200207181 - Laserfiche WebLink

Browse

DEED OF TRUST Lean Nu: 31386 200207181 (Continued) Page 3 tureen (15) days after Me lien Note aI, fl a Icon Is mad, within flftan (15) days ART Truster has notj,do of nary added Me discharge of Me lien r if requested by Lender, deposit with Lender own or a suMd all cemorate Sol bond or other Security satisfactory to tender in an amount auflicient to discharge the liken plus any costs and attorneys' laws, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any teat, Trustor shall defend itself and Lender and Shall widdy any adverse (udgnrent afford erltorwmaM against The Pmperry. Theater shall nanre Lender as an adbllionel obligee under any surety bond furnished In The contest proceedings. EvidencerR PanaeaL Trustor shell upon demand furnish to Lender satletuWo sentence of payment of the taxes or asses Ms and shall authorize the appropriate govermrenTal ogiciel to deliver to Lender of any time a wMlsn statement of the Taxes and assessments against Me property. Notice of Cor flon. TNefor shall nifty Under at least fifteen (15) days before any work Is mmosnced, any services are furnished, or any materials are supplied to the proppM. If any rappowiis I'wq materlelman's lien, or other lien Could be aesMed on account of the work, matenals and the con exceedO $ W. Tustor will upon request of Lender furnish to lender advance assurances satisfacory Is Under that Tmrnr can and will pay the Cost of such Improvements. PROPERTY DA,NAGE INSURdeal The following provisions relating to Insuring the Property are a part of this Deed of Tod. Maintarerce of I¢tanae. Trustor shall procure and maintain policies of fire insurance wife Standard eRended Coverage andoreemsnts on a replacement basis for the Nil insurable value covering all Improvements on the Real Property In an amount sufficient to avoid application of any colnwrance clause, and with a Standard rrnngagce clause In favor of Lender. Trustor snail also procure and m Mon Comprehensive general liability insurance in such coverage amounts as Lender may request with TrusTea and Lender being named as additional Insureds In ,Such liability insurance policies. Additionally, Truster wall maintain such other Insurance, including but Out limited to hazard. WSNms inMaupton, and bailer Insurance, As Lender may reasonably require . Policies shall be written in form, amounts , coverages and basis reasonably accapteble to Lender and issued by a company or Companies reasonably acceptab a to lender. Turner upon request of Lender, will deliver To Lender from INTO to time the DOISARS or ceMficates of Insurance in farm mendicancy to Lender, including Attitudes that coverages will not he cancelled or diminished wiuwut at laser can (W) days prior written otlea to untler, Each insurance policy also shall include an endorsement providing that coverage In favor of Lender well not be impaired in any way by any SO, omission or default of Trustor or any other person. Should the Real Property loo located in an area designated by the [Vector of The Federal Emergency Manaamnent Agency as a special flood hoped area, TuAw always to obtain and meintain Federal Flood Insurance, if available, within 45 clang after notes is given by Lender that the Properly is Iodated In a spacial flood hazard not tot the full unpaid Small balance of the loan .fd aov mmr seen on ten mean securina the loan up to the maximum policy limits wart under the National Flood Insurance Program, or as Application of Proceeds. Trustor shall promptly nodes Lender of any loss or damage to the Property it the estimaled Cast of roper or replacerc nl exceeds $50.W. Lander may make proof of loss h Talafm fails to tle so within fifteen (15) days Of the casualty. Whether Or not denudes sewllty is Impaired, Lander may at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to fee reduction of the Indebtedness, payment at any lien aflecMg the Property, or the restoration and repair of the Property. If Lentler elects tO apply the proceeds To restoration and repair, Trustor and repair or replace the damaged or destroyed Impmvemonts in a manner satlsactory to Under. Lender mall, upon satisfactory proof of such expenditure , pay or reimbume Truster tram the proceeds for the reasonable cost of repair or restoration if Truster is not in default untler this Dead of Tmsi. Any proceeds which have hit bean diabumed within 180 days after their receipt and which Lender has not comnated to the mpar or tmWraton at the Property shall as used first to pay any amount owing to Under under this Deed of Trun, then to pay earned interest, and The remainder, 0 any, shall be applied to the principal balance of the Indebtedness. If Under holds any proceeds after payment In Nil of the Indebtedness, such proceeds shall Can paid to Trustor as Trial Interests may appear. T wWr's Re art oo Iasavem'e. Upon request of Lender, however not rrore than once a year, Trustor stied feel to Lender a PONT on each warang palmy of Insurance showing (1) the name of the insurer; (2) the risks insured; (3) the amount of Me policy; (0) the properly Insured, the then current replacement value of such propeM, and the manner Of determining that value; and (5) the expilaton date of the policy. Tmator shall, upon request of Lender, have an independent appraiser eatlef fist ry to Lender determine the cash value replacem0nt cos of the Property. LENDER'S EX ENDInNFS. If any sdlon or praceeding is cormonced that would materially affect Lenders Interest in the Property or tl Trustor fails to comply with any provision of this Dead Of Trvsf or any Related Decumente, Including but not limited to TONI (allure to discharge or pay When due any anwunts Trader 'a required to discharge or pay under this Deed of Trust or any Related Documents , Lender on Truslars behalf may (but shall not be obligated to) take any action that Lentler deems appropmfe Including but not leaned TO discharging or paying all owes, liens, security interests, encumbrances and other claims, at any time levied or placed On The Property and paying ell costs far Insuring, maintaining and preserving the Property. All own expenditures incurred or pad by Lander for such purposes will Ron bear Interest at the rate Charged under the Note from the dale Mcuned or paid by Lender to the dare of repayment by Trusiac All such expenses will bearre a part at the Indebtedness and, at Lender's Caton, will (A) be payable On demand; Do be added to the balance of the NOW and be apportioned among and be payable with any installment payments to become due during either (1) the data of any applicable insurance policy; or (2) Me remaining term of the Note', or (C) be tmarud as a beloon payment which will loo due and payable at The News maturity. The weed of Treat also ever secure payment of these anaunls. Such right shall be in addhbn to all other rights and rentraff to which Lender may be Needed upon Default. WARRANTY; DEFIfil OF I I Lit. The following provisions relating to ownership of The Property are a pad of this Deed of Trust: door. Truster warrants that'. (a) Trustor holds good and marketable life of record To the Property In fee Arnold , free and dear of all lions and encumbrances other than mote sot Tenn In the Real Property dascrpeen or any Ole insurance policy, the report, or final Mee opinion issued In favor of, and accepted by, Lender in Connection with the Dead of Trust, and (b) Trustor has the NII tight, power, and authority to exeare and deliver this Deed of Trust to Lender. Deftrue of Title. Subject to the exception in the paragraph above, Tradom warrants and will forever defend the Tole to the Property against the lawM claims of all persons. In the event any action or proughfi g is cammenmtd that questions TrustOrs rife or the Interest of Trustee or Lander untler this Dead of Treat, Tmslor shall defend the action at fracture expense. Trustor may be the nominal parry in such proaading, but Lender shat be enfifled to pamcipae In The procadng and to be represented In the pracaedirg by counsel of Lender's own choice, and Trusser will deliver, or cause to be delivered, to Under such Instruments as Lender may request from time to time to parents such participation.