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2� 17� 1599
<br /> DEED �F TF�UST
<br /> ��ontinu�d� Page 3
<br /> or assessmsnts and shail authorize the appropriate go��rnmental afficial to deli�er tv Lsnder at any time a written
<br /> statement af the taxes and assessments against the Property.
<br /> Notica vf Cvnstruc#ion. Trustor shall no#i#y Lender a# least fifteen �15f days before any work is commenced. any
<br /> ser�ices are furnished, or any materials are suppli�d tv the Property, if any mechanic's lien. materialmen's lien. or
<br /> vther lien could be asserted on accvunt of the work, ser�ices, or materials. Trustvr will upvn request of Lender
<br /> �urnish to Lender ad�ance assurances satisfactvey to Lender that Trustar can and wil! pay the cost ❑f such
<br /> imprv�ements.
<br /> PR�PERTY DANlAGE INSURAN�E. The #ollowing pro�isions relating tv insuring the Property are a part o#this De�d of
<br /> Trust.
<br /> M�intenence of �nsurance. Trustor shall procure and maintain po�icies of fire fnsuranc� with standard ext�nded
<br /> ca�erage endorsements on a replacement basis fo� the fuEl insurable �alue �o�ering all fmprv�ements an the Real
<br /> Property in an amaunt sufficient to a►►oid application o� any �oinsurance clause. and w�th a standard martgagee
<br /> claus� in fa�or af Lender. Trustor shall a�so procure and maintain comprehensi�e genera! liahility insurance in such
<br /> �overage amounts as Lender may request with Trustee and Lender being nam�d as additional insureds in such
<br /> liabi�ity insurance policies. Additivnally. Trustor shall maintain such other insurance, including hut not limited tv
<br /> hazard, business interruption, and bviler insurance, as Lender may reasonably require. P�licies shall bs written in
<br /> form, amounts. co�erages and basis reasonably acceptable to Lender and issued by a company vr companies
<br /> reasanably acceptable to LQnder. Trustor. upon request ❑f Lender, will deli►►er to Lender fram time to time the
<br /> pvlicies or certificates of insuranc� in form satisfactvey to Lender, in�luding stipulations that ca�erages will not be
<br /> canceiled ❑r diminished withaut at least thi�ty �3�y days prior written notice ta Lender. Each insurance policy also
<br /> shall in�lude an endorsement pra�iding that�o�erage in fa�or af Lend�r will n�t be impaired in any way by any act,
<br /> omission or default vf Trustar or any other person. 5hauld the Rea� Praperty be iocated in an area designated by
<br /> the Administrator of the Federal Emergency Management Agency as a spec�al flood hazard area, Trustor agrees to
<br /> vbtain and maintain F�deral Ffood Insurance, i# a�ailable, within 45 days after notice is gi�en hy Lender that the
<br /> Property is Iacat�d in a specia##Ivvd hazard area. fior the full unpaid principal balance of the Ioan and any priar liens
<br /> on the property securing the loan, up t�the maximum policy limits s�t under th� Natianal Flvod Insurance Program.
<br /> ❑r as o�herwise required by Lender. and to maintain such insu�ance for the term o#the loan..
<br /> Application o�Prn�eads. Trust�r shall promptly notify Lender of any Ivss or damage t❑ the Property. Lender may
<br /> make proof af loss if Trustvr fails t� do s� within fifteen �15f days of the casua�ty. Whether or not Lender`s
<br /> security is impaired, Lender may, at Lender's election� re�ei�e and re�ain the prviceeds ofi any insurance and apply
<br /> the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Prop�rty, or the restoration
<br /> and repair ❑f the Property. �f Lender elects to app�y the proceeds to restvration and repair, Trustor shai! repair or
<br /> replace the dam�ged �r destrayed Impro�ements in a manner satis#actory to Lendsr. Lender shall. upon
<br /> satisfactory proo� vf such expenditure, pay or reimburse Trustor from the praceeds for the reasonable �ost of
<br /> repair or rest�rativn i� Trustor is not in default under this Deed ❑f Trust. Any proceeds which ha�e not been
<br /> dishursed within 18� days after their receipt and which Lender has not cvmmitted to the r�pair ar restoration of
<br /> the Proper#y shall be used first t❑ pay any amount ow�ng to Lender under this Deed of Trust, then to pay accrued
<br /> �nterest. and the remaindert if any� shal! be applied to the prin��pal balance v# the Indebtedness. If Lender ha�ds
<br /> any pr�ceeds after payment in fuli of the Indehtedness, such procesds shall be paid to Trustor as Trustor's
<br /> interests may appear.
