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2� 17�2392
<br /> e a
<br /> DEED �F TRUST
<br /> �Continu�d� Pa�e 3
<br /> co�erage amvunts as Lender may request w�th Trustee and L�nder being named as additional insureds in such
<br /> liability insurance poli�ies. Additionally, Trustvr shall maintain such vther insurance, including but nat limited tv
<br /> ha�ard� tausiness interruptian, and boiler insurance, as Lender may reasanably require. Policies shall be written in
<br /> form� amvunts, ca�erages and basis reasanably acceptabie to Lender and issued by a company or cvrnpanies
<br /> reasonabfy acceptable ta Lender. Trustor, upon request af Lender, wi�l deli�er t❑ Lender from time tv time the
<br /> p�licies or�ertificates of insuran�e in form satisfactory tv Lender. including stipulativns that cv�erages w�ll not be
<br /> cance�led vr diminished without at�east thirty �3�y days priar written notics t� Lender. Each insurance poli�y also
<br /> shal!include an endarsernent pro�iding that co�erag� in favor of Lender will not be impaired in any way�y any act,
<br /> omission or default ❑f Trustor or any other persan. Should the Real Prvperty be located in an area designated by
<br /> the Administratvr vf the Federal Emergen�y Management Agency as a special fload hazard area,Trustor agrees t�
<br /> obtain and rnaintain Federa! Flood Insurance, if a�ailable, fvr the full unpaid principal balance af the loan and any
<br /> prior liens on the property securing the I�an, up tv the rnaxirnurn pvficy limits set under the National Flaod
<br /> Insurance Program,or as❑therwise required �y Lender, and t❑ maintain su�h insurance for the term vf the Ioan,
<br /> Applicetian af Proceeds. Trusto� shall prornptly notify Lender of any loss vr damage to the Pro#�erty. Lender may
<br /> make provf of Ioss i# Trustar fai�s ta dv so within fifteen ��5y days of the casualty. Whether vr not Lender's
<br /> security is irnpaired, Lender rnay� at Lender's ele�tion, recei►►e and retain the proceeds ❑f any insurance and apply
<br /> th� proceeds to the reduction �f the Indebt�dness, payment❑f any Ifen affe�ting ths Prvperty, or the restoration
<br /> and repair of#he P�aperty. If Lender elects to app�y the proceeds to restoratian and repair, Trustor shall repair or
<br /> replace the damaged ar destroyed lmpra�ements in a manner satisfactary to Lender. Lender shall� upon
<br /> satisfactory proaf of such expenditur�, pay ❑r reimburse Trustor frvm the pro�eeds for the reasonable �vst afi
<br /> repa�r or restoratian if Trustvr is not in default under this Deed of Trust. Any proceeds which ha�e not heen
<br /> disbursed within 1 S� days after their receipt and which Lender has not committed to the repair or restoration of
<br /> the Praperty shall be used #irst to pay any amvunt vwing to Lender under this Deed vf Trust, then to pay accrued
<br /> interest, and the rernainder, if any, shall be applied to the principal balan�e vf the indebtedness. I� Lender hvlds
<br /> any proceeds after payment in full of the Indebtedness, such praceeds shall he paid to Trustor as Trustar's
<br /> interests may appear.
<br /> Trustor's Repart vn Insurence. Upon request of Lend�r, howe►►er nat more than on�e a year, Trustor shall furnish
<br /> tv Lender a repart an each existing poiicy o# insurance showing: �1 f the name of the insurer; {�} the risks
<br /> insu�ed; �3� the amount of the p�licy; �4y the property insured, the then �urrent replacement �alue of such
<br /> property, and the manner of determining that�alue; and �5f the expiratian date af the pvlicy. Trustvr shalf, upon
<br /> request o#Lender, ha�e an independent appraiser satisfactory to Lender determine the cash�alue repla�ement cost
<br /> af th� Property.
<br /> TAX AND iNSURANCE RESERVES. Sub�ect to any limitations and consistent with any requirements set by appli�able
<br /> iaw� Lender may require Trustor t❑ maintain with Lender reser�es fior payment �f annual taxes, assessments, and
<br /> insurance premiums. which ressrves shall b� created by an initial deposit and subsequent monthly payments, or
<br /> payments at su�h vther inter�al as payments under the hlote may be due, af a sum estimated by Lender to be suffi�ient
<br /> to pay the total annual taxes, assessments, and insurance premiums Lender reas�nahly anticipates to be paid fram
<br /> these reser�es. The reser►►e funds shall be held by Lender as a general deposit fram Trustar, which Lender may satisfy
<br /> hy payment of th� taxes, assessrnents, and insurance premiums required to he paid k�y Trustor as they become due.
