|
<br />Loan No: 13579
<br />
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200707551
<br />
<br />Page 2
<br />
<br />TAXESAN;D LU!NS. Th. following provisions r.lating to the ta~.. and lien. onth. Pro".rtyar. p$rt of thisD..d of. Trust:
<br />
<br />Pal'"",nt.Tru.tor .h.1I pay wh.n due (.ndin all .v.nts "rlor to d.linQuertC\1) all It,,es, .peoial ta.e.........."".rits, 6h.rg.s ~inoluding
<br />water and sawarl. fin.s and impo.itions I.vi.d against or on .ccount of the Prop.rty, and shall p,y when due all claims for work done
<br />on or for service. rend.red or m.terial furnished to the Property. Trustor shall maintain the Proparty Iraa of all liens having priority
<br />over or equal to the interest of Lender under this Deed 01 Trust, except for the lien of taxes and assessments not due and except as
<br />otherwise provided in this D..d 01 T ru.t.
<br />
<br />PROPERTY DAMAGE INSURANCE. The following provision. relating to in.uring the Prop.rty ar. a part 01 this D..d of Trust.
<br />
<br />Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage
<br />endorsements On a replacement basis for the full insurable, value covering all Improvements on the Real Property in an al1\ount
<br />sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender, together with such
<br />other halard and liability insurance as Lender may reasonably require. Policies shall be written in form. amounts, coverages and basis
<br />reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of
<br />Lender, will deliver to Lender from time to time the policies Or certificates of insurance in form satisfactory to Lender, including
<br />stipulations that cov.rages will not b. canc.lI.d or diminished without at lea.t t.n 1101 days prior written notice to Lend.r. Each
<br />insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any
<br />.ct, omission or default of Trustor or any other p.rson. Should th.Real Proparty be locat.d in an .rea de.ign.ted by the Dir.ctor of
<br />the F.d.ral Emerg.ncy Manag.ment Agency a. a special flood h..ard ar.a, Trustor agrees to obt.in and maint.in Fed.ral FlOOd
<br />Insuranc., if av.i1able. lor the full unp.id principal balance of the lo.n and any prior li.ns on the prop.rty ..curing the loan, up to the
<br />maximum policy limits set undor the National Flood Insurance Program, or as otherwise required by Lender. and to maintain such
<br />insurance for the term of the loan.
<br />
<br />LENDER'S EXPENDITURES. If Trustor fail. (AI to k..p the Property free of all ta.es, Ii.ns, s.curity interest., encumbranc.s, and olher
<br />claims. IB) to provide any required insurance on the Property, or Ie) to make repairs to the Property then Lender may do SQ, If any
<br />action or proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Trustor's behalf may,
<br />but is not required to, take any action thaI lender believes to be appropriate 10 protect Lender's interests, All expenses incurred Or paid by
<br />Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender 10 the date of
<br />repayment by Trustor. AH"SlIe-h expanses- will become 8 part of ths lndebtednass and. at L~nder's option, will (A~ .be paYC:lble on damandi
<br />(8) be added to the balance of the Note and be apportioned among ancl be payable with any installm13n1 payments '0 become due during
<br />either (11 the term of any applicable insurance policy; Or 121 the r.maining term of the Note; or lei h. Ir.ated a. . b.lloon paym.nt
<br />which will be due .nd p.y.bl. at the Note'. m.turity.
<br />
<br />WARRANTY; DEFENSE OF TITLE. The following provi.ion. r.lating to own.rship 01 the Prop.r1y are a part of this Deed of Tru.t:
<br />
<br />Titl.. Trustor w.rrants that: (.) Tru.tor holds good and m.rket.ble title of r.cord to the Property in fee simple, fr.e and c1e.r 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 />titl. opinion i..ued in favor of, .nd acc.pt.d by, Lender in connection with this Deed 01 Tru.t. and Ib) Trustor ha. the lull right,
<br />power, and authority to execute and deliver this Deed of Trust to Lender.
<br />
<br />D.f.nse of Titl.. Subject to the e.ception in the paragraph above, Trustor warrants and will forev.r def.nd the title to the Prop.r1y
<br />against the I.wlul claims of all persons.
<br />
<br />EVENTS OF DEFAULT. At L.nd.r's option. Trustor will b. in d.fault under this De.d of Trust if any of the following happ.n:
<br />
<br />P.ym.nt Deloult. Trustor fail. to maka any paym.nt when due und.r the Ind.btedna...
