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�O�iQ6990 <br />� DEED OF TRUST <br />Loan No: 1 0 1 2445 7 7 (Continued) <br />Page 3 <br />Payment. Trustor shall pay when due (and in all events prio� to delinquency) all taxes, special texes, assessments, <br />charges (including water and sewer), fines and impositions levied against or on account of the Property, and shall <br />pay when due all claims for work done on or for services rende�ed or materlal furnished to the Property. Trustor <br />shall maintain the Property free of all liens having priority over or equal to the interest of Lender under this Deed of <br />Trust, except for the lien of taxes and assessments not due end except es otherwise provided in this Deed of <br />Trust. <br />Right to Contest. Trustor may withhold payment ot any tax, assessment, or claim in connection with e good faith <br />dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardizad. If a lien arises or <br />is filed as a rasult of nonpayment, Trustor shall within fifteen i15) days after the lien arises or, if a lien is filed, <br />within fifteen (15) days after Trustor has notice of the filing, secure the discha�ge of the lien, or if requested by <br />Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an <br />amount sufficient to discharge the lien p(us any costs and attornays' fees, or other charges that could accrue es a <br />result of a foreclosure or sale under the lien. In any contest, Trustor shall defend itself and Lender and shall satisfy <br />any adverse judgment before enforcement against the Property. Trustor shall name Lender as an additional obligee <br />under eny surety bond furnished in the contest proceedings. <br />Evidence of Payment. Trustor shall upon demertd furnish fio Lender satistactory evidence of payment of the taxes <br />or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written <br />statement of the taxas and assessments ageinst the Property. <br />Notice of Construction. Trustor shall notify Lender at least fifteen (15) days before any work is commenced, any <br />services are furnished, or any materials ere supplied to the Property, if any mechanic's lien, materialmen's lien, or <br />other lien could be asserted on account of the work, services, or materials. Trustor will upon request of Lender <br />furnish to Lender advance assurances satisfactory to Lender that Trustor can and will pay the cost of such <br />improvements. <br />PROPERTY DAMAGE lNSURANCE. The following provisions relating to insuring the Property are a part of this Deed of <br />Trust. <br />Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended <br />coverage endorsements on a fair value basis for the full insurabls value covering al! Improvements on the Real <br />Property in en amount sufficient to avoid applicetion of any coinsurance clause, and with a standard mortgagee <br />clause in fsvor of Lender, together with such other hazard and liability insurance as Lender may reasonably require. <br />Policies shall be written in form, amounts, coverages and basis reasonably acceptable to Lendar and issued by a <br />company or compenies reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender <br />from time to time tha policies or certificates of insurance in form satisfactory to Lender, including stipulations that <br />coverages will not be cancelled or diminished wlthout et least ten (10) days prior written notice to Lender. Each <br />insurance policy also shall include en endorsement providing thet coverage in favor of Lender will not be impaired <br />in any way by eny act, omission or defau(t of Trustor or any other person. Should the Real Property be located in <br />an area designated by the Director of the Federal Emergency Manegement Agency as a special flood hazard area, <br />Trustor agrees to obtain and maintain Federel Flood Insurance, if evailable, for the full unpaid principal balance of <br />the foan and any prior liens on the property securing the loert, up to the maximum policy limiTs set under the <br />National Flood Insurance Progrem, or as otherwise required by Lender, and to maintain such insurance for the term <br />of the loan. <br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to tfie Property. Lender may <br />make proof of loss if Trustor fails to do so within fifteen (7 5) days of the cesualty. Whether or not Lender's <br />security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply <br />the proceeds to the reduction of the Indabtedness, payment of any lien affacting the Property, or the reatoration <br />and repair ot the Proparty. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or <br />replace tha damaged or destroyed Improvements in a manner satisfectory to Lender. Lender shall, upon <br />satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of <br />repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds whi�h heve not been <br />disbursed within 180 deys after their receipt and which Lender has not committed to the repair or restoration of <br />the Property shall be used first to pay eny amount owing to Lender under this Deed ot Trust, then to pay eccrued <br />interest, end the remainder, if any, shall be applied to the principel balance of the Indebtedness. If Lender holds <br />eny proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's <br />interests mey eppear. <br />Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is <br />in effect, compliance with the insurance provisions contained in the instrument evidencing such Existing <br />Indebtedness shall constitute complience with the insurence provisions under this Deed of Trust, to the extent <br />compliance with the terms of thls Deed of Trust would constitute a duplication of insurance requirement. If any <br />proceeds from the insurance become payable on loss, the provisions in this Dead of Trust for division of proceeds <br />shall appiy onfy to that portion of the proceeds not payable to the holder of the Existing Indebtedness. <br />LENDER'S EXPENDITURES. If Trustor fails (A) to keep tha Property tres of all taxes, liens, security interests, <br />encumbrances, and other claims, (Bi to provide any required insurance on the Propert}r, (C) to make repairs to the <br />Property or to comply with any obligation to maintain Existing Indebtedness in good standing as required 6e(ow, then <br />Lender may do so. If any action or proceeding is commenced that would materially affect Lender's interests in the <br />