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201108848 DEED OF TRUST Loan No: 810253 (COntlnUed) Page 3 reasonably acceptable to Lender. Trusior, upon request of Lender,will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender,induding stipulations that coverages will not be cancelied or diminished without at least ten (10) days prior written notice to Lender. Each insutance policy also shall include an endorsement providing that coverage in favor of Lender wilf not be impaired in any way by any act, omission or defauk or Trustor or any other person. Should the Real Prooerry De located in an area designated by the Director of the Federal Emergency Management Agency as a speeiai flood hazard area,Trustor agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid principa!balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program,or as otherwise required by Lende�,and to maintain such insurance fior the�term of the loan. Application of Proceeds. Trustor shall promptly notify Lender of aoy loss or damage to the Property. Lender may make proof of loss if Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired,Lender may, at Lendet's elecFion,receive and retain the proceeds of any insurance and��apply . the�proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property,oi the restoraiion and repair of the PropeYry. If Lender elects to apply the proceeds to restoration and repair,Trustor shall repair or replace the damaged or destroyed ImprovemenYS in a manner satisfactory to Lender. Lender shall, upon satisiactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of � .repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have not been. disbursed within 180 days after their receipt anci which Lender has not committed m the repair or restoration of the Property shall 6e used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued interest,and the remainder, if any,shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebted�ess, such proceeds shali be paid to Trustor as Trustor's interests may appear. � Trustor's Report on Insurance. Upon request of Lender,however not more than once a year,Trustor shall fumish to Lender a report on each existing policy of insurance showing: (1) the name of the insurer, (2) the risks insured; (37 the amount of tlie policy; (4) the property insured,the then current replacement value of such . property,and the manner of deiermining that value;and (5) the expi�ation date of the policy. Trustor shall,upon request of Lender,have an independent appraiser satisfactory to Lender determine the cash value replacement cost of the Properry. LENDER'S EXPENDITURES. If any action or proceeding is commenced tAat would materially affect Lender's interest in the Property or if Trustor fails to comply with any provision of this Deed of Trust or any Related Documents, including but not limited to Trustor`s failure to discharge or pay when due any amounts Trustor is required to tlischarge or pay under this Deetl of Trust or any RelaYed Documents,Lender on Trustor's behalf may(but shall not be obligated to)take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests,encumbrances and other daims,at any time levied.or placed on the Property and paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid 6y Lender for such purposes will the❑ bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All such expenses will become a part of the Indebtedness and, at Lender's option,will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy;or (2) the remaining term of the Note;or (C) be treated as a balloon payment which will be due and payable at Yhe Note's maturity. The Deed of Trust also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which LendeY may be entitied upon Default. WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust: Title. Trustor warrants that: (a)Trustor holds good and marketable title of record to the Property in fee simple, free and clear of aIl liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Deed of Trusi,and (6)Trustor has the full rignt,powe�,and authority to execuYe and deliver this Deed of Trust to Lender. Defense of Title. Subject to the exception in the paregraph above,Trustor warrants and will forever defend the title to the Property against the lawful claims o£all persons. In the event any action or proceeding is commenced that questions Trustor's tiUe or the interest of Trustee or Lender under this Deed of Trust,Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding, but Lender shall be entiiled to participate in the proceeding and to be represented in the proceeding bV counsel of Lender's own choice, and Trustor will deliver,or cause to be delivered,to Lende�such instruments as Lender may request from time to time to permit such participation. Compliance With Laws. Trustor warr2MS that the Property and Trustor's use of the Property complies with all existing applicable laws,ordinances,and regulations of governmental authorities. Survival pf Representations and Warranties. Ali representations,warranties,and agreements made 6y Trustor in � this Deed of Trust shall survive the execution and delivery of this Deed o#Trust,sBall be cantinuing in nature,and shall remain in full force and effect until such time as Trustor's Indebtedness shall be paid in full. CONDEMNATION. The following provisions relating to condzmnatioo proceedings are a part of this Deed of Trust: Proceedings. If any proceeding in condemnation is filed, Trustor shali promptly notify lender in writing, and Trustor shall promptly take such steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such proceeding,but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to Lender such instruments and documentation as may be eequested by Lender from time to time to permit such participation. Application ofi Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation,Lender may at its election require�Yhat all or any portion of the net proceeds of the award be applied to the Indebtetlness or the repair or restoration of the Property. The net proceeds of the award shafl mean the award after payment of all reasonable costs,expenses,and attomeys'fees incurred by Trustee or Lender in connection with the condemnation. IMPOSITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,fees and charges are a part of this Deed of Trust: Current Taxes,Fees and Charges. Upon request by Lender,Trustor shall execute such documents in addition to this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lender's lien on ihe Real Property. Trusior shall reimburse Lender for alI taxes, as described below, together with all expenses incurred in recordi�g, perfecting or continuing this Deed of Trust, including without Iimitation all taxes, fees, documentary stamps,and other charges for recording or reg�istering this Deed.of Trust. Ta�ces. The following shalf constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon all or any part ofi the Indebtedness secured 6y this Deed of Trust; l2) a specific tax on � Trustor which Trustor is authorized or required to deduct from payments on the Inde6tedness secured by this type of Deed of Trust; (3) a tax ort this type of Deed of Trust chargeable against the Lender or the holder of the Note;