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Loam NO: 151664O 200204121
<br />DEED OF TRUST
<br />(Continued)
<br />Page 2
<br />Lender's Right to Enter. Lender and Lender's agents and may enter upon the Real Property at all reasonable times to
<br />attend to Lender's interests and to inspect the Reai Fropetty for purposf � of ; :;;stoes compliance with the terms and conditions of this Deed
<br />of Trust.
<br />Compliance with Governmental Requirements. Truslor snail promptly comply with ail laws, ordinances, and regulations, now or hereafter
<br />in effect, of a!l governmente! authorities applicable tc the use or occuparcy of the Property, including without limitation, the Americans With
<br />Disabilities Act. Trustor may contest In good faith any such law, ortiindnZe, or regulation and withhold compliance during any proceeding,
<br />including appropriate appeals, so long as Trustor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion,
<br />Lender's interests in the Property are not jeopardized. Lo-,,,der may require 'Trustor to post adequate security or a surety bond, reasonably
<br />satisfactory to Lender, to protect Lender's interest.
<br />Duty to Protect. Trustor agrees neither to abandon or leave unattended the Property. Trustor shall do all other acts, in addition to those
<br />acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
<br />Property.
<br />TAXES AND LIENS. The following provisions relating to the taxes and liens on t;-,e Property are part of this Deed of Trust:
<br />Payment. Trustor shall pay when duo (and in ail events prior to delinquency) all lazes, special taxes, assessments, charges (including water
<br />and sewer), fines and impositions levied against or on account of the Property,'and shall pay when due all claims for work done on or for
<br />services rendered or material furnished to the Property. Trustor shall maintain ft Property free of all ;ions having priority over or equal to the
<br />interest of Lender under this Der1d of Trust, except for the lien of taxes and assessments not due and except as otherwise provided in this
<br />Deed of Trust.
<br />Right to Contest. Trustor may withhold payment of any tax, assessment, or claim In connection with a good faith dispute over the obligation
<br />io pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Trustor 5,haif within
<br />fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Trustor has notice of the filing, secure the discharge of the
<br />lien. or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bord or other security satisfactory to Dander in an
<br />amount sufficient to discharge the fien plus any costs and attorneys' fees, nr other charges that could accrue as a result of a foreclosure or
<br />sale under the lien. In any contest, Trustor shall defend itself and Lender and shall satisfy any adverse Judgment before enforcement against
<br />the Property. Trustor shall name Lender as an additional obligee under any surety bond furnished in the contest prozeedings.
<br />Evidence of Paymer,. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
<br />authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the
<br />Property.
<br />Notice of Construction. i rustor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
<br />any materials are supplied to the Property, If any mechanic's lien, materalmen's lien, or other lien couid be asserted on account of the work,
<br />services, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and
<br />will pay the cost of such improvements.
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Dead of Trust.
<br />Maintenance of Insurance. Truslo- shall procure and maintain poiicies of fire insurance with standard extended coverage endorsements on
<br />a fair value basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid anplicatien of
<br />any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Trustor shall also procure and maintain comprehensive
<br />general liability insurance in such coverage amounts as Lender may request with Trustee and Lender being named as additional insureds in
<br />such liability insurance policies. Additionally, Trustor shall maintain such other insurance, including but not limited to hazard, business
<br />interruption, and boiler insurance, as Lender may reasonably require. Policies shall be written In form, amounts, coverages and basis
<br />reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of
<br />Lender. will deliver to Lender from lime to time the policies or certificates of insurance in form satisfactory to Lender, Including stipulations
<br />that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender, Each insurance policy also
<br />shall include an endorsement providing that coverage In favor of Lender will not tie impaired in any way by any act, omission or default of
<br />Truslor or any other person, Should the Real Property be located in an area designated by the Director of the Federal Emergency
<br />Managemenl Agency as a special flood hazard area, Trustor agrees to obtain anc maintain Federal Flood Insurance, if available, within 45
<br />days after notice is given by Lender that the Property Is located in a special food hazard area, for the full unpaid principal balance of the loan
<br />and anv prior liens on the propertv securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as
<br />otherwise required by Lender, and to maintain such insurance for the term of the loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property, Lender may make proof of loss if
<br />Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security Is Impaired, Lender may, at Lender's election,
<br />receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting
<br />the Property, or the restoration and repair of the Property. If Lender elects !u apply the proceeds to restoration and repair, Trustor shall
<br />repair or replace the damaged or destroyed Improvements in a manner satl:,ir -tory to Lender. •_ender shalt, upon satisfactory proof of such
<br />expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration If Trustor is not In default under this
<br />Deed of Trust. Any proceeds which have not berm disbursed within 180 days after their receipt and which Lender has not committed to the
<br />repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust, then to pay accrued
<br />interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment
<br />in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's interests may appear.
<br />Truslor's Report on insurance. Upon request of Lender, however not more than once a year, Trustor shall furnish to Lender a report on
<br />each existing policy of insurance showing: (1) the name of the insurer; (2) me risks insured: (3) the amount of the policy; (4) the
<br />property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration
<br />date of the policy. Trustor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value
<br />replacement cost of the Property,
<br />LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's Interest In the Property or if Trustor
<br />fails to cornpiv with any provision of this Deed of Trust or any Related Documents, including but not limited to Trustor's failure to discharge or pay
<br />wher, dua any a: ^ ^ur :!c Trustor is required to discharge of pay under this Deed of Trust or any Related Documents, Lender on Trustor's behalf
<br />may (but shall not be obligated to) take any action that Lender deems appropriate, Irr,it,ding cut not limited to discharging or paying all taxes,
<br />liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining
<br />and preserving the Property. All such expenditures Incurred or paid by Lender for such purposes will then boar Interest at the rate charged under
<br />the Note from the date incurred or plaid by Lender to the date of repayment by Trustor. All such expenses will become a part of the Indebtedness
<br />and, at ! ender's option, will (A) be payable on demand; (9) be added to the balance of the Note and be apportioned among and be payable
<br />v,6!h any inslnl, menl paym^nis to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the
<br />Note; or iC) 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
<br />of lhevse amounts. Such tight shall tie in addition to all other rights and remedies to which Lender may be entitled upon Default,
<br />WARRANTY; DEFENSE OF TITLE. The 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 clhar than those set forth in the Real Property description or in any title Insurance policy, title report, or final tit!@ opinion
<br />issued in favor of, and accepted by, Lender in connection with Inis Deed of Trust, and (b) Truslor hAS the full right, power, and authority to
<br />execute and deliver this Deed of Trust to Lender.
<br />Defense of Title. Subject to the exception In the paragraph above, Truster warrants and will forever defend the title to the Property against
<br />the IRWiUI cla +ms 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, Truslor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding,
<br />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
<br />Trustor wilt deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit much
<br />r.artlC ;ipaliori.
<br />Compliance With Laws. Trustor warrants that thr V•oporty and Trustor5 use of the Property complies with all existing applicable laws,
<br />ordinances, and regulations of Qw errrrnerilal author;:;aS.
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