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06-11-1999 � , DEED OF TRUST ' Page 4
<br /> Loan No 764154 • • (Contlnued) (�9��616fi ,
<br /> reimburse Trustor from the proceeds for the reasonabte cost of repair or restoration if Trustor is not in default under this Deed of Trust. Any
<br /> proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br /> the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued interest,and the remainder,if
<br /> any,shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness,such
<br /> pror.eeds shall be paid to Trustor as Trustor's interests may appear.
<br /> Unexpired Insurance at Sale. Any unexpired insurance shall inure to the beneflt of,and pass to,the purchaser of the Property coveree!by this
<br /> 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.
<br /> IXPENDITURES BY IENDER. If Trustor fails to comply with any provision of this Deed of Trust, or if any action or proceeding is commenced that
<br /> would materially affect Lender's interests in the Property, Lender on Trustor'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 bear 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. All such expenses,at Lender's 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 either (i)the term of any applicable
<br /> 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.
<br /> This Deed of Trust elso will secure payment of these amounts. The rights provided for in this paragraph shall be in additlon to any other rights or any
<br /> remedies to which Lender may be entitled on axount of the default. Any such action by Lender 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 following provisions relating to owne�ship of the Property are a part of this Deed of Trust.
<br /> 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
<br /> encumbrances other than those set fo�th in the Real Property description or in any tiHe insurance policy,title report,or final title opinion issued in
<br /> fsvor�,snd aaceptsd�;,Lerr�ar ir�con�ection with this Deed o'Tru:,t,en�+ (b}Trustor hss the S�II right,pnwer,�nt1�uthority to execute and
<br /> daliver this Deed of TruSt to Lender.
<br /> aefense of Title. Subject to the exception in the paragraph above,Trustor warrants and will forever defend the title to the Property against the
<br /> lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's title or the interest of Trustee or
<br /> 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
<br /> Lender shall be enti8ed to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br /> Trustor will deliver,or cause to be delivered,to Lender such instruments as Lender may request irom time to time to permit such participation.
<br /> Compllance Wlth Laws. Trustor warrants that the Property and Trustor's use of the Property complies with all epsting applicable laws,
<br /> ordinanc�s,and regulations of governmental authorities.
<br /> CONDEMNATION. The foliowing provisions relating to condemnation proceedings are a part of this Deed of Trust. M
<br /> Appllcatlon of Net Proceeds. If all or any patt of the Property is condemned by eminent domain proceedings or by any proceeding or
<br /> purchase in lieu of condemnation,Lender may at its election require that all or any portion of the net proceeds of the award be applied to the
<br /> Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reeronable
<br /> cosis,expenses,and attorneys'fees incuned by Trustee or Lender in connection with the condemnation.
<br /> Proceedin�s. If any proceeding in condemnation is filed,Trustor shall prompNy notify Lender in writing,and Trustor shall prompNy 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 entiNed to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will deliver or
<br /> cause to be delivered to Lender such instruments as may be requested by it from time to time to permit such participation.
<br /> IMPOSITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
<br /> fees$nd charges are a part of this Deed of Trust:
<br /> Current Taxes,Fees and Char�es. Upon request by Lender,Trustor shall execute such dxuments in addiHon to this Deed of Trust and take
<br /> whatever other action is requested by Lender to perfect and continue Lender's lien on the Real P�operty. Trustor shall reimburse Lender for all
<br /> taues, as described below, together with all expens� incurred in recording, perfecting or contlnuing this Deed of Trust, including without
<br /> limitation all taxas,fees,documentary stamps,and other charges for recording or registering this Deed of Trust.
<br /> Taxes. The following shall constitute taxes to which this section applies: (a)a speciflc ta�c upon this type of Deed of Trust or upon all or any
<br /> paA of the Indebtedness secured by this Deed of Trust; (b)a speciflc tax on Trustor which Trustor is authorized or required to deduct from
<br /> payments on the,Indebtedness secured by this type of Deed of Trust; (c)a tax on this type of Deed of Trust che�rgeable agains#th@,l,e�nder or
<br /> tha�ad�r �.he NGte; and (d) a spec�flc ta�c 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 eHect 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
<br /> provided below unless Trustor either (a)pays the tex before it becomes delinquent,or (b)contests the tax as provided above in the Taxes and
<br /> Liens section and deposits with Lender cash or a suificient corporate surety bond or other security satisfactory to Lender.
<br /> SECURITY AGREEMENT;FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of
<br /> this Deed of Trust.
<br /> Security Ayreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes foctures�r other
<br /> personal property, and L'ender shall have ell of the righis of a secured party under the Uniform Commercial Code as amends� from time to
<br /> time.
<br /> Securlty Interest. Upon request by Lender,Trustor shall execute flnancing statements and take whatever other action is requested by Lender
<br /> to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of Trust in ine real
<br /> property records,Lender may,at any time and without further authorization from Trustor,file executed counterparts,copies or reproductions of
<br /> this Deed of Trust as a flnancing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security
<br /> interest. Upon default,Trustor shall assemble the Personal Property in a manner and at a place reasonably convenient to Trustor and Lender
<br /> ;�, and make it available to Lender within three(3)days after receipt of written demand from Lender.
<br /> Addresaes. The mailing addresses of Trustor(debtor) and Lender (secured party), irom which information concerning the security interest
<br /> granted by this Deed of Trust may be obteined(each as required by the Uniform Commercial Code),are as steted on the first page of this Deed
<br /> of Trust.
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