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2� 17��8� 1
<br /> DEE� �F TRUST
<br /> Lvan No: '!��3D�'15� �Contlnued} Page 4
<br /> Appli�ation of Proceeds. Trustor shall promptly no�ify Lender❑f any �oss ❑r damage to the Proper�y. Lender may
<br /> make proof a� loss i� Trustor faijs �o da sa wi�hin �if�een ��5} days af the casualty. Whether o�- not Lender's
<br /> securi�y is impaired, Lender may, a� Lender's electian, recei�e and re�ain the prv�eeds of any insurance and apply
<br /> th� proceeds to �he reduction ❑f�h� Indeb�edness, payment ❑� any jien af�e��ing the Proper�y, or�he restaratian
<br /> and repair of�he Property. If Lender elects to apply the proceeds �a restaration and repair, Trustvr shall repair vr
<br /> replace the damaged ❑r destroyed lmpro�emen�s in a manner sa�is-�actary to Lender. Lender shall, upon
<br /> satis�actory proo� of su�h expenditure, pay ar reimhurse Trus�ar from the procs�ds for the reasonahle cast af
<br /> �-epair ❑r restora�ion ifi Trustor is not �n defau�t under fih�s Deed of Trust. Any proceeds wh�ch ha�e not been
<br /> dis�ursed within 'f SD days after-�heir receipt and wh�ch Lender has n�t cvmmitted t� the repair ar restora�ion of
<br /> the Praperty shall 1ae used �irs�to pay any amount owing �a Lend�r under�his Deed ❑f Trust, then �o pay accrued
<br /> infierest, and �he remainder, if any, shall he app�ied fia fihe principal halance o�the lndehtedness. lf Lender holds
<br /> any proceeds af�er paymen� in �fu�� a� the lndebtedness, such prvGeeds shall �e paid ta Trus�or as Trustar's
<br /> in��rests may appear.
<br /> Trus�or's Report on lnsurance. LJpon reques�a� Lender, hvwe�er not mvre than vnce a year, Trustor shall �urnish
<br /> �o Lender a report an each exis�ing policy o� insurance showing: ��} �he name of the insurer; �2} the risks
<br /> insured; {3� the amount vf �he policy; �4� �he property insured, the then Gurrent rep�acement �alue af such
<br /> pr�perty, and the manner o�defi�rmining tha��alue; and �5} the expirativn date of the policy. Trus�ar sha#�, up�n
<br /> request❑�f Lender, ha�e an independent apprais�r satis�ac�ary t❑ Lender determine�he�ash�alue repla�ement cos�t
<br /> ❑�the Property.
<br /> LENDER'S E�CPENDITURES. I�any a�tion vr praceeding is cammenced that wauld ma�erially a�fect Lender's int�rest in
<br /> the Praperty or if Trustor faiis�o com�ly wi�h any pra�ision of this ❑eed a�Trust ar any Related aocumen�s, inc�uding
<br /> but not limited ta Trustvr's failure ta discharge or pay when due any amaunts Trustor is required ta dis�harge ar pay
<br /> under this Deed �f Trust or any Related aocuments, Lender❑n Trus�or's beha��may �bu�shall not be ob�iga�ed to} take
<br /> any action fiha� Lender deems apprvpriate, fncluding but not limited to discharging ❑r paying all taxes, [iens, se�urifiy
<br /> interes�s, encum�rances and ❑�her claims, a�any time le�ied ar placed on the Property and paying all cos�s�or insur�ng,
<br /> main�aining and preser�ing �he Property. All such expendi�ures incurred or paid by Lender for such purpos�s will �hen
<br /> bear in�eresfi a�fihe rafie charged under the Note �Fram the dafie incurred ❑r paid �y Lender to fihe date v� repayment by
<br /> Trus�or. A�� such expenses will f�ecom� a par� of the Indebtedness and, a� Lender's ❑ptian, will {A} he payable on
<br /> demand; �B} 1�e added to fihe balance of the Nate and be apportivned among and be paya�le with any installment
<br /> payments tv hecome due during either �1} the �erm o� any applicable insurance policy; or �2� the remaining term ❑f
<br /> the Note; or �C� be trea�ed as a balla�n payment which will be due and payable at the Na�e's maturity, The Deed of
<br /> Trust also will secure paymen� of �khes� amounts. Such right shall he in addition tv all ❑ther rights and remedies ta
<br /> which Lender may he entitled upvn Default.
<br /> WARRANTY� DEFENSE OF TITLE. The followEng proWisions refating to ownership af the P�vper�y are a part af this �3eed
<br /> ❑f Trus�k:
<br /> Tifile. Trustor warran�ks tha�: {a} T�ustor holds g��d and markstable tit�e ❑f record �❑ the Property in fee simp�e,
<br /> �ree and c�ear of ai! EEens and encurnhrances ather than �hose set forfih in the Real Praperty descriptivn or in any
<br /> title insurance policy, ti�le report, or fina� titfe opinion issued in �a�vr �f, and accep�ed by, Lend�r in c�nnection
<br /> wi�h this Deed ❑f Trusfi, and �b} Trustor has the full r�ght, pow�r, and auth�rity t❑ execu�e and deli�er th�s Deed ❑�F
<br /> Trust�❑ Lender.
<br /> ❑efense of Title. 5uhject�o the �x�ep�ion in the paragraph abo�e, Trusto� warrants and will fare�er defend the
<br /> �i�le �o the P��perty against the �aw�ful claims of all pe�svns. ln the e�ent any actEon ar proc�eding is �ommenc�d
<br /> that quesfiivns Trusfiar's fiitle❑r the interes�❑f Trus�ee vr Lender under this ❑eed of Trust, Trustor shaiE defend th�
<br /> action a�Trus�or's expense. Trustor may be the nominal party in such prviceeding, bufi L�nder shall be er�titled t�
<br /> participate in the proceeding and tv be represented in the prviceeding hy counsel of Lender's own �hoice, and
<br /> Trus�ar will deli�er, vr cause tv be de�i�ered, to Lende� such ins�ruments as Lender may reques�from time fia time
<br /> t❑ permit such par�icipation.
<br /> �ompfiance With La►nrs. Trustor war�anfis that �he Proper�y and T�-usto�-'s use a� the Proper�y complies wi�kh all
<br /> exis�ing app�icable laws, vrdinances, and regula�ions vf ga�ernmental au�horities.
<br /> Sur►ri�a! of Represen�ations and Vllarran�ies. A!! represen�a�ions, warran�ies, and agreements made by Trustvr in
<br /> �his Deed of Trust shall sur�iWe�he executi�n and deli�ery of this �eed o�Trus�, shall be cfln�inuing in nature, and
<br /> shall remain in full�arce and ef�ect un�il such time as Trus�vr's lndeb�edness shaCf be paid in fuli.
<br /> CONC3EMNATI�N, The fo�[owing pro�Esians relatEn�to condemnatian prviceedings a�e a part�f this Deed of Trust:
<br /> Pro�eedings. lf any proceeding in c�ndemnatian is filed, Trus�ar shall promp�ly no�i�y Lender in writing, and
<br /> Trus�or shaf� promptly take such steps as may be necessary �v de�end �he actEon and obtain �he award. Trus�or
<br /> may be the n�minal par�y in such proceeding, but Lender sha�� be entitled�❑ participate in the prv�eeding and to be
<br /> represen�ed in �he praceeding by cvunsel of i�s awn choice, and Trustor wi�� deli�er �r cause to be deli�er�d �❑
<br /> Lender su�h instruments and do�umentati�n as may he requested �y Lend�r �from �ime �❑ fiime to permi� su�h
<br /> participation.
<br /> Appl�ca�ion v�Net Proceeds. lf all ❑r any part of�he Property is candemned by eminen�damain pra�eedings or by
<br /> any proceeding or purchase in lieu vf�ondemna�ion, Lender may at i�s election require tha#afF or any portion of the
<br /> net proceeds ❑f �he award be applied t❑ �he lndebtedness vr the �epair or restoration vf the Property. The ne�
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