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<br /> 02�-07-1988 DEED OF TRUSY � - � - i
<br /> � Loen No 618744 (Continued) 98—;�Q�1,��5
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<br /> � under the Ilen. In any Cont�st, Trusta�hall def�nd ItsNf and Lender ond ahltB aellsN anp adversa Judqment before enforcement apa►n5t the i
<br /> Property. Truslor nh�Y name Lender ae an�ddltional obilpee under eny swety bond turnished in ihe contest proceedlnps. � '
<br /> Evld�nc�of P�ytrt�nt. Tru5lor ah411 upon domand furnish lo Lender satisfactory evWe nce of payment ot the texes or assessments Ynd shali � �
<br /> aulhorize the epproprltte povernmenlal ofNClai to deilver lo Lender et eny lime a wrinan elatemenl of the taxes end nsaessments epalnsl Ihe
<br /> Propertyr. �
<br /> Notics 04 Constructlon. Trustor ehall notlfy Lender at Ieast fifleen(16)dtys belae any wak Is commenced,any serWcss I�re furnlsMd,or any
<br /> rtwlerials aro supptlod to tho Property,If eny mechnnle's Ilen, mater�alrn�n'a Il�n, a otMr INn couid be aes�rbd on account ol th�work,
<br /> aKNca,or maisrials.Trusta wlu upon nquKt of Lsndx furnish to Lenda adv�nc��ssunnc�s seustactory to Lend�r that Trusla an and wlil I
<br /> p�y tM coat of suah Improvem�nb. i
<br /> PROPERTY DAMAGB INSURANCE. Tha fdlowinp provisfons reletlnq to Insurinp the Property�re a part of thls Deed of Trusf.
<br /> MMnt��of Iniur�. Trusla shttl prooure and malntaln pdkles ol�re Insunnce wllh atandard extendad cowrap��ndors�ments on a i _
<br /> raplac�ment b�tslo for Ihe fuM Insurable value coverinp all Improvements on the Real PropMy In an emount suffflolent to avold appNc�Uon of any :
<br /> Colnsurance clause,�nd wllh a sundard mortqapes cleuse in fevor of Lendar,topether wIN such other hezard and Iiablllty Insurance as Lender
<br /> � may ra�sonably roqulre. Pdicfes a1uiN b»written In iorm,amounts,covKaqes and baab reaaorubly acceptabk to Lender and Issu�d by a .:L•,,+�^rY-
<br /> company or companles reasonably acceptabie to Lenaer. Tn�stor,upon request of Lender,wul dellver lo Lender hom lime to Ilrtw iha pd�les � .
<br /> or certlNCates of Insurtnce in form satlafactory to Lender,Including stlpulttlons ihat eover4pes wW not be Cance�led or diminished without 8t ;?�,+��.
<br /> ca
<br /> leas!ten(10)days'prlor wdtten notice to Lender. Each insurance policy also shall Indude an endasement providinp that coverape In favor of
<br /> Lertder wlil not be Impaired in any way by any act,omisslon or default d Truslor or any other person. Should the Renl Property at any time
<br /> become located tn an aree designated by the Dlrector of the Fedaral Emerpency Manayement Agency as a speclal tlood harard area,Trustor
<br /> aprees to obtaln and malnlain Fetleral Flood Insurance for the tull unpald pr��cl�al balence ot the loan, up to the�+a�mum pollCy Ilmits set
<br /> untler the Nttlonel Flood Insurance Propram,or es otherwise requlred by Lender,and to milnteln suah Insurance ta!tw term of th�loan.
<br /> AppIlc�Non of ProcMds. Trusta shall promptly notlfy Lender of any loss or damaye to the Properfy. Lender may mako proof of loss if Trusta
<br /> fails to do so within fiAeen(16)days of the casualry. Whether or nol Lender's seCU�ity Is impairod,Lender may,at fls elecllon,receiw and ratain
<br /> the procoeds of any insurance and apply the pra:eeds fo the reducllon ot the Indabtednoss,payment of any Ilen affectinp th�Proporty,or tFw s=
<br /> restoratlon and repatr of tha Property. If Lender elects to 8pply the proceeds to rostantion and repair,Trustor shall ropalr or roplacs tha �,�__
<br /> damaped a destroyed Improvements In 8 manner satisfactory to l.ender. Lender shall,upon satisfactory proof of such expenditure, �ayl Of 'dy���-.
<br /> relmburae Trustor hom ttw prxeeds for tM reasonabie cost of repair or restoration R Trustor Is not In detauit under thls Daad of Trust. Any t __�•..
<br /> proceads whbh have not been dbbursed within 180 days aRer thelr recelpt and whkh Lender hes not commltted to the repalr a rastaaHOn of '.^T�.
