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2� 17��858
<br /> aEED �F TRUST
<br /> Loan No: ��'13�2�38 {Continued} Page 4
<br /> Applica�ian of Proceeds. Trustor shall p�-omp�tly nafii�y Lender❑-�any loss ❑r damage to the Property. Lender may
<br /> make praof ❑� I�55 i� Trustor fails t❑ d❑ sa within fifteen {'i 5} days af �the casua�ty. V1lhether or no� Lender's
<br /> securifiy is impaired, Lender may, at Lender's ele�tion, �-ecei�e and retain the praceeds af any insuranc� and appiy
<br /> the proceeds to �he reduG�ivn of the Indeb�edness, paymenfi of any lien af�e�ting the Property, ar the restora�ion
<br /> and repair ❑f the Propsr�y. �f Lender elec�s to apply the prviceeds tv restorat�on and r�pair, Trus�or sha�� repair ❑r
<br /> replace the damaged vr destrvyed Impra��ments in a manner sa�isfactory t❑ Lend�r. Lender shall, upon
<br /> satisfactary proof af such expendi�ure, pay or reimburse Trustor �rom �he proceeds �a� �he reasonable cos� of
<br /> repair o�- restorafiian if Trustor is na� in default under this ❑eed ❑fi Trus�. Any prviceeds which ha�e not been
<br /> disi�ursed wi�hin �80 days a#ter their receip� and which Lender has nat committed �o �he repair ❑r restoration of
<br /> �he Property shall be used first�o pay any amoun� ❑wing t❑ Lender under this De�d o�Trusfi, then fia pay accrued
<br /> in�eres�, and �he remainder, if any, shall he applied �a the p�-inc�paf balance o��he Indeh�edness. tf Lender holds
<br /> any proceeds af�er payment in full ❑f �he Indeb�edness, such pr�ceeds shall be paid t� Trustor as Trustvr's
<br /> in�eres�s may appear.
<br /> Trustor's Report on lnsurance. lJpon request of Lender, hvwe�er not more than once a year, Trustor shall �urnish
<br /> to Lender a reporfi an each existing policy of insurance showing: �1} the name of the insurer; {�� the risks
<br /> insured; {3} the amount a� the policy; {4� the property insured, the then �urrent repla�emenfi �a�ue of such
<br /> prop�r�y, and fih� manner o�determining tha��a�ue; and �5} the expirati�n date vf the policy. Trus�or shall, upvn
<br /> re�ues�❑�Lender, ha�e an independent appraise�-sa�isfa�tory to L�nder dete�mine the cash�alue replacemenfi cos�
<br /> o�the Praperty.
<br /> LENDER'S EXPENDITI]RES. lf any ac�ian or proceeding is commenced that wou�d material�y a��ect Lender's infierest in
<br /> the Praperty ❑r if Trustar�aifs t❑ comply wi�h any pro�ision ❑�this Deed af Trusfi or any Related ❑acuments, includin�
<br /> i�ufi not limited to Trustvr's failure fia discharge ar pay when due any amoun�s Trus�or is required ta discharge or pay
<br /> under�khis Deed ❑f Trus�❑r any Related I�ocuments, Lender on Trustor's 1�eha��may �bu�shall not be �bligated t�� fiaks
<br /> any acfiion �hafi Lender deems apprvpriate, includin� but not �imited to discharging ❑r paying ail taxes, liens, security
<br /> interes�s, encumbrances and other claims, at any time le�ied vr p[aced on fihe Proper�y and paying all casts fivr insuring,
<br /> maintaining and p�eser�ing the Prvperty. All such expenditures incurred or paid by Lender�or such purpases will �hen
<br /> bear in�erest a�the ra�e charged under�he Note fram the date tncurred ❑r paid by Lender ta the date of repaymen� by
<br /> Trus�ar. All such expenses will becvme a part af the lndebtedness and, at Lender's op�ion, w��l �A} be payable on
<br /> demand; �B� be added �❑ the �alance ❑f the Nate and he appor�ivned amang and be payable with any installment
<br /> paymen�s t� becom� due during eith�r t1} �he term af any appl€ca#�ie �nsurance policy; vr �Z} fihe �emaining term af
<br /> the Nofie; ❑r �C} be fireated as a ballvvn payment which will he due and payable a��he Note's maturi�y. The I�eed ❑f
<br /> Trust also will secure paymen� af these am�un�s. Such right sha�1 �e in additivn �v all other rights and remedies �a
<br /> which Lender may be enti�led upon ❑efau�t.
