|
2� 17� 1283
<br /> DEED �F TF�UST
<br /> ��vntit�u�d} Pa�e 3
<br /> area, Trustor agrees fo obtain and mainfain Federal Flood 1nsu�ance, i� a�ailable, for the maximum amaunt of
<br /> Trustor's credit line and th��uII unpaid principal balance of any prior liens on�he property securing the Coan, up�o
<br />� �he maximum policy limits set under the Nationa! Flood lnsuranc� P�og�am, or as❑therwase required by Lender, and
<br />� to main�ain such insu�ance far the�erm of�he Ioan.
<br />;
<br />� Applicati�n �f Prviceeds. T�usfor shall promptly no�ify Lender of any loss or damage to the Property if �he
<br />� es�imated cost o�r�pair❑r replacement exceeds $'I,0��,��. Lender may make proo�o�loss if Trustor�ails to do
<br /> so wi�hin fifteen �15} days of�he casual�y. Whefher or no�Lender's securzty is impaired, Lende�may, a� Lender's
<br /> election, recei�e and �-etain the prace�ds o� any insurance and apply �he proceeds to the reduction of the
<br /> Indebtedness� payment af any lien a�Ffecting the Praperty, ar�he res�aration and r�pair of the Property, jf Lender
<br /> elects to apply �he proceeds to restoration and repair, Trustar sha11 repair or replace the damaged ❑r destroyed
<br /> 1mp�o�emen�s in a manner sa�isfactory�o L�nder. Lender shaIl, upon satisfact�ry proo-�of such expenditure, pay
<br /> ar r�imburse Trus�or from th� proceeds far the reasonable cos� of repair or restoration ifi Trustar is na� in d�fau��
<br /> under this Deed af T�us�. Any proceeds which ha�e nv� been disbursed within 'f 80 days after�heir �eceipt and
<br /> which Lender has no�cammitted �o the repair or restoration of the Praperty shall be used firs�to pay any amoun�
<br /> owing�o Lender und�r this Deed ❑�Trust, then to pay accrued interes�, and �he �emainder, i�any, shall be applied
<br /> to the principal balance of �he andebt�dness. I� Lender halds any proceeds after payment in full o� the
<br /> Indeb�edness, such proceeds shaII be paid to T�us�or as Trustor's in�eres�s may appear.
<br /> Camp�iance with Existing Indebtedness. During the period in whi�h any Existing Indebtedness described belaw is
<br /> in effec�, complianc� wi�h the insurance pro�isian$ cvntained in the instrument evidencing such Existing
<br /> Indebtedness shaIl consfi�u�e campliance with �he insurance pro�isions under this Deed of Trus�, �o the exfient
<br /> campliance wi�h �he terms of this Deed of Trust would constitute a duplication ❑f insurance requirement. !f any
<br /> proceeds �Fr�m the insurance become payable on loss, �he provisians in this Deed af Trus�far di�ision o� proceeds
<br /> shali apply❑nIy to that portion�f the praceeds no�payable t❑�he hoIder of the Exis�ing Indebtedness,
<br /> LENDER'S EXPENDITURES. lf Trusto� fails �A} �o f�eep the Pr�perty free of a1! �axes, liens� securi�y interests,
<br /> encumbrances� and ofher claims, �B} to prorride any required insuran�e on the Praperty� {C} to make repairs �o the
<br /> Property or to comply wifh any obligation to maintain Existing Endeb�edness zn good standing as required belaw, �hen
<br /> L�nder may do so. jfi any a�tion or proceeding is commenced that would materially aff�ct Lender's interests in the
<br /> Property, then Lende� on Trusfor's behaIf may, but is nat required �a, take any action that Lender belie�es to be
<br /> appropriate fo p�o�ec� Lender`s interests, AII expenses incurr�d ar paid by Lender for such pu�poses will then bear
<br /> in�erest at �he rate charged under �he Gr�dit Agreemen� fram the date "rncurred ❑r paid by Lender to -�he da�e of
<br /> repayment by Trustvr. Ail such expenses wiII become a part o�the Indeb�edness and, at Lender's option. wil� �A} be
<br /> payable ❑n demand; �g} be added �❑ the ba�ance of�he Cr-edi�Agreement and be appvrtioned amang and be payable
<br /> with any ins�aIIment payments fi❑ became due during either {'I} the�erm of any applicab�e insut-ance pa�icy* or �2) �he
<br /> remaining term ofi the Cred�t Agreement; or �C} be treated as a ballnan paymen�which wiI1 be due and payable a�the
<br /> Credit Agreement's ma�urity. The Deed of Trus�aCso wiII secut-e paymen�of these amoun�s. The rights pro�ided for in
<br /> this paragraph shalI be in addition �o any other rights or any remedies t� which Lender may be enfifled on accoun� ❑fi
<br /> any default. Any suGh action by Lender shall not be construed as curing �he default so as �o bar- Lender from any
<br /> remedy tha�i�ofherwise would harre had,
<br /> WARRANTY; DEFENSE DF TITLE. The�ollawing pro�isions relating�a ownership o��he Property are a part ot this �eed
<br /> of T�ust:
<br /> Title. T�-ustor warrants �hat: {a} Trusfar halds gaad and ma�-ketable title vf record ta �he Property in �ee simple,
<br /> free and clear of aI� Ii�ns and encumb�-ances o�h�r �han those s�� farth in th� Real Property description or in the
<br /> Existing Indebtedness section below or in any�itle insurance policyr�itle r�eport, o�finaC�it�e apinion issued in fa�o�
<br /> o�, and accep�ed by, Lender in cannection with fhis Deed a�F Trust, and {b� Trusto� has the full right, powe�, and
<br /> autharity to exe�u�e and delR�er this Deed ofi Trust to Lendero
<br /> ❑efense ❑f Title. Subject to �he ex�ep�ion in the paragraph abo�e, Trus�or warrants and wiIl fa�-e�er defend the
<br /> �i��e�o the Praperty against the lawful claims af all persons. In�he e�en�any action or proceeding is commenced
<br /> tha�que��ions Trustar's�Rt�e or the interest❑�T�ustee or Lender unde�this Deed af Trust,Trustor sha!! defend the
<br /> action at Trusto��s expense. Trustor may be the nominal party in such proceeding, but Lender shall be entitCed t❑
<br /> participa�e in #he proceeding and �o be represented in the proceeding by counseI o� Lender's own choice, and
<br /> Trustor wiII deli�e�, o�cause to be d�Ii�e��d,to Lender su�h instruments as Lender may request from time to time
<br /> t� permit such participa�ion.
