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<br /> DEED OF TRUST P°g° 3 r
<br /> j • 01-�02—ifl9g , . h � C�, . °--'
<br /> Loan No 004624 (Continued) J�'�()Q�}iZrJ ___ �;�;�:;'
<br /> . T���,
<br /> i ---
<br /> ' ot rrust. � ' � :
<br /> � RIQht To Conteat. Trustor may withho�d pnyment ot any lex,a�sessment,or clalm in connectlon wlth a good lalth disputo over the Oblipul�on r�
<br /> � to pay,so long es Lender's Interest In the Property Is not�eopetrdized. If a Iipn erises or is filed es a result of nonpaymant,Trustor shall wuhin
<br /> I IiHOen(16)dey^+afler thA Ilen erises or,if a Ilen Is flled,wIINn fifleen(16)day5 atter Trustor has nolir,e of the hling,seCUre ihe dlscharpe ol ihe
<br /> 1 Ilen,or If requested by Lender,deposlt wlth Lender cash or a 6uHiclent corporate surety bond or other security sallstactory to Lender In e� ',_ : ._
<br /> � amount suffiClent lo dlscherge the Ilen plus 9ny costs and atlorneys'fees or other charges that couid accrue es e result ol a foreclpsure or salo •
<br /> � { under tho I len. In any c o n t e s t,T r u s t o r s h a l l d e f e n d I t s e if end Lender and shell satlsry any adver5e Judqment before enforcement apalnst the x , �
<br /> i Property Trustor shaU name Lender as an additlonal obligee under eny surety bond furnished In Ihe contest procee d ings. ����.`� _
<br /> EvidenCe of Payment. Trustor shell upon demand turnlsh to Lender satisf8ctory evmence ot paymem of the texes or assessmenls and shnll ���`N
<br /> I authorize the approprlate govemmental oHlclai to deliver to Lender at any time e wdHen stalement of Ihe texes and assessmonts agalnsl the �,;._�,;,
<br /> . .�t.:��
<br /> Property.
<br /> ,fi:_:.__,a.
<br /> ' NotlCe of ConstruCtlon. Trustor shall notity Lender flt leaet 8tteen(i6)days belare any work Is commenced,any seMCes ere furnished,or any :..� _�(-�_:�`-
<br /> matedals are supplled to the Properiy, If eny mechanic's Ilen,materlalmen's Ilen, or other Ilen could be asserted on sccount of the work, ,:y���A�_�
<br /> � seMces,or materlels and the cost exceeds 55,000.00. Trustor wlll upon request of Londor turNsh lo Lender advance assurences satisfactary to =__
<br /> Lender that Trustor can and will pey the cost of such ImprovemeMs. i , ____
<br /> PROPERTY DAMAGE INSURANCE.The following provisfons relatinq to Insudng the Property are a pan ot this Ueed of Trust. I -- -
<br /> Malntenence of Inaurance. Trustor shall procure end malnlain pol�les of fire insurance wlth standard extended coverage endorsements on a ``
<br /> replacement basls for ihe full Insurable value covering ali Improvements on the Real Property In an amount suHiclent to avold applicatlon ol anY I • �,�
<br /> colnsurance ciause,and with a standerd mortgagee c lause In f avor of Lender. Trustor shall also procure and malntaln comprehensive penerel � _ _
<br /> Ilability Insurance In suCh cavorepe amounts as Londer mey request with trustes and Lender baing named as additlonai Insureds In such Ilablilty � __
<br /> Insurance policles. Additlonally,Truslor shali malntaln suCh other insurance,Inciudinp but not Ymited to hazard,business Interruptlon,and E
<br /> bofler insurance,as Lender may reasonably require. Polkles shall be wrlHen In form,amounts,coverages and basts reasonably acceptable to � _—
<br /> Landor and Issued by a company or companles reasonably acceptablo to Lender. Trustor,upon request of Lender,wlll deliver to Lender fram _
<br /> time to time the policles or certlHcates ot Insurance In form satisf¢ctory to Lender,Including stipulaflons thai covorage5 wlll not be cencel�ed or _
<br /> dlminished without at least ten(10)days'prior wrilten notke to Lender. Each Insurance policy also shatl Include an endorsement providing that
<br /> coverage in tavor of Lender will not be impaired in any way by any act,omisslon or default af TruStor or any other person. Should the Real
<br /> Property at any time become Iocated In an area designaled by the Dlreclor of the Federal Emergency Management Agency as a spec�al Aood
