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11-23-1999 DEED OF TRUST . Page 4 �
<br /> Loan No 765661 �� ���3$� (Continued) ., ;. �, ` �'� �.��
<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 /> proceeds shall be paid to Trustor as Trustor's interests may appear.
<br /> Unexplred Insurance at Sale. Any unexpired insurance shall 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 sale held under the provisions of this Deed of Trust,or at any foreclosure sale of such Property.
<br /> Compllance wlth Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect,compliance with
<br /> the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance
<br /> provisions under this Deed of Trust, to the extent compliance with the terms of this Deed of Trust would constitute a duplication of insurance
<br /> requirement. If any proceeds from the insurance become payable on loss,the provisions in this Deed of Trust for division of proceeds shall
<br /> apply only to that portion of the proceeds not payable to the holder of the Existing Indebtedness.
<br /> DCPENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, including any obligation to maintain Existing
<br /> Indebtedness in good standing as required below,or if any action or proceeding is commenced that would materially affect Lender's interests in the
<br /> Property, Lender on Trustor's behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender
<br /> 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
<br /> 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
<br /> 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
<br /> of the Note, or (c) be heated as a balloon payment which will be due and payable at the Note's maturity. This Deed of Trust also will secure
<br /> payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be
<br /> entitled on account of the default. Any such action by Lender shall not be conshued as curing the default so as to bar Lender from any remedy that
<br /> it otherwise would have had.
<br /> WARRANTY;DEFENS�OF TITLE._Tha following provisions relating to ownership 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 forth in the Real Property description or in the Existing Indebtedness section below or in any tide insurance
<br /> policy,title report,o�final title opinion issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Trustor has the
<br /> full right,power,and authority to execute and deliver this Deed of Trust to Lender.
<br /> Defense oi Title. Subject to the exception in the paragraph above,Trustor warrants and will forever defend the title to the Property against the
<br /> Iawful 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 entitled 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 from time to time to permit such participation.
<br /> Compllance With Laws. Trusto� warrants ihat the Property and Trustor's use of the Property complies with all existing applicabte laws,
<br /> ordinances,and regulations of governmental authorities.
<br /> IXISTING INDEBTEDNESS. The following provisions concerning existing indebtedness (the "Existing Indebtedness") are a pa�t of this Deed of
<br /> Trust.
<br /> bcisting Llen. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Trustor expressly
<br /> covenants and agrees to pay,or see to the payment of,the Existing Indebtedness and to prevent any default on such indebtedness,any default
<br /> under the instrumenls evidencing such indebtedness,or any default under any security documents for such indebtedness.
<br /> Default. If the payment of any installment of principal or any interest on the Existing Indebtedness is not made within the time required by the
<br /> note evidencing such indebtedness, or should a default occur under the instrument securing such indebtedness and not be cured during any
<br /> applicable grace period therein,then,at the option of Lender,the Indebtedness secured by this Deed of Trust shall become immediately due
<br /> and payable,and this Deed of Trust shall be in default.
<br /> No Modiflcatlon. Trustor shall not enter into any agreement with the holder of any mortgage,deed of trust,or other security agreement which
<br /> has priority over this Deed of Trust by which that agreement is modified,amended, extended, or renewed without the prior written consent of
<br /> Lender. Trustor shall neither request nor accept any future advances under any such security agreement without the prior written consent of
<br /> Lender.
<br /> CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust.
<br /> Application oi Net P�o�eeds. If all or any part of the Property i_s condemned ay 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 restora6on of the Property. The net proceeds of the award shall mean the award after payment of all reasonable --
<br /> costs,expenses,and attorneys'fees incurred by Trustee or Lender in connection with the condemnation.
<br /> Proceedings. If any proceeding in condemnation is filed,Trustor shall promptly notify Lender in writing,and Trustor shall 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 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 and charges are a part of this Deed of Trust:
<br /> Current Taxes,Fees end Charges. Upon request by Lender,Trustor shall execute such documents in addition 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 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 Deed of Trust.
<br /> Taxes. The following shall constitute taxes to which this section applies: (a)a specific tex upon this type of Deed of Trust or upon ali or any
<br /> part of the Indebtedness secured by this Deed of Trust; (b) a specific tex on Trustor which Trustor is authorized or required to deduct irom
<br /> 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
<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 below),and Lender may exercise any or all of its available remedies for an Event of Defauit as
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