<br /> anyPshaleb pplled t Sthe princlpal belance of the I de tednes3 rlf Lenderf hdds 8ny proce ds aflePpey eM In full of ihe indebtednesstlsuch =
<br /> � proceeds sheil be peld to TNStor�s Trustor's interests may appear. •, ;c
<br /> Unsxpired Inwr�nce et S�te. My unexplred Insurance shnli Iwre to the benefit of,and pass to,the purchaser of the Property covered by thls �..r X;: �T
<br /> Deed of Trust et any trustee's sale or other sale held under the provislons of thls Deed ot Trust,or at any toreclosure sale of such Property. • ,�.
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<br /> ComptlanCe with Exlatinp IndeblWness. Ourinp the period ln whlch any Exlstinp Indebledness desaibed beiow Is In effect,compllance with ,4.'y ,
<br /> the Insurance proNslons contafned In the Instrument evldenclny such Existinq Indebtedness sFwil constitute complfance with the Insurance �'. ���
<br /> nrovlsions under thls Deed ot Trust,to the extent compllence wlth the terms ol this Deed of Trust wouid consNtute n duplir,�tlon ot Insurance '���;�,—
<br /> requfroment. If any proc�eds Nom the Insurance become payabte on ioss,the provisiom in tt�i�De�ad of Trust tor div�lan o!p:c.^.esds shau = � �
<br /> � appty oniy lo that poAion of the proceeds not payeble to the hdder of the Facisting Indebt�dness. r=
<br /> IXPENDITURES BY LENDER. If Trustor falis to Comply wflh eny provisfon of thls Deed d Trust, Includlnp any obllpaUon to mainitin ExlStinp �; L
<br /> Indebtednass In yood sWndiny as requlred betow,a If any acHon or proceedlnp Is commenced that would materfaily aHeot lendws IntK�sb In tM �' -
<br /> Property,Lender on Truslor's behalf may,but shall not be requlred to,take any action that lender deems appropriate. Any amounf that Lsnder �': 4`•� N`
<br /> expends In so ddnp wlll bear Interesl at the rete provlded tor In the Note Bom the date Incurred or pald by Lender to ihe dsle of repayment by ', '���'
<br /> Trustor. Ail such expenses,at Lenders option,will (a)be payable on domand, (b)be added b the beltnce of the Note and be apport�oned amonp '
<br /> and be payable with any Installment payments to become due durinQ eNher (I)the term of anyappllcable Insurance pdicy or (It)th�ramainirp Is►m "i �.;-
<br /> of the Note,or (c)be treated as a balioon peyment whtch will be due and payable at the Note's matudry. Thls Oeed of Trust also wiil secute
<br /> peyment o�these amounis. The rights provided tor in this parapraph shail be In add4lon to any other riphts or any remedles to whbh Lender may be ... '.t
<br /> entitled on account of the defeult. Any such action by Lender sheli nol be construed as curi nq Ihe def8u11 so as to bar Lender from any remedy that , ,,
<br /> d otherwise would heve h9d. �fl����
<br /> WARRAHTY;DHFENSE OF TITLE. The foMOwing prov�stons relaUng to ownershlp of the Property are a part of this Deed of Trust. �;�-__
<br /> • Tftle. Trustor wanents thet: (a)Trustor holds qood and m8rketable title of record to the Proparry in fee Simple,free end Clear of all liens end �,.
<br /> encumbrances other than those set forth in the Real Property descdption or in lhe Exlstinp I ndebtedness Sectlon beiow a In any titk insuranci
<br /> ' pdicy,title report,a final 9tle opldon Issued tn favor ot,and accepted by,Lender In conneation with thls Deed of Trust,tnd (b)Trustor has the �:::_ _
<br /> tull ripht,powor,and Buthority to execute and deiiver thls Deed of Trust lo Lender. �''���' �
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<br /> " Detenw of Titk. SubJect to the exceptlon In the parapraph above,Trustor warrants a�d wiU forever detend the title to the Property apalnst ttw ••;;}�..,:. ----
<br /> �' Iawfui clalms of all persons. In the event any action w proceedinp Is Commenced thd questlons Trustor's dtle or the iMerest ol Trustee a �'�;�,_
<br /> �; Lender under thls Deed of Trust,Trustor shnll defend the actlon at Trusta's e�ense.Trustor may be ihe nominal party In such proceedtnp,bW ;� -�,
<br />_ ,a. Lender ah�l be enlNbd to pa�tidpata In the proceedinp and to be represented In the proceed�ng by counsel of Lsnders own chdce,and '��`,��w;
<br /> Trustor wIN daliver,a cause to be delivered,to Lender such Instruments u Lsnder may request hom time to time to permit such parUCipatlon. -
<br /> Compll�ncs With L.�ws. Truslor warranls that the Property and TrustoPs use ol the Properly complles wNh ail exlstirp appllCable laws, = ___
<br /> ' ordirunces,and repdatlons ot govemmenfai authoritfes. ��,� ,��-�;
<br /> DtiSTIN(i INDEBTEDH83S. The fdlowing provlslons concernln9 extsling indebledness (the "Exlsting Indebtedness")are a part of this Oeed of �.��_�
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<br />- Trust. : :-�' v*,'".
