|
area designated by the. Director of the Federal Emergency Management Agency as a special flood hazard area, Trustor agrees to
<br />obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the Property is located in
<br />a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to
<br />the maximum policy limits set under. -the -National Flood Insurance Program, or as otherwise required- -by. Lender,--and to maintain such
<br />"insurance, for the.term-of the loan: „
<br />Appiication of Proceeds. Trustor shall'promptfy notify Lender of any loss or damage'_to the Property. Lender may, make proof'of loss
<br />if Trustor fails to so within fifteen `(15Y days of the casualty:' Whether or'not Lender's security is impaired, Lender may, at Lender's
<br />election, receive and retain the proceeds of any insurance and apply the proceeds to'the reduction of the Indebtedness,'payment of
<br />any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and
<br />repair, Trustor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br />satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if
<br />Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt
<br />and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender
<br />under this Deed of Trust, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the
<br />Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as
<br />Trustor's interests may appear.
<br />Trustor's Report on Insurance. Upon request of Lender, however not more than once a year, Trustor shall furnish to Lender a report
<br />on each existing policy of insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4)
<br />the property - insured, the.,then Gufr9nt rpplacpgWn . value of such property, and;the manner of determining that value; and (5) the
<br />expiration date of the policy. Trustor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine
<br />the cash value 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
<br />Trustor fails to comply with any provision of this Deed of Trust or any Related Documents, including but not limited to Trustor's failure to
<br />discharge or pay when due any amounts Trustor is required to discharge or pay under this Deed of Trust or any Related Documents, Lender
<br />on Trustor's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to
<br />discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and
<br />paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes
<br />will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All
<br />such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand;. (B) be added to the
<br />balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of
<br />,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
<br />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
<br />rights and remedies to which Lender may be entitled upon Default.
<br />WARRANTY; DEFENSE OF TITLE.. The following provisions relating to;ownersh.ip of the_Property are a part of,this,Deed of Trust;
<br />Title. Trustor warrants that: (a) Trustor holds good and marketable title ofTecord to the Property in fee simple, free and, clear of all
<br />liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final
<br />title opinion issued in favor of, and accepted by, Lender in connection with this .Deed of Trust, and (b) Trustor has the full right,
<br />power, and authority to execute and deliver this Deed of Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's title or the
<br />interest of Trustee or Lender under this Deed of Trust, Trustor shall defend the action at Trustor's expense. Trustor may be the
<br />nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding
<br />by counsel of Lender's own choice, and Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may
<br />request from time to time to permit such participation.
<br />Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with all existing applicable
<br />laws, ordinances, and regulations of governmental authorities.
<br />Survival of Representations and Warranties. All representations, warranties, .and agreements made. by Trustor in this Deed of Trust
<br />shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain in full force and effect
<br />until such time as Trustor's Indebtedness shall be paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and Trustor shall promptly
<br />take such steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such
<br />proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own
<br />choice, and Trustor will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by
<br />Lender from time to time to permit such participation.
<br />Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding 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 applied
<br />to the Indebtedness or the repair or restoration,of the Property. The net proceeds of the award-shall mean the award after payment of
<br />all reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation:
<br />IMPOSITION ,OF TARE
<br />$, FEES AND CHARGES BY OOyERNMENTi4L AUTHORITIES. The following previsions relating to governmental
<br />taxes, `foes and charges are, apart of This „peed of Trust:,,,.
<br />Current-Taxes; Fees and'Chargesr -Upon request•byLender, Trustor shall execute such documents in addition to-this Deed of Trust
<br />and take whatever other action is requested by Lender to perfect and continue' Lender's lien on'the - Real Property. 'Trustor shall
<br />reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed
<br />Loan No: 77374' e
<br />e
<br />lY ",, #
<br />#� Page
<br />area designated by the. Director of the Federal Emergency Management Agency as a special flood hazard area, Trustor agrees to
<br />obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the Property is located in
<br />a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to
<br />the maximum policy limits set under. -the -National Flood Insurance Program, or as otherwise required- -by. Lender,--and to maintain such
<br />"insurance, for the.term-of the loan: „
<br />Appiication of Proceeds. Trustor shall'promptfy notify Lender of any loss or damage'_to the Property. Lender may, make proof'of loss
<br />if Trustor fails to so within fifteen `(15Y days of the casualty:' Whether or'not Lender's security is impaired, Lender may, at Lender's
<br />election, receive and retain the proceeds of any insurance and apply the proceeds to'the reduction of the Indebtedness,'payment of
<br />any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and
<br />repair, Trustor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br />satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if
<br />Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt
<br />and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender
<br />under this Deed of Trust, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the
<br />Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as
<br />Trustor's interests may appear.
<br />Trustor's Report on Insurance. Upon request of Lender, however not more than once a year, Trustor shall furnish to Lender a report
<br />on each existing policy of insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4)
<br />the property - insured, the.,then Gufr9nt rpplacpgWn . value of such property, and;the manner of determining that value; and (5) the
<br />expiration date of the policy. Trustor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine
<br />the cash value 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
<br />Trustor fails to comply with any provision of this Deed of Trust or any Related Documents, including but not limited to Trustor's failure to
<br />discharge or pay when due any amounts Trustor is required to discharge or pay under this Deed of Trust or any Related Documents, Lender
<br />on Trustor's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to
<br />discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and
<br />paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes
<br />will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All
<br />such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand;. (B) be added to the
<br />balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of
<br />,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
<br />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
<br />rights and remedies to which Lender may be entitled upon Default.
<br />WARRANTY; DEFENSE OF TITLE.. The following provisions relating to;ownersh.ip of the_Property are a part of,this,Deed of Trust;
<br />Title. Trustor warrants that: (a) Trustor holds good and marketable title ofTecord to the Property in fee simple, free and, clear of all
<br />liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final
<br />title opinion issued in favor of, and accepted by, Lender in connection with this .Deed of Trust, and (b) Trustor has the full right,
<br />power, and authority to execute and deliver this Deed of Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's title or the
<br />interest of Trustee or Lender under this Deed of Trust, Trustor shall defend the action at Trustor's expense. Trustor may be the
<br />nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding
<br />by counsel of Lender's own choice, and Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may
<br />request from time to time to permit such participation.
<br />Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with all existing applicable
<br />laws, ordinances, and regulations of governmental authorities.
<br />Survival of Representations and Warranties. All representations, warranties, .and agreements made. by Trustor in this Deed of Trust
<br />shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain in full force and effect
<br />until such time as Trustor's Indebtedness shall be paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and Trustor shall promptly
<br />take such steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such
<br />proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own
<br />choice, and Trustor will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by
<br />Lender from time to time to permit such participation.
<br />Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding 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 applied
<br />to the Indebtedness or the repair or restoration,of the Property. The net proceeds of the award-shall mean the award after payment of
<br />all reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation:
<br />IMPOSITION ,OF TARE
<br />$, FEES AND CHARGES BY OOyERNMENTi4L AUTHORITIES. The following previsions relating to governmental
<br />taxes, `foes and charges are, apart of This „peed of Trust:,,,.
<br />Current-Taxes; Fees and'Chargesr -Upon request•byLender, Trustor shall execute such documents in addition to-this Deed of Trust
<br />and take whatever other action is requested by Lender to perfect and continue' Lender's lien on'the - Real Property. 'Trustor shall
<br />reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed
<br />
|