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2� 17� 1923
<br /> DEED �F TI�UST
<br /> Laan No: 1�13D3355 ��orltirlued} Page 4
<br /> form, amounts, �o�erages and has�s reasonably a�ceptab�e to Lend�r and issued by a company or companies
<br /> reas�nabfy acceptable to Lender. Trustor, upan request of Lender, wiii deli�er to Lender �rom time to time the
<br /> policies or certificates vf insurance in form satisfactory t❑ Lender, including stipu�ations that co�erages wili no� b�
<br /> cancelled ❑r diminished without at least ten �1�y day� prior written notic� tv Lender. Each insurance policy also
<br /> shall include an endorsement prv�iding that co�erage in fa�ar of Lender w�ll n�t be impaired in any way by any a�t,
<br /> omission or default of Trustor or any vther persvn. Should the Real Property be I�cat�d in an area designated by
<br /> the Adminis�rator of th� Federal Emergency Management Agency as a spe�ial flvod hazard a�ea, Trustor agrees to
<br /> ❑btain and maintain Federal Flvad Insurance, i# a�ailable, far the full unpaid principal balance ❑f the �oan and any
<br /> prior liens on the properfiy securing the loan, up to the maximum palicy limits set under the Na�ionaf Fload
<br /> �nsurance Program, or as otherwise required by Lender, and to maintain such insuran�e fvr the term af the ioan.
<br /> ApplEcatian vf Proceeds. Trustar shall promptly notify Lender of any loss or damage tv the Property. Lender may
<br /> make praof of I�ss i� Trustor fails to do sa within f�fteen �'!57 days ❑f the casualty. V1lhether or not Lender's
<br /> SeGurity is impaired, Lender may, at L�nder's el�ction, recei�e and retain the proceeds of any insurance and apply
<br /> �he pro�eeds to the reduction ❑f th� Ind�btedness, payment of any iien affe�ting the Property, ar the restoration
<br /> and repair of th� Praperty. If Lender elects to apply the proc�eds t� restarat€on and repair, Trustor shall repair or
<br /> replace the damag�d or destroyed Impro�ements in a manner satisfact�ry tv Lender. Lendsr shall, upon
<br /> satisfactory proof ❑f such expenditure, pay or reimburse Trustvr fram the p�oceeds fvr the reasonable cost of
<br /> repair or restoration if Trustor is not in default under this Deed af Trust. Any praceeds which ha�e not b�en
<br /> disburs�d within 1$� days after their receipt and which Lender has not �ommitted to the repair ar restoratian of
<br /> the Property shall be used first to pay any amvunt owing to Lender under this Deed of Trust, then ta pay ac�ru�d
<br /> interest, and the remainder, if any, shali be applied to the principal ba�ance a� the Indebtedness. If Lender holds
<br /> any prviceeds after payment in full af th� Ind�btedness, such proc�eds shall be paid to Trus�or as Trustar's
<br /> inter�sts may app�ar.
<br /> Compliance with Existing Indeb#edness. During the period in which any Existing Indebtedness described below is
<br /> in effect, campliance w�th the insurance pro�isions �antained in the instrument e�idencfng such Existing
<br /> �ndebtedness shall cvnstitute c�mpliance with the insurance pro�isians under this Deed af Trust, �❑ the extent
<br /> complian�e with the terms ❑f this Deed of Trust would canstitute a duplication of insuran�e requirement. If any
<br /> praGeeds from the insurance become payable on loss, the pro�isions in this Deed af Trust for di�ision af proceeds
<br /> shall appiy only to th�t portian of�he p�oceeds not payable t❑the halder of the Existing Indebtedness.
<br /> Trustnr's Repart on Insurance. Upon request of Lender, howe�er not m�re than ❑nce a year, Trustor shafl �urnish
<br /> to Lender a report on each existing policy af insurance showing; {1 f the name ❑f �he insurer; �2y the risks
<br /> insured; �3� the amaunt of the pol�cy; �4� the prap�rty insured, the then current replacement �alue af such
<br /> praperty, and the mann�r�t determining that �alue; and �5� the expiration date of th� policy. Trustar shall, upon
<br /> r�qu�st❑f Lender, ha�e an independent appraiser satisfactory to Lender determine the cash �alue replacement�ost
<br /> of the Property.
<br /> LENDER'S E�PENDiTURES. !f any action or prace�ding is c�mmen�ed that wauld materially aff�ct Lender's interest in
<br /> the Property or if Trustvr fails t❑ �vmply with any pro�isian of this D�ed of Trust ❑r any Related Dncuments, including
<br /> but not limited to Trustor's failure ta camply with any a�ligation t❑ maintain Existing Ind�btedness in good standing as
<br /> required b��ow, or tv discharge ❑r pay when due any amounts Trustar is required to discharge vr pay under this Deed of
<br /> Trust ar any Related Documents, Lender on Trustor's ��ha�f may tbut shall not be obligated taf take any actian that
<br /> Lender deems appropr�ate, in�luding but not limited to discharging ❑r paying all taxes, liens, security interests,
<br /> enGumbran�es and ❑ther claims, at any time le�ied ❑r placed on the Property and paying all casts for insuring,
<br /> maintaining and preser�ing the Proper#y. AI! such expenditur�s incurred or paid by Lender for such purpases will then
<br /> bear interes� at the rate charged under the Note from the date incurred or paid by L�nd�r to the date of repayment by
<br /> Trus�or. All such expenses will become a part of the Indebtedness and, at Lender's option, will fA� be payable �n
<br /> demand; �B� be added to the balance of the Note and be appartioned among and be payable with any installment
<br /> payments ta become due during either �1} the term of any applicable insuranc� pvlicy; or �2y �he remain�ng term ❑f
<br /> the Note; ❑r {C} he treated as a hallaan payment which will �e due and payable at the Note's maturity. The Deed c�f
<br /> Trust alsa w�ll secure payment af these amaunts. Such right shall be in additian to all other r#ghts and remedies ta
<br /> which Lender may b� �ntitled upvn Default.
<br /> WARRANTY; DEFENSE UF TITLE. The folfowing pra�isions r�lating to �wnership ❑f the Praperty are a part of this Deed
<br /> of Trust:
<br /> Title. Trus�ar warrants that: �a� Trustor holds good and marketable title of r�cord to the Property Fn fee simpl�,
<br /> free and clear �f all liens and encumbrances ather than thase set fo�th in the Real Property description or in the
<br /> Existing Indebtedness se�tEon below or in any tit�e insurance policy, title report, ❑r final title flpini�n issued Rn fa�ar
<br /> of, and accepted by, Lender in cannection with this Deed �f Trust, and �b7 Trusto� has the fuil right, power, and
<br /> authority tv execute and deli�er this ❑e�d af Trust t❑ Lender.
<br /> D�fense o� Titl�. Subje�t to the exception in the paragraph aba�e, Trustar warrants and wi�l fare�er defend the
<br /> title to the Praperty against the �awful claims of all persons. !n the e�ent any actiQn or proceeding is commenGed
<br /> that questians Trustar's title or the interest of Trustee flr Lender under this Deed of Trust, Trustnr shall defend the
<br /> action at Trustor's expense. Trustor may he the nomfnal party in such proceeding, but Lender shail be entitled to
<br /> parti�ipate in the praceeding and to be repressnted in the proceeding by caunsel ❑f Lend�r's ❑wn chaice, and
<br /> Trustar will deli�er, ar cause t❑ be deli�ered, t❑ L�nder such instrumen#s as Lender may request from time t❑ time
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