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2� 17� 1341
<br /> aEED �F TRUST
<br /> Lvan No: 1 D�3�29�9 {C�ntinued� Page 4
<br /> the praceeds t❑ �he reductivn �� �he Ind�htedness, payment ❑f any lien affecting fihe Praperty, or the restarativn
<br /> and repair vf the Proper�y. lf Lender ele�ts t� appfy th� praceeds ta res�orativn and r�pair, Trusto�-shall repair or
<br /> rep[ace the damaged ❑r destroyed Impra�ements in a manner satistactory �❑ Lender. Lender shal�, upvn
<br /> satis�act�ry pr�af ❑f such expenditur�, pay ar reimburs� Trus�ar trom the prviceeds far �he reasonahle cost of
<br /> repair or restoration if Trustor �s not �n defiau�t under this Deed ❑f Trust. Any proceeds whi�h ha�e nat been
<br /> disburs�d wi�hin �8� days after their receip� and which Lender has nvt committed to the �epair or restaration vf
<br /> the Prap�rty sha[f be used first ta pay any amount❑wing to Lender under this ❑eed of Trust, then �o pay acc�ued
<br /> interest. and the remainder� if any, sha[[ b� applied to the principal balance af the �nde�tedness. �f Lender halds
<br /> any proceeds after payment in full ❑� th� lndebtedness, such proceeds sha11 be paid tn Trustor as Trusfior's
<br /> interests may appear.
<br /> Campiiance with Existin� Indebtedness. �uring the periad in ►rvhich any Existing lndebtedness described below is
<br /> En e��ec�, compiiance with �he insurance pro�isions contained in the �nstrumen� evidenc�ng such Existing
<br /> Indebtedness shali cvns�itute compliance with the insuranc� pra�isions under thEs Deed ❑f Trust, ta the ex�ent
<br /> compliance with the �erms �f this aeed of Trust waufd canstitute a duplication af insurance requirement. l� any
<br /> p�oceeds from the insurance become payable ❑n loss, the pro�isions in this Deed o#Trus�for di�isian af p�oceeds
<br /> shall apply anly tv that pvr�ion of the proceeds nat payable t❑the h��der❑�the Ex�sfing Indeb�edn�ss. '
<br /> Trus#or's Repflrt vn insurance. Up�n request of Lend�r, howe�er nat mor�than once a year, Trustvr shal[ furnish
<br /> t❑ Lender a report on each existing policy of insuran�e sh�wEng: �1 y �he nam� ot the insurer; �2� the risks
<br /> insured; �3} the amount of the palicy; �4} the property insured� the then current rep[acement �alue of such
<br /> proper�y, and the manner o�F determining that�a[u�; and �5} fh� expiratian date of the po[icy. Trustar shall, upon
<br /> request❑�Lender, ha�e an independent appraEser satistactory to Lender determine the cash vafue replacement cvst
<br /> af the Pr�p�rty.
<br /> LENDER'S E�CPENDITURES. [f any action or prviceeding is commenced that wouEd materia[Iy affect Lender's interes� in
<br /> the Praperty ar if Trustor fails ta camply wi#h any pro�ision of this Deed ❑f Trust o� any ReEated ❑ocum�nts, inc[uding
<br /> bu� not limited �❑ Trustar's failure ta comp[y with any obliga#ion to maintain Existing lndebtedness in gaad s�anding as
<br /> required below, ar t�discharge❑r pay when due any amoun�s Trustor is required to discharge❑r pay under this ❑eed o�
<br /> Trus� or any Reiated Documents, Lender vn Trus�ar's behal# may {hu� shall not be obliga�ed ta� �ake any actian that
<br /> Lender deems appropriate, inciuding but not �imited fio discharging or paying all taxes, �iens, s�curi�y interests,
<br /> encumbrances and other �laims, at any time le�ied vr p[aced on the Property and paying all costs far insurEng,
<br /> maintaining and preser�ing the Pr�perty. A[[ such expenditu�es incurred or paid by Lender far such purposes will �hen
<br /> bear interest at the rate charged under the Na�e from the date incurred or paid by Lender to the date ❑f repayment by
<br /> Trustor. All such expenses wiEl become a part of the lndebtedness and, a� Lender's option, wi[[ �A} be payable on
<br /> demand; �B� be added to the �alan�e �� the Nofie and be apportioned among and be payable with any insta[[ment
<br /> payments to taecome due during either {'�� th� term of any app[icab[e insurance po�icy; or �2� the remaining term o�
<br /> the Note; or �C} b� trea�ed as a balloon paymen't which will b� due and payable at the No�e`s ma�urity. The Deed of
<br /> Trust a[so will secure payment afi thes� amounts. Such right shal[ be in addi�ion t❑ a[[ other rights and remedies to
<br /> which Lender may be enti�led upon Default.
<br /> WARRANTY; DEFENSE�F T1TLE. The�o[lvwing pro�isians re[ating to ownership❑t the Property are a part vt this Deed
<br /> of Trust:
<br /> Titie. Trustar warrants that: �a} Trustor holds govd and marke�able tEtfe o� record ta the Property in �ee s�mple,
<br /> firee and cEear af aIl liens and encumbrances ❑ther t1�an those set �orth in the Real Praperty description or in �khe
<br /> Existing lndebtedness section below ❑r in any tit�e insuran�e palicy, title report, ❑r final tit[e opinion issued in�a�ar
<br /> o�f, and ac�epted by, Lender in connecfiion with this Deed af Trust, and {b� Trustor has the full right, power, and
<br /> authority to execute and de[i�er this Deed vf Trust t❑ Lender.
<br /> ❑e�ense of T�tEe. Subject ta the exc�ption in �he paragraph aba��, Trustar warrants and will fore�er defend the
<br /> title to the Property against the lawful c[aims a�ail persons. [n the e�ent any acti�n ❑r p�oceeding is commenced
<br /> that questions Trustar's title or ths in�eres�of Trustee or Lender under this Deed o�Trust, Trustor sha[[ detend the
<br /> action at Trustor's expense. Trus�or may be the nomina[ party in such proceeding� but Lender sha[[ be entitled ta
<br /> participate in the pr�ceeding and tn be represented in the proceeding hy cvunsel of Lender's own chaice, and
<br /> Trustor will de[i�er, or caus�to be deli�ered, ta Lender such instruments as Lender may request fram time to time
<br /> �o permit such parti�ipativn.
<br /> CompIiance Wi#h Laws. Trustor warran�s that fihe Property and Trustor's use a� �the Property camplies with a[I
<br /> existing appiicable laws, ❑rdinances, and regulations ❑f gv�ernmental au�horities.
<br /> Su��i�ai vf Representa�ions and Vlrarran#ies. A[[ representations, warranties, and a��eemen�s made by Trustvr in
<br /> this C]eed ❑f Trust shall sur�i�e the execution and de[i�ery of�his ❑eed o#T�ust, sha�l be continuing �n nature, and
<br /> sha[[ rema�n in full force and effect unti[such time as Trustor's �ndeb�edness shal[ be paid in full.
<br /> EXISTING INDEBTEDNESS. The following pr��isians cancerning Existing Endebtedness are a part❑#this Deed o�Trust:
<br /> Existing Lien. The lien of this D�ed af Trust securing the lndebtedness may be secondary and in�erior to an
<br /> existing Eien. Trustor expressly c�venan�s and agrees �v pay, or see to the payment v�. fhe Existing fndebtedness
<br /> and to pr���n#any defaul�on such indebtedness, any de�au[t under the instruments �videncing such indebtedness,
<br /> or any default under any securifiy documents for such indebfiedness.
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