Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
2� 17�2558 <br /> DEE[3 �F TRLJST <br /> ��ontinued� Pa�� 3 <br /> policies ar �ertificates of insurance in farm satisfacto�y to Lende�, including stipulatians tha� coverages wil� not be <br /> cancelled or diminished v►ri�haut at least th�rty �3Dy days prior written notice to Lender. Each insurance policy alsv <br /> shall in�lude an end�rsement pro�iding that co�era�e in fa�vr of Lender will not be impaired in any way by any act, <br /> omission or default a�Trusto� ar any ather person. Shvuld the Real Property �e located in an area designated by <br /> the Administra�or o�the Federal Emergency Management Agency as a speciai �lood ha�ard area, Trustvr agrees to <br /> obtain and main�ain Federal F[ood lnsurance, if a�ailaE�le, for the ful! unpaid principal ba�ance of the Ioan and any <br /> prio� liens on the praper�y securing the loan, up to the maximum policy limits set under the Nativnal Flood <br /> Insurance P�ogram, or as otheruvise required hy Lender, and to maintain su�h insurance f�r th�term❑f the Ioan. <br /> Application vf Prv�eeds. Trustor shall pramptly notify Lender vf any �vss ar damage to �he Prvperty. Lender may <br /> make proof of Ivss i� Trus#vr �ails t❑ dv so ►►vithin fi�teen �1�j days of the casualty. VVhethe� ❑r not Lender's <br /> securi�y is impaired, Lender may, at Lender's �lection, recei�e and retain the p�viceeds v�any insurance and apply <br /> �he pra�eed� to the redu�ti�n v� the lndet�tedness, payment of any lien affecting �he Property, ar the rest�rat�on <br /> and repair a�fihe Property. I� Lender elects to apply the proceeds to restoration and repair, Trustor shall repair vr <br /> repfa�e the damaged or destroyed Impro�ements in a manner sa�isfactary to.Lender. Lender shall, upan <br /> satisfactory proof vf such expendi�ure, pay or re�mburse Trus�tor from the proceeds f�r the reasanable cvst of <br /> repair or restara'tian i� Trust�r is no# in default under this ❑eed o# Trust. Any proceeds which ha�e n�t be�n <br /> disbursed within 18� days a�ter their re��ipt and which Lend�r has no� committed to the repair Qr res�oratian of <br /> �he Property shall b� used first to pay any amount vwing to Lender under this Deed o�Trus�, then �fl pay accrued <br /> interest, and �he remainder, i� any, shall be applied tv �he principal balance of the lndebtedness. lf Lender holds <br /> any praceeds aft�� payment in full of the Indebtedness, such proceeds shall t�e paid tv Trustor as Trust�r's <br /> interests may appear. <br /> Trustor's Report v� Insurance. Upon r�ques��f L�nder, howe�er not mare �han once a year, Trustn�sha�l furnish <br /> to Lender a report on each exis�ing poficy of insurance showiny: ��} the name of the in5ur�r; ��} the risks <br /> insured; �3� the amount o� the pol�cy, �4y the property �nsu�ed, �he then current replacement �alu� o� such <br /> property, and �he manner�f determining tha��alue; and �5} the expiration da�e of the policy. Trus�ar shafi, upon <br /> request o�Lender, ha�e an independen�appraiser satisfac�ary to Lender determine the cash�alue repla�ement cast <br /> of�he Property. <br /> TA� ►4ND INSURANCE RESERVES. Subject to any limi�ations and cons�st�n� wi�h any requirements set by applicable <br /> law, Lender may r�quire Trustor to main�ain rrvith Lender reser�es �vr paymen# of annual �axes, assessments, and <br /> insurance premiums, which res��v�s shall b� crea�ed by an initia� deposi� and subsequent mon�hly paymen�s, or <br /> payments at such other inter�al as payments under the Note may he due, �f a sum estimated by Lender to be suffiicient <br /> ta pay the tQtal annual taxes, assessments, and insurance premiums Lender reasonably anticipa�es to �e paid �rom <br /> these r�ser�es. The reser�e#unds shall be held hy Lender as a general depvsit from Trustar, which Lender may satisfy <br /> t�y payment of the �axes, assessmen�s, and insurance premiums r�quired to be paid by Trustor as they �ecome due. <br /> Lender sha�l ha�� the right ta draw up�n the reser�e �unds to pay such items, and L�nder sha![ nat be required to <br /> determine the �alidity ar a��uracy a� any item befo�s paying it. Nothing in the Deed of Trust shall be construed as <br /> requiring Lender to ad�an�e other monies for such purposes, and Lender sha�� no� incur any liability for anyth�ng it may <br /> do or amit t❑ do with respect �o the reser�e account. 