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<br /> � • 03-141997 DEED OF TRIDST Page 3 4 " ' . �� __
<br /> { 'Loan No 421883 (Contlnued) 9�� ������ , —
<br /> ,' fftteen(15)days aftor the Gan arises aT,it a�en is f'+.ed,wdhfn fitteen(15)deys 8fter Trustor has notiee ot th9 filirtg,sscure the discharge pf ths �
<br /> � L�an,ot it requested by Lender, deposit wdh t-enQer cash or a sutfiaent corporete surety bond or other securily saksfactory to Lendar��an : ` �
<br /> 1 amount sutfident to discharpe the lien plus any casts and attomeys'fees or other charges thrst coutd aavue as e resu�t of a toreelosure or sa�e � . . �
<br /> under the�en. In any contas�Tntstor sha��defend Ftseif and Lender ttnd shall sa6sfy eny advarse judgment before anforcement agamst the � ` �_
<br /> PropeRy. TruStor Sha��na�ne Lender as an additionai obiiges under any surety hond lurnished io the contest proceedings. t , _�.
<br /> EvldanLe Of PitymBn� Trustor shail upon demand tumish to Lender SaGSfactory evidenee of payment of the taxes or asSeSSmants and s�a�l i , �� ��
<br /> ault�nriza the apprapriate Qovemmental offldal to deinre�to Lender at any Ume a wnrien sfatemant at the taxes and assessments apa�nst ihe � . ,. �yi �
<br /> PrQDertY• -
<br /> tBoUee of ConsUuction. Trustor shatl notity Lender at t2ast fifteen(15)days before any work is commencod,any Servlces ere tumished,or any �� ' �u
<br /> matsrials are SuppGed to lhe P4�Operty,if any msehanic's lien, materialmen'S lien,er other lien could ba asseRed on axount ot trie wor�, i ,
<br /> serv(oes,or materiafs.Tnrsla will upon requsst of Lender fumish to lsnder advar�ce essurances satisfaGory to Lender tl�t Trustor can and wili
<br />'= PaY tha Cast o!su�t imProv�rr�snts. `- —----- -- --
<br /> PROPERTY DAMAGE INSURANCE. The ta�owing prwisions relating to lnsuring the Properly aro a pert of this Deed of Tnisi. F �• � - , _
<br /> N1Etntenance of Insuranee.Trustor shail procure and maintein policies of fire iruurance with standard extended coverage endorsements on a � .• : � f;�
<br /> repiacement 6asis for the tu0lnsurab►a va►ua covering all Improvements on the Heaf Property in an amou�t sufficiant to avoid application of any
<br /> cotnsurance dause.and with a stanCard mortgagee dause in tavor of Lender,together wiiA Such other hazard and Gability insurance as Lender � ,
<br /> may reasonably reguire. Pcfcias shall be written in torm,amounts.Coverages and basis reasonabiy aoceptable to Lender and issued by a � - :: _
<br /> campany or compaNes reasonaDly acceptable to Lendei. Trustor,upon requ2st ot Lsnder,w�l del:ver to Lender from time to time the poliaes __„�t��
<br /> pr cerUficates of insurance�n form satisfadory to Lender,induding Stipciatioas that coverages wiil not be cancelled or diminished without ai ,".�;;,
<br /> least tea(10)days'prior vrri,",e�no�ce to Lender. Each insurance policy afso shall indude an endorsement providing that coverage in tavo:of _ -
<br /> Lender wU nat 6e impaired�n any way by any act,omission or defau�t ot 7rustor or any othar parson. Should tha Aeal Propsrty at any time • • w �•�--
<br /> become located in an area d�ignated by the Director of the Federal Emergency Management Agency es a SpeGa1 fiood Aazartl area.Trustor _ ,.�.�
<br /> ag�ees to bbiain and meintain Federal Flood Insurance tor the tWl unpaid principal balance af the loan,up to the ma�dum poiicy limits set under �.;.�,_,_. ..�_:
<br /> the National Flood Insurance Progiam,or as otherwise required by Lender,and to maintain such insurance(or the tertn o!the loan. � � •
<br /> Appitca8on of ProcEeQs_ Trustor shail promptly noG{y Lender of any loss or damage to the Property. Lender may make proof ot toss it Trustor � ' � �`'
<br /> fa7s to do so within fifteen(1�days o}the casualty. Whether or not Lender's security is impaired,Lender may,at its e►ection,receive and retain . •.� '�.
