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201109047 �EED OF TRUST Loan No: 810277 (Continued) Page 3 Notice of Construction. Trustor shall notify Lender at least fifiteen(15)days before any worlc is commenced,any � services are furnished,or any materials are supplied to the Property,if a�y mechanic's lien,materialmen's lien,or other lien could be asserted o�account of the work,services,or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and will pay the cosT of such improvements., PROPERTY DAMAGE INSURANCE. The following provisians relating to insuring the Property are a part of this Deed of Trusi. Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on an actual cash value basis for the full insura6le value covering ali Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance dause, and with a standard mortgagee ciause in favor of Lender. Trustor shall also procuPe and mainTain comprehensive general liability insurance in such coverage amounts as Lender may request with Trustee and Lender being named as additional insureds in such liability insurance policies. Additionally,Trustor shall�maintain.such other insurence,including but not limited to hazard,business interruption,and boiler insurance,as Lender m�y reasonably require. Policies shall be written in form,amouMs,coverages and basis reasonab:ly acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of Lender,will deliver to Lender from�time to time the policies or certificates of insurance in form satisfactory to Lender; including stipulations that coverages will not 6e cancelled or diminished without at least ten(70) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender wiil not be impaired in any way- by any act, omission or default of Trustor or any other person. Should the Reai Property be located in an area designated by the Director of the Federal Emergency ManagemenE Agency as a special flood hazard area,Trusior agrees to obtain and maintain Federal Flood Insurance,if available,within 45 days after notice is given by Lender that the Property is located in a special flood hazard area,for the full unpaid principal 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 tiy Lender,and to maintain such insurance for the term.of the loan. Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Trustor fails to do so within fifteen (75) days of the casualty. Whether or not Lender's security is impaired,Lender may,at Lender's election,receive and retain the proceeds of any insura�ce and apply the proceeds to the reduction of the IndebYedness, payment of any lien affecting the Property,or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair,Trustor shall repair or replace the damaged or destroyed Improvements in a manner satisfac'tory m Lender. Lender shall, upon satisfactory proof of such expendiYUre, pay or reimburse Trustor from the proceeds for the reasonable cost of repair w restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 180 c9ays after theit receipt ano which Lender has not committed to ihe repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued interest, and the remair�der,if any,shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtetlness, such proceeds shall he paid io Trustor as Trustor's i�nterests may appear. � Trustor's Report on Insurance. Upon request of Lender,however no[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; (3) the amount of the policy; (4) the property insured, the then current replacement value of such properry,and the manner of determining that value;and (51 the expiraxion date of the policy. Trustor shall,upon � requesf of Lender,F�ave an independent appraiser satisfacYOry to Lender determine the cash value replacement cost of tFi.e Property. LENDER`S EXPENDITURES. If any action or proceeding is cemmenced that would materially affect Lender's interest in the Property or if TrusYOr 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 discharge or pay under this Deed of Trust or any Related Documents,Lender on Trustor's hehalf 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 claims,at any time levied or placed on the Property and paying all costs for insuring, maintaining and prese�ving the Property. All such expenditures incurred or paid by Lender for sucli purposes will then bear inierest 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; IB) be added to the balance of the Note and be apportioned among and be payable wifih any instaiime�t 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 the Note`s maturity. The Deed of Trust also wil!secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default. WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownershi:p of the Property are a part of this Deed of Trust: Tit9e. Trustor warrants that: (a)Trustor holds good and markeYable title of record to the Property in fee simple, free aad clear of all 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 Trust,and �b)Trustor has the full right,power,and authority to execute and deliver this Deed of Trust to Lender. � Defensa of Title. Subject to the exception in the paragraph above,Trustor warrants and wi�ll forever defend the ticle to the Property against the lawful claims of ali persons. In the event any action or proceeding is cornmenced that questions Trustor's title 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 proceedmg,but Lender shall be entitled to participate in the proceeding and to be repteseMed in the proceeding by counsel of Lender's own choice, and Trustor will deliver,or cause to be delivered,to Lender such instruments as Lender may requesE from time to time to permit such participation. . � Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Ptoperty complies with all existing applicable laws,ordinances,and regulations of governmental authorities. Survival of Representations and Warranties. All representations,warranties,and agreements made by T�usmr in this Deed of Trust shall survive the execu[