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<br />03-21—IM DEED OF TRUST Pegs 3
<br />�- Loan NO 10238 (Corfnitued) � --. 101431
<br />replacement basis for the full insurabie value covering all Improvemortts an the FleaN Prop,rty im an amount sufficient to avoid application of any
<br />cdrnuranco louse, and with a etatxWd rrmrtgagee dams in lava: of Lander; PoixSee shoe be wittan in form. amounts, coverages and basis
<br />reasonably aooepUble b Lender and Issued by a company or companies faaaana* as apw* ip Lander. Grants. upon oquee i of Lender. wig
<br />ddvw b Lander from lima b time the 1101101/0 or cerEdicates of Insurance in form satytQrrc Lori to Lender, ktdudingi stipulaeore that coverages will
<br />not be cancaead or d minished without at least ten (t0) days prior written n0lim to Lender.
<br />faih within tlIften (15) days f the Whet nit or ra ander'e �r1 isbimpa make proof of loos if Grantor prooseds
<br />to the reduction of the Indebtedness.' apply de
<br />aPPA► the prOCaeda to ta/bralbn andP�� of any3istt affecting the Praparly, or the restamtktn and fapadr. of.thta Property. tl Lender elects tb
<br />Lender. Lander shad. upon soon rte. Gr4MW, ehW repair or replace the damaged or destroyed Improverrmits in a manner satisfactory to
<br />Of melioration N Grantor is rat in default under this Deed off T � Any proceeds WhI011 have not been dpisbursed h� 80 noble oust of repair
<br />and which Lander ttas not committed b the air or restoration of the Pro days alter their receipt
<br />Geld of Trust, them to � f�Y shy be used Arai to pay any amount owing b Lender under this
<br />prepay acaued interest, and the remainder, H any, shall be applied to the principal balance of the Indebtedness If Lender
<br />holds any proceeds alter payment in full of the Indebtedness, such proceeds shag be paid to Grantares Grantor's interests may appear.
<br />WAWksd roar WAW at Sate. Any unexpired Insurance shall Inure to the benefit at, and pass to, the purchaser of the Property covered by tftis
<br />Deed of Trust at any trusla s sale or other sale held under the pfav,;Oons of this Deed of Trust, or at any foreclosure sale of such Property.
<br />Grndoes Report on Insurance. Upon request of Lender, however not more than once a ,
<br />existtrg policy of insurance stow! Year Grantor. thae poky, (d) Carideo a report re each
<br />rig: (a) the name of the insurer, (b) the dt;ks insured; (to} 1f►a amaurtt of the policy; (d) the property insured, the
<br />then eurrerm replacement value of such property, and the manner of determining that value;. and (A).tfe expiradon data of the Poky. Grantor
<br />shall. upon request of Lender. have an independent appraiser satisfactory to Lender determine the cash value nViaosmerN cost of the Pfopany.
<br />TAX AND INSURANCE RESERVES, Subject to any liv►tations set by applicable late, Lender may mqui:s Granturtrr maintain with Lender reserves for
<br />Payment of annual taxes, atssessmenl% and insurance prerrfums, which reserves shalt be created by adk%nve payment or monthly payments of a sum
<br />e9butted by Ltstder to be Sufficient to produce, at least fifteen (15) days WWI$ due.. amounts at kraMequal to the taxes, assassmants, and insurance
<br />nmmkirns m be paid. it fifteen (15) days before payment is due the reserva funds Ore insufficlonts (framor shall upon demand Pay any deficiency to
<br />6—r-r4er. The mswve funds shall be held by Leader as a general depO t from 3ranithr,.whirh Lender may satisfy by payment of the taxes, assessments,
<br />wet `;ztsurance premiums required to be paid by Grantor a: they become dus. Lender ahafi have the right to draw upon the reserve funds to pay such
<br />* r.*s, and Lender shall not be required to determine the validity or accuracy of-sn1j. Item before paying M Nothing in the Deed of Trust shalt be
<br />c>s:TStrued as requiring Leader to advance other monies for such purposim, and Landesaisi ll rot Incur any liability for anything it may do or omit to do
<br />with respect to the reserve accouriL AN amounts in the reserve account am hwsby. (iWgied to further secure the Indebtedness, and Lender is hereby
<br />authorized to v&tdraw and apply such arm masts on the Indebtedness upon the occurrence of an Event of Data & Lender shag not be required b pay
<br />fm Grantor, w on net the t a fund✓ unless required by taw or agreed to by Lender in writing. Lender does not fold the reserve funds in trust
<br />agent of Grantor for payment of the taxes and arra.-its required to be paid by Grantor.