5uhject to any �imita�ions set hy applicable law, if the reser�e <br /> funds disclose a shortage or def�cien�y, Trustor shall pay such shortage or de�iciency as required by Lender. All <br /> amounts in the reser�e accflunt are hereby pledged to �urther secur��he lndebtedness, and Lender is hereby authorized <br /> tv withdraw and apply such amounts on#h� Indebtedn�ss upon the occurrence o�an Event af Default. Lend�r shaff not <br /> be required to pay any in�erest �r earnings on the reser�e �unds unless �equired hy �aw ar agreed tv by Lend�r in <br /> writing. Lender does not hold the re�er�e �unds in trust for Trustor, and Lender is no�t Trustar's agent fior payment of <br /> the�axes and assessmen�s required to be paid by Trustor. <br /> LEN�ER'S EXPENDITURES. If any a�tivn ar proc�eding is cvmmenced that would materially af�ect Lender's interest in <br /> �he Prop�rty �r if Trustor fails to camply with any pro�ision o�#his Deed o�Trus#or any Rela�ed Documents, including <br /> bu� not lim��ed tv T�ustor's failure to d�scharge ar pay wh�n due any amaunts Trustor is required tv discharge ❑r pay <br /> under this Deed v#Trust or any Related Documents, Lender❑n Trustvr's behalf may �hut sha�� not be obligated �oy take <br /> any a�tivn that Lender deems appropr�ate, in�luding but not ��mi�ed to discharging or paying al! taxes, liens, security <br /> interests, encumbrances and o�her claims, at any time le�ied or pla�ed on the Property and paying all costs for insuring, <br /> mainta�ning and preser�ing the Pr�perty. All such expenditures incurred or paid k�y Lender for such purposes will then <br /> bear interest at the rate charged under�he Note fram the date incurred or paid by Lender to the date ❑f re�ayment by <br /> Trustor. All such expenses will b�cvme a part af the fndebtedness and, at Lender's op�ion, wi11 �Ay be payabfe an <br /> demand; tB} be added to the balance vf the Note and be apportioned amang and be payable with an� instal�men� <br /> payments to be�vm� du� during either �1} �he term Qf any appficable insurance pvlicy; ar �2� the ��maining term of <br /> the Note; or �Cy �e treated as a bal�oan payment whi�h will �e due and paya�le a�the Nv�e's maturity. The �7eed of <br /> Trust a[sa will secure payment ofi these amounts. Such right shall be in addi�ivn to al! other rights and remedies to <br /> which Lender may be entitl�d upon De�au�t. <br /> VIIARRANTY; DEFENSE�F TITLE. The fallowing pro�isions re�at�ng to ownership of the Pr�perty are a part a�this Deed <br /> o�Trust: <br /> Ti#fe. Trusto� warrants that: �a� Trustor h�lds good and mark�table title of recard ta the Prvperty in fee simple, <br /> free and clear of all fiens and encumbrances a�h�r than those set �or�h in the Real Property description or in any <br /> title insurance poficy, title report, or f�na� ti�le opinion issued in �a�or of, and accepted by, Lender in �onnection <br /> wi�h this Deed of Trust, and �b� Trustv�has the�ull right, power, and authority ta execuxe and defi�er this Deed vf <br /> Trust to Lender. <br /> Defense of T�tle. 5ubject ta the except��n in ths paragraph a�o�e, Trustor warrants and will fore�er defend the <br /> title tn the Prop�rty against the iawful claims of afi persons. In the e�ent any ac�ion or prviceeding is commenced <br /> tha�questivns Trustor`s titEe or the interest�f Trustee �r Lende� under this Deed of Trust, Trustvr sha11 defend the <br /> activn at Trustor's expense. Trus�or may be the nominal party in such proc�eding, but Lender sha�i be entitled to <br /> par�icipate in the p�oceeding and t❑ be represent�d in the proce�ding by �ounsel flf Lender`s awn chaice, and <br /> Trus�or wil� deli�er, o�cause to be de(i�ered, �v Lender such instrumen�s as Lender may request from time to �ime <br /> �� permit sueh participation. <br /> Campliance With Laws. Trustor warrants �hat the Prop�r�y and Trus�or's use ofi 'the Properfiy �amp�ies vuith al! <br /> exis�ing applicable laws, ordinances, and regulatians af go�ernmenta� authoriti�s. <br /> 5ur�ival of Representations and Warranties. All representa�ions, warranti�s, and agreements made by Trustor in <br /> �his Deed o�Trust shall sur�i�e the execution and defi�ery of th�s Deed of Trust, shall be continuing in na�ure, and <br /> shall remain in full force and e��e��unti�such time as Trus�or's Ind�b�edness shai� be paid in full. <br /> C�NDEMN�ITI�N. The fvllowing prfl�isions relafiing to�andemnati�n proceedings are a part of this D�ed of Trust: <br /> Proceedings. If any proceeding in �ondemnatian is �iled, Trustor shall pr�mptly no�ify Lender in writing, and <br /> Trustvr sha�! promptly take such s�eps as may be n�cessary t� de�end the actian and vbta�n the award. Trustor <br /> may be�the nominal party in such proce�ding, bu�Lender shall be entitled to participa�e in the prviceeding and to be <br /> represented in �he proceeding by counsef of its vwn choice, and Trustor will de�i�er or cause �o be de�i�ered to <br /> L�nder 5L1Ch ins�ruments and documentation as may be requested hy Lender from �ime to time �o p�rmit such <br /> pa�ticipa�ion. <br /> Appli�a�ivn of�Ilet Praceeds. lf all or any part o�the Property is condemned by eminent domain proceedings ❑r by <br /> � <br /> � �. <br />