|
DEED OF TRUST
<br />Loan No: 774321 20 214119 (Contlnued) ., f „b ('t,' lr= ', Page 4
<br />paid by Lender to the date of repayment by Truster. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A)
<br />be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to
<br />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
<br />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
<br />in addition to all other rights and remedies to which Lander may be entitled upon Default.
<br />WARRANTY; DEFENSE OF TITLE. The fallowing provisions relating to ownership of the Property are a pad of this Dead of Trust:
<br />Title. Truster warrants that: (a) Truster holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
<br />encumbrances other than those set forth in the Real Property description or in the Existing Indebtedness section below or in any fifie
<br />insurance policy, title report, or final title opinion issued In favor of, and accepted by, Lender in connection with this Dead of Trust, and (b)
<br />Truster has the full right, 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, Truster, warrants and will forever defend the fine to the Property against
<br />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
<br />Lander under this Deed of Trust, Trustor shall defend the action at Trusters expense. Truster may be the nominal party in such proceeding,
<br />but Lander shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br />Truster will deliver, or cause to be delivered, to Lander such instruments as Lender may request from time to time to permit such
<br />participation.
<br />Compliance With Laws. Truster warrants that the Property and Trusters use of the Property complies with all existing applicable laws,
<br />ordinances, and regulations of governmental authorities.
<br />Survival of Representations and Warranties. All representations, warranties, and agreements made by Truster in this Deed of Trust shall
<br />survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain in full force and effect until such time
<br />as Trustor's Indebtedness shall be paid in full.
<br />EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a pad of this Dead of Trust:
<br />Existing Lien. The lien of this Dead of Trust securing the indebtedness may be secondary and inferior to an existing lien. Truster expressly
<br />covenants and agrees to pay, or see to the payment of, the Existing Intlebtetlness and to prevent any default on such indebtedness, any
<br />default under the instruments evidencing such indebtedness, or any default under any security documents for such indebtedness.
<br />No Modification. Truster shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security agreement
<br />which has priority over this Deed of Trust by which that agreement is modified, amended, extended, or renewed without the prior wrden
<br />consent of Lender. Trustor shall neither request nor accept any future advances under any such security agreement without the prior written
<br />consent of Lender.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a pad of this Deed of Trust
<br />Proceedings. If any proceeding in condemnation is filed, Truster shall promptly notify Lender in writing, and Truster shall promptly take such
<br />steps as may be necessary to defend the action and obtain the award. Truster may be the nominal party in such proceeding, but Lender
<br />shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustoryvill
<br />deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permit
<br />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 to the
<br />Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all
<br />reasonable cosh, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
<br />fees and charges are a pad of this Dead of Trust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Truster shall execute such documents in addition to this Dead of Trust and
<br />take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Truster shall reimburse Lander
<br />for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, Including
<br />without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust.
<br />Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon all or any
<br />pad of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Truster which Truster Is authorized or required to deduct from
<br />payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender
<br />or the holder of the Note; and (4) a specific lax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br />Trustor.
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the
<br />same effect as an Event of Default, and Lander may exercise any or all of its available remedies for an Event of Default as provided below
<br />unless Truster either (1) pays the tax before It becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens
<br />section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The fallowing provisions relating to this Deed of Trust as a security agreement are a part
<br />of this Deed of Trust:
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lander
<br />shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
<br />Security Interest. Upon request by Lender, Truster shall execute financing statements and take whatever other action is requested by
<br />Lender to perfect and continue Lender's security, interest in the Rents and Personal Property. In addition to recording this Dead of Trust in
<br />the real property records, Lender may, at any time and without further authorization from Truster, file executed counterparts, copies or
<br />reproductions of this Deed of Trust as a financing statement. Truster shall reimburse Lender for all expenses incurred In perfecting or
<br />
|