|
2� 17���82
<br /> �EEa �F TRus-r
<br /> Lvan No: 1�13����8� {�ontlnu�d� Page 4
<br /> interests may app�ar.
<br /> Complian�e with Cxisting Indebtedness. ❑uring �he periad in which any Exis�fiing lndebtedness des�ribed be[�w is
<br /> in effect, compliance with the insurance pro�isions cvntained in fihe inst�ument e�idencing such Existing
<br /> [ndebt�dness shall constitufie compliance wifih the insurance pra�isions under this Deed af Trust, ta the extent
<br /> compliance with the terms ❑f this l�eed ❑f Trust would constitute a dup[i�ation of insurance requiremen�. �f any
<br /> proceeds from the �nsurance becvme payab[e ❑n ivss, �he prv�isivns in this Deed o�Trust for di�isivn v� proceeds
<br /> shall apply only to that portion o�the pro�eeds not payah�e ta the holder❑f�he Existing lnd�btedness.
<br /> Trustar's Repart a�n Insurance. Upon request ❑f Lender, howe�er not mare than once a year, Trustor shall furnish
<br /> �❑ Lender a repor� ❑n each ex�sting poi�cy af insurance shawing: {1} the name of th� insurer; {2� the risks
<br /> insured; �3� the amount of th� palicy; �4} the property insured, fhe then current replacement �alue af such
<br /> prvper�y, and the manner❑f determining that�a[ue; and t5y the expira�ian date of�he pv[icy. Trustor shall, upon
<br /> request o�Lender, ha�e an independent appraiser satisfactary ta Lender determin�the cash�a[u� replacement cost
<br /> of the Property.
<br /> LENDER'S EXPENDITURES. I� any a�tion or proceeding is commenced that wvufd mat�rialfy a�fect Lender's interest in
<br /> fihe Properfiy ar i�Trus�ar fiails �❑ c�mp�y with any pra�isian of this Deed nf Trust or any R�lated D�cuments, in�luding
<br /> but not limited to Trus�tor's faElure tn comply wi�h any ohligation ta ma�ntasn Existing Indeb�edness in g��d standing as
<br /> required be[ow, ar ta discharge or pay when due any amounts Trustar is required fio dis�harg�ar pay under this ❑eed of
<br /> Trus� or any Related Clacuments, Lender on Trustor's beha[f may {but shal� not be ob[Ega�ed to� take any action �ha�
<br /> Lender deems apprapria�e, including but not limited t� discharging or pay3ng a[( tax�s, [iens, security interes�s,
<br /> encumbran�es and ofil�er �[aims, at any time ie�ied ❑r placed on the Property and paying aIE costs for insuring,
<br /> maintaining and preser�ing the Proper�y. All such expenditures incurred ❑r paid by Lender for such purpases wi[E then
<br /> bear interest at the rate charged under the Note #rom the date incurred ❑r paid by Lender tv the date ��F repayment by
<br /> Trustor. A[E such expens�s ►nrill becam� a par� of the [ndehtedness and, afi Lender's optivn, will �A} be payab�� on
<br /> demand; �B} be added to the ba[anc� ❑t the Note and be apportioned among and be payabf� with any installment
<br /> paymen�s to become due durin� either {1 y �he term ot any applicable insurance po[icy; ar �2y th� remaining term of
<br /> th� Nate; �r �C� be #reated as a bal[aan payment whiCh wiI[ be due and payable at the Nafe's maturity. The Deed of
<br /> Trusfi also wi[[ secure payment o# these amounts. Such righ� shall be in addi�ion to all a�her rights and remedies t❑
<br /> which Lender may be�ntit�ed upon Default.
<br /> WARRANTY; DEFENS�DF T�TLE. The to�Iawing pro�isions reiating ta ovunership a#the Property are a part ot this Deed
<br /> �f Trust:
<br /> Tit[e. Trus�or wa�ranfis that: �a} Trustor halds good and marketable title o�f record to �he Praper�y in fee simple,
<br /> tree and c�ear ❑� �11 liens and encumbrances other than thvse set farth �n �he Rea[ Property description or in �he
<br /> Existing Indeb�edness section below or in any title insurance po[icy, tit[� report, ❑r tinal title opinion issued in fa�or
<br /> of, and accepted I�y, Lender in conne��ion with �his Deed o�Trus�, and tb� Trustor has the fu[[ right, power, and
<br /> authority to exe�u�e and deli�er this D�ed vf Trust�o Lender.
<br /> Defense a# Title. Subject t❑ the exceptian in the paragraph aho�e, Trustar warrants and will fore�er defend the
<br /> tit[e to �he Property against the fawful ciaims of all persans. in the e�en� any action or proceeding is commenced
<br /> that questions Trustvr's title or the interest of Trustee ar Lender under this Deed �t Trust, Trustor shai� defend the
<br /> action at Trus�vr's expense. Trustor may be th� n�minal par�y in such prv�eeding, but Lender sha[[ be en�ti�led to
<br /> participa�e in the proceeding and to be represented �n �he proceeding by caunsei af Lender's ❑wn choice, and
<br /> Trust�r will deli�e�, ❑r cause to be deli�ered, t❑ Lender such instruments as Lender may requesfi fram time to time
<br /> ta permit such participation.
<br /> Compliance Vtilith Laws. Trusfiar warrants that the Property and Trustor's use �� �he Praperty �omplies with aIf
<br /> existing appl�cable laws, ardinan�es, and reguiations of go�ernmen�al authvrities.
<br /> Su�vi�ai vf Representativns and Vlrarranties. All representatians, warranties, and agreements made by Trustar in
<br /> this ❑eed ❑f Trust shall sur�i�e the execution and de[ivery�f this Deed o�Trus�, sha�i be contEnuing in nature, and
<br /> shall remain in full force and effec�un�i[su�h time as Trustor's Indebtedness sha[[ be paid in full.
<br /> EX�STING INDEBTEDNESS. The fallvwing pro�isions cancerning Existing �ndebtedness ar� a part of this Deed of Trust:
<br /> Existing Lien. The [ien ❑f this Deed of Trust securing the lnd�bt�dness may be secondary and in�eriar to an
<br /> existing lien. Trustor expressly c��enants and agrees to pay, or see to the payment of, the Existing Zndebtedness
<br /> and �o pre�ent any de�au�t�n such indeb�edness, any default under the ins�ruments e�idencing such indebtedn�ss,
<br /> or any defau[t under any security documents far su�h �ndebtedness.
<br /> Na Modifica#ian. Trust��- shal� not en�er infia any agreement with the holder ❑f any mortgage, deed �f trust, or
<br /> ❑ther securifiy agreement which has priarity ❑�er this ❑eed of Trust by which tha� agreement �s modified,
<br /> amended, extended, or renewed without �the prior written �onsent of Lender. Trustar shall nei�her request nor
<br /> accep�any future ad�ances under any such security agreement wi�hout fihe prior written consent of Lender.
<br /> CQNDEIVINATfUN. The follawing pro��sions relating to condemna�ian proceedings are a part o#fihis ❑eed of Trust:
<br /> Proceedings. lf any proceeding �n condemnation is �i�ed,-Trus#or shall promptly notify Lender in writing, and
<br /> Trustar shall promp��y take such steps as may be necessary,�❑ defend the action and ❑btain th� award. Trustor
<br /> may be�he nominal party in such proceeding, but Lender sha�E be entitled to participate in the praceeding and t❑ he
<br />
|