|
- �2-23-1999 DEED OF TRUST 9 9 1 �.21 b 3 Pa9e 3
<br /> � Loan No 1064120 (Contlnued)
<br /> TAXES AND LIENS. The following provisions relaHng to the taxes and liens on the Property are a part of this Deed of Trust.
<br /> Payment. Trustor shell pay when due(and in ali evenis prior to delinquency)all taxes, speciei taxes,assessmenis,cheryes(indudi�p water
<br /> and sewer), fines and imposiHons levied against or on account of the Property, and shall pay when due all claims for work dons on or for
<br /> servic�s rendered or material furnished to the Properfy. Trustor shall maintain the Property iree of all liens having priority over or eqwl to the
<br /> interest of Lender under this Deed of Trust,except for the lien of taxes and assessments not due,e�ccept for the exisdng indeb�ednesa referred
<br /> to below,and except as otherwise provided in this Deed of Trust.
<br /> Rlyht To Contest. Trustor may withhold payment of any tax,assessment,or claim in connection with a good faith dispute over the oblipaHon
<br /> to pay,so lon�as Lender's interest In the Properiy is not jeopardi�ed. If a lien arises or is filed as a resuft of nonpayment,Trustor stieN within
<br /> flfteen(15)days after the lien arises or,if a lien is Rled,within fiffeen(15)days after Trustor has notice of the 81fn�,secure the discharpe of the
<br /> lien, or ff requested by Lender, deposit with Lender cash or a suificlent corporate surety bond or other security satlsfactory to Lender in an
<br /> amount sWflcient to discharge the lien plus any cosis and attorneys'fees or other charges that could accrue as a resutt of a foredosure or sale
<br /> under the lien. In any contest,Trustor shall defend fiself and Lender and shall saUsy any adverse judgment before enforcement against the
<br /> Property. Trustor shall name Lender as an addidonal obllgee under any surety bond furnlshed in the contest proceedings.
<br /> EvWence of Peyment. Trustor shall upon demend furnish to Lender satisfactory evidence of payment of the taxes or assessments and shaN
<br /> authorize the appropriate governmental otfiCCiai to deliver to Lender at any time a written statement of the taxes and assessments apai►�st the
<br /> Property.
<br /> NoUce of Construction. Trustor shell notify Lender at least fifteen(15)days before any woric is commenc�d,any services are fixnished,or eny
<br /> materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the wak,
<br /> servlces,or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and will
<br /> pay the cost of Such improvements.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relatlng to insuring the Property are a part of this Deed ot Trust.
<br /> Maintenance oi InsuranCe. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsemenis on a
<br /> replacement besis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid applk:adon of any
<br /> cansurance clause,and with a standard mortgagee clause in favor of Lender. Trustor shall also procure and maintain comprehensive general
<br /> Uability insurance in such coverage amounts as Lender may request with trustee and Lender being named as additionai insureds in such Uability
<br /> insurance policies. Additionally, Trustor shall maintain such other insurance, including but not limited to hazard, business interrup8on, and
<br /> baler insurance,as Lender may reasonably require. Policies shall be written in form,amounts,coverages and basis reasonebly acceptable to
<br /> Lender and issued by a company or companfes reasonably acceptable to Lender. Trustor, upon request of Lend�,will deliver to Lender kom
<br /> tlme to time ths policies or certificates of insurance in form satisfactory to Lender,including stipulations that coverages wiN not be cancelled or
<br /> diminished without at least ten(10)days'prior written notice to Lender. Each insurance policy also shall include an endorsement providiny that
<br /> coverage in favor of Lender will not be impaired in any way by any act, omission or defauk of Trustor or any other person. ShoWd the Real
<br /> Property at any tlme become located in an area designated by the Director of the Federal Emergency Mana�ement Agency as a spec�al llood
<br /> hezard area,Trustor aprees to obtain and maintain Federal Flood Insurance for the fuN unpaid principal balance of the loan and any prior Nens
<br /> on the property securing the loan,up to the ma�dmum policy limits set und�'the National Flood Insurance Program,or as otherwise requked by
<br /> Lender,and to maintain such insurance for the term of the loan.
<br /> Applkatlon of Proceeds. Trustor shali promptly notity Lender of any loss or damage to the Property. Lender may make proof of loss ff Trustor
<br /> fails to do so within fifteen(15)days of the casualty. Whether or not Lender's security is impaired,Lender may,at its electlon,receive and retain
<br /> the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness,payment of any lien atfecHng the Property,or the
<br /> restoraHon end repafr of the Property. If Lender elects to apply the proceeds to restoratlon and repair, Trustor shall repair or replace the
<br /> damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or
<br /> refmburse Trustor from the praceeds for the reasonable cost of repair or restoration if Trustor is not in default under this Deed of Trust. My
<br /> proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoradon of
<br /> the Property shell 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 Indebtedr�ess,such
<br /> proceeds shaN be paid to Trustor as Trustor's interests may appear.
