|
2� 17� 1315
<br /> DEED �F TRUST
<br /> [Continued} Page 3
<br /> aGts, in addition to those a�ts set�orth ab��e in this section,whi�h from the cha�-ac��r and use o�the P�oper�y ar�
<br /> reasonably necessary t�pro�ec�and p�esen�e the Property.
<br /> TAXES AND L1ENS, The fallowing prav�sions reiating �v the taxes and liens on the Property are part of this Deed of
<br /> Trus#;
<br /> Payment. Trustor shal� pay when due �and �n al�e�ents prior to delinquency}a!I taxes, special taxes, assessmen�s,
<br /> charges �including wa�er and sewer}, fines and imp�s�tions levied aga�ns�or an ac�ount of�he Property, and shall
<br /> pay when due all claims for work done vn or for services rendsred ��- material furnished to �he Property. Trustor
<br /> shall main�ain the Properky free Qf afl I�ens ha�ing pr�ority o�er or equa�tfl the interest of Lende�under this Deed of
<br /> Trust, except far the lien of �ax�s and assessments not due, except for the Ex�s�ing [ndebtedness referr�d ta
<br /> below, and�xcept as otherwise pro�ided in this ❑eed of Trus�.
<br /> Right to Gvntes#. Trustor may withhvld payment of any�ax, assessment, or claim in connection w�fh a good faith
<br /> dispute ��er the obligation '�o pay, so long as Lender's interes�in the Property is not j�opardized. If a lien arises or-
<br /> is filed as a resu�t of nonpaymen�, Trus�or sha(I wi�hin fifte�n �'��} days after the lien a�ises or, if a I�en is f�ed,
<br /> wi�hin �ifteen �1�} days after Trustor has notice of �he filing, secure the discharge of the li�n, ar i� requested by
<br /> Lender, deposit wi�h Lender cash or a sufiF�cient corparate surety bond or o�h�r securi�y satis�actory ta Lender in an
<br /> am�unt suffic�ent�o discharge the �ien plus any costs and at�arneys'f�es, or oth�r charges that could accrue as a
<br /> resul�of a foreclosure or sale under the lien. In any�ontest, Trustor shall de�end its�lf and Lender and sha�l satisfy
<br /> any ad�erse judgmen#before enforcement against the Properky. Trustor sha�l name Lender as an additional obligee
<br /> under any surety band furnished in the con�est proceedings.
<br /> E��d�nce of Paymenf. Trustor sha11 upon demand furnish tv Lender sat�sfacfiory evidence of paymen�o�the taxes
<br /> o�assessments and shall au�harize the appropria�e go�ernmen�al official ta deli�er to Lender at any time a wri��ten
<br /> s�atement of the taxes and assessments against the Property.
<br /> Notice ofi Construc�ion. Trustor shall no�ify Lender at least f�fteen �'!5} days before any w�rk is cammenced, any
<br /> services are furnished, ar any mat�riafs are supplied tfl �he Property, �f any mechaniG's 1ien, materia�men's lien, or
<br /> other lien could be asse�ted on account o�the work, services, or ma�erials. Trus�or will upon reques� of Lender
<br /> furnish t� Lend�r ad�an�e assurances sat�sfactory to Lender tha� Trustv� can and wtll pay the cost of such
<br /> impro�ements.
<br /> PR�PERTY DAMAGE INSLIRANCE. The follow�ng pra�isions rela��ng to insuring #he Property are a part of this fleed a�
<br /> Trust.
<br /> Maintenance of insurance. Trustor shall procure and main�ain pal��ies of fr�� insurance wi�h standa�-d extended
<br /> co�erage endorserr�ents on a replacement bas�s for the fu1! �nsurable Walue co�er�ng aIl [mpro�ements on the Real
<br /> Property in an amoun# suffi�ient to a�a�d appl�cation of any coinsurance clause, and with a standard mortgage�
<br /> claus� in fa�ar o�Lender, together wi�h such other hazard and liability insurance as Lender may reasonably require.
<br /> Poiicies shall be written in form, amounts, co�erages and basis reasonably acceptable tv Lender and issued by a
<br /> campany or companies reasanably accep�ab�e tv Lender. Trustor, upon reques� o� Lender, will deli�er to Lender
<br /> from time to time the policies or certif�cates o�insuran�e in form sa�isfactary�o Lender, includ�ng s�ipulations that
<br /> co�erages will not be cancelled or diminished without at least ten �'[�� days prior wri�ten notice ta Lender. Each
<br /> insurance policy a�so sha�l in�lude an endors�ment pra�iding that ca�erage in �a�or af Lender wi�l not be impaired
<br /> in any way by any act, omiss�an or defauIt o�Trustar or any other person. Should the Real Prap�rty be loca�ed in
<br /> an area designated by the Administrator of the Federal Emergency Management Agency as a specia! flaod hazard
<br /> a�-ea, Trustor agrees tfl obtain and maintain Federal Flood Insurance, �f a�a�lab�e, for the maximum amount of
<br /> Trust�r`s credi�line and the�u�� unpaid prin�ipal balance of any prio�liens on the proper�y securing the loan, up to
<br /> the max�mum poii�y limi�s se#under the National Flood �nsurance Program, or as othenrvise requir�d by Lender, and
<br /> to maintain such insurance for�he term of the loan.
<br /> Applicafion a�'Proceeds. Trustar shal� promptly notify Lender❑f any loss or damage tv�he Property. Lende�-may
<br /> make proof of loss if Trustor fails �� do so wi�hin fifteen �15} days of the casual�y. �lUhether or not Lender's
<br /> secur�ty is impaired, Lender may, at Lender's efection, re�e��e and retain the pr�ceeds o�any insuran�e and apply
<br /> the proce�ds �o the reduction of the Indebtedness, payment vf any [ien af�ecting the Property, or the restoration
<br /> and repair of�he P�-operky. If Lender elects t� app[y the proceeds tv resfaration and repair�, Trustor shall repair or
<br /> rep�ace the damaged or destroyed Impro�ements in a manner satis�actory to Lender. L�nder sha�I, upon
<br /> sat�sfactory praof of such expend�ture, pay or re�mburse Trustor from the proceeds for the reasonable cos� of
<br /> repair or r�storat�on if Trus�or is not �n default under this ❑eed of Trus#. Any proceeds whi�h ha�e not been
<br /> disbursed within '180 days after#heir rece�pt and whieh Lend�r has not commi��ed to the repai�or restora#ian af
<br /> th� Property sha�l be used first tv pay any amount ow�ng �o Lender under�his Deed of Trust, fhen to pay ac�rued
<br /> interest, and the remainder, if any, shal( be appiied tv the principal balance ofi the indebt�dness. ]f Lender ha�ds
<br /> any proceeds after payment in fulf vf �he Indeb�edness, such proceeds shali be paid �o Trustor as Trustor's
<br /> �nterests may appear,
<br /> �ompliance w�th Exisfing Ind�bt�dness. Quring the period in which any Existing Indebtedness described beIow is
<br /> in effec�, compliance with the insurance provisions conta�ned in the instrument e�idencing such Ex�sting
<br /> lndebtedness sha�l constitute comp�iance with �he �nsurance pro�isions under this ❑eed af Trust, t❑ �he extent
<br /> complianc� �vith the �erms c�f this �eed �f Tr��t �v��a�d ��n��it��� � du�li�ation �f insurance requirement. ff any
<br /> proceeds�rom �he insu�ance become payable on loss, the pro�isions in this C�eed o�f Trust for di�ision o�proceeds
<br />
|