER'S EXPENDITURES. l� Trustar �a��s �A� to k�ep 'the Propsrty fre� a� all �axes, �iens, securi�y interests,
<br /> encumbranc�s, and other c�aims, 4g} �tv prv��de any r�qu�red insurance vn �he Property, tC3 t❑ make repairs �a the
<br /> Praperty or tv comply with any vbiigation �v maintain Existing �ndeh�edness in good standing as r�quired below, then
<br /> Lender may do so. 1� any actinn ar prvice�ding is �ommen�ed that would materially a##ect Lender's in#eres�s �n �he
<br /> Proper�y, #hen Lender �n Trus�or's beha��F inay. but is not required tv, take any action that Lender bei�eWes �� he
<br /> appropriate to protec� Lender's interests. All expenses incurr�d ar paid by Lender �or such purpvses will then bear
<br /> �n�erest at the rate charged under the Credit Agreemen� �ram the date �ncurred ❑r paid by Lender to the date vf
<br /> repayment by Trus�or. Al� such expenses w��� become a part of the Indebtedness and, at Lende�'s option, wilf �A} be
<br /> payab�e ❑n demand, �B� be added to the baiance vf the Credit Agreement and be apportioned among and b� payabie
<br /> �rvith any insta[finent payments to hecome due during�ither �1� the�erm of any applicabl��nsurance policy; or ��� the
<br /> remaining term o�the C�edit Agreement; or �C} be treated as a balfavn paymen�which will be due and payable at�he
<br /> Credit Agreement's maturity. The Deed�f Trust als❑wil� secure payment of these amaunts. The rights pro�ided �or in
<br /> �his pa�agr�aph shall be in addition ta any other righ�s or any remedies �� which Lender may be entitled vn a��aunt ❑�
<br /> any de�aul�. Any su�h actEan by Lender sha�l no� be construed as curing �he de�auft so as to bar L�nder �rvm any
<br /> remedy tha�i�a�herwise wou�d ha�e had.
<br /> V1IARRANTY; DEFENSE DF T1TLE. The#vllowing pro�isions relating to ownership�#�he Prvperty are a part o��his D�ed
<br /> of Trust:
<br /> Titfe. Trustor warrants �hat: ta� Trustor ho{ds govd and marketable tit�e of record �o th� Proper�y in �ee simple,
<br /> free and Glear of all li�ns and encum�rances vther than those set fvr�h in the R�al Proper�y des�r'tption ar in �he
<br /> Exis#�ng Indeb�edness section belaw or in any�i�fe insurance palEcy, tit�e �epor�, or fEna��itle❑p�nion issued in�a�vr
<br /> of, and a���pted by, Lender in cannectian wi�h this Deed o�Trust, and 4by Trust�r has the ful! �-igh�t, pawer, and
<br /> authori�y�o execute and de�iver this Deed a�Trus�to Lender.
<br /> De�ens� a�Titfe. 5u�jec� to �he exceptian �n the paragraph abv�e, Trustor warrants and wilf ��rev�r de�end the
<br /> tit[e �a the Pra�erty agains�the lawful claims of a�1 persons. ln the e��nt any activn or proGeeding is comm�nced
<br /> that questions Trus�or's t�t[e❑r the interest of Trus�e� o�Lender under this Deed o�Trust. Trustnr shall defend the
<br /> actian a�Trustar's �xpense. Trustar may he the naminal party in such prviceeding, but Lender shail be entitied tfl
<br /> participate in the proceeding and ta be represented in the pro�eeding by counsei vf Lender's awn choice, and
<br /> Trus�or w��l deli�er, or cause�a be de�i�ered, ta Lend�r such instrumen�s as Lender may request fram time t❑�ime
<br /> to perm€t such parti�ipa�ivn.
<br /> �ampliance With Laws, Trustor warran�s that the Property and Trustar's use o�r the Proper�y comp[�es with all
<br /> exis�ing applicabie faws� ord�nances, and regu�a�Evns v�gv�ernmenta� au�ho���ies.
