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_ 12�06-1999 DEED OF TRUST 9 9 1 I i 6 6 2 Page 3 <br /> Loan No 1051705 (Continued) <br /> fifteen(15)days aRer the Hen 8rises or,if a lien is filed,within fi(feen(15)days after Trustor has notk:e of the filing,securs the discha►ge of the <br /> lien, or if requested by Lender, deposit with Lender cash or a sWficient corporate surety bond or other securiiy satisfactory to Lender in an <br /> amount sufficient to discharge the lien plus any cosls and attomeys'fees or other charges thet could axrue as a resutt of a foredosure or sab <br /> under the Ifen. In'any contest,Trustor shall defend iiself and Lender and shaH satisy any adverse judgment before enforoement against the <br /> Property. Trustor shaN name Lender as an addf�onal obNpee under any surety bond furnished in the contest proceedinps. <br /> Evideru:e of Payment. Trustor shaN upon demand furnish ta Lender saHsfactory evider�of payment of the taxes or assessments and shaN <br /> authori�e the appropriate governmental offi�l to deNver to Lender at any time a written sfatement of the te�ces and assessments ayainst the <br /> Properiy. � <br /> Notke ot Constructbn. Trustor shall notify Lender at leasf fifteen(15)days before any work is commenced,any services are fumished,or any <br /> materials are supplied to the Prope�ty, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the woric, <br /> servfces,or materials. Trustor wiN upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and wiN <br /> pay the cost o(such improvements. <br /> PROPERTY DAMAGE INSURANCE. The followinq provisions relaNnp to insurirp the Property ere a part of this Deed of Trust. <br /> MdMenance of Insurance. Trustor shaN prxure and maintain pdicies of flre insurance with standard extended coverage endorsemenls on a <br /> replacement basis for the fuN insurable value covering eN Improvements on the Real Property in an amount sufficient to avad applicatlon of any <br /> cdnsurance clause,and with a standard matpagee dause in favor of Lender. Trustor sheli also procure and maintain comprehensive general <br /> I(ability insurance in such coverage amounts as Lender may request with trustee and Lender being named as additlonal insureds in such NabiNty <br /> (nsurance policies. AdditionaAy, Trustor shaN meintain such other insurance, includinp but not Nmited to hezard, business interruption, and <br /> boNer insurance,as Lender may reasonably require. Pdicies shaN be written in form,amounts,coverages and basis reasoneby acxeptable to <br /> Lender and issued by a company or companies reasonabty acxeptable to Lender. Trustor,upon request of Lender,wf�deliver to Lender Irom <br /> Gme to Hme the policies or certificates of insurance in form saHsfactory tq Lender,includinp stipulaHons that coverapes wNl not be cancelled or <br /> diminished without at least ten(10)days'prior written noNce to Lender. Each insurance pol�y also shall indude an endorsement providing that <br /> coverage in favor of Lender will not be impaired in any way by any act, omission or default of Trustor or any other person. Should the Real <br /> Property at any time become located in an area designated by the Di�ector of the Federal Emergency Manayement Agency as a special flood <br /> hazard area,Trustor agrees to obtain and maintain Federal Flood Insurance for the fuN unpaid principal balance of the loan end any prior Nens <br /> on the property securing the loan,up to the maximum pdicy qmits set under the NaHonal Flood Insurance Propram,or as otherwise requked by <br /> Lender,and to maintain such insurance for the term of the loan. <br /> Applkation of Proceeds. Trustor shaN promptly notify Lender of any loss or damage to the Property. Lender mny make proof of loss ff Trustor <br /> fails to do so within frfteen(15)days of the casualty. Whether or not Lender's securHy is impaired,Lender may,at its elecdon,receive and retain <br /> fhe proceeds of any insurance and apply the proceeds to the reductlon of the Indebtedness,payment of any C�en atfeciirq the Property,or the <br /> restoraHon and repair of the Propeity. If Lender elects to epply the proceeds to restoration and repair, Trustor shell repair or replace the <br /> damaged or destroyed Improvemenis in a manner satisfactory to Lender. Lender shaN, upon satlsfactory proof of such e�enditure, pay or <br /> reimburse Trustor irom the prooeeds for the resaonabls cest of repair or rostoration i(Trustor is not in default under thGs Deed of Trust. My <br /> proceeds which have not been disbursed within 180 days alter their receipt and which Lender has not committed to the repair or restoratlon of <br /> the Property shall be used first to pay any amount owirp to Lender under this Deed of Trust,then to pay accrued interest,and the remainder,if <br /> any,shaA be applied to the prinapal balar�e of the Indebtedness. if Lender hdds any proceeds aRer payment in fuN of the Indebtedr�ess,such <br /> proceeds shall be paid to Trustor as Trustor's interests mey appear. <br /> Unexpired Insurance at Sak. My unexpked insurance shaN inure to the benefit ot,and pass to,the purchaser of the Properly covered by this <br /> Deed of Trust at any trustee's sate or other sale held under the provisions of this Deed of Trust,or et any foredosure sak of such Property. <br /> Trustor's Report on Insurance. Upon request of Lender,however not more than once a year,Trustor shall furnish to Lender a report on each <br /> existing pdicy of ir�surance showing: (a)the name of the insurer; (b)the risks ir►sured; (c)the amount of the policy; (d)the properiy insured, <br /> the then current replacement value of such property, and the mann� of determining that value; and (e) the expiration date of the pdicy. <br /> Trustor shall, upon request o}Lender, have