<br />
<br />Broak Other Promises. Trustor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner
<br />provided in this De.d of Tru.t or in any agr..ment rel.ted to this D..d of Trust.
<br />
<br />Compliance Default. Failure to comply with any other terml obligation, covenant or condition contained in this Deed of Trust. the Note
<br />or in any of the Related Docum.nts.
<br />
<br />Delault on Oth.r Paym.nt.. Failur. of Trustor within the time r.quir.d by this Deed 01 Trust to make any p.yment for ta..s or
<br />insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />
<br />D.ath or Insolv.ncy. Th. d.ath of Trustor, the insolvency of Trustor. the .ppointm.nt of a r.c.iver lor any pa" of Trustor's prop.rty,
<br />any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
<br />bankruptcy or insolvency laws by or .galnst Trustor.
<br />
<br />Events Affecting Guarantor. Any of the preceding events occurs with ,respect to any guarantor, endorser, surety, or accommodation
<br />party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or
<br />r.voke. or disput.s the validity of. or liability und.r, any Gu.r.nty of the Ind.bt.dn.... In the .v.nt of a d.ath, Lender. at its option,
<br />may, but shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in
<br />B manner satisfactory to Lender, and, in doing so, cure any Event of Default.
<br />
<br />Insecurity. Lender in good faith believes itself insecure.
<br />
<br />Right to Cure, If any d.f.ult, Olher than a default in paym.nt is curable .nd if Trustor has not been given a notice of a br.ach of the
<br />same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured if Trustor. after receiving written notice
<br />from Lender dernanding cure of such def.ult: (11 cures the del.ult within t.n (t 0) day.; or 12) if the cur. r.quire. more than t.n
<br />(101 days, immediately initiates steps which Lender deems in l.ender's sole discretion to be 6uffident to cure the default and
<br />thereafter continues and completes all reasonable and necessary steps sufficient 10 produce compliance as soon as reasonably
<br />practical.
<br />
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence 01 any Ev.nt of Def.ult und.r any ind.btednes., or should Trustor fail to
<br />comply with any of Trustor.s oblinations under this Deed of Trust, Trustee or Lender may exercise anyone or more of the following rights
<br />and remedies:
<br />
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby,
<br />Lender may d.clar. all Ind.btedn.ss s.cur.d by Ihis Deed of Trust 10 b. due .nd payabl. .nd the .ame .h.1I th.r.upon become
<br />due .nd payabl. without .ny presentment, demand, protest or no tic. of any kind. Th.r.alter, L.nder may:
<br />
<br />(al Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and
<br />without regard to the adequacy of its security, enter upon and take possession of the PropartYI or any part thereof; in its
<br />own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value,
<br />marketability Or rentability of the Property, or part of the Property or interest in the Property; increase the income from the
<br />Property or protect the security of the Property; andl with or without taking possession of the Property, sue for or otherwise
<br />collect the rents, issues and profits of the Property, inc.luding thoso past due and unpaid, and apply the same, less costs and
<br />expenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed of Trust, all in such order as
<br />Lender may determine. The entering upon and taking possession of the Property, the collection of such rents. issues and
<br />profits, and the application thereof shall not cure or waive any default or notice of dcfalllt under this Deed of Trust or
<br />invalidate any act done in response to such default or pursuant to such notice of defaulti and, notwithstanding the
<br />continuance in possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or
<br />L.nd.r shall b. .mitled to e.ercise ev.ry right provided for in the Not. or the R.I.t.d Docum.ms or by law upon the
<br />occurrence of any event of default. including the right to exercise the power of sale:
<br />
<br />(b) Commence an action to for.close Ihis Deed of Trust as a mortgag., appoint a rec.iv.r or specifically enforce any of the
<br />covenants hereof; and
<br />
<br />(e) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to
<br />cause Trustor's interest in the Property to b. sold, which notica Trust.e shall cause to be duly fil.d for record in Ih.
<br />appropriate offices of fh. County in which the Property is locat.d; and
<br />
<br />Idl With r.spect to all or any part of the Person.1 Prop.rty, L.nd.r shall h.ve alllhe rights and rem.die. 01 a ..cur.d party
<br />
|