|
r�����I 1L•x3►•L• �
<br />DEE� �F TRUST
<br />(Continued)
<br />Page 3
<br />PRQPEii"1"YY DAMAL�E INSURAPfC�. The follawfng provislons relating to ir►suring the Property ara a part of this Deed n#' 7rust.
<br />Mafntonance of Ir�surance. Trustor shall proc:ure end maintain policfes af flre Insurance with standard extended coverage
<br />endorsarrieMs on a replacament basis fnr fhe full insurabie valus covering ali impro�ements on the Real Property In �n ambunt
<br />sufficlent ta avnid aqplfaatfan aP any catnsurance dau�e, and with a standard mortgages cfausa in favor pf l..ender,,toqether w�th such
<br />other haxard and IlabElity insuranc� as Lender may reasonably requfre. Policfes shall be wrltten in farm, amounts, covarages and basls
<br />reasonably aoceptab[e ta Lender and iesued by a cnmpany nr ccmpanies raasonably acceptable to Lender. Trus#or, upon request of
<br />Lender, will dellver ta �.endar from tlme ta time the paliciss ot certificat�a of insurance in form satlsfactory to Lendsr, including
<br />stipula#ions that vov�rages wilE nnt be cancelled or diminished withnUt at least tan (10) days prior wrllten nottne to Lender. Each
<br />insurance paUcy also shall include an endorsement praviding that covera�e in favor of I�ender will nvt be impaired fn any way by any
<br />act, omissivn or default vf Trusf�� vr any vther person. Should the Reaf �'roperty be bcated in an �rea designa#ed by the Qirector nF
<br />the Federa! Emergency Mana�ement Agency as a spacial fload haxard area, Trustor agreas !o pb'tain and mafntain Faderal Fbod
<br />Insarance, tf avaqable, for tha maximum amount of "frustor's credi! line and the fuU unpaid pr€ncipa! balance of any prior fiens an the
<br />propBrty s�caHng the toan, up tn the maxl�num po[icy Iimits set under the N�tiona� Flood Insur�ance Program, or as ntherwise s�equired
<br />by I.ender, and tn malntaln such insuranoe far the terrn of the Ioan,
<br />Applicatinn of Pror.��ds. 7rustar sha�l pmmptly �otify Lender of any loss or ri�mage to the i'raperty. Lender may make praaf af IosS
<br />if Trustor faiis to do so within fiFteen (15) d�y� of the casualty, Whether vr not Lender's security is impaired, Lender may, at Lender's
<br />electian, t'eG�lve 8r�d ret81n the praceeds vf �ny insuranoe and apply the p�oceeds to the reduction of the indebtsdness, payment of
<br />any I�en affecting fhe Property, or the restoratipn �nd repair of the Property. If Cendar eleats to apply the pror.�sds to restoration and
<br />repair, Trustar shall repair or replaoe the damaged or destroyed Improvements in a rnanner sa#isfactary to Lencier. Lender shall, upon
<br />satisfactory prvof of such expenditure, pay or refmburse Trustpr from the proceeda for fhe reasonable oast af repelr or restaratian if
<br />7rustar Is not in defauit ur�er this Dead af Truat. Any proc�eds wi�ich have nat been disbursed within 180 days aftsr th�ir raaeipt
<br />and which Lender has not committed to the repair or restoratian of the Prnperty shall he usad first tn pay ar�y amount awkng fo Lender
<br />ur�dsr thfs Deed of Trust, than to pay accrusd �nteresi, and the remainder, if any, shall be �pplied to the princEpal balance pf the
<br />lndebtedneas. If E.ender hpids any praceeds aft�r payment in full of the Indebtedness, such procseds shaEl tae �aald ta Trustar as
<br />7rustor's in#erests may appaar.
