|
DEED OF TRUST
<br />Loan No: 12717� � � (Continued) � 0�.1 Q 616 0 Page 3
<br />from the proceeds for tha reasonable cost of repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds
<br />which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br />the Property shall be used first to pay any amount owing to Lender under this Deed of Trust, then to pay accrued interest, end the
<br />remainder, if any, shall'be applied to the principal balance of the Indebtedness. if Lender holds any proceeds efter payment in fuil of
<br />the Indebtedness, such proceeds shall be paid to Trustor as Trustor's interests may appear.
<br />LENDER'S EXPENDITURES. If Trustor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, end other
<br />cleims, (B) to provide eny required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If eny
<br />action or proceeding is commenced that would materially affect Lender's interesta in the Property, then Lender on Trustor's behalf iney,
<br />but is not required to, take any action that Lendar believes to be appropriate to protect Lender's interests. All expenses incurred or paid by
<br />Lendar for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of
<br />repayment by Trustor. All such expenses will become a part of the Indebtedness and, at Lender's option, wiil (A) be payable on demand;
<br />(B) be added to the balance of the Note and be epportioned emong and be payable with any installment peyments to become due during
<br />either (1) the term of any appliceble insurance policy; or (2) the remaining term of the Note; or (C) be treated as a belloon payment
<br />which will be due and peyable at the Note's matur(ty. The Deed of Trust also will secure payment of these amounts. The rights provided
<br />for in this peragraph shall be in addition to any other rights or any remedies to w+hich Lender may be entitled on account of any default.
<br />Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise wouid have
<br />had.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are e part of this Deed ot Trust:
<br />Title. Trustor warrants that: (a) Trustor holds good and merketable 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 Real Property description or in any title insurance policy, title report, or finel
<br />title opinion issued in favor of, and eccepted by, Lender in connection with this Deed of Trust, and (b) Trustor has the full right,
<br />power, and authority to execute and deliver thls Deed ot Trust to Lender.
<br />Defense of Tkle. Subject to the exception in the paragraph above, Trustor warrents and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event eny 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 />nominel party in such proceeding, but Lender shall be entitled to participete in the proceeding and to ba represented in the proceeding
<br />by counsel of Lender's own choice, and Trustor will deliver, or cause to be delivered, to Lender such instruments as Lander may
<br />request from time to time to permit such participation.
<br />Compliance With Lews. Trustor warrants that the Property and Trustor's use of the Property complies with all existing epplicable
<br />laws, ordinances, end regulations of governmentai authorities.
<br />Survival of Promises. All promises, egreements, and statements Trustor has mede In this Deed of Trust shall survive the execution
<br />and delivery of this Deed of Trust, shall be continuing in nature and shall remain in full force and effect until such time as Trustor's
<br />Indebtedness is peid in full.
<br />CONDEMNATION. The following provisions relating to condemnation procaedings are a pert of this Deed of Trust:
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall promptiy notify Lender in writing, and Trustor shall promptly
<br />teke 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 proceeding by counsel of its own
<br />choice, and Trustor wili deliver or cause to be delivered to Lender such instruments and documentation as may be requestad by
<br />Lender from time to time to permit such participation.
<br />Application of Net Proceeds. If all or any pert of the Property is condemned by eminent domain proceedings or by any proceeding or
<br />purchese in lieu of condemnation, Lender may et its election require thet all or any portion of the nat proceeds of the award be epplied
<br />to the Indebtedness or tha repeir or restoration of the Property. The net proceeda of the award shall mean the eward efter payment of
<br />all reasoneble costs, expenses, end attorneys' fees incurred by Trustee or Lender in connection with the condemnation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental
<br />taxes, fees and charges are a pert of this Deed of Trust:
<br />Current Texes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to this Deed of Trust
<br />and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall
<br />reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed
<br />of Trust, including without Ifmitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of
<br />Trust.
<br />Taxes. The following shell constitute taxes to which thia section applies: 11) a specific 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 tex on Trustor which Trustor 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 />chargeabie 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 Trustor.
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall
<br />have tha seme eifect as an Event of Default, end Lender mey exercise any or ell of its availeble remedies for en Event of Default as
<br />provided balow unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the
<br />Taxes and Liens section and deposits with Lender cash or e sufficient corporate surety bond or other security satisfactory to Lender.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Daed 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 heve ell of the rights of a secured party under the Uniform Commerciai Code es amended from time to time.
<br />Security Interest. Upon request by Lender, Trustor shall teke whatever action is requested by Lender to perfect and continue Lender's
<br />security interest in the Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any
<br />time and without further authorizetion from Trustor, file executed counterparts, copies or reproductiona of this Deed of Trust as a
<br />finencing statement. Trustor shall raimburse Lender for all expenses incurred in pertecting or continuing this security interest. Upon
<br />default, Trustor shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble eny
<br />Personal Property not af#ixed to the Property in a menner and at a place reasonebty convenient to Trustor and Lender and make it
<br />available to Lender within three (3) days after reCeipt of written demand from Lender to the extent permitted by appliceble law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which information concerning the security
<br />interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first
<br />page of this Deed of Trust.
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attornay-in-fact are a part of
<br />this Deed of Trust:
<br />Further Assurances. At any time, and from time to t1me, upon request of Lender, Trustor will make, execute end deliver, or will cause
<br />to be made, executed or delivered, to Lender or to Lender's dasignee, and when requested by Lender, cause to be filed, recorded,
<br />refiled, or rarecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriata, eny and all
<br />such mortgeges, deeds of trust, sacurity deeds, security egreements, financing statements, continuation statements, instruments of
<br />further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to
<br />effectuate, complete, perfect, continue, or preserve (1) Trustor's obligations under the Note, this Deed of Trust, and the Related
<br />Documents, and (2) the liens and security interests created by this Deed of Trust as first and prior liens on the Property, whether
<br />now owned or hereafter acquired by Trustor. Unlass prohibited by law or Lender egrees to the contrary in writing, Trustor shall
<br />reimburse Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph.
<br />Attorney-in-Fact. If Trustor fails to do any of the things refarre to in the preceding paragraph, Lender mey do so for and in the name
<br />
|