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. �,, ` O6-�o-7999 Q# ��59�6 DEED OF TRUST Page 4� Loan No 764039 . -.v 9' (CoMinued) reimburse Trustor from the proceeds for the reasonable cost of repair or restoraHOn if Trustor is not in defautt under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shail be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued interest,and the remainder,if any,shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness,such proceeds shall be paid to Trustor as Trustor's interests may appear. Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of,and pass to,the purchaser of the Property covered by this Deed of Trust at any trustee's sale or other sale held under the provisions of this Deed of Trust,or at any foreclosure sale of such Property. DCPENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust,or if any action or proceeding is commenced that would materially affect Lender's interesis in the Property, Lender on Trustor's behalf may,but shall not be required to,take any action that Lender deems appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All such expenses,at Lender's option,will (a)be payable on demand, (b)be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (i)the term of any applicable insurance policy or (ii)the remaining term of the Note,or (c)be treated as a balloon payment which will be due and payable at the Note's maturity. This Deed of Trust also will secure payment of these amounis. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account of the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have had. WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust. Title. Trustor warrants that: (a)Trustor holds good and marketable title of record to the Property in fee simple,free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report,or final title opinion issued in favor of,and acxepted by,Lender in connectiQn with this Deed of Trust,and (b)Trustor has the full right,power,and authority to execute and deliver this Deed of Trust to Lender. Defense of Title. Subject to the exception in the paragraph above,Trustor warrants and will forever defend the title to the Property against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's tiHe or the interest of Trustee or Lender under this Deed of Trust,Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding,but Lender shall be entitled to partioipate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Trustor will deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to time to permit such participation. Compliance With Laws. Trustor warranls that the Property and Trustor's use of the Property complfes with all existing applicable Iaws, ordinances,and regulations of governmental suthorities. CONDEMNATION. The following provisions relating to condemnation proceedings are a pa�t of this Deed of Trust. Appllcatlon of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any procee�ing or purchase in lieu of condemnation,Lender may at its electlon require that all or any portion of the net proceeds of the award be applieo to the Indebtedness or the repair or restoration of the Properly. The net proceeds of the award shall mean the award after payment of all reasonable r,osts,expenses,and attorneys'fees incurred by Trustee or Lender in connection with the condemnation. Proceedings. If any proceeding in condemnation is filed,Trustor shall promptly notify Lender in writing,and Trustor shall promptly take such steps as may be necessary to defend the actfon and obtain the award. Trustor may be the nominal party in such proceeding,but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to Lender such instruments as may be requested by it(�om time to time to permit such participation. IMPOSITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Deed of Trust: Current Taxes,Fees and Chtuges. Upon request by Lender,Trustor shall execute such documents in addition to this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender for all tax�, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, including without limitation all taxes,fees,documentary stamps,and other charges for recording or registering this Deed of Trust. Taxes. The following shall constitute taxes to which this section applies: (a)a speci6c ta�c upon this type of Deed of Trust or upon all or any part of the Indebtedness secured by this Deed of Trust; (b)a specific tax on Trustor which Trustor is suthorized or required to deduct 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 or the holder of the Note; and (d) a speciflc tax on all or any portion of the Indebtedness or on payments of principal and interest made by Trustor. 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 same effect as an Event of Default(as defined below),and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Trustor either (a)pays the tax before it becomes delinquent,or (b)contesis the tax as provided above in the Taxes and Liens section and deposits with Lender cash or a suificient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT;FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of this Deed of Trust. • , Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other personal property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to 4ime. Securfty Interest. Upon request by Lender,Trustor shall execute financing statements and take whatever other action is requested by Lender to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of Trust in the real property records,Lender may,at any time and without fu�ther authorization from Trustor,flle executed counterparts,copies or reproductions of this Deed of Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default,Trustor shall assemble the Personal Property in a manner and at a place reasonably convenient to Trustor and Lender and make it available to Lender within three(3)days after receipt of written demand from Lender. Addresses. The mailing addresses of Trustor(debtor) and Lender (secured party), from which information concerning the security interest granted by this Deed of Trust may be obtained(each as requfred by the Uniform Commercial Code),are as stated on the first page of this Deed of Trusi.