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DEED OF TRUST 200207331 Loan No: 774534 (Continued) Page 3 Notice of Construction. Truster shall notify Lender at least fifteen (15) days before any work is commenced, any services furnished o any mutoriels arc supplied fe the Property, if any mechanic's hen, nimariohne.... lien, err .,he, lien could be asserted oa ant of the work, s ralerials. Tmsmr will upon request of Lender furnish to Lender udvanue ari,exi es satisfactory to Lender that Tn emr can and will pay the cast of such Inmrovemanm- PROPERTY DAMAGE INSURANCE. Tha following provisions relating to insuring Llm Property are a part of this Deed of Trust. Maintenance of Insurance. Trustur shell prnnure and maintain policies of fire once with standard extenrll coverage arJend arbitration an a fair value basis for the full insurable valor covering all ague clause i on the Real Properly in er amount procure to mar tarn comp eh any e spa clause, and with a standard such coverage rage amou clause in favor of Lender. Truster shall also procure and maintain comprehensive insureds inability in uch c vcies. amounts as Lender Flow mmuest with such other and Lander bairn named . additional insureds In such interruption, a policies. Additionally, Truster shall maintain sire. udmr ii is Vraeoe, citent but Trot limited fo hazard, business Interruptionl antl acceptable 1 s Lender may a span require. Policies shall ly written in form, unto, C rents and bass reasonably a liver to to eenrom time issued e t a moony o companies reasonably acceptable to f Lender. Lander, including rmlumt of Lander, will deriver to Lander from bored time the hen without or certificates t of insurance in inton notice to Lentler, including ranee pons that shall yaa will not be cancelled or diminished wlbmm ul least tun (10) days prior written notice to Lender. Each Insurance policy also shall include r any oth emnr providing that coverage in favor l Lender will not be Impaired in any way by any act, a or default of Truster or any envy Venus. $.mild the Real Property be located in an area designated by the racmer of ur Federal Emergency Management Agency a special fiend r that area, Pr Trustur agrees to a o1je and and hapn Federal Flood Ifull unpai If available, b lance f days attar any pri given by Lender that the Property Is ion, up to r sp eclat flood hazard area, for the full unpaid principal balance e the loan and any prior (lens on the property securing the loan, b h rho maximum poling limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the turn, of the loan. Application of Proceeds. Truster shall prmnptly notify Lander of any loss or damage to the Property. Lander may make proof of Ins, If Trustur raids m do so within fifteen (15) days of the casually_ Whether or not Landar'.o security is impaired, Lender may, at Lender's action, reculva, and retain the proceeds of any insurance and apply the proceeds to the raduction of the Indebtedness, payment of any lien affecting the Property, or the resmunion and repair of the Property. It Lender elects to apply the pmceads to restoration and repair, Truster shall repair or replace the damaged nr destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon sansfacm, n,.of of such expenditure, pay or reimburse Trustur from the proceeds for the reasonable cost of repair or estoration If Truster is nut in default under this Deed of Trust Any proceeds which have Flat been disbursed within 180 days after their receipt and which Lender has not uenenitted to fha 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 jurened interest, and the remainder, if any, shall be applied to Top Principal bairn Ca of the IFlden- loess. If Lander holds any proceetls after payment in full of the Indahtedeass, such proceeds shall be paid to Truster as Trusmr's ImwesS may appear. Truslora Report on Insurance. Upon request of Lander, however not more than once a Year, Trucker shall furnish to Lender a report .i existing policy of insurance showing: ,p the name of the insurer; (2) the risks insured; (31 the amount of the oelley: (4) ` Tire property In reed, 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 Leader determine the cash value replacement cost of the Property. LENDER'S EXPENDITURES. If any action or proceeding Is ced that would materially affect Lender's interest in the Property or It Truster falls to cmnply with any provision of this Deed of Trust or any Related Documents, including bur not limited to Trustor's failure to discharge or pay when due any amcunls Truster is required to discharge or pay under this Deed of Trust or any Related Documents, Lender on Trusted, behalf may (but shall not be obllgatod to) take any anfinn that Lender deems appropriate, including but riot Trillion to dlsal —In y or paying all taxes, (lens, security Interests, copper .... no a J other claim,, or any time levied or placed on the Property and paving all costs for Lea inq, maintaining and preserving the Property. All such expenditures Incurred or paid by Lender for such purposes will then bear interest at the rate choryen under the Note from the date incurred or paid by Lender to the date of raepo'neent by Trustor. All .such expenses will become a part of the Indebtedness and, at Lander', option, will (A) be payable on quotation, (B) be added to Th. balm.. of the Nor. and be apportioned among and be payable with any Installment payments to become due during either (t) the term of any upph-ble In a polies, or (2) the remaining term of the Note; or (C) be tmened a. a balloon payment which will be due antl payable at the Note'snnmtomy. The Deed of Trust also will secure payment of these amounts, Suuh right shall be in addition to all other rights and remedies to which Lcndor Fully be ountled omen Default WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust. Title. Trustor wanaods that (a) Truser holds good and marketable tide of record to the Property no fee simple, free and clear of all liens and encumbrancce other than those set forth in the Real Property description or any title Insurance inches, title report, or final title opinion issued In favor of, and a cepted by. Lender in ection with this Deed of Trust, and go Trustor has the had right power, and authority to execute and deliver this Deed of Trust to Lardur_ Defense of Title. Subject to the exin.,meFl in the paragraph above. Truster warrants and wall forever refund the title to the Property against the lawful claims of all persons. In for event any action or proceeding is n cad that questions Toaster's title or the interest of Trustee or Lender under this Deed of Trust, Tougher shell defend fhThis anti n atTrusior's expense. Truster may be the party io such P according, hot Lander shall be entitled to participate in the proceeding and to b , represented in the proceeding by nominal counsel of Lender's own chrace, and Trustor will deliver, or cause to be delivered, to Lender such Latmments as t. ender may request from time to time to permit such participation. Compliance With Laws_ Trustor warrants that the Property and Truster 's use of the Property nompllas with all exlst'mg applicable laws, ordinances, and regulations of governmental authorities. Survival of Representations and Warranties. All rcpresencrtious, w a amiss, and agreements made by Trustor In this Deed 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 eflod until such time as Tniretor's Indebtedness shall be paid In full