200200479 - Laserfiche WebLink

Browse

DEED OF TRUST 200200479 Loan No: 19253 (Continued) Page 3 Property. Trustor's Report on Insurance. Upon request of Lender, however not more than once a year, Truster shall furnish to Lender a report on each existing policy of Insurance showing: (1) the name of the insurer; (2) the risks Insured, (3) the amount of the policy; (4) the property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration date of the policy. Truster shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cost of the Property. LENDER'S EXPENDITURES. if any action or proceeding is commenced that would materially affect Lender's interest In the Property or if Trustor fails to comply with any provision of this Dead of Trust or any Related Documents, Including but nor limited to Trustees failure to discharge or pay when due any amounts Trustor Is required to discharge or pay under this Deed of Trust or any Relatetl Documents, Lender on Tmstors behalf may (but shall not be obligated to) take any action that Lender deems appropriate. Including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and paying all casts for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the data Incurred or paid by Lender to the date of repayment by Trustor. At such expenses will became a pan of the Indebtedness and, at Lenders option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment paynrents to become due during either (1) the term of any applicable insurance policy; or (2) 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. The Deed of Trust also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust: 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 encumbrances other than those set forth In the Real Property description or in any title insurance policy, title mpod, or final the opinion issued in favor of, and accepted by, Lender in connection with this Deed of Trust. and dd Trustor has the full right, power, and authority to execute and deliver this Deed of Trust to Lender. Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property against the 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 Lender under this Deed of Trust, Truster shall defend the action at Trustees expense. Trustor may be the nominal party in such proceeding, but Lender shall be entitled to participate In the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation. Compliance With Laws. Trustor warrants that the Property and Trustors use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Representations and Warranties. All representabons, warranties, and agreements made by Trustar in this Dead of Trust shall survive the execution and delivery of this Deed of Trust, shall be continuing In nature, and shall remain in full force and affect until such time as Donower's Indebtedness shall be paid In full. CONDEMNATION. The following provisions relating to condemnation proceedings are a pad of this Deed of Trust: Procesdings. If any proceeding in condemnation Is flied, Trustor shall promptly notify Lender in writing, and Tmslor shall promptly take such 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 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 cause to be delivered to Lender such instruments and documentation as may be requested by Lentler from time to time to permit such participation. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may at Its election require that all or any portion of the not proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incunetl by Trustee or Lender In connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Deed of Trust: Current Tines, Fees and Charges. Upon request by Lender, Trustor shall execute such documents In addition to this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, parceling or continuing this Deed of Trust, including without limitation all tuxes, fees, documentary stamps, and other charges far recording or registering this Dead of Trust. Taxes. The following shall constitute lazes to which this section applies: (1) a specific tax upon this type of Dead of Trust or upon all or any part of the Indebtedness Secured by this Deed of Trust: (2) a specific, tax on Borrower which Borrower is authorized or required to deduct from payments on the indebtedness secured by this type of Dead of Trust. (3) a far on this type of Dead of Trust chargeable against the Lender or the holder of the Note; and (4) a specific tax on all Or any portion of the Indebtedness or on payments of principal and Interest made by Borrower. Subsequent Torres. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as an Event of Default, and Lentler may exercise any or all of Its available remedies for an Event of Default as Provided below unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above In the Taxes and Uens section and deposits with Lender cash or a sufficient corporate surety bond a Other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The fallowing provisions relating to this Dead of Trust as a security agreement are a part of this Deed of Trust: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes futures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Cade as amended from time to time. Security Interest. Upon request by Lender, Trustor shall execute financing statements and take whatever other action is requested by Lender to perfect and continue Lender's security interest In the Rents and Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any fine and without further authorization from Truster, file executed counterparts, copies or reproductions of this Dead of Trust as a financing statement Trustor shall reimburse Lander for ul expenses incurred in parccting or continuing this security Interest. Upon default, Trustor shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Trustor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses, The mauling addresses of Trustor (debtor) and Lender (secured party) from which information concerning the security Interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Dead of Trust. FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and ettorneyAn -fact are a part of this Dead of Trust: Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and tleliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, rallied, or rerecorded, as the case may be, at such times and In such offices and places as Lender may doom appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, Instruments of further assurance, candidates, antl other documents as may, In the sole opinion of Lender, be necessary or tlesrable In Older to all actuate, complete, perfect, continue, or preserve (1) Borrower's and Trustees obligations under the Note, this Deed of Trust, and the Related Documents, and (2) the liens and security interests created by this Deed of Trust as first and prior liens on the Property, whether now owned of hereafter acquired by Truster. Unless prohibited by law or Lender agrees to the contrary in writing, Trustor shall reimburse Lender for all casts and expenses incurred in connection with the matters referred to in this paragraph.