<br /> ppli�cy Ilmiets set usndeBgheNat nal Flood�insurance Peogrem,ioas otherw ef�equh'edlby�Lenderienide0 m181n Bln suChf nsurelrpiCe for t eete�m of �
<br /> the lonn. �^
<br /> � Applicatlon of Proceeds. Trust�oe sdne I�eromaks p otof ofeoss If Tr stor fails to doaso8wfthln fi8eenr(i6 daps�of ihetcasua��Whethe po�rnot
<br /> replacement exceeds 51,000•00 Y -
<br /> Lendars socurity Is Impaired,Lender may,at Ils election,recefve and retaln the prpCeeds of eny fnsurance and apply the prxt�eds to the ■-._ —
<br /> reductlon ot the Indebtedness,payment of any Iien aftectlng the Properfy,or the resioration and repafr of the Property. If Lender elects to app�Y {�"---
<br /> the proceads to restoratlon and repalr,Trustor shall repalr or replace the damaged or destroyed Improvements In a mflnner satisfactory to =_—
<br /> Lender. Lender shail,upon satisf�ctory proof c1f such expenditura,pay or relmburse Trustor irom ihe proCeBds for the reasonable cost of repelr � _
<br /> nr ragtoratlon if Trustor is not In default under thls Deed of Trust. Any proCeeds whlch have not been disbursed within 180 days atter thelr .
<br /> recelpt and which Lender has not committed to tne repair or �e�iurdYon o!2he PropC��sha!!be:'sad frst!^D^y Any amount owlnq to Lender F:r
<br /> under this Deed of Trust,then to pay accrued Interest,and the remalnder,If any,shall be applled to the pdnclpal balance of the Indebiedness. �:L _
<br /> If Lender holds flny proceeds afler payment In full of the Indebtedness, such prceeeds shall be pald to Trustor as Trustor's Interests mey -_
<br /> appear. '-�-
<br /> Unexpiretl In6urence at Saia. Any unexpired Insuranco shail Inure to the beneflt of,end pass to,the purchaser of the Properiy covered by thls �''�y,y�pr�;r=
<br /> Deed of Trust at any trustee's sa�e or other sale heid u nder the provlslqns of Ihls Deed of Trust,a at any foreciosure Saie of such Property. ,�,��pnn_ s+ -
<br /> Truator'e Reporl on Insurence. Upon request of Lender,however not more than once a year,Trusta shall furnish to Lender a repon on eaCh � ti> .
<br /> existing polcy of Insurance showing: (a)the name of the Insurer; (b)the risks Insured; (C)the emount of the pollcy; (d)the property Insured, ".:;'.
<br /> the then current replacement value of such properiy,end the mannor of determinlny that value; and (e)the expiration date of the pollcy. ,.�},,:
<br /> Trustor shall,upon request of Lender,have an Independent appralser satlsfactory to Lender delermine the cash veiue replacement cost of Ihe ,,;;,,;. ^
<br /> Properlyr. � a•. � ��
<br /> EXPENDITURES BY LENDER. If Trustor falis to comply with any provision of this Deed of Trust,or N any aCtton or proceeding Is Comment�d thai
<br /> would materially affect Lender's Interasts In the Property,I_ender on Trustor's behalf may,but shall not be requlred to,teke any action that Lender _ _
<br /> deems approprlate. Any amount that Lender expends In so ddng will bear Interest at the rate provlded for In the Note from the date Incurred or peld '� �
<br /> by Lendor to the dale ot repayment by Trustor. All such expenses,at Lender's optlon,wlll (a)be payeble on demend, (b)be added to the baiance _: __�
<br /> of ihe Noto and be eppodloned among and be payable with eny Instellment payments to become due dudng elther (q the term uf any eppllcable ,q�,,,,, ���.�
<br /> fnsurancs policy ar (�)the remalnlnp term of the Note,or (c)be 4�eated as a balloon payment which wilt be due and payable at the Note's maturity. ��ia�1�.
<br /> This Deed ot Trust also will secure payment of these amounts.The dghis provided for In thls paragreph shau be In addldon to any other rlghts or any ;�F _
<br /> remedles to whlch Lender may be entilled on account of the default. Any such action by Lender shall not be construed as curing the detauli eo as to �_
<br /> bar Lender from any remedy that it otherwise would have hed.
