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06-09 -2000 DEED OF TRUST L t p
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<br />Loan No 25605 (Contflwed) 4
<br />Right To Contest. Trustor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the.obligation
<br />to pay, so long as Lender's Interest M the Property Is not jeopardized. If a Non arises or is iNed as a rest of nonpayment, Trustor shall within
<br />fifteen (1S) days after the Non arises or, It a Pon Is filed, within fl5een (15) days after Trustor has no** of the Ming, secure the discharge of the
<br />Non, or N requested by Lender, deposit with Lender cash or sufficient corporate surety bond or other sscurtly satisfactory to LAnd6r in an
<br />amount sufficient to discharge the lien plus any rests or other charges thateould accrue as a result vil a fondosur ar.sale.undsr =the tin. In
<br />any contest, Trustor shall defend itself and Lender and shall satisfy any adverse judgment before eekroernent against the Property. Trustor
<br />shall name Lender as an additional obligee under any surety bond furnished In the contest proceeding s. "
<br />Evidence of Payment. Trustor shall upon demand ;furnish 'to Lender satisfactory evidence of payment of the taxes or assessments and shall
<br />authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and' assessments against the
<br />Property.
<br />Notice of Construction. Trustor shag notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
<br />materials are supplied to the Property, if any mechartic's Non, materialmen's lien, or other Non could be asserted on account of the work,
<br />services, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and will
<br />pay the cost of such Improvements.
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br />Mahftwna of Insurow, Trustor shall procure and maintain policies of fie Insurance, with standard 94tended coverage endorsements on a
<br />replacement basis for the full Insurable value covering all Improvements on the Real Property in an am*W suiNciant to avoid of any
<br />coinsurance clause, and with s standard mortgagee clause in favor of Lender. Trustor shag also p fccurs and maintain co goaepl. - - -
<br />_.T Iiabl tyi"urance;M with bustgla-and tei 'trcitigfiamok! aui additional irk in such #ability
<br />Ineurari fs'policies. �idGd nhpy, Tnvarchr shell maintain such other Insurance, including but not gnhgh o to llauafrd, business interruption, and
<br />bolter Insurance, as t.enrder may reasonably require. Policies shah be written In form, amounts, coverages and basis reasonably acceptable to
<br />Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request M Lender, will deliver to Lender from
<br />time to tims the policies or certificates of Insurance In form satisfactory to Lender, Including stipulations that coverages will not be cancelled or
<br />diminished without at east ten (10) days' prior written notice to Lender. Each Insurance policy also shall Induce an.endorsemsM providing that
<br />coverage in favor of Lender will not be impaired In any way by any act, omission or default of Tn*W or any otter person. Should the Real
<br />Property at any time become located In an area designated by the Director of the Federal Emergency Management Agency as a special flood
<br />hazard area, Trustor agress to obtain and maintain Federal Flood Insurance for the full unpaid principal balance of the loan, up to the maximum
<br />policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to mhaintain such Insurance for the term of
<br />the loan.
<br />AtNkarlom• of Proceeds. Tntstor shall promptly nobly Lander of any loss or damage to the Property, Lender may make proof of loss if Trustor
<br />falls to do so within fifteen (16) days of the casualty. whether,or not Lender's a r,is,impa lred, Lender may, at its election. reosivs and retain
<br />the proceeds of any Insurance and apply the proceeds to the reduc tI6n of the lndelabdness, payment of any Non affecting the Property, or the
<br />restoration and' repair of the Property. If Lender elects to apply tint pins to -restoration and repair, Trustor shall repair or replace the
<br />dama0ed or destroyed Improvements In a manner_satlsfactory to Lender. tender shag, upon salsfaotory proof of such expendihm, fay or
<br />reimburse Trustor from the proceeds for the reasonable cwt of repair or resforation If Trustor is, not in del" under this Deed of Trust. Any
<br />proceeds which have not been, disbursed within 100 days after their receipt and which Lender has not a mmuNied to the repair or restoration of
<br />the Property shag be used first b pay any amount owing: to Lender under this Deed of Trust, then to pay accrued interset, and the remainder, If
<br />any, shag be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment In full of the Indebtedness, such
<br />proceeds shag be paid to Trustor as Trustoes Interests may appear.
<br />Lkwxpfed hm ranaoe at liars. Any unexpired Insurance shag inure to the benefit of, and pass to, the purchaser of the Property covered by this
<br />Deed of Trust at any trustee's sale or other sae held under the provisions of this Deed of Trust, or at any foreclosure sae of such Property.
<br />Trustar's Report on tnaaararwe. Upon request of Lender, however not more than once a year, Trustor shag furnish to Lender a report on each
<br />"Ong policy of Insurance showing: (a) the name of the insurer; (b) the risks Insured; (c) the amount of the policy; (d) the property insured,
<br />the then currant replacement value of such property, and the manner of detarrrsrdng that value; and (e) the expiration date of the policy.