<br /> Unsxpirod Insurance M.Sale. Any une�ired insurar�ce sheN 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 with Ex(stiny 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 ths insurance
<br /> provisions under this Deed of Trust, to the extent compliance with the terms of this Deed of Trust would consHtute a duplicadon of insurance
<br /> requirement. If any proceeds from the insurance become payable on loss, the provisions in this Deed of Trust for division of proc�eds shall
<br /> apply only to that portion of the proceeds not payable to the holder of the Existing Indebtedness.
<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 /> e�dstlng policy of insurance showing: (a)the name of the insurer; (b)the risks insured; (c)the amount of the policy; (d)the property insured,
<br /> the then current replacement value of such properiy, and the manner of determining that value; and (e) the expiraUon date of the pdicy.
<br /> Trustor shell, upon request of Lender, have an independent appreiser satisfactory to Lender determine the cash value replacemenf cost of the
<br /> Property.
<br /> IXPENDITURES BY LENDER. If Trustor faiis to comply with any provision of this Deed of Trust, including any obliyation to mainta(n ExisUn�
<br /> Indebtedness in good standing as required below,or if any action or proceeding is commenced that would materially affect Lender's Intera4ts in the
<br /> Properiy, Lend�on Trustor's behalf may, but shall not be required to, take any acHon that Lender deems appropriate. Any amount that Lender
<br /> expends in so dang will bear interest at the rate provlded 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,wiil (a)be payable on demand, (b)be added to the balance of the Note and be apportioned among
<br /> and be payable with any instaliment payments to become due d1��ing either (i)the term of any applicable insurance policy or (ii)the remaining term
<br /> of the Note, w (c) be treated as a balloon payment which will be due and payable at the Note's maturiry. This Deed of Trust also will secure
<br /> payment o(these amounis. The rights provided for in this paragraph shall be in addition to any other righis or any remedies to which Lender may be
<br /> entitled on axount of the defautt. Any such action by Lender shall not be construed as curing the defauN so as to bar Lender irom any remedy that
<br /> it otherwise would have had.
<br /> WARRANTY;DEFENSE OF TITLE. The following provisions relaHng to Awnership of the Property are a part of this Deed of Trust.
<br /> TIUe. Trustor warrants that: (a)Trustor holds good and marketable title of record to the Property in fee simple,free and clear of all liens end
<br /> encumbrances other than those set forth in the Real Property descriptlon or in the F�dstlng Indebtedness secdon below or in any dde insurance
<br /> policy,title report,or final tiUe opinion issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Trustor has the
<br /> full ripht,power,end aufhority to execu}e end deliver this pead of Trust to Lender.
<br /> Detense of Tltle. Subject to the exception in the paragraph above,Trustor warranis and wiil forever defend the title to the Properiy against the
<br /> lawful claims of sll persons. In the event any action or pra�eding is commenced that questions Trustor's htle or the interest of Trustee or
<br /> Lender under this Deed of Trust,Trustor shall defend the action at Trustors expense. Trustor may be the nominal party in such proceedinp,but
<br /> Lender shall be entiHed 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 participatlon.
<br /> Complitmce With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with aN existinp appNcabk laws,
<br /> ordinar�es,Snd reguiafions of govemmental authorities.
<br /> D(ISTING �NDEBtEDNESS. The following provisions concerning existing indebtedness (the"Existing Indebtedness'�ere a part of this Deed of
<br /> Trust.
<br /> FSdstiep Uen. �The'lien'of this Dsed of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Trustor e�ressly
<br /> covenanks ar�8grees to pay,or see to the payment of,the E�dshng Indebtedness and to prevent any defauft on such ind9btqc�ness,any default
<br /> !'undef the instruments�videncinp such indebtedness,or any defauft under any security documents for sucfi IndebtedneSS.
<br /> Default. If 4he.paymqnt of any installment of principal or any interest on the Existing Indebtedness is nof mBde within the time requk9d by the
<br /> npt�eviden�ng such indebtedneSS, or should a default occur under the instrument securing such indebtednes�end'not be cur�d durinp any
<br /> �pplicable grace period tF�ein,�hen,at the optlon of Lender,the Indebtedness secured by this Deed of Trust shall become fmmedi�tely due
<br /> and payabl�,and this Deed of Trust shall be in default.
<br /> No ModNlcldiolt. TFUtla eMaall not enter iMo any a�reement with the hdde�'of any mortyage,deed of tn�stt,or other security aqreemeM which
<br /> has p�iOrHy oyer this Deed of Trust by w�ich that agreemeM�Is modified,amended,extended,or reneWed'without the p�for wrltten cor�M of
<br /> . `� �`,. '. { +r .
<br /> i , , . ,: � .° i { '.
<br />
|