<br /> �� WARRANTY;DEFENSE OF TIriE. The foliowing provislons relallnp to owner�hlp of the Property are a part of thls Deed of Trust. .�.�.�
<br /> Tille. Trustor wnrrants thah (a)Trustor hoids good and marketabie Utle of record to the Property In fee slmple,free and clear ot flll Ilens and �.,�:j'�,.._.
<br /> encumbrences other than those set forth In the Real Property description ur In any Utle insurance poilcy,tflle report,or finai tiile opinlon Issued In `�•r.��---
<br /> favor of,and eccepted by,Lender in conneCtion wilh this Deed of Trust,and (b)Trustor has the full right,power,and authorlty to execute end ��
<br /> deliver lhls Deed of Trust lo Lender. �
<br /> Defenee of Title. SubJeCt to the exception in the paragrepn above,Trustor warrants and wfll faever defend the Iltle to the Property egalnst the
<br /> lewful clelms ol all persons. In the event any actlon or proceedlne Is commenced that quesupns Trustor's title or the interest of Trustee or
<br /> Lender under ihis Deed ol Trust,Trustor shall defond the actlon at Trustor's expense. Trustor may be the nominal party In such proceeding,but
<br /> Lender shall be entitled to participale In the proceeding and to be represented In the proceeding by counsel of Lendet's own chdce,and
<br /> Trustor will doliver,a cause to bo delivered,lo Lender such instruments as Lender may request from time to tlme to permit such particlpation.
<br /> ComptianCe Wlth Luwa. Trustor warrants that the Properly and Trustor's use of the Property complies wilh all exlsting appliceble lews,
<br /> ordinances,and regulatlons of governmental authorities.
<br /> CONDEMNATION.The following provislons relating to condemnation proceedings are a part of this Deed of Trust.
<br /> Appllcetion ol Net ProCeeds. If all or any parl of the Property is condemned by eminent domaln proceedings or by any proceeding or I
<br /> ndebt dness or�he epalmofl�esto ationeof the P operly.iTher net Iproceeds of th awa�rd shall meantt e awatld atter paymenl of alnl peaso eble
<br /> cosis,9xpenses,and ettorneys'lees Incurred by Trustee or Lender In connection wflh the condemnellon. I
<br /> Proceedlnps. If any proceeding in condemnatlan is itled,Trustor shall prompily notiry I.ender In wrilfng,and Truslor shall promptiy take suCh
<br /> steps as may be necessary to defend the actlon end oblain the award. Trustor may be the nanlnel party in such proceeding,bui Lender shall
<br /> ba entitled to partiClpate in the proceeding and to be reprosented In the proceeding by counsel of Its own Cholce,and Trustor wfll delfver or �
<br /> ..�..w.....i,...e.�..0 e�nh nurilrfnntinn
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<br /> Ceuse to be delivered to Lentler sucn instruments as mey on�nyuvarou.,r��,�..��.,���.a�..•....�..r-......-=_..,._..--�- - ;
<br /> IMPOSITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The follpwing provisionS relating to governmenlal taxes, ; -
<br /> lees end chnrges are a part of this Deed oi Trust: �
<br /> Current Taxea,Fees and Chc+ryes. Upon request by Lender,7rustor shall execulo such documents�n additlon to this Deed of Trusl end take
<br /> whnlover other action IS requested by Lender to perfoct und conlinue Lender's Ilen On the Reel Property. Trustor shell refmburse Lender for all
<br /> laxes, as described below, logether wfth all expenses incurred In recording, per�ectmg or conlinuing Ihis Deed oi Trust, including without
<br /> hmitatlon all taxes,�ees,documentary stamps,and other charges tor recording or registering this Deed of Trust.
<br /> Ttixes. The following shali constltule lexes lo which Ihls section applles: (e)a speclfic lax uDon ihls type ol Deed ol Trust or upon flll or any
<br /> part of the Indebledness secured by this Deed of Trust: (b)a specif�c tax on Trustor which Trustor is authorized or requfrod to deduct from
<br /> paymenls on Ihe Indebtedness secured by ihis type ol Deed of Trust; (c)a tax an Ihis lype ot Deed of Trust chargeable egalnst the Lende�o�
<br /> Ihe holder ot Ihe Note;and (d)e specific�ex on all or eny porUon ot ihe Indebtedness a on payments of principal and Interest made by
<br /> Trustor.
<br /> Subsequent TAxea. II any lax to which this sechon applies is u�ecled subsequant to Ihe dale ot Ihfs Desd of Trust,tnis event shali have Ihe
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