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<br /> �° • � DEED OF TRUST O Pqs 9
<br /> 03-21-1994 i- °=�
<br /> , 94 102�4 W.�-.-
<br /> s� Loan No 8T6fj80'��°,' :4 (Cominuod � �+� 4 • ""�'� r �„�A_
<br />- • "ai rr ,�. `"�
<br /> � ��. Y ":��,__--, ,
<br /> � NoUa of Construodon. T�ustor shaN rotiry Lender�t leeat�fteen(16)days before any aaodc te com�r9enoed��ny aervicee�re Nrnbhed�or anp ,�,�:,.. �---_� '�
<br /> � . m�terWe ve eup Ited to the Properly,tt tny+ mechinb'a Oen,tr�ir�iatrrien'e qen, or othe�Iien coutd be asaerted on�cxaunt ot tho work� - .�s. -�.
<br /> ve�vloem,or�ila. Ttuator wN upon�equeat of Lende►tumish to Lender advanoe�ssurances eatlsTndory to l.ender thnt T�uator oan u►d wll � ���ra�,
<br /> . - � „ pesy ths coet ot euch NrprovemeMS. � •`"' ` fj`° `� --
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<br /> PROPSRIY DA�AACiE INSUHANCE.Tho foAowing provisbns reluting to Inaudng the Property are s part of thb Oeed ot Trus� �'�'�
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<br /> •• � M�k�t�no�of lnsupno�. TNetor sh�U procwe and mdntain potkfes ot tke inwrwnoe wtth st�ndard extendad cover�go endoraements on� . �� �•�!;+�
<br /> " �epleoeme�t besls fot the fWi l�wurabta vMre covering W Improvernerrts on the ReU Properly tn an arrau�t euf(ielem to avold opP�n of any • ' "���:�'�?!••-
<br /> coirauranoe cleusa,nnd vNth e etandeud matgagee clause in tavor ot Lender,together wNA such other M�sard and Uabipty i►�auranoe as lender ° • �� ��
<br /> ' �� miy reasonebty require. Polides ehaN be written in tortn,amoums,aoverages and bas�s reasonably accaptable ro tsnder and teaued by� ,
<br /> company ar compantes reeaoneby aooeptabta to Lender. T►uetor,upon request af Lender,wiU delNer to Lender hom Ume to Ume the poticies _
<br /> • or ce�tltieates of insura�ce!n form eabsfad�►to Lender,including stlputatlor�s that ooverages wlll not be oanoelisd or dlmirdshed without at .. ; �
<br /> {eest ten(10)days'prlar written rtotke to Lendm.Shoutd the Reat P�operry at any tlrr�e become tocated fn an aree deslgnated by the Direator of
<br /> �� the F9deral Emergency Mnnagcunsnt Ilgoncy es d spedei tlood ha=ard area.True�r egrees to obtaln end mal�tain Fede�N Flood Inaurenae to •:
<br /> , the extem such insurance b requlred by Lende►and b or becomes avaNable.tor the term of the Ioan and tor the luq unpald pdncipd balanoe ot ; y
<br /> � the ban,or the maximum Qmit of coverage thut b avallable,whiehever la tess. �
<br /> /y,plloatton o}Pr000�. Trustor eheU pranptly no Lender of any bss or dartiage ro the Proparty. lander tnay make proof of bes It Tiustor . .
<br /> talta to do so wilhin fifteen(t8)daya ot the casualry. v�ihether or not Lendera eeaatry Is Impaired,Lender rnay,at tte electlon,receive and�eteln � _
<br /> i , ' ihe proceeds of any inaurnnce and apply the proceede to the reductlon ot the Indebtedness,payment of any Ilen attectlng the PropeAy,or tha , „ -
<br /> restornUon and repatr ot the Ptoperty. tl lender eleate to apPly the p�oceeda w testotatlon and repair,Truabr s h e t l rep e i r or r e p�a c e t h e
<br /> darnnged or desuoyed Improvemenle in e manner eaUataatory to Lender. Lender shatl,upon eatlstac6ory proof of such expendilure,pay a � -
<br /> � � reknbu�se Trustor irom the proc�eda tor the reasonable cont of repeir or resto�atlo�B 7rusror Ia not In cletauft under thie Deed af TrusL An�r , •
<br /> proceeds which heve not been dlabursed within 180 duye after thelr recelpt and whlah Lender hae not cormdtted to the ropak ot rostoratloa of � -�f-=.�:.�_
<br /> ' the Property ahall be useo nret to pay any mrx,unt uwii�y W Lender u�dsr th�Qcad at Tcuat,thnn to pey eccn����tere.at,and the remalnder,B . _______�-+����:^-
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<br /> any,ahaN be applled to the prindpei baianee of the Indebtedness. B Lender hotds any proceeda atter paymarM In tull of the indebtednese,auch ,�rr.�;
<br /> proceads shnll be paid to Truetor as Trustore intereste may appear. "-�, 'T;
<br /> Un�xpirod Inaura�c�at Saia Any uoexptred insurance ehall inure to the beneftof.end pass to,the purchaser of tha Properry covered by this �� , „ ,�.�?