<br /> Trustor's Report on Insur�n�e. Upan request of Lender, h�we�er not more than once a year, Trustar shall furnish
<br /> to L�nder a report on each existing policy af insurance shawing: �1 y the name of the insurer; �2� the risks
<br /> insured; �3� the amount of the poltcy; {4y the property insured, the then current replacement �alue of such
<br /> property, and ths manner of determin�ng that�a�ue; and t5� the expiration date of th� pali�y. Trustar shall. upvn
<br /> request af Lender, ha�e an independent appraiser satisfactary to Lender determine the cash�alue replacement cost
<br /> of the P�operty.
<br /> LENDER'S EXPENDITURES. 1f any action or proceeding is cvmmenced that wvuld materially affect Lender's interest in
<br /> the Property or if Trus#vr fails to comply with any pro�is�an ❑f this Deed of Trust or any Related �vGuments, including
<br /> but not limited to Trust�r's failure tv discha�ge ar pay when due any amounts Trustor is required to discharge or pay
<br /> under this Deed of Trust or any Related Documents, Lender on Trustvr's behalf may �but sha11 not be ob�igated toy take
<br /> any actian that Lender deems appropriate. including but not limited #o discharging or paying all #axes, liens. security
<br /> inter�sts. encumbrances and other claims. at any time le�ied vr placed❑n the Praperty and paying a!I�vsts for insuring,
<br /> maintaining and preser�ing the Property. AI� such expenditur�s incurred vr pa�d by Lender fvr su�h purpvses wi11 then
<br /> �ear interest at the rate charged under the Note �rom the date incurred or paid by Lender to the date �f repayment hy
<br /> Trustvr. All such expenses will become a part �f the Indebtedness and. at Lender's option, will (A} be payable ❑n
<br /> demand; �6� be added to the balance af the Note and be app�rtioned among and be payable with any installm�nt
<br /> payments to become due during either �7 y the term of any applicable insurance p�licy; or �2y the remaining term of
<br /> the Nvte; or {Cy be treated as a halloon payment which will he due and payabfe at the Nvte's maturity. The Deed of
<br /> Trust also will secure payment of these amvunts. 5uch right shall be in addition to all other rights and remedies to
<br /> whi�h Lender may be entitled upon De�ault.
<br /> WARRANTY; DEFENSE�F T�TLE. The fvllowing pro�isions relating#v ownership vf the Praperty are a part vf this�eed
<br /> of Trust:
<br /> T�tle. Trustor warrants �hat: �ay Trustor hvlds good and marketable title of record tv the Property in fee simple,
<br /> free and c[ear of all liens and encumbrances other than those set forth �n the Real Praperty description or in any
<br /> title insurance poficy, title report. or final title opinion issued in fa�or vf, and a�cepted t�y, Lender in connection
<br /> with this ❑eed of Trust, and �b}Trustor has the full right. power� and autharity tv execute and deli►►er this Deed of
<br /> Trust to Lender.
<br /> Defense o#Title. 5ubject ta the exception in the paragraph ak�o�e, Trustor warrants and wil� fore�er defend the
<br /> title to the Property against the iaw�u! ciaims of all persans. In the e�ent any activn ❑r proceeding is �ommenc�d
<br /> � that questions Trustor's title or the interest of Trustee❑r Lender under this Deed of T�rust, Trus�or sha�l defend the
<br /> action at Trustor's expense. Trustor may be the nominal party �n such proceeding, but Lender shall be entitled to
<br /> participate �n the pro�eeding and to be �epresent�d in the proceeding by cvunsel of Lender's own ch�ice. and
<br /> Trustar will deli�er. ❑r�ause to be deli�ered. to L�nder such instruments as Lender may request from time to time
<br /> tv permit such participation.
<br /> Gompliance 1Nith Laws. Trustor warrants that the Praperty and Trustar's use of the Property cvmplies with a11
<br /> existing appli�ahle laws. ord�nances, and regulations vf ga�ernmental authorities.
<br /> Sur�i��l o# Represent�tions and Vllarranties, All representations, warranti�s, and agr��m�nts made by Trustor in
<br /> this ae�d of Trus#shall sur�i�e#he execu#ian and deliaery of this Deed of Trust, shall be continuing in nature, and
<br /> shall remain in full�orce and effect unti�such time as Trustvr's Indehtedness shall be paid in full.
<br /> C�NDEMNATI�N. The fvilowing pro�isivns relating to condemnation pro�eedings are a part vf this Deed of Trust:
<br /> Praceedings. If any pr�c�eding in condemnation 15 �iled, Trustor shall prvmptly n�tify Lend�r in wri#ing, and
<br /> Trustor shall pramp#ly take such s#eps as may be necessary to defend the action and obtain the award. Trus#or
<br /> may be the nominal party in such prviceeding, but Lender sha�!be entitled to part+c+pate in the praceeding and ta he
<br /> represented in the proceeding by counsel of its ❑wn chvice, and Trustvr will deli�er or cause to be deli�ered to
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