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2� 17� 1 ��4
<br /> DEED �F TRUST
<br /> Laan �Vo: �4345 ��ont�nued} Page 3
<br /> securi�y is impaired, Lender may, at Lender`s eIection, recei�e and re�ka�n the p�aceeds ❑f any insurance and app[y
<br /> the proceeds 'ta the reductian of the lnd�b�edness, paymen� o� any lien affect�ng �he Property. ar �he res�ora�ion
<br /> and repair of�he Praperry. if Lende� elec�s ta app[y the praceeds to res�oratinn and repair, Trustor sha[l r�pair or
<br /> replace the damaged or destroy�d Impravements in a manner sa�isfac�ory to Lender. Lender shall, upon
<br /> sa�isfactory pro�� of such expenditure, pay or reFmburse Trustor �ram �he pr�ceeds �or the reasonable cost of
<br /> repair or rest�ratian if Trusfior is nat in de�ault under �his ❑eed ❑f Trust. Any pro�eeds which have not been
<br /> disbursed v►fi�hin 18a days after their receip� and whi�h Lender has not commi��ed to �he repair or res�aration of
<br /> the Property shall be used first tv pay any amoun� owing �❑ Lender under t�is ❑eed ❑f Trust, then to pay accrued
<br /> interest, and the remainde�, i� any, shal� be applied �ta the principa� balance o��he lndebtedness, If Lender holds
<br /> any proceeds a�Fter payment in �u�I vf �he �ndebtedness, such praceeds shall be paid t❑ Trustor as Trustor`s
<br /> interests may appear.
<br /> LENDER'S E�PEND�TURES. If T�ustor �ails fA� tv keep the Prope�ty �Free of all taxes, liens, se�uri�y in�eres�s,
<br /> encumbrances, and other c�aims, �B} �o proWide any required insurance an the Praperty, or ��) ta make repairs tfl the
<br /> Property �hen Lender may do so. �� any a�tivn or proceeding is commenced that would materially af�ect Lender's
<br /> interests in �he Property, th�n Lender �I'1 T�L.�S�Q�'r5 behal� may, but is not requ�red tv; take any activn that Lende�
<br /> belie�es t� he appro�riafie t❑ protect Lender's interes�s. AI� expenses incurred v� paid by Lender�or such purpases wi(I
<br /> then �ear interes�a�the rate charged under the Note firam the date incurred or paid by Lender�o�he date a�repaymen�
<br /> by Trustor. AII such expenses vtiri�I become a part o��he Indebtedness and, at Lender's op�ion, wi�� �A� be.payabfe on
<br /> demand; �B} be added to the balance of �he Nofie and be apportioned among and be payabie with any insta�Iment
<br /> payments �o became due du�ing either {�} �he term a�any app�icab�e insurance po(icy; or �2} the rema�n�ng term o�
<br /> �he Na�e; o�- ��7 be treated as a ba��oon payment vtirhich vrrill be due and payable a�the Note's matur�ty. The ❑eed ❑�
<br /> Trus� alsa wifl secure payrnent af these amaunts. The rights pro�ided far in this pa�-agraph shalI �e in addition to any
<br /> other rights or any r�medies �v which Lender may be en��t�ed on accoun� o� any de�au�t. Any such action �y Lender
<br /> shai! not be canstrued as curing the default so as to bar Lender from any remedy tha�it❑therwise w�u�d ha�e had.
<br /> WAFiRANTY; DEFENSE QF T1TLE. The�allo�rv�ng provisions �eIating t❑ �wnership of the Praperty are a part❑f this �eed
<br /> a�Trus�:
<br /> Title. Trustvr warranfis that: �a� Trustor holds good and marketab[e title ❑fi record ta �h� Property in fee simpl�,
<br /> free and clear ofi al� iiens and encumhrances other than those se� �orth in the Real Praperty descriptian flr in any
<br /> �itle insurance palicy, t��le repar�, ar final �i�[e opinion issued in �avor o�� and accepted by, Lender in cvnnection
<br /> with this Deed o�Trust, and �b� Trustor has the�FuI� right, power, and au�hority tv execute and deIive�-this Deed of
<br /> Trus�t❑ Lender.
<br /> Defense of Ti�[e, Subje�� �a �he excepfiian in �he paragraph abo�e, Trustor warran�s and v+�i�� �Fflrever defend the
<br /> title �o the Praper�y against the �aw�ul �laims of aII persons. fn the event any actian vr pr�ceed�ng zs commenced
<br /> that ques�ions Trus�orTs t�tle ar the in�erest o�Trustee or Lender under this Deed ❑t Trust,Trusto�sha�� de�end the
<br /> activn at Trustar's expense. Trustor may be the nominal party in such praceeding� but Lender sha�� be enti�led tv
<br /> partie�pate in the proceeding and to be represented in fihe pra�eeding by counsel ❑f Lender's vwn chaice, and
<br /> Trustflr wi1I deli�er, or cause to �e deli�ered, to Lender suGh instrum�nts as Lender may request from time to time
<br /> tv perm�t such participa�ion.
<br /> Comp[iance �ith Laws. Trustor warrants that the Prop�rry and Trustar's use of the Property cvmplies with aff .
<br /> existing app�icable lavvs, ordinances, and reguiatians af ga�ernmental authflrities.