<br /> - the ptacaeds of any insurance and appty the proceeds to the reduction ot the Indebtedness,peyment of eny lien aNecting the PropartY.or the s-
<br /> ' restoraUon and repaU of lhe Property. II Len�er elects to appiy ihe proceeds ta restoration and repalr,Trustor shall repair or rep►ace ihe - .' �
<br /> damSg80 cr destroyed Improvements in a manner satrsactory to Lender. Lender sha�l,upon 5stis(actory prool ot such expenditure,pay ar . ;,.,� ,a,� �
<br /> retmbwse Trusta 6om the procaeQs for Ihe reasonabte cost of repair or restoration il Trustw Is not In defautt under this Daed of Trust. Any „� _—
<br /> proceeQs which have not Eeen disDUrsed wdhin 180 days eHer the�r rece�pt and whicD LenOer hes ao1 committod to Ihe repuu or restorauon ol - �-:.�• ��__:-
<br /> tho Property shall bo used firGl to pay ony amount owinp to Lender under I�is Daed o1 Trusl,ihen to pay accrued Intarest.and tho rort�indar,il -�, �
<br /> any,bhall be epplled to tho pdnCipal bal�nCe ol tde lndobtedness. if Lendor�oIG3 eny proceed9 uftet payment ln tu11 of the Indabtodnoss,such � • 4� —
<br /> c procaads shau be paid lo Trustor t9 Trustor's interest9 may appear. � � � �
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<br /> •� 1k16uplt�d InwranCe ffi Sal4. Any unacpired insurancA sha11 inuro to Ihe benefd ot,pnd pass to,lhe purC�aser ol the RropeAy coverod by Ihls
<br /> � Qeed of Trusl at 8ny Uusteo'9 sat9 Or oth9r 9ate held under the provisions of th�9 Oeed of Trusl,or el eny forgctosure sate ol such PropeAY. `.�i �
<br /> EXPENDITUAES BY LENDER. II T�ustor fuiis to compiy with eny prov�s�on of thts Oeed ol Trosi,or it any acUan a prxeedmg�s commeaced thal � '•� " �, �,.
<br /> wo�dd matedaily BHect Lendefs Interests i�Ihe Rroperty.LenQer on Trustor's behalt may,but shatl nol be requUed to,take uny acUOn that Lender � •'" _ ..
<br /> deams apptoptiate. Any amosiM lhaf lAndw expends In so doing will beat interesl a1 the rate provfGetl tor In the Note hom the date Incurted or peid �,�� •
<br /> � � by Lender to the date o!rep�►yment by Truslor. AU such expenses,a1 Lenders opUOn,wnl (a)be payable on damand, (b)be added to the batance ,
<br /> o}the Note and 68 appo Norte d emonp an d be paya b t e wi t h a n y in st a llment pe yments to become due dud r►8 either (i)lhe term o1 eny appticable - � �'�����.�;'� �
<br /> insurance poGcy or (ii)the rennaininp term ol the Note,or (c)be treated as a balloon paymeM whtch will be due and payable at the Note's ma1uriry. . ��.,;.;y � �-
<br /> ThCS Oeed of Trust afso wiU Secure payment of these amounts. The�ghts provided for in this paregraph shall be In addition to any other dghts or any ;•, " �i a'�'.�.�
<br /> remedios to which Lender may be entilted on account ot the detaulL Any such action by Lender shall not be consUUed as curing the defauit so as to �� �., �;t .. .!.--
<br /> bat Lender from any remedy that it othervrise would have had. '
<br /> : : WARRANTY;DEFENSE OF TITLE. The fouowing provisions relating to ownership of ihe Propedy are a part of this Deed of Trus� �� �, �
<br /> � TIUe. Trustw warrants thal• (a)Trusior holds good and marketabte litle of record to the Property in fee slmple,free and clear ot ell Gens and �' �� '�•_..'_� Y
<br /> enCUmbrBnCes other than inose sel forth in the Resi Property description or in any title insurance poiicy,Gtle reAori,or final4tle opin(on issued in , -_
<br /> tavor of,and aeCepted Dy,Lsnder In conrtection with this Oeed of Trust,and (b)Trustor has the tu11 dgM,power,and euthodty to execute and `''�' �`� _ .,.�!__
<br /> ' deliver lhis Deed ol Trust to len�er. ` �r_��` _.
<br /> . -:-i�'rs.'s�--�
<br /> ' Oafense of Titte. SubJect to the exception in the paragraph above.Trusfor warrants en0 wdl torever defend the tiUe to ihe Property against the . ����
<br /> � IawtN tiaims ot aD persons. tn lhe event any action or proceeding is commenced Ihat questions Trustors UUe or the interest of Trustee or
<br /> Lender under this Deed o!Trust,Uustor shall defend the action at Trustor's expense. TruSfor may be the nominal party in suCh proCesding,bul • .. ��r'-+�:��
<br /> s Lendat ShaU bo BnGlled t0 D�aDate in the prxeeding and to be represented in tt✓�proceeding by counsel of Lenders own choice,end • •:� � �' �
<br /> c Trustor will detivar,or cause to be delivered,to Lendet suCh instruments as Lender may request hom Ume to time to permit such paAicipeBOn.
<br /> ,' .F. . .:t.•t:T�.nl�"s. •
<br /> .•� COmp11an4L Wl1h LewB. Trustor warrants that Ihe Property and Trustors use of the Property complies with all existing applicable taws, � _
<br /> :•� ordinar�ces.end regulaUom of govemmeNal authorities. ,;}��;},;� �
<br /> � CONDEMHATlON. The tollowing provisions releting to candemnation proceedings are a paA of this Oeed o1 Trust. :�'Laet`.� __.:.n-.