<br /> Oeed ot Trust at any truatee's saie or other eate heid under the pravisfona of thls Oeed of Truet,or at any toreciosure salA of aur.b Properly. - '>>':�•� '
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<br /> Compiitnc�wltA F�ctatinp Indsbtednesa Dudng the perlod in whiah eny ExlsiNg Indebtedness desalbed betow is in eHect,compi(ance with • ,1,��,..r
<br /> the tnsurance provlsbns conteined In the InsVumer�evldencing such ExisYng Indebtednese ehelt constlWte comptlence with the insu�ence ___,
<br /> provialona under thia Daed ot Trust,to the extent compiiance with the tertns of thia Deed ot Truet would constlNte a duplicadon of insurance �� �'`—
<br /> requlrement If any proceeda from the insuranae become payabie on toss.the proNsbns In thts Oeed of Trust tor dhdslon of proceeda ehali ��;;—
<br /> appty oniy to that poAbn ot the proeeeds not payable to the hoider of the Exbtlng Indebtedness. �`-�
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<br /> L�XPENDITURES BY LENDER. If 7ruetor faib to compy wlth any proWabn of this Deed ot Truet,tnciuding any obligatbn to malMain Exietlng ��
<br /> tndebtedness in good standing as required beiow,a If any acUon or proceed(ng b ammenced that woutd matedeily atfeot Lendere tnterests in the �.�{
<br /> i�roperry,i.snder on'iruaio�s bahait mny,i�,t td►ati noi be ra�irad io,ia#a any uctlon lhat isn�ier Qaerre appropdetp. Any arrount thet Lender ..ss -
<br /> expends in eo doing will beer intereat at the rate charged under the Cre�t Agreement from the data inourred or pald by Lander to the date of
<br /> �epaymer�t by Truator. All cuch expenses,at Lenders optbn,w1i1 (a)be payabte an demend, (b)be added to the balance of the cre�t Itne and be �.
<br /> apportbned among and be payabie wfth any instatlment payments to become due during elther p)the tetm ot any appllcaWe insurance poiley or (B� � '
<br /> the rematning term of the Cre d ft Agreemen t,a (e)b e trea te d a s a b a l l o o n p e y m e n t w h l c h w l l l b o d u o a n d p s y e bl e at the Credit A 9reamsnCs �+ . � -
<br /> maturity. Thia Deed of Truet aiso wlll secure peyment oi these arrwunte. The Mghts provlded tor In lhis paragraph ehell be In addlUon to any other ��'�
<br /> �ights or any remediea to which Lender may be entltled on axount ot the defauft My such action by lender ehali not be eonswed as curing the �:
<br /> delault so ea to ber Lender from any cemedy thm It otherwlse woutd have had. �.��+
<br /> � WARRAN7Y;DEFENSE OF T I T L E. T he to l lo w ing prov i s ions re la U n g t o o w n e re h l p o f t h e P r o p e r ry a r e a p e r t o i t N s O e e d o t T r u s t. `'y��{
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<br /> 'ftHa Truator warrants that: (e)TNato►hotds good and matketeble tltle ot record to the Property in tee simpte,hee and clear of all Iiana and �
<br /> encumbrancos other than tMse set forth In the Reai Property deacrfptbn or in tha Exletlng Indebtedness ecictlon betow or In eny title insuranee � , ,���,
<br /> - f�u11�gM,powe�e d euthoriry to�execu e a d+deliver this Oeed ot T atto�Lender.�n cannectlon with thls Deed ot 7rust,and (b)Ttuetvr heo the � ,
<br /> pet�nas of Tltle. SubJeot W the exceptlon In the peregraph above,T�ustor warrents and wiA torever detend the Ude to the PropeAy agdnat the I :� �n,
<br /> Ia w f u l c i a i m s o t a t t p e r s o n a. I n t h e e v�N a n y a c tl o n o r p r o c e e d i n g i s e o m r r i e n c e d M a t q u e s tl o n a T r u s t o r e tlYde or the interest ot Tastee or � , •%.�'
<br /> Lender undor thla Deed ot Truet,Trustor ehetl detend the actlon at Trustore expense. Trustor mey be the nanlnW psrty in such proceeding,but j .�•
<br /> I.endet shali ba enUtled to perticlpate in the proceeding and to be represented in the proceeding by counsei of lender's own cho�e,and i , .