<br />LENDER'3 �XPENdITIJR�S, (f Trustor faiis (A) to keBp fhe Properfy tree pf aU te�xe6, Ilens, aeaurfty (nterests, ehcumbrances, and other
<br />claims, (9) ta pravfde any required insurance qn the Property, or (C) to make tepairs tp the PropeKy then Lender may do so. If any
<br />ac#ian ar praeeeding is oommenoed fhat would matariatiy affeet �ender's ihterests in the Property, then l.��d�r on 7ruator's behalf may,
<br />hut is nat required to, take any �ctlon that Lender believes ta be apprapriate to pratect E.ende�'s interests. All expenses Incurred or pald by
<br />Lender for such putpas�s will then bear interest at the ratB charg�d under the Credit Agreement from the date incurred ar pald by Lender #o
<br />the date oE repayment by Trusiar. Ail such expenses wiil bavom� a park af the Indebtedness and, et Lender's opYi�n, wiii (,�) be payable
<br />o� demand; (B) be added to the bafance of th� Credft Agreernent $nd be apportloned among and be payable with any installmer�t
<br />paym�nts to become due during etthew (1) the term rat any applicable insu�ance policy, or (2) the remaining term of the Credit
<br />Agreement; or {C) be traated as a ballopn payment which will be due and payabEe at the Credlt Agregtnent's meturity. 7he beed afi Trust
<br />aiso wip secure paym�nt of these amaunts. The rights provlded far in thts paragraph shal! ba in addition to any vther rights nr any
<br />remediea to which Lender may be entitied on eccount af any default. Any such actipn kry Lender shall not be construed as curing the
<br />clefault sp as tv bar l.end�r from any remedy that it o#herwise would have had.
<br />WARRANTY; DEFENSE OF T1TLE. The foflowing pmvisians relating to awnership of the Property arB a part of this beed pf Trust:
<br />"CitEe. Trustar warranb that: (a) 1'rustvr hplds 800d and m�rkatable tide of neoard to the Prnperty in fee slmple, free and cfear of atl
<br />liens and encumbrances other than thase set forth kn the Real Praperty descriptivn or in any tide insurance palicy, title reperrt, ar final
<br />title opinion issued in favor of, and accepted by, l.ender in oonnection with th(s Daed of Twust, and (b) Trustor has the fuil right,
<br />power, �nd euthority to execute and deliver this peed of Truat tv Lender.
<br />Defrr�� pf Tftle. 8ubject to the excaption in the paragraph ataoue, 1'rustor warrants and will fora�Br defend the tifle tn tMe Property
<br />egalnst the IawFu! claims of ail peraona. fn #he event any action or proceeding is cammenced that questions Trustar's ti�e nr the
<br />interest of Trustee or Lendar under thi� Desd of Tru�t, �1�ustor shali de�end the actlon at "frustor's expense. Trustor may be the
<br />nominat party in suoh praceadfng, but I.ender shatl be entitied to psrticipate in the proceeding and tp be repr�sentBd in the proceading
<br />by counsel of l.ender'� own chace, and Trustor will deliver, or causs to be deilvered, tp L,�nder such instruments as Lender may
<br />reqaest from time to time to permit such parUotpstlon.
<br />Compltanee With Laws, Trustor warrants that the Property and Trusto�'s use of th� Prqperty camplies with all existing applicable
<br />laEws, owdlnAI1C68 �nd reyuletions of govemmental authorlties.
<br />Survlvel nf Promi�a�. All promises, agreemsnts, and atatements TruStar has made In this Deed of Trust &hall survive the execution
<br />and delivery af this peed of 7rust, shall be ccmtlnul�g in nature and shai� rBmain In full farce and effect uri#li such time as Trusior's
<br />Indebtedness is paid in fuit.
<br />CQNDEqqNATlOpI. 7he fallowing provfsiqns relaUng to oandemnation proceedings ara a part of this peed of Trust:
<br />Proceedin�s. If any proceeding in cvndemnafion is flfed, Trustor shall promptly notify Lender in wr(ting, and Trustor shali promptfy
<br />take suoh steps as may be necesBary to def�nd the action and obtain the award. Trustor rnay be the nominal party in such
<br />praceeding, but Lender ghall be entitled to participate in the proceeding and to be represented in the prviceeding by counsef of its own
<br />choice, and Trustor wiEl defiver ar aause to ba deiivered to Lender such instruments and documentatipn as may be requested by
<br />Lender fram time ta tims tp permlt suCh partlCipatiAn. '
<br />Applicetlon of N�f Proceeds. If ail or any part aF thB Property is condemned by emineni dorr►ain proveedings or �y any proceecfing or
<br />purchase In iieu af vondamnation, Lender may a# its elaptlon require that ail or any pvrtivn of the net proceeds of th� award be applied
<br />ta the Indeb6edness or the repair or restoration of the Propetty. 'The �et.proceeda of tha award shall mean the award after payment of
<br />afl reasortabfe costs, expenses, and attorneys' fees Incurred by Trust�e ar Lender In connectian with the candemna6on.
<br />IMp051Tl�N OF TqX�S, F�$ ANI] CI�AR(3ES BY GQVERNM�NTAL AUTiidRIT1ES. The follawing prov�abns relatfng to governm�ntal
<br />taxes, fees and chargas are a part of thls Deed of Trust:
<br />
|