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� �' L " `' �� DEED OF TRUST � O�. O d 7� 6 2
<br />Loan No: 1Q1235634 (Continued) Page 3
<br />Payment. Trustor shall pay when due (and in all events prior to delinquencyl all taxea, special taxes, assessments, charges lincluding
<br />water and sewer►, fines and impositions levied against or on accpunt of the Praperty, and shall pay when due ell claims for work done
<br />on or for services rendered or material furnished to the Property. Trustor shall maintain the Property frae of all liens having priority
<br />over or equal to the interest of Lender under this Deed of Trust, except for the lien of taxes and assessments not due and except as
<br />otherwise provided in thfs Desd of Trust.
<br />Right to Contest. Trustor may withhpld payment of any tax, assessment, or claim in connection with a good faith dispute over the
<br />obligation to pay, so �ong as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as � result of npnpayment,
<br />Trustar shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Trustor has notice of the
<br />filing, secure the discharge of the lien, or if requested by Lender, deposit with l.ender cash pr a sufficient corporate surety bond or
<br />other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and attorneys' fees, or other charges
<br />that could accrue as a result of a foreclosure or sale under the lien. In any contest, Trustor shall defend itself and Lender and shall
<br />satisfy any adverse judgment before enforcement against the Property. Trustor shall name Lender as an additional obligee under any
<br />aurety bond furnished in the contest proceedings.
<br />Evidenca of Payment. Trustor shall upon demand furnish ta l.ender satisfactory pvidance of payment of the taxes or assessmenta and
<br />shall authorize the appropriate governmental official to deliver to Lender at any time a written statement af tha Taxes and assessments
<br />against the Property.
<br />Notice of Construction. Trustar shall nptify Lender at least fifteen (15) days before any work is commenced, any services are
<br />furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on
<br />account of tha work, services, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactary to
<br />Lender that Trustor can and will pay the cost of such impravements.
<br />PROPERTY DAMAGE INSURANCE. 7he following provisions retating to insuring the Property are a part of this Deed of Trust.
<br />Maintenance of Insurance. Trustor shall procure and maintain policies of fira insurance with standard extended coverage
<br />endorsements on a fair value basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient
<br />to avpld application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. 7rustor shall also pracure
<br />and maintain comprehensive general liability insurance in such coverage amounts as Lender may request with Trustae and Lender
<br />being named as additional insureds in such liability insurance policies. Additionally, Trustor shall maintain such other insurance,
<br />including but not limited tn hazard, business interruption, and boiler insurance, as Lender may reasonably require. Policies shall be
<br />written in farm, ampunts, coverages and basis reasonably acceptable to Lender and issued by a company or companies reasonably
<br />acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the policies or cartificates of insurance
<br />in form satisfactory to Lender, including stipulatipns that coverages will not be cancelled or diminishsd without at least ten (10) days
<br />prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will
<br />not be impaired in any way by any act, omission or detault of Trustor or any other person. Should the Real Property be located in an
<br />area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Trustar agrees tp
<br />p6tain and maintain Federal Flood Insurance, if available, fpr tha full unpaid principal balance of the loan and any prior lisns pn the
<br />prpperty securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required
<br />by Lender, and to maintain such insurance fpr the term of the loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender pf any Ipss or damage to the Property. Lender may make proof pf loss
<br />if 7rustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's
<br />election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of
<br />any lien affecting the Property, or the restoration and repair of tha Property. If Lender elects to apply the proceeds to restaration and
<br />repair, Trustor shall repair or replace the damaged or dsstrpyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br />satisfactory proof of such expenditure, pay or reimburse Trustor from the proceads for tha reasona6le cost of repair or restoration if
<br />Trustor is not in default under this Deed of 'Trust. Any proceeds which hava not been disbursed within 180 days after their receipt
<br />and which Lender has not committed to the repair ar restpratipn pf the Praperty shall be used first to pay any ampunt awing to Lender
<br />under this l]aed vf 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 payment in full of the Indebtedness, such proceeds shall be paid to Trustor as
<br />Trustor's interests may appear.
<br />Cpmpflance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance
<br />with the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute campliance with the
<br />insurance provisions under this Deed af Trust, ta the extent compliance with the terms of this Desd of Trust would cons[itute a
<br />duplication of insurance requirement. If any proceeds from the insuranca becoma payable on Ipss, the provisions in this Deed of Trust
<br />for division of proceeds shall apply only tn that portion of the proceeds nqt payable to the holder of the Existing Indebtedness.
<br />Trustor's Report on Insurance. Upon request of Lender, however nat more than once a year, Trustor shall fumish to L.ender a repart
<br />on each existing policy of insurance showing: (1) the name pf the insurer; (2) the risks insured; (3) the amount af the policy; (�4)
<br />the property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the
<br />expiratipn date of the policy. Trustor shall, upon request of Lender, have an indepandant appraiser satisfactory to Lender determine
<br />the cash value replacement cost of the Property.
<br />LENDER'S EXPENDITURES. If any action vr procesding is cqmmenced that would materially affect Lender's interest in tha Prpperty or if
<br />7rustor fails to comply with any provision of this Deed of Trust or any Related Dacuments, including but nat limited to Trustor's failure to
<br />comply with any obligation to maintain Existing Indebtedness in good standing as requirad below, or to discharge ar pay when due any
<br />amaunts Trustor is required to discharge or pay under this Deed of Trust or any Related Documents, Lender on 7rustor's behalf may (but
<br />shall nvt be obligated to) take any actipn that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens,
<br />security interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring,
<br />maintaining and preserving the Property. All such expenditurss incurred or paid 6y Lender for such purposes will then bear intarast at the
<br />rate chargad under the Note from the date incurred or paid by Lender to the date of repayment by 7rustor, All such expenses will become
<br />a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (�) be edded to the 6alance of the Note and be
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