201701396 - Laserfiche WebLink

Browse

2� 17� 139� �EED DF TRUST �Cvnt�r�u�d} Page 3 coverage endorsemen�s fln a repIacemen� basis for the fuII insurabie �alue ca�ering all fmprovements ❑n the ReaC Property in an amount sufficient to a�oid appIication of any coinsurance c�ause, and with a standard mortgagee Gjause in�avor of Lender,tagether wi�h such a�her hazard and fiability insurance as Lender may reasanably require, Policies shaIl be writren in �arm{ amountsr co�erages and basis reasonably acceptahle to Lender and issued by a company or companies reasonably accep�ab�e to Lender. Trusfarr upon reques� of Lender, wiii deli�er�o Lender from�ime�o time�the po�icies or��rtificates of insuran�e in form sa�is�actory t❑ Lenderr incIuding stipulations that Ga�erages wiff nat be cancelied ar diminrsi�ed wi�hou�a�ieasf thirty {3�} days p�ior written notiae to Lender. Each insurance policy aIs❑ shall incIude an end�rsem�n� pro�iding tha� Ga��rage in�avar ❑f Lender w�jI not be impair�d in any way by any act, am"rssian or defau�t of Trus�o�-❑r any ather person. Shaujd�he ReaI Property be Iocaf�d in an area designat�d by fhe Administra�or- ot the Federa� EmergenGy Management Agency as a$pecial flood hazard area� Tru�tar agrees to obtain and maintain Federal F�ood Insurancer i�F a�aiiab�ef for ��e maximum amount vf Sorrawer's �redi�line and the fu�I unpaid principa� balance of any prior liens an the property se�uring the Ioan, up t❑the maximum policy limits set under fhe Nationai FIood In�u�an�e Pragram, nr as ��herw'rse required by Lenderr and�o maintain such insurance for the term of the iaan. Application af ProGeeds. Trustor shall promRtly natify Lender ❑�F any �a�s ar damage t❑ �the Praperty if the es�ima�ed cost of repair or repIacement exGesds $1,000.�D. Lender may make proof❑f Ioss i�Trus�or fails to da so wifhin�Fif�een {'�� days ❑f the casua��y. Whether❑r no�Lender`s security is impaired, Lender may, at Lender's election, recei�e and retain the proceeds of any insuran�e and appCy the praceeds �❑ the reduction of�the Indebtedness, payment o�any iien affecting �he Prvperty, ar�he restor-afian and repair ❑�the Propert�. i�F Lender eleGts �v apply the proceeds to restoratian and repair, Trustor shali �repai� or repIac� the damaged or des�royed xmpro�emen�s in a manner sa�isfac�ory t❑ Lender. Lender�shaii, upon satisfac�or-y praaf❑f such expendifure, pay or reimbur-se Trus�or from the pr-oceeds for�he reasonable cos� ❑f repair or restora�ian i#Trus�or i� not in default under this �eed ofi Trust. Any proceeds wh��h ha�e nat been disbursed within �HD days after their receip� and which Lender has nof cammitted tfl the repair or res�oration a�the Property shall be used first t❑ pay any amount vwing�o Lender under this ❑eed of Trust,then�❑ pay accrued in�erest, and fhe remaind�� if anyr shaII be applied �a the principal balance ❑f the indeb�fedness. if Lender ha�d$ any proceeds after payment in �ull o� �he Indebtedness,such proceed�shafl be paid fo Trustor as Trustot-'s interests may a�ppear, Complian�e with Existing Indebtedness. During �the period in which any Exis�ing Indeb�edness described below is �n effec�r cvmpliance wzth the insu�ance pro�is�ons contained in the instrument e�idencing suGh Existing lndebtedness shaII constifiu�e com,pliance wl�h �he insurance pro�lsivns under this Deed ❑f Trus�, to the ex�ent campjiance wi�h �he terms ot this Deed of Trust would consfitute a duplicatian o� in�urance requirement. if any pro�eeds fram�he insurance becvme payable on Ioss� the provis�ons in�his Deed o�Trust far div�szan af proceeds shaii apply only t❑�hat partion of�he praceeds not payable to�he hvId�r of the Existing lndeb�edness. LENDER'S FXPENi7�TURES. I� Trustor faits �A� to keep the Property �ree ❑� a�l taxes, �i�ns, security �nterests, encumbrances, and ❑ther claims, (B} to p�o�id� any required insurance on the Property, (�} �o make repairs �C❑ the Properry ❑r�o comply with any obiigation t❑ maintain Existing Indebtedness in good standrng as required be�aw, �hen Lender may dv so. lf any ac�ion �r proaeeding is commenc�d �hat would materially affec� Lender�s in�erests in the Praperty� then Lender on T�ustor's bet�al� may. bu� is no� �equired �o, take any ac��or� that Lender �el�eWes �t❑ I�e appropria�e �o pra�ect Lender's interests. All expenses �ncurred or paid by Lender for such purpases will then bear in�eres� at �he rafe charged under the Credit Agreement �rom �h� da�e incurred ❑r paid by