|
�
<br /> " 2� 17���93
<br /> DEED C3F TRUST
<br /> Loan Nv: '1��3a�974 �Continued} Page 3
<br /> LENDER'S EXPENI]1TURE5. If Trustor �ails �A} �o keep the Prape�ty free o� ail taxes, liens, security interests,
<br /> encumbran�es, and other �laims, {g� �❑ praWide any required insurance on the Property, �C} �o make repairs ta the
<br /> Proper�y o� ta comply wi�h any alaligation to maintain Existing lndeb�edness in good standing as �equired bel�w, then
<br /> Lender may d❑ so. If any ac�tion ar praceeding is commenced that would materially affect Lender's �nterests in the
<br /> P�aperfiy, �hen Lender on Trustor's beha�� may, but is nat required �to, taks any actian tha�k Lender believes to be
<br /> appropria�e to pratec� Lender's interests. All expenses incurred ar paid by Lender for such purposes will then bear
<br /> in�erest at the rate charged under the Credit Agreemen� �rom the date incurred or paid by Lender to the date of
<br /> �epayment by Trustor. A�� such expenses wi�� become a part ❑��he lndebtedness and, at Lender's optivn, wii� �A} be
<br /> payabfe on demand; {By be added to the ba�ance ofi�he Credi�Agreement and be apportianed among and be payable
<br /> with any installment payments fio laecome due during e�ther ��} the term vf any applicable insurance policy; ❑r �2� �he
<br /> remaining �erm vf the Credit Agreemen�; ar �C} be fireated as a halloon payment which will he due and payable at�he
<br /> Credit Agreement's maturifiy.
<br /> V1lARRANTY; DEFENSE�F T1TLE. The following pro�isions relating to vwnership of the Praperty ar� a part of this ❑eed
<br /> ❑f Trust:
<br /> Ti��e. Trus�ar warrants that: {a� Trustor hajds gaod and markefiahle title of recard to �he Praperty in fee simple,
<br /> free and cl�ar of all liens and en�umbrances nther than fihose set fvrth in �he Real Property descrip�ion ❑r in the
<br /> Exisfiing lndehtedness section below or in any�itle insuran�e policy, title report, or final tit�e opinian issued in fa�or
<br /> ❑f, and accepted 1ay, Lender in connec�ian with this De�d o�Trust, and �b} Trustar has the �uf� right, pvwer, and
<br /> au�harity t❑execute and deli�er this ❑�ed af Trust tv Lender.
<br /> Defense o�T�fi�e. Subject �❑ the exceptivn in the paragraph abo�e, Trustvr war�ants and w�li fare�er defend the
<br /> title to the Property agains��he lawful claims ❑f all persons.
<br /> E�CISTENG 1NDEBTEDNESS. The following pra�isians concerning Existing Indeb�edness are a part a#this ❑eed of Trust:
<br /> Ex�sting Lien. The lien v�f this Deed ❑�F Trus� seGuring �he Indebtedness may be secondary and inferior fio an
<br /> existing lien. Trustor expressly co�enan�s and agrees tv pay, vr see ta �he paymenfi of, fihe Existing Indeb��dness
<br /> and to pre�ent any default on such indeb�edness, any de-�aul�k under th� instruments ��idencing such indebtedness,
<br /> ❑r any default under any se�uri�y documents for such Endeb�edness.
<br /> EVENTS �F DEFAULT. Trustvr will be in default under this Deed ❑f Trust if any af the �fvllvwing happen: {A� Trustor
<br /> commi�s fraud ❑r makes a material misrepresenfiation at any time in connection wi�h the Credi-� Agreement. This �an
<br /> include, fvr example, a false s�a�emenfi al�out Trus�or's income, assets, lialailities, or any ��her aspects o� Trus�ar's
<br /> financial candition. {B� Trusfior does not meet the repayment terms o�fihe Credit Agreemen�. {C} Trustor's acfiion or
<br /> inac�ion ad�ers�ly a�fiects the �olla�eral or Lender's rights in the �vllateral. This �an inc�ude, �ar exampie, fai�ure �o
<br /> maintain requi�ed �nsurance, was�e or destructi�e use af the dwe�l�ng, failure�❑ pay fiaxes, death flf ali persons liabl� on
<br /> the a��ount, �rans�er ❑f �i�le vr sa�e v� the dwei[ing, creati�n of a senivr lien on the dwe[ling w�thout Lender's
<br /> permEssion,foreclvsure by the holder❑f ana�her lien, or the use vf funds ❑r the dwelling�For prohibited purpvses.
<br /> Ri�HTS AND REMEaIES �N DEFAULT. Upon the ❑ccurrence af any E�ent ❑f D�faul� under any indebtedness, ❑r
<br /> shauld Trus�ar fail to comply with any fl�Trustor's vhliga�ions under this Deed ❑f Trus�,Trustee or Lender may exercise
<br /> any vne vr mvre of the#oilowing rights and remedies: •
<br /> Ac�eleration Upon Defaul�:Addi�ivna[Remedies. if any E��nt of Default occurs as per the terms of the Credit
<br /> Ag�-eemen�se�ured hereby, Lender may declare all Indelatedness secured by�his �3eed o�Trust to be due and
<br /> payable and the same shall thereupon become due and payable without any presen�ment, demand, pro�est or
<br /> natice❑f any kind. Thereafker, Lender may:
<br /> 4a� Either in pers�n ❑r by agent, with or without bringing any a��ion or pr�ceeding, or by a recei�er
<br /> appointed by a court and without�-egard t��he ad�quacy a�i�s securi�y, en�er upon and take possession
<br /> ❑f�he Pr�perty, or any par��hereof, in its own name or in the name of Trus�ee, and do any acts which it
<br /> deems necessary or desirai�le t❑ preser�e the value, marke�ability or renta�aility of the Property, ar part❑f
<br /> fihe Property or interes� in the Praperty; increase the income �ram the Property ❑r prvtec�the se�urity of
<br /> the Property; and, with ❑r wifihvu� �aking possession ❑f �he Praperty, sue far ar otherwise callect �he
<br /> ren�s, 155LI�S and profi�s ❑f�he Property, including thase past due and unpaid, and app�y�he same, less
<br /> cos�s and expens�s a�operation and collection a��orneys' fees,ta any indehtedness secured by�his ❑eed
<br /> vf Trus�, all in such arder as Lender may determine. The entering upon and taking pvssessi�n a-� the
<br /> Property, the coll�ction of such rents, issues and profits, and the applicativn �here�t shall not cure ❑r
<br /> wai�e any defau�t❑r no�i�e a�de�au�t under this Deed af Trus�❑r in�alida�e any act done in respanse�v
<br /> such default or pursuan�t�such notice of de�au�t; and, notwi�hs�anding�he continuance in possessivn of
<br /> the Property or�he cv�fection, �-eceipfi and application of ren�s, issues ❑r profi�s, Trustee or Lender shall
<br /> be enti�led to exer�ise ��ery right praWided for En the Credit Agreement or the l�elated Dvcumenfis or by
<br /> law upon the accurrence o�any eWent ofi defauft, including the right to exsrcise the power o�sale;
<br /> 4b� Cammence an action to foreclose�his ❑�ed vf Trus�as a mor�gage, appaint a recei�er or specifically
<br /> enfvrce any vf the ca�enants h�reaf; and
<br /> �c} Dei��er to Trustee a wr�tten declarativn❑�default and demand for saf� and a written notice ❑f defaul�
<br /> and electivn t❑ cause Trus�or's interest in the Property tv he svld, which no�ice Trustee shali cause t� he
<br /> duly fi�ed for recvrd �n the appr�pria�e vffices❑fi the County�n whE�h the Praperty is lo�ated; and
<br />
|