<br />- Exlstlnp Llen. The uen of this Deed of Trust secudnp the Indebtedness may be secondary and infedor to an exisdnp Ilen. Trustor expressty ^�•;;�..
<br /> covenants and aprees to pay,a see to tho payment of,the Exfstinq Indebtedness and to prevent any default on such Indebtedness,any defauil .
<br />� under fhe instrumenLS evidencfng suCh indebtedness,or any defaull under any secu�ty documenls for such Indebtedness. .
<br />- Defauit. If tho payment of any nstaliment of principal or any Interest on the Existinp 1�debtedness fs not made wlthln the time requlred by the _
<br /> note evidencing such Indebtedness,or should e default occur under the Insirument securing suCh Indebtedness und nOt be cured durinp any
<br /> applicable grace perlod Inerein,then,at the option of Lender,the Indebtedness secured by this Deed of Trust shall become Immediately due
<br /> and payable,and this Deea ot Trust shali be fn detault.
<br />-- Ho Modiflcatton. Trustor shall not enter Into any agreement wllh the hdder of any morlpage,deed of trust.or other security ayreement whlch
<br />— has pdortty over th�s Deed of Trust by which that agreement is modified,amended,exlended,or renewed withoul lhe prlor written consent ol
<br /> - Lender. Trustor slwll netlher requesl nor accept any future advances under any such secunly apreement withoul fhe prtor written consent ol
<br /> - Lender.
<br /> CONDEMNATION. The foliow�ng prows�ons reletmg to condemnation proceedings are e p8rtof ttus Deed oi Trust.
<br /> , AppllCetlon of Net ProCeeds. If aN or any part of the Property i& condemned by eminent domam proceedings or by any proceeding a ,
<br /> m�rr.hnsa in Ileu of condemnatan,Lender may at ils election requ�re thet all or any por6on ol the net proCeeds 0�the award be eppUed to lhe �
<br /> .....n. �tie . .
<br /> � Indebtednu5s or the reptlr Or restoration of the PrOperty. The net proceeCS o�ine ewero snaii muart ii�v uwuiG a°m�.o�A.-•...•..•.•�-..•--- ;
<br /> cosis,expenses,and attaneys'�ees incurred by Trustee or Lender in co�neCtlon wllh the Condemnution.
<br /> ProCeedlnps. If any proceeding in r,pndemnalion�s(iled,Trustor sheM promptly notify lender in wntlng,and Trustor shpll promplly teke SuCh
<br />� steps es mny bo neCessery io defend the act�on and oblain lhe award. Truslor mey be�he nortnnal party In SuCh proCeeding,bul Lendor shell i
<br /> - be enlHiad to parlwipate�+the proceeding and to be represented�n ihe proceedin� b►counsel of ds own chnice,and Trustor will deliver or I
<br /> cause ta be delivered to Lender such instruments as may be requesled by it Irom flma k ume to porrr�t such pnrticipntion. �
<br />� IMPOSITION OF TAXES, FEES ANO CHARGES BY GOYHRNMENTAL AUTHOAITIES. Tne fo�lowing prohsions relating to governmentei taxes, j
<br /> tees flnd Chflrges are e pfl�t Of this Deed ol Trust: '
<br />� Current Texcs,Feeb and Charqea. Upon request by Lender,Trustor shall execule such documents ln addition lo this Deed of Trust flnd take ,
<br />� whalever Other actqn fs requested by Lender lo perfeCt pnd continue Lender's Ifen on Poe Real Property. Trustor shall reimburse Lender for all
<br />� laxes. as deSCnbed below, togather wi�h t�ll expenses Incurred in reCOrding, pedecung or cont�nuing Ihis Deed of Trust, including withaul �
<br /> limitatlon all taxes.�ee5,documentary stamps,and other charges for recording or registe�x+g IhiS Deed of'frust. �
<br /> � TfixE6. Tho tollow�g 5he��conslitule tflxes lo which th�s SeCUOn epplies: (a)a SpeCNk tax upon this iype ol De9d 01 Trust or upon BA or u�y
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