|
DEED OF TRUST ff
<br />Loan No: gsiss (Continued) 200214594
<br />Page 3
<br />expenditure, pay or reimburse Trustor from the proceeds for the reasonable cast of repair m restoration if Trustor Is not in default untler this
<br />Deed of Trust. Any proceeds which he" not been disbursed within 190 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 awing to Lender under this Dead of Trust, than 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 attar payment
<br />In full of the Intlebtetlness, such proceeds shall be Paid to Trustor as Trustorn interests may appear.
<br />LENDER'S EXPENDITURES. If Trustor ails (A) to keep the Property free of all taxes, liens, socudty interests, encumbrances, and other claims,
<br />(B) to provide any required insurance on the Property, or (C) to make repairs to the Properly than Lender may do so. If any action or
<br />proceeding is commenced that would maledany affect Lender's Interests In the Property, then Lender on Trustols behalf may, but is not required
<br />to, take any action that Lender believes to be appropriate to protect Lenders interests. All expenses Incurred or paid by Lender for such
<br />purposes will then bear firmer at the rate charged under the Note from the data incurred or paid by Lender to the date of repayment by Trustor.
<br />All such expenses will become a pad of the Indebtedness and, at Lenders option, will (A) be payable on demand; (S) bs added to the balance
<br />of the Note and be apportioned among and be payable with any Installment Payments to become due during either (1) the term of any
<br />applicable insurance policy; or (2) the remaining term of the Note; or (C) be heated as a balloon payment which will be due and payable at the
<br />Note's maturity. The Dead of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be In addition to
<br />any other rights or any miracles to which Lender may be entitled on account of any delaull. Any such action by Lender shall not be construed as
<br />curing the default so as to bar Lender from any remedy that it otherwise would have had.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Dead of Trust:
<br />Title. Trust" warrants that: (a) Truster holds good and marketable tills of record to the Property In tae simple, free and clear of all liens and
<br />encumbrances other than those set forth in the Rest Property description or In any title Insurance gritty, figs raped, or final title opinion
<br />Issued In favor of, and accepted by, Lender In connection with this Dead of Trust, and (b) Trustn a Polic full right, power, and authority to
<br />execute and deliver this Dead of Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the Ohs to the Property against
<br />the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trounces the or the Interest of Trustee or
<br />Lender under this Deed of Trust, Truster shall defend the acion at Trustoes expense. Trusl" may be the nominal parry 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 will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from time to time no permit such
<br />Participation.
<br />Compliance With Laws. Trust" warrants that the Properly and Trustors use of the Property complies with all "sling applicable laws,
<br />ordinances, and regulations of governmental authorises.
<br />Survival of Promuess. All promises, agreements, and statements Trust" has made In this Dead d Trust shall survive the execution and
<br />delivery of this Dead of Trust, shall be continuing in nature and shall remain in full force and effect unfit such time as Borrower's
<br />Indebtedness is paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Dead of Trust:
<br />Proceedings. If any proceeding in condemnation Is filed, Trustor shall promptly nofiry tender in willing, and Trustor shall promptly take such
<br />steps as may be necessary to defend the action and obtain the award. Trustor 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 Trustor will
<br />deliver "reuse 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. It all or any part of the Properly is condemned by eminent domain proceedings or by any procaeding 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 />Indebednesa " the repair or mal"ation of the Property. The net proceeds of the award shall mean the award affor payment of all
<br />. =ruble cock, expanses, and alionasys'few Incurred by lsustes 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 am a pan W this Dead of Trust:
<br />Current Texas, Fees and Charges. Upon request by Lender, Trustor shell execute such documents In addition to this Dead of Trust and
<br />take whatever other action is requested! by Lander to perfect and continue Lender's Ilan on the Real Property, Trustor shall reimburse Lender
<br />for all taxes, as described below, together with all expenses Incurred In recording, perfecting or confining this Deed of Trust, Including
<br />without limitation all faxes, fees, documentary stamps, and other changes for recording " registering this Dead d Trust.
<br />Taxes. The following shell constitute taxes to which this section applies; (1) a specific tax upon this type of Dead of Trust or upon all or any
<br />pad of the Indebtedness secured by this Dead of Trust; (2) a specific tax on Borrower which Bonow" is authorized "required to deduct
<br />from payments on the Indebtedness secured by this type of Dead ol Trust; (3) a tax on this type of Deed of Trust chargeable against the
<br />Lender or the holder of the Nate; and (4) a specific lax on all or any portion of the Indebtedness or on payments of principal and Interest
<br />made by Borrower.
<br />Subsequent Texas. If any tax to which this section applies is enacted subseiquenl to fire date of this Dead of Trust, this event shall have the
<br />same effect as an Event of Default, and Lender may exercise any " all of its available remedies for an Event of Default as provided below
<br />unless Trust" either (1) pays the lu before it becomes delinquent, or (2) contests the tax as provided above in the Toes and Liens
<br />section and deposes with Lender cash "a sufficient corporate surely bond or other security satisfactory to Lender.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part
<br />of this Dead of Trust:
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender
<br />shall have all of the rights of a secured party under the Uniform Commercial Code as amended from tlme to Nine.
<br />Security Interest. Upon request by Lender, Trusl" shall execute financing statements and lake whatever other action is requested by
<br />Lender to perfect and continue Lander's security Interest In the Personal Properly. In addition to recording this Dead of Trust In the real
<br />property me "ds, Lender may, at any time and without further authorization from Trustor, file executed counterparts, copies or reproductions
<br />of this Dead of Trust as a firming statement Trustor shall reimburse Lender for all expenses Incuned In perfecting or continuing this
<br />security interest. ()Pon defae0, Trust" shall tat remove, over or detach ilia Personal Property from the Property. Upon default, Trustor
<br />shell assemble any Personal Property not affixed to the Property In a manner and at a place reasonably convenient to Trustor and Lender
<br />and make it available to Lender within three (3) days slow receipt of written demand from Lender to the extent permitted by applicable law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which Information concerning the security interest
<br />granted by this Dead of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated an the first page of this
<br />Dead of Trust
<br />FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions duallng to further assurances and aff "nay -In -fact are a pad of this
<br />Deed of Trust:
<br />Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and deliver, or will cause to be
<br />matle, executed or delivered, to Lender or to Lenders designees, and when requested by Lender, cause to be Ned, recorded retied, or
<br />rerecorded, as the case may be, at such limes and In such offices and places as Lender may deem appropriate, any and all such mortgages,
<br />deeds of trust, security deeds, security agreements, Mancing statements, confinuatlon statements, Instruments of further assurance,
<br />certificates, and other documents as may, in the sole opinion &I-ender, be necessary or desirable in Order to effectuate, complete, perfect,
<br />continue. or preserve (1) Borrowers and Trustor's obligations under the Note. this Deed of Trust, and the Related Documents, and (2)
<br />the liens and security Interests created by this Deed of Trust as first and prior lien on the Property, whether now owned or hereafter
<br />acquired by Trustor. Unless prohibited by law or Lender agrees to the contrary In writing, Trustor shall reimburse Lender for all costs and
<br />expenses Incurred in connection with the matters referred to In this Paragraph.
<br />ABorney- Irlfmt. It Trustor fails to do any of the things referred to In the preceding paragraph, Lender may do so for and in the name of
<br />Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints Lender as Trustoes acorn iyyh -fsen for the
<br />purpose of making, executing, delivering, filing, rocorcing, and doing all other things as may be necessary or desirable, in Lender's sole
<br />
|