<br /> � Apptl�atlon o!Net P�oceeds. If atl or any paA of tne Prope r t y Is con demne d by eminen t dom a in pr o c e e di n g s o r b y a n y p r o c e s d i n g o r . . ���'
<br /> purchase in lieu of condemnaUon,Lender may at its eleCtion require that all or any poAion of the net proceeds of the award be applieC to lne ''�r .
<br /> � IndetoteQne55 or t ha rep 3 lr or res toraUOn of ihe Prope r y. The net proceeds of the award shall mean the award 8�er payment ol all reasonable . �' _
<br /> Costs.expenses,and ettomeys'feBS incurred by Trustee or Lender in connectlon with the conCemnatfon. •-- - �� �- �
<br /> � 'i ProCeedinp9. I}any proeeeding In condemna6on Is filed,Trustor shall promptty notify Lender in v�rtiting,and Trustor shall prompliy take such • �,_.
<br /> � step9 u may be necessary to defend ihe aclion and obtain the award. Trustor may be the nominal party in such proCeedi�g,but Lender shall � .
<br /> ba�nUUed to participate In the proceeding and to be represented in the proceetling by counsel 01 Its own choice,end Trustor wiii deliver or • � � �
<br /> eauso to be dellvered to Lender sucA InsUumenLs es may be requesled by i!hom Ume to time to permit such paztiCipaUon. � , _
<br /> IMPOSITIOH OF TAXES,FEE9 AND Ci�fARGES BY GOVERNMEtJTAL AUTHOAITIES. The following provlsions relating to governmsntal taxes, � .
<br /> faes and charpes are e paA o1 Ws Ooed o1 Trust: � . . �
<br /> Curtent Toxes.Feae end Cherpe9. Upon request by Lender,Trustor shall execute suCh documents in addition to this Deed of Trust and lake . _
<br /> whetever other ection is requested by Lender to perfecl and continue Lender's tien on the Real Property. Truslor 5ha11 reimburse Lender for ail . �.
<br /> 48x09,es desCribed betow,tagether with all expenses fncurred in recording, per}ecting or conUnuing Ihis Oeed of Trust,including without � ,
<br /> IlmitaUOn all taxes,fees,doCUmentery stamps,and other charges(or recording or regtstenng this Oeed ot Trust. , : �'
<br /> �� Taxee. The foliowinp Shail constitute texes to which this section applies: (a)e SpeCiflC tax upon ihis type of Oeed of Trust or upon all or any i
<br /> peA of Ihe Indebtedness SeCUred by Ihis Deed ot Trusl; (b)8 speC�fiC t&x On Trustor whiCh Trustor iS sulhorized or required t0 deduCt hom •
<br /> paym9ntS on Ihe lndebtedness Secured by ihis type of Deed ot Trust; (c)a tax on this type of Oeed o1 Trusl char�eable against the Lender or ��'
<br /> th9 hotder of the Note; and (d)a spectfic tax on an or any poAion o1 the Indebtedness or on payments ot principat and Interest made by .. ,
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<br /> Trus'.a. .
<br /> Subsequent Taxes. B aay lan to which thls section ap0��es�s enacted subsequenf!o the date of this Deed of Trust,lhis event shatl have Ihe .
<br /> � SansO eNect as an Event olOefaNt(as defined below),end Lender may exerC+se any or atl ot its avedable remedies lor an Event of Delault as ��
<br /> provlded below unless Trustor either (a)pays the tax be�ore A becOmes delinQuent,or (bj contests the tax es provfded above in Ihe Taxes and _
<br /> Uens SecUon and deposits with Lender cash or a sufficienl eorpo�ete surety bond or other security satisfactory to Lender. —'��°
<br /> SECUiiITV A(iREEMENT;FINANCING STATEMENTS. The folloµing provisions re�ating t0 this Daed of Trust as a secunty agreement are a parl of �
<br /> �j Ihis Oeed ot Trust. � . —
<br /> � $ecu�lty Aareement. This instrument shatl constitute 8 security agreement lo Ihe extent any of Ihg Property constitutes fixtures or other � � _
<br /> personal property,and Lender shall have all of the rights of a sec�red party under lhe Unitorm Commercial Code as amended hom time to
<br /> Hme. '
<br /> � Securlty Interest. Upon request by lender,Trustor shall exeCUte tinanCing statements and take whatever other nctfon is requested by Lendar , � '
<br /> to peAect and contlnue Lenders secunty in!erest in Ine Rents antl Personai Property. In adtl�hon to record�ng this Deed of Trust m the real �
<br /> i properly records.Lende�mey,et any time and without IuAher authonzat�on trom Trustor,6le executed cou(�:erpa�is.Copies or reproduCtions o1 j
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