an independent appraiser satlsfactory to Lender determine the cash velue replacement cost of the <br /> Property. <br /> DCPENDITURES BY LENDER. If Trustor faHs to comply with any provision of this Deed of Trust,or if any acdon or proceedin�fs commenced that <br /> would materielly affect Lender's interests in the Properly, Lender on Tr�tor's�If rt�ay,but shall not be required to,take any actlon that Lender <br /> deems appropriate. Any amount that Lender expends in so doirp wiN b�r interest at the rate provided for in the Note irom ths date incu►red or pald <br /> by Lender to the date of repayment by Trustor. All such expenses,at Lender's optlon,wiN (a)be payable on demand, (b)be added to the balance <br /> of the Note and be apportioned among and be payable with any instaNment paymenis 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 Meated as a balloon payment which wNl be due and payable at the Note's maturity. <br /> This Deed of Trust also w�l secure payment of these amounts. The riyhts provided for in this paragraph shall be in addidon to any other riqhts or any <br /> remedies to which Lender may be enHtled on account of the default. Any such action by Lender shaN not be construed es curing the defeult so as to <br /> bar Lender from any remedy that it otherwise would have had. <br /> WARRANTY;DEFENSE OF TITLE. The foNowing provisions relatirp to ownership of the Property are a part of this Deed of Trust. <br /> Title. Trustor warrants that: (a)Trustor hdds good and marketable tiiile of record to the Property in fee simple,tree and dear of aN liens and <br /> encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report,or Rnal title opinion issued in <br /> favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Trustor has the full right,pow�,and autho�ity to execute and <br /> deliver this Deed of Trust to Lender. <br /> Defense o(Tltle. Subject to the exoeptlon in the paragraph above,Trustor warrants and wiN forever defend the 6tle to the Property against the <br /> lawful claims of aN persons. In the event any ecNon or proceedirp is commenced that quesiions Trustor's tide or the interest ot Trustee or <br /> Lender under this Deed of Trust,Trustor shaN defend the acNon at Tnistor's e�ense. Trustor mey be the nominal party in such proceeding,but <br /> Lender shaN be endtled to participate in the proceedinp and to be represented in the proceeding by counsel of Lender's own choice, and <br /> Trustor wili deliver,or cause to be delivered,to Lendar such instruments as Lender may request from dme to Hme to permit such participatlon. <br /> Compliance With Laws. Trustor warrents that the Properiy and Trustor's use of the Property compHes with aA a�dstlnp applicable laws, <br /> ordinances,and regulafions of governmental authorities. <br /> CONDEMNATION. The following provisions relating to Condemnation proceedings are a part of this Deed of Trust. <br /> Applkation of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceediny 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 appHed to the <br /> Indebtedness or the repair or restoratlon of the Properfy. The net proceeds of the award shaN mean the award after payment of all reesonable <br /> cosis,expenses,and attorneys'fees lncurred by Trustee or Lender in connecNon with the condemnation. <br /> Proceedinys. If any proceeding in condemnation is filed,Trusta�shaN prompdy notiy Lender in writing,and Trustor shall promptly take such <br /> steps as may be necessary to defend the acdon and obtain the award. Trustor may be the nominal parry in such proceeding,but Lender shaN <br /> be entitled to pariicipate in the proceedinq and to be represented in the proceedinp by cour�sel of its own choice,and Trustor wNl deliver or <br /> cause to be delivered to Lender such instruments as may be requested by it kom tlme to Nme to p�mit such participaHon. <br /> IMPOSITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The foNowing provisions retetlng to govemmental taxes, <br /> fees and charges are a part of this Deed of Trust: <br /> Current Taxps,Fees and Char�es. Upon request by Lender,Trustor shali execute such documents in addidon to this Deed of Trust and t�ke <br /> whatever other action is r9qua4ted by'Lender to perfect and aonHnue Lender's lien on the Real Property.:Trustpr sl5al�reimburse Lender for aR <br /> texes; as'describ�d below, together wfth all e�enses incurfed in recording, periectlng or continuing this Deed of Trust, induding with;out <br /> limitatlon all faxes,fe�s.documentary stamps,aad otf�char¢es for recordinq or repistering this�eed of Trust. <br /> Taxes. The following shall co�stitutA taxes to which this seCdon applies: (a):a speci�c tax upon this type of Deed of Tr�t:or upon aN or any <br /> part of the I'ndebtedness secured by this Deed of Trust; (b)°a specific tax tln Trustor whkh Trustor is authoiired'or required to deduct lrom <br /> p�yments dn the Indebtedness secured by tliis type of Deed of Trust; (c)a tex on this type of Deed bf Trust chiargeable against the Lender or <br /> the holder of the Nqte; and (d) a specific tax on all or any patlon of the Indebtedness or on payments oi principai and lnterest made by <br /> TrustOr. • <br /> Subsequbnl Tqxss. If any�en to which this sectlon applies is enacted subseguent to the date of this Deed of Trust,thi�event;shall have the <br /> same effect as an Everit of Defau�(as delined below),and Lender may exercis6 any or aq of Ns evailable remedies:for an Event of Default as <br /> provi�ied below unfess Trusfor eith� (a)pays the tax before k becomes delinquent,or (b)contests the tex as provided above in the Taxes and <br /> �Liens sactlorj and deposits with Lender c�sh or e�Ylfaient corp'qrde surety�bond cr oth�security sadsfactory:to Lender. <br /> � : � . �' � � � ;. . � <br />