<br />862EMITURES BY LENDER. If Grantor faiis to comply vOh any provision of.thb' Geed of Trust, or H any action ar proceeding is commenced that
<br />would matce...uy affect Lenders 'rr-� in the Properly. Lender on Grantor's behatt'M4, but shall not be required to. take any action that Lender
<br />deems appropettate. Any amount thx C ndw expends In so doing will bear interest at the ;ate charged under the Note from the date incurred or paid
<br />by tender fA the date of repayment try aramor. Ali such expenses, at Lenders option, vdi (a) be payable on demand, (b) be added to the balance of
<br />the Note and be appoNoned among and be payable with any installment payments M become due during either (i) the term of any applicable
<br />Insurance policy or (ii) the rema�tng term of the Note, or (c) be treated as a balloon I;:4' ment which will be due and payable at the Note's maL^ity.
<br />This Deed of Trust also will sears payment of these amourM The rights provided for;n. Mifs paragraph shall be in addition to any other rights or any
<br />remedies to which Lender may be entitled on account of ttma default. Any such action by Leander shall not be construed as curing the default so as to
<br />bar Lender from any remedy that it otherwise would have had.
<br />WARRANTY; DEFENSE OF TITLE The far"ng provisions relating to o'.%nership of the Property cna a part of this Deed of Trust
<br />Title. Grantor warrants that (a) Grantor folds good and marketable title of record to tite Property in fee simple, free and dew 0 a8 fx r;z and
<br />encumbrances other than those set forth In the Reap Rlapeq description or in wrt Lva insurance policy, title report, or final title ap"Mcto?-: is�c-d in
<br />favor of, and accepted by, Lender In connection wr:r this Deed of Trust and (b) Grantor has the full right, power, and aut" to exalx% and
<br />deliver this Deed of Trust to Lender.
<br />Defame aP Title. Subject to the exception in the paragraph above. Grantor warrants and will fwaver defend the tide to the Property against the
<br />lawful C-;U t, of all persons. in the event any action or proceeding Is commenced that questions Grantor's tiye or the Interest of Trustee or Lender
<br />under thl Aced of Trust, Grantor shag defend the action at Grantor's expense. GraMor may be the nominal par!yh In such proceeding, but Lender
<br />shall be e�sert to participate in the proceeding and to ise represented in the propaa: rig by counsel of its own dtcice, and Grantor will deliver, or
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<br />cause to be deered, to lender such instruments as may be requested by it from tf rte to time to permit such ;,a*sc pafbn.
<br />CompBa" with Laws. Grantor warra its 5983 ifS um of the Prol; Yy complies with all existing —APIV r,,.1 laws, ordinances, and regulations of
<br />governm la: authorities.
<br />CONDEMNATION. The following provisions relating to pro :aedings in mnlemnation are a part of this Deed of Trust.
<br />Application of Net Proceeds. If all or any part of the Property is condemned, Lender may at Its election requi v Ural ail or aryv portion of its J -ail
<br />proceeds of the award tae applied to the Indebtedness. The net pt coseds of '?e m*ard shall mean the award after payme,,t of all reasorlhUie
<br />costs, expenses, and atturAye fees necessarily paid or Incurred by Cv rtor, Trusts, w Lender In connection with the oondarrtnaHa:t.
<br />PRO oosadlrlpa. 11 any proceeding in o.rTeAmnaibn is filed, Grantor tfisfi promptjr s:, ;j Lender in writing, and Grantor shall p:cnVtly take suc`r
<br />steps as may be rteoessarr tO defe:td• rPe action and obtain the award. Grantor m8ly use the nominal party in such proceeding, but Lender shall be
<br />entitled to partidpate In Ms VacilFdrrg a-ld to be represented In the proceeding b1s counsel of Its own choice, and Grantor v91I deliver or cau% 0
<br />be delivered, to Lender sic h Ir,;:urrWc^, as may be requested by it from time to firma to permit such participation.
<br />IMPOSITION OF TAXES BY GOVERNMENTAL AUTHORITIES. The folsawIng provisions relating to taxes are a part of this Deed of Trust
<br />Tax" Covered. The following shall constitute taxes to which this section applies: (a) a sperAc tax upon this type of Deed of Trust or upon aG or
<br />any part of the Indebtedness secured by this Deed of Trust; (b) a specitic tax on sorrorv9r which Borrower Is authorized or required to daduct
<br />from payments on the Indebtedness secured by this type of Deed of Trust; (c) a tax on this type of Deed of Trust chargeable against the Lender
<br />or 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 />Borrower.
<br />Rernedles. 11 Any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as
<br />an Event of Default, and Lender may exercise any or any of Its available remedies for an Event of Default as provided below unless Grantor either
<br />(a) pays the tax before it becomes delinquent. or (b) contests the tax as provided above in the Taxes and (Jens section and deposits with Lender
<br />cash or a sufficient cogmrate surety bond of other security satisfactory to Lender.
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