<br />Trustor shall, upon request of Lender, have an Independent appraiser satisfactory to Lender determine the cash value replacement coat of the
<br />Property.
<br />l to = may with any prgMsloni ofthhs Died of_Truatf-or�f# any. iarh` ...
<br />#��� Is coirtrhanted that
<br />affect te0 T7 in Property, Lend` brOn union's behalf may, but shall not be required to, take any action that Lender
<br />deems appropriate. Any amount that Lender expends In so doing will beer" interest at the rate provided for in the Note from the date Incurred or paid
<br />by Lender to the date of repayment by Trustor. AN such expenses, at Lenders option, will (a) be payable on demand, (b) be added to the balance
<br />of the Note and be apportioned among and be payable with any installment payments to become due during liter n) the term of any applicable
<br />Insurance policy or (g) the remaining tern of the Note, or (o) be treated as a baton payment which will be due and payable at the Note's maturity.
<br />This Deed of Trust also will secure payment of these amounts. The rights provided for M this paragraph shall be In addition to any other rights or any
<br />remedies to which Lender may be entitled on account of the dakul , Any such action by lender shell not be construed as curing the default so as to
<br />bar Lender from any remedy that it otherwise would trove had
<br />WARRANTY; DEFENSE OF TITLE. The following provisiom relating to ownership of the Property are a part of this Deed of Trust.
<br />Tgge. Trustor warrants that (a) Truster holds good and m a*siable title of record to it* Property In fee simple, free and dear of all dens and
<br />eceumbrenaa other than those sat forth in the Real Property description or in any tits Insurance policy, Nile report, or final title opinion Issued in
<br />favor of, and accepted by, Lender in connection with this Dead of Trust, and (b) Trustor has the fug night, power, and authority to execute and
<br />deliver this Dead of Trust to Lender.
<br />Defenes of TMe. Subject to the exception in the paragraph-above, Tntttor warrants and will forever defend the to the Properly against the
<br />lawful claims of all persons. In the event any action or proceeding is coftee aced' that questions Trustoes title or the interest of Trustee or
<br />Lender under this Deed of Trust, Trustor shag defend the action at Trustoes expense.. Trustor may be the nominal party in such proceeding, but
<br />Lender shat, be entiNed -to participate in the proceeding and to be represented in the proceeding by counset of Lenders own choke, and
<br />Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from lime to Mme to permit such participation.
<br />Conwilsnce WNh Laaans. Trustor warrants that the Property and Trustors use of the Property compiles with all existing applicable laws,
<br />ordinances, and reguladove of aovemmerhta} authorities.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust.
<br />Application of Net Proceeds. If all or any part of the Property Is condemned by eminent domain proceedings or by any proceeding or
<br />purchase In Pau of condemnation, Lender may at Its election require that all or any portion of the not proceeds of the award be applied to the
<br />l . 34111' or restoration of the Property. The net proceeds of the award shag mean the award after payment of all reasonable
<br />M' 1sast�f rtle/eis ar ksdedar trh n with pia con -
<br />Proceeitings. if any proceeding in condemnation Is flied, Trustor shall promWnotiy lerhliet in venting, and Trustor shag promptly take such
<br />steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such proceeding, but Lender shall
<br />be entitled to participate In the prooeding and to be represented In the proceeding by counsel of ft own choke, and Trustor will deliver or
<br />cause to be delivered to Lender such instruments as may be requested by it from tI a to time to permit such participation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
<br />fess and charges are a part of this Deed of Trust:
<br />Current Texas, Fees and Charges. Upon request by Lender, Trustor shag axecuts such documents in addition to this Deed of Trust and take
<br />whatever other action Is requested by Lender to perfect and continue Landers lien on the Real Property. Trustor shall reimburse Lender for all
<br />taxes, as described below, together with all expenses Incurred in recording, perfecting or continuing this Deed of Trust, Including without
<br />limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Dead of Trust.
<br />Taxes. The following shall constitute taxes to which this section applies: (a) a specific tax upon this type of Deed of Trust or upon all or any
<br />part of the Indebtedness secured by this Deed of Trust; (b), a species tax on Trustor which, Trustor Is authorized or required to deduct from
<br />payments on the indebtedness secured by this We of Dead of Trust; ' (c) a tax on this type of Deed of Trust chargeable against the Lender or
<br />the holder of the Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments of principal and Interest made by
<br />Trustor.
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the
<br />same effect as an Event of Default (as defined batow),'and Lender may exercise any or all of its available remedies for an Event of Default as
<br />provided below unless Trustor afthher (a) pays the tax before # becomes delinquent, or (b) contests the tax as provided above in the Taxes and
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