Lender �o the date of r�paymen�by Trust�r. AII such expenses wiII be�ame a part❑��he indebtedness and� a� Lender�s option, will tA} be payable ❑n d�rr�and; �S} be adr�ed to �he balance of the Credit Agreemen�and be apportioned am�n� and be pa�able with any instaIIment payments to be�ome due during esther �'I} the term o�any appIxaable insurance policyr or �2} fhe remaining term o�the Cred�t Agrserr�ent� ar �C} be trea�ed as a balIaon payment whrch will k�e due and payable at the Credit Agreement's maturity. The De�d ❑�F Trust also wilI secure payment o�these amounts. The righ�s pro�ided�or in this �ara�raph sha�l be in addFtion �o any o�her righ�s ❑r any remedies�fl which Lende� may be entitled on accvunt of any de�ault. Any such action by Lender shalI no� be �on�trued as Guring the defauIt so as t❑ bar Lender from any remedy tha�i�oth�rwise wauId ha�e had, 1NARRANTY; DEFENSE�F TITLE. The fvl�owing pro�isivns relating to ownership vf�he Prvp�rty are a part o�this Deed af Trus�: T�f�e. Trus�or warrants �ha�t: {a} Trustor halds �aad and marketabje�itle o-F record to the Praper�y in f�� simple, �ree and cIear of all �iens and encumbran�es ❑ther�han those sefi�or-�h in �he ReaI Property description ❑r in fhe Existing lndebtedness section below ❑r in any�itle insuranae pvlicy,tit�e report, ❑r final title opinion issued in fa�or Q-F, and accepted by, Lender �n conn�ction with this Deed ❑�Trust, and (b} Trustor has the �ul! right� power, and aufhori�y�o execu�e and deli�er�h�s Deed of Tt'us�to Lender. Defense �f Titie. 5ubject�o the exception in the paragraph abo�e, Tru�tor warrants and wil! �ore�er defend the title tv �he Prope�ty aga�nst the �a�nrfu� claims of aII persons. In the event any action or praceeding is comm�need �that ques�ions Trustor�s titIe ar the interest o�Trustee or Lende�-under fhis ❑eed ❑f Trust�Trustor sh�Il defend the action at Trus�ar's expens�. Trustor may be�he nominal party in such prviceeding, but Lender shall be entifled �v participa�� in the prvcseding and �o be repr�sented in the proceeding by counseI vf Lender's vwn choice� and Trustar witt deli�er, or cac�se to be �ieIi�ered, to Lendet�such instr�uments as Lend�r may t-equest�rom time to�ime ta permit s�ch participation. �flmpIiance Wrth Laws. Trustor warrants fha�the Property and Trus�ar�s use of the Property co�np�ies with aIl exis��ng applicable�aws, ordinances, and r�gula�ivns of go�ernmental authorities. �urvivaI af Pramises. AiI prvr-r�isesr agreement�, and s�atements Trus��r has made �n this �eed of Trust shali survi�e the execu�ion and deli�ery of this Deed af T�ust,shaII b� cantinuing in na�ure and shaII remain in fuil�orce and efFect un�iI such fime as Bo�-rower's �ndebtedness is paid in full. EXISTi�CG [NDEBTEDNESS. The�ollowing p�o��sions cancerning Ex�sting Indebtedness are a part afi��is C�eed of Trust: Existing Lien. The lien ❑f this ❑eed of Trust securing the Indeb�edness may be secondary and Fnferior- �o an exis�ing lien. Tr-usfor expressly co�enants and �grees to payr or see to the payment o�, �h� �xisting Indebtedness and tv preve�f any defa�rlt on such indebtedness, any default under the instruments e�idencing such indebtedness, or any d�fault under any se�urity documents�or su�h indebtedne�s. No Madi�Fcation. Trusfior shaII nafi en#er info any ag��emen� with �he holder ❑f any martgage� deed ❑�trus�� or o�her security agre�ment whi�h has priority over this Deed o� Trust by which that agreement is modified, amended� extended, or r�newed witf�out th� prior written consent o�F Lender. Trust�r shaII neither request nar accept any future ad�an�es under at�y such secur�ty agreement withou�the pri�r written cvnsen�❑�L�nder. G�NDEMNATI�N. The fallawing pro�isions rela�ing to condemnation proceedings a�e a part af this �eed a�T�-ust: Praceedings. �f any proceeding in condemnatian is fi�ed, Trustar sha�� pr-o�t-ipt�� n�t�fy Lende�- in rrv�3��ngf and Trus�or shall pramptIy take such steps as may be ne�essary�Co defend th� acfian and ab�ain �he award. Trustor may be�he n�minal party in such proc�eding, bu�Lender-shall be enti�Ied�o participa�e in the proceeding and t❑ be represented in the proceeding by �ounseI of its own choi�e, and Trustor w�[I de�i�e�- ar cause fio be deIivered ta Lende� such instruments and dv�Umentation as ma�r be requested by Lender- from time t❑ time �❑ permx� such participatzon. AppIica#ion ❑f tVet Pra�eeds. I�all ar any part of�he Praperty is condemned by�m`tnent domain praceedings or�by