<br /> Sur�iWa� of Pramises. all promises, agreements, and statements Trus�ar has made �n this Deed o�f Trust sha��
<br /> survi�e�he executian and deli�ery of this ❑e�d of Trust, shall be can�inuing in nature and shaII remain in full fvrce
<br /> and effec�unt��such time as Trus�or's Indebtedness is paid in full.
<br /> C�NDEMNAT[DN, The fa��owing provisions relating ta condemnation proc�edings are a part❑�this Deed of Trust:
<br /> Proceedings. �f any proceeding in condemnation is filed, Trustor sha�I pr�mpt�y natify Lender in writing, and
<br /> Trustor sha�I promptIy take such steps as may be necessary to de�end the action and ob#ain the awardR Trustor
<br /> may be the namina� party�n such praceed�ng, bu� Lender shall i�e enti�led to participate in the proceeding and to be
<br /> represented �n the proceeding by �aunse� o� i�s awn choice, and Trustor will defiver or cause �❑ he delivered to
<br /> Lender such ins�ruments and documen�ation as may be requ�sted by Lender from time to time to permi� such
<br /> part�cipatian.
<br /> App�ication of Net Prviceeds. l�aII or any part of the Property is candemned by eminent domain proceedings ❑r by
<br /> any proceed�ng or purchase in lieu o�Gandemnativn, Lender may at its eiec�ion require that a[! or any porti�n o��he
<br /> net praceeds o� the av�rard be applied to the �ndebtedness o� the r�pair or restora�ian o� the Property. The net
<br /> pro�eeds o��he avvard shaIl mean the award after payment of aII reasanabie costs, expenses, and attorneys° fees
<br /> incurred by Trust�e❑r Lender in connection with the cvndemnat�on. �
<br /> 1MPQS1TIC]N �F TA�CES. FEES AND CHARGES 6Y Gt7VERNlIIIENTAL AUTHOR[T[FS. The following pro��sians re�ating
<br /> to go�ernmenta�taxes,fees and charges are a par�❑f this Deed af Trust:
<br /> Current Taxes, Fees and Charges. Upon request by Lende�-, Trustvr shalI execute such documents in addition ta
<br /> this Deed a�Trus� and take whate�e�other action �s requested hy Lender�❑ perfect and continue Lender's Iien on
<br /> . �he Rea! Property. Trustor shall reimburse Lender fvr al[ ta�ces, as described �e�a�r, together with all expenses
<br /> incurred in reca�-ding, perfec�ing ar cant�nuing �his �eed of Trust, including wi�haut [�mitation a�l taxes, fiees,
<br /> dacumentary s�ampsr and other charges for recarding❑r registering this Deed o�Trust.
<br /> Taxes. The fo�lov�ring shall consti�ute taxes tv which this secti�n app��es: ��� a spe�ific �ax upon this type vf
<br /> aeed ❑f Trust ❑r upan a�I ❑r any part a� tY�e l�deb�edness secured by this Deed o�Trust; ��7 a specific tax ❑n
<br /> Trustar v�rhich Trustar�s authorized or required to ded�set from payments on the Indeb�edness secUred by this type
<br /> a� Deed ❑�Trust; �3� a tax on this type af Deed o�Trust chargeable agains��he Lende��r the ho�der of�he N��e;
<br /> and �4} a specific tax an ali or any portivn of�he lndebtedness or on payments of principal and interest made by
<br /> Trus�or.
<br /> Subsequent Taxes. 1� any �ax to which this sec�ian appfies is enacted subsequent to the da�e of th�s Deed of
<br /> Trust, this event sha�� have the same efFect as an Event of Default; and Lender may exercise any or all af its
<br /> a�ailable remedies far an E�ent of Default as prv�ided beIow unless Trustar either ��� pays the tax before i�
<br /> hecvmes delinquent, or ��� contests �he�ax as pravided above in the Taxes and Liens secfiion and deposits with
<br /> Lender cash or a sufficient corporate sure�y bond or❑�he�r security satisfiactory fio Lender.
<br /> SECUR[TY AGREENiENT; FINANC�NG STATEIVIENTS. The follawing pro�isions re[ating �� �his Deed of Trust as a
<br /> securi�y agreemenfi are a part of�his Deed of Trust:
<br /> 5ecurity Agreement. This instrumen� shall �onstitute a Securi�y Agreemen� to �he extent any o� the Property
<br /> constitutes f�xtures, and Lender shali �a�e all o��he rights a� a secured party under�he Uni�orm Commerc�al Code
<br /> as amended ��om�ime tfl time.
<br /> Securi�y �nterest, Upan request by L�nder, Trustar sha�l �ake whate�er action �s reques�ed by Lender to perfect
<br /> and con�inue Lender`s s�curi�y interest�n the Persona! Prvperty. !n addit�an ta recarding this Deed o�Trus��n the
<br /> real property ��GL7�'CIS, Lender may, at any �ime and v►�i�haut further authvrization �rvm Trustor, �i�e execu�ed
<br /> counterparts, capies or repraductions ❑f �his ❑eed ofi Trust as a ��nancing s�atement. Trustor shal� reimburse
<br /> Lender for all expenses incur�-ed in per�ec�ing or Gon�inuing this s�curity interesfi. Upan de�auf�, Trusfior sha�� not
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