<br /> Comp�iance Wrth Laws. T�-ustor warrants �ha� the Property and Trus�or's use o� the Property �omplies with aij
<br /> existing applicable Iaws,ordinan�es, and r�guIa�ians of g��ernmental authorities.
<br /> 5ur�i�a1 of Prvmises. All promises, agreements, and s�atements Trustar has made in �his Deed vf Trust shall
<br /> sur�i�e the execu�ion and deli��ry af�his Deed ot Trus�, shaIl be continuing in nature and shaII remain in#uII forGe
<br /> and effect untiI such�ime as Trustor's lndehtedness is paid in fuIl.
<br /> E�CfSTING lNDEBTEDNE55. The following pro�isions conce�ning Existing Indeb�edn�ss are a part of this Deed of Trust:
<br /> Exis�ing Lien. The lien o� this Deed o� Trus� securing the Indeb�edness may b� secandary and inferior to an
<br /> existing Iien. Trustor expressly co�enants and agrees to pay, ar see�o�he payment af, the E�cistzng Indebtedness
<br /> and ta pre�ent any default on such indeb��dness, any defaul�under the inst�umen�s e�idencing such indeb�edness,
<br /> or any de�au�t under any security dacuments for such indebtedness.
<br /> Nv Mvdifi�ation. Trustor shall not en�er xnto any agreemen� with the holder of any morfgage, deed of trust, or
<br /> o�her security agreement which has priarity o�e�- this Deed of Trust by which �hat agreemen� is modified,
<br /> amended, ex�ended, or renewed withou� the prio� writ�en consent o� Lender. Trus�or shall neith�r request nar
<br /> accep�any future ad�ances under any su�h secu�ity a�reement wi�hout the priar written c�nsen�❑f Lender,
<br /> CONDEMNATI�N. The foIIowing p�-o�isions refating�o condemnation proceedings are a part ofi this ❑eed o�Trus�:
<br /> Prviceedings. If any proceeding in condemnation is filed, Trustar shall prvmp�Iy no�ity Lende� in writing, and
<br /> Trustor shaIl promptIy take such sfeps as may be necessary to defend the ac�ion and obtain the award, Trustor
<br /> may be the nominaI parky in such proceeding, but Lender shaII be entit�ed to participate in�he proc�eding and t❑ b�
<br /> represented in the proceeding by counsel ofi its own choice, and Trus�or will deIi�er or cause to be delivered to
<br /> Lender such instrum�n�s and documentation as may be requested by Lender from time tv time to permit such
<br /> participatzon.
<br /> AppIication af Net Proceeds. !�a�� o�any part a�the Praperty is candemned by �minent domain praceedings or by
<br /> any pro�eeding or purchase in lieu v�condemnationr Lender may at its�lection require tha�all or any port�vn o�the
<br /> ne� praceeds of the award be applied �❑ �he Indebtedness ❑r�he repair or restoratian o# the Praperty, The net
<br /> praceeds of�he award sharl mean the award after paymen� of a!I r-easonak�le costs, �xpenses, and attorneys' �ees
<br /> incurred by Trustee or Lender in connection with the condemnation,
<br /> IMPOSITCDN DF TAXES. FEES AND CHARGES BY �OVERNMENTAL AUTH�RITIES. The following pro�isions retating
<br /> t� g��ernmental taxes,fees and charges are a part of�his �eed o�F Trust:
<br /> Current Taxes� Fees and Charges. Upon reques� by Lender, T�ustor shall execute such documents in addi�ion to
<br /> this �eed af T�ust and take wha�er�er other actian is requested by Lender to per�ect and continue Lender's lien vn
<br /> �he Real Property. Trustor shaII reimburse Lender for aII �axes, as described belowr tog�ther with a1I expenses
<br /> � .
<br /> �
<br />� ,
<br />; �
<br />
|