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„�.� ,� ;,.- .; DEED OF TRUST ',� O 1 O U ry f S g 3
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<br />loan, up to the maximum policy limits set undar the Netional Flpod Insurance Program, or as otherwise required by Lender, and to
<br />maintain such insuranca fpr the term of the loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender vf any loss or damage to the Property. Lender may make proof of loss
<br />if Trustor fails to do so within fifteen (15) days of the casualty. Whether vr nnt Lender's security is impaired, Lender may, at Lender's
<br />electian, receive and retain the proceeds qf any insurance and apply the proceeds to the reduction of the Indebtedness, payment of
<br />any lisn affecting the Property, or the restnration and repair of the Prpperty. If Lender elects to apply the proceeds to restoration and
<br />repair, Trustor shall repair vr replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br />satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if
<br />Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 18p days after their receipt
<br />and which Lender has not cammit#ad to the repair or restoration qf the Property shall be used first to pay any amount owing to Lender
<br />under this beed of Trust, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the
<br />Indebtedness. If Lender holds any proceeds after paymen[ in full of the Indebtedness, such procesds shall 6e paid to Trustor as
<br />Trustor's interests may appear.
<br />Trustor's Raport pn Insurance. Upon request of Lender, however not more than once a year, Trustor shall furnish to Lender a report
<br />on each existing policy of insurance showing: (1) the name of the insurer; (2► the risks insured; (3) the amount of the policy; (4)
<br />the prvperty insured, the then currant replacement value nf such property, and the manner of determining that value; and (5) the
<br />expiration date of the policy. Trustor shall, upon request vf Lender, have an independent appraiser satisfactory to Lender determine
<br />the cash value replacement cost of the Property.
<br />LENbER'S EXPENbl1'URES. If any action or proceeding is commenced that wnuld materially affect Lender's interest in the Property or if
<br />Trustor fails to con�ply with any provision a� this Deed of Trust ar an�r_Relate�l.Qncu�nents, including but not limited to Trustar's failure to
<br />discharge or pay when due any amounts Trustor is required to discharge ar pay under this Deed of Trust or any Related Documents, Lender
<br />on Trustor's behalf may (but shall not he obligated to) take any action that Lender deems appropriate, including but not limited to
<br />discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and
<br />paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes
<br />will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All
<br />such expenses will become a part of the Inde6tedness and, at Lender's option, will (A) be payable on demand; (g) be added to the
<br />balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the Serm of
<br />any applicable insurance policy; or (2) the remaining term of the Note; pr (C) be treated as a balloon payment which will be due and
<br />payable at the Note's maturity. The Deed of Trust also will secure payment of these amounts. Such right shall be in addition to all other
<br />rights and remedies to which Lender may be entitled upon Default.
<br />WARRANTY; bEF�NSE OF TI7L�. The following provisions relating to ownership of the Property are a part of this �eed of Trust:
<br />Title. Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee simple, free and clear of all
<br />liens and encumbrances other than those set forth in the Raal Property description ar in sny title insurance policy, title report, or final
<br />title opinion issued in favar of, and accepted by, Lender in connection with this Deed of Trust, and (b) Trustor has the full right,
<br />pawer, and authprity to execute and deliver this Deed of Trust to Lender.
<br />Defense of 7itle. Subject to the exceptipn in the paragraph a6ove, Trustor warrants and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's title or the
<br />interest of Trustee or Lender under this Deed of Trust, Trustor shall defend the action at Trustor's expense. Trustor may be the
<br />nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding
<br />by counsel of Lender's own choice, and Trustor will delivar, or cause to be delivered, to Lender such instruments as Lender may
<br />request from time to time to permit such participation.
<br />Compliance With Laws. Trustor warrants that the Praperty and Trustor's use of the Property complies with all existing applicable
<br />laws, ordinances, and regulations of governmental authorities.
<br />Survival of Representations and Warranties. All representations, warrantiss, and agreements made by Trustor in this �eed of Trust
<br />shall survive the execution and delivery of this Deed of Trust, shell be cantinuing in nature, and shall remain in full force and effect
<br />until such time as Borrower's Indebtedness shall be paid in full.
<br />CpNDEMNATIpN. The following prpvisions relating to condemnation prpceedings are a part af this Deed of Tru5t:
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and Trustor shall promptly
<br />take such steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such
<br />proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the praceeding by counsel of its own
<br />choice, and Trustor will deliver or cause to be delivered to Lender such instruments and dvcumenta#ion as may be requested by
<br />Lender from time to time to permit such participation.
<br />Applicatian 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
<br />to the Indehtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of
<br />all reasonable casts, expenses, and attorneys' tees incurred by Trustee or Lender in connection with the condamnation.
<br />IMPOSITION pF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHpRITIES. The follnwing provisions relating to governmental
<br />taxes, fees end charges are a part of this Deed of Trust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to this Deed af 7rust
<br />and take whatever other action is requested by Lender to perfect and continue Lender's lien on tha Real Property. Trustor shall
<br />reimburse Lender fpr all taxes, as described belpw, together with all expenses incurred in racording, perfeeting or continuing this Deed
<br />of Trust, including withnut limitation all taxes, tees, documentary stamps, and other charges for recording or registering this Deed of
<br />Trust.
<br />Texes. 7he fallvwing shall constitute taxes to which this section applies: (1) a spacific tax upon this type of Deed of Trust or upon
<br />all or any part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Borrower which Borrower is authorized or
<br />required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust
<br />chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on
<br />payments of principal and interest made by Borrower.
<br />Subsequent Taxes. If any tax to which this section applies is enacted su6sequent to the date of this Deed of Trust, this event shall
<br />have the same effect as an Event of Default, and Lender may exercise any or all of its available remedias fvr an Evant of_ �efault as
<br />provided below unless Trustor either (7 ) pays the #ax Yefore' if 15ecomes delinquent, or� 121 contests the tax as provided above in the
<br />Taxes and Liens section and deposits with Lender cash or a sufticiant carpprata surety 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
<br />part 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
<br />Lender 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, Trustor shall take whatever action is requested by Lender to perfect and continue Lender's
<br />sacurity interest in the Rents and Personal Property. In addition to recording this �eed of Trust in the real prvperty recards, Lender
<br />may, at any time and without further authorization from Trustor, file executed counterparts, copies or reproductians of this 17eed of
<br />Trust as a financing statement. Trustnr shall reimburse Lender for all expenses incurred in parfecting qr cpntinuing this security
<br />interest. Upon default, Trustor shall not remove, sever pr detach the Personal Property from the Property. Upon default, Trustor shall
<br />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 after receipt of written demand from Lender to the extent permitted by applicable
<br />law.
<br />Addresses. The mailing addresses of Trus[or (debtor) and Lender (secured party) from which information concerning the security
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