<br /> SurWival of Promises. All prvmises, agreements, and statements Trustar has made in this ❑eed vf Trust shall
<br /> sur�€�e th�exe�u�ivn and deli�ery fl�this Deed of Trust, shal! bs cont�nu�ng in natur� and shal� remain in �ul� �orce
<br /> and effe��until such time as Trus�vr's lndebtedn�ss �s paid in full.
<br /> E?CIST�NG �NDEBTEDNESS. The#ollawing pro�isi�ns concern€ng Existing lndebtedness are a pa�t o�this Deed of Trust;
<br /> Existing Lien. The ��en of this Deed ¢f Trust securing the �ndebtedness may be secondary and inferior ta an
<br /> existing lien. Trustar expressfy co�enants and agrees ta pay, ar see to the paymen�af, the Existing �ndebtedness
<br /> and tv pre�ent any de�ault on such indebtedness, any default under the �ns�ruments e�idencing such indebtedness,
<br /> vr any defau�t und�r any security dvcuments�or such indebt�dness.
<br /> No Mvdi���ation. Trustar shall not enter in�a any agreemen� with the holder of any mortgage, deed v�F �rust, flr
<br /> other security agreement which has p���rity aver this Deed v# Trus� �y which that agreemen�t �s modified,
<br /> amended, extended, or renew�d withaut the pr�vr written consent of Lender. Trustvr sha�� neither reques� n�r
<br /> accep�any�uture ad�ances under any such secu�ity agreement wE�haut the privr wr�tten�onsent a�Lender.
<br /> C�NDEi1JINATI�N. The following pra�isians rela�ing to condemnation p����ed�ngs.�re a part af this ❑eed vf Trust:
<br /> Procesdings. If any praceeding �n condemna�ivn is filed, Trustor sha�� pr�mptiy nvtify Lender in wri�ing, and
<br /> Trustar sha[[ prvmptly take such steps as may �e necessary t❑ defend the action and obtain th� award. Trustar
<br /> may be�the nominal party�n such proceeding. but Lender sha�f �e entitled�ta participate �n the proceeding and to be
<br /> represented in �he proceeding by c�unsel of its awn choics, and Trustor wi�l deli�er ar �ause to be de��ve�ed to
<br /> L�nder such instruments and documentatEon as may be reques�ed by Lender fram �ime tv �im� to permi� su�h
<br /> par�icipa�ian.
<br /> Appli�ativn vf Net Proc�eds. I�al� ❑r any part o��he Praperty is condemned by eminent domain prviceedings �r�y
<br /> any prviceeding ar pu�chase in lieu af condemnation, Lender may at its el�ction require tha�all or any portian���he
<br /> net prviceeds of the award be appiied to the lndebtedness or �he repair or restora�ion of the Prap�rty. The ne�
<br /> praceeds of�h� awa�d shall mean the award a�ter paymen#of a�[ reasonab�e cas�s, expenses, and attvrneys' �Fees
<br /> �ncu�red by Trustee or Lender in connec�ion wi�h the candemnati�n,
<br /> IMP�SITiQN �F TA�CES, FEES AfVD CHARGES BY G�VERNMENTAL A�TH�R�TIES. The fo��owing pro�isions reiat�ng
<br /> to gn�srnmental taxes, �ees and �harges are a part af this De�d❑f Trus�:
<br /> Gurrent Tax�s. Fees and Charges. Upvn �eques� by Lender, Trustor shall execute such dacuments �n add�tian to
<br /> �his ❑eed o#Trus�and take wha�e�er o�h�r ac�ion is requested �y Lende�-t❑ perfect and continus Lender's lien on
<br /> the Real Property. Trustvr shafi reim�urse Lender �or all taxes, as desc�ibed bslaw, together with ai! expenses
<br /> incurr�d in recording, psr��cting vr continuin� this aeed of Trust, in�[uding w�thvut limita�ion al! taxes, �ees,
<br /> dacumentary stamps, and�ther charges far recvrding�r reg�stering this Deed of Trust.
<br /> �
<br /> �
<br />
|