<br /> Lender shall ha�e the r#ght t� draw upon the reser�� funds ta pay such items. and Lender shall not be required to
<br /> determine the �alidity or ac�uracy ❑f any itern before paying it. Nvthing in the Deed o� Trust shall be construed as
<br /> requiring Lender#v ad�ance o�her monies �or such purposes, and Lender shall not incur any I:ability for anything it may
<br /> dv or vmi#t� do with respect to the reser�e accoun�. Subject to any limitativns set by appli�ahle law, if the reser�e
<br /> funds disclose a short�g� or def�ciency. Trustor shall pay su�h shortage or d�ficiency as required by Lender. All
<br /> amounts in the reser�e accvunt are hereby pfedged to further secure the Indebtedness. and Lender is hereby authorized
<br /> to withdraw and apply such amounts on the Indebtedness upan the��currence of an E�ent of Default. Lender shall not
<br /> he required to pay any interest ar earnings on the reser�e funds unless required by �aw or agreed tv by Lender in '
<br /> wri#ing. Lender d�es not hold the reser�e funds in trust for Trustor, and Lender is nat Trustor's agent fvr payment of '
<br /> the taxes and assessments required to b�paid by Trustvr. �
<br /> LENDER'S E]CPENaITURES. If any action ar proceeding is comm�nced that wauld materially af#e�t Lender`s inter�st in
<br /> the Property or if T�ustor fails tv comply w�th any prv�ision of this Deed of Trus�ar any Related Dacuments, including
<br /> but nat limi#ed to Trustor's failure to discharge ar pay v+►hen due any amaunts Trustor is required to dis�harge or pay
<br /> under this Deed vf Trust or any Related �ocuments, Lender vn Trustor's bshalf may �but shall not be ohligated tvy take
<br /> any a�tion that Lender deerns appropriate, in�luding but nvt limited to discharging or paying all taxes, liens, security
<br /> int�rests, encumbrances and other claims, at any time le�ied�r placed an the Prvperty and paying all costs far insuring,
<br /> maintaining and preser�ing #he Property. All such expenditures incurred or paid by Lender for such purposes will then
<br /> bear interest at the rate charged under the Nate frvrn the date incurred or paid by Lender to the date of repayment by
<br /> Trustor, All such expenses will hecome a part af the �ndebtedness and, at Lender's option, will �Af be payable ❑n
<br /> demand; �E3f be add�d to the halance of the Note and be apportion�d among and be payable with any instailment
<br /> payments to become due during either �1 f the term of any applicable insurance policy; or �2f the remaining term of
<br /> the Note; or �Cy be treated as a balloon payment which will be due and payabie at the Note's maturity. The Deed af
<br /> Trust also wi11 s�cure payment vf these amaunts. 5uch right shall b� in addition tv al! other righ#s and rem�dies to ;
<br /> whi�h Lender may h�entitled upon Defauit.
<br /> VIIARRANTY:DEFENSE QF T�TLE. The following prv�isions relat�ng to awnership of the Praperty ar�a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants that: �af Trustor hvlds gavd and marketable title of record t❑ the Prvperty in fee simple,
<br /> free and c�ear of all liens and encumhran�es vth�r #han thase set forth in the Real Property description vr in any
<br /> tit�e insurance palicy, title repart, or fin�1 tit�e apinian issued in #a►►ar of, and ac�epted by, Lender i�n connection
<br /> with this Deed of Trust, and �b}Trustvr has the full right, pvw�r, and authvrity to ex�cute and deii�er this Deed❑f
<br /> Trust to Lender.
<br /> Defensa of Title. 5ubj�ct tv the exception in the paragraph abo�e, Trustvr warrants and wt!! forever defend the
<br /> #itte#o the Prap�rty against the lawful ctaims of all persans. In the e�ent any action or proceeding is �ommenced
<br /> that questians Trustvr's titie or the interest of Trustee or Lender under this Deed of Trust,Trustor sha#�defend the
<br /> actian at Trustor's expense. Trustor may be the nominal party in such proceeding, but L�nder shall be entitled to
<br /> participate in th� proceeding and ta be r�presentsd in the proce�d�ng hy counsel �f Lender's own choice, and
<br /> Trustor will deli�er, or cause tv be delivered, iv Lender such instrumen#s as Lender may request frvm tirne to tirne
<br /> to pe�mit such participation.
<br /> �vmp�Eance With Laws. Trustvr warrants that the Property and Trustor's use of the Property complies with al!
<br /> existing appli�able laws, ❑rdinan�es, and regulativns❑f ga�ernmental authorities.
<br /> Sur�ir►a! vf Representatinns and Warran#ies. All representat+ons, warranties, and agreements made by Trusto� in
<br /> this Deed of Trust shali sur�i�e the execution and deli�ery�f this Deed of Trust, shall be �antinuing in nature, and
<br /> shall remain in full force and effec#unti�such time as Trustvr's Indebtedness shall he paid in full,
<br /> CaNDEMNATI�N. The follaw�ng pro►►isions reia�ing to condemnation prv�eedings are a part vf this Deed of Trust:
<br /> Proceedings. If any pr�ceeding in �ondemnation is filed, Trustor shal� promptly natify Lendsr in writing, and
<br /> Trustvr shal� promptly take such steps as may be necessary t� d�fend the action and ❑btain the award. Trustar
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