<br /> T►ustor wlll deliver,ot cause to be deNvered,to lender such instruments as Lender may requeat from Ume to tlme to pemdt such participaUon. �
<br /> ', Compttanee With Lawa Truslor wa�rante thet ihe Praperry und Truator'a uso ol the Propeny eomplles vNih nu exlating applicable tawn. - -
<br /> ordlnances,and regulatlons oi gover►ur►sntal aulhorlties. � ,
<br /> EXISTINfi INDEBTHDNESS. The tollowing proWabna concerning exlsUng indebtednoss(the'Fxisring Indebtodneas'� are a peri oi thfa Deed ot �
<br /> Ttust.
<br /> F.ztsUng Uen. Tho Men ot thls Deed of T�ust secudng the Indebtedness may be secondery and Interlo�to en exlsting�len. Trustor expressly
<br /> covenants and agrees to pay,or see to the payment of,the Bxlsdng Indebtedness end to prevent any defaut on such Indebtedness,any detautt
<br /> under the InsWmenta evldendng such indebtednesa,or any default under any securlry documents tor such Indebtedness.
<br /> No Moditloatlon. TNStor shall not enter In10 eny agreement with the holder ot eny mortgage,deed d trust,or other security agreement whkh
<br /> hea priority ovc�this Osed of Truat by wNch that agreement Is moditfed,amended,extended,or renewed wiUaut the prior w�ltlen eanaent ot
<br /> Lender. Truetor shaM nehher request nor exept any tuture advances under any such securiry agroement wittaut the prior written consent of
<br /> Lender.
<br /> CONDEMNATION. The toltowing provlslons relnHng to condomnatlon procoedings are a pert ot this Deed d Truet. .
<br /> , AppltcaUon ot Net Proceeds. It aN or eny part ot the Property is condemned by eminent domeln praceedings or by any proceeding or
<br /> � • purchase in Ibu of condemnetbn,Lender may at its etectlon requlre ihat all or eny portlon of the net proceeda ot the award be applled to the
<br /> Indebtedness or the repNr or reatoratlon M the Propony. The net pracoods ot the award shelt mean the award etter poyment of all reasonabie
<br /> coats,expenses,and ariorneys'feea Incurted by Trustoe or Lendor fn connactlon with the condomnatbn.
<br /> Proaeedtngs. If any proceeding In condemnatlon Is filed,Trustor sheil promptly notNy Lender In writlng,and Tn+stor ahatl promptly teke such
<br /> etepe as may be nacessery to detend the acUon and obtaln the award, Trustor may be th0 nominai perty In such proceeding,but Lender ahell
<br /> � be entltled to particlpate In the proceeding and to be represented fn the proceeding by counsei of ib own choice,and Trustor witl doliver or
<br /> cause to be deUvered to lender such instruments as may be requested by ft trom tlme to tlme to pem9t such particlpaUon.
<br /> IMPG5ITION OF TAXES,FEES AND CHARfiH3 BY QOVERNMENTAL AUTNORITIES. The fo��owing provisbna relating to goverrxnentat taxes,
<br /> • tees and charges aze a pert ot thia Deed of TNS1:
<br /> � Current Taxea,Feea and Charges. Upon request by Lender,Tmstor shep execute euch documents�n aCClmon to ttrs ueed oi irusi and iaictl
<br /> whatever other acUon is requested by Lender to perlect and contlnue Lender's Nen on the Rea�Properly. Trustor shall relmburse Lender tor ait
<br /> texea,as desaibed bebw,together with aIi expenaea Incurred In rocording,peHecBng or contlnuing thls Oeed ot Trust,tnduding MAthout
<br /> Nmttedon all taxes,teos,documentary stampa,end other chargea br recording or registering thls Oeed ot Ttust.
<br /> : Taxes. The tollowing ahail constltute tazes to whlch thls seclion epplbs: (a)a epedtic iex upon thla type of Deed of Trust or upo�all or any
<br /> t � prrt of the Indebtedneas secured by thls Deed ot Truat; (b)a spciciflc tax on Trustor wMch Trustor Ia authodiod ar requlred to daduct from
<br /> �� paymente on the Indebtedness aecured by this type ot Ooed of 7rusC (c) a tax on 1Na type ot Deed ot T�ust chargeable agNnst the lender or
<br /> the holdot of the Credit Agreement;and (dj a speGlic ta�c on all or eny porUon ot the Indebtedneas or on peyrrants of principat und interest
<br /> ' � made by Trualor.
<br /> � i Subsequent Taxes. �f any tex to wh�h Ihis secUon applies is enacted subsequent to the date of tlYS Oeed ot Trust,this event ahaN have the
<br /> � 9ame eftect as an Event ot OetauR(ns deYned bekw),and Lender rtwy exerdse any or aM ot ite avaiabl0 remedles tor an Event of Oetaurt as
<br /> provided beiow un►a9s Trustor elther {a)pays the tax beforo tt becomea deNnquent,ar (b)contests the tau as provldad above!n the Taxes end
<br /> , Uens sectlon and deposits with lender caah or a suMiclent corporete aurety bond or other secudry sa�stactory to Lender.
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