<br /> WARRANTY; DEFENSE�F TITLE. The�o��vwing pro�isians relating to ownership❑f the Pr�perty are a par�❑�this ❑eed
<br /> o�Trust:
<br /> Ti�le. Trustor warrants tha�: �a� Trus�or holds gvod and marketable title of re�ord �❑ the Property in �fe� simple,
<br /> �ree and clear ❑fi all liens and encumbrances other than those set for�h in the Real Properfiy descrip�ion or in any
<br /> titie insurance policy, �kitle report, or �inal �itle �pinion issued in fa�vr of, and acc�pted by, Lender in connectivn
<br /> with�his Deed of Trust, and �b� T�usfivr has fihe full right, power, and autharity fio execu�e and deli�er fihis De�d o-�
<br /> Trust to Lender.
<br /> De�ense vf Tit�e, Subjecfi ta �he exGeptton in �he paragraph a1�v�e, Trustar warrants and will fare�er defend the
<br /> �itle to �he Property against th� Eawful claims ❑f all persons. ln the e�en�any ac�kion or proceeding is commenced
<br /> �hat questions Trustar's�i�le or�he interest of Trus�ee ar Lender under this Ueed of Trus�,Trustor shall de�end the
<br /> action at Trustar's expense. Trustor may be the n�minal party in such prviceeding, but Lender shall be enti�tied�o
<br /> participate in the prv�eeding and ta be represen�ed in the proceeding by counsel vf Lender`s own choice, and
<br /> Trusto�-wi�l deli�er, vr cause to be deli�ered, ta Lende�-such instruments as Lender may request fram time �o time
<br /> �a permit suGh participafiivn.
<br /> Comp�iance Wifih Laws. Trustor warrants that �he Property and Trustor`s use ❑f �he Praperty camplies with all
<br /> existing applicable laws, ordinances, and reguiations v�governmental aufihori�ies.
<br /> Survivai of Representations and �1Varranties. All representations, warranties, and agreements made by Trus�vr in
<br /> this Deed o�Trust shall sur�i�e the execution and deli�e�y o��his Deed ❑f Trus�, shall be can�inuing in nature, and
<br /> shal! �-emain in�ull farce and effect unti[such time as Trus�or's lndehtedness sha�� be paid in-�u�l.
<br /> C�NDE11J1NATIDN. The fallowing pro�isions relating#❑condemnation proceedings are a part of this Deed of Trus�:
<br /> Praceedings. lfi any proceeding in condemnation is filed, Trustor shalf promptiy noti�y Lender in writ�ng, and
<br /> Trustor shall promp�ly -�ake such steps as may t�e n�cessary t❑ defiend fihe action and �b�ain the award. Trus�or
<br /> may be fihe nominal par�y in such prac��ding, but Lender shal� be en�itled to participate in the prviceeding and to be
<br /> represented in �he procseding by caunsel ❑fi its own �hoice, and Trustor will deli��r or cause to he deii�ered �o
<br /> Lender such instruments and documentation as may be requested by Lender from time to time �v permit such
<br /> par�icipa#ion.
<br /> Appii�a�ion o�F Net Praceeds. l�all or any part❑f the Property is condemn�d hy eminen�dvmain prviceedings ❑r 1ay
<br /> any prviceeding ar purchase in lieu❑f�ondemnatian, Lender may at ifis election require�hat a!I ar any por�ian of the
<br /> ne� proceeds af �he award be applEed ta �he Endebtedness or the �-epair or restaration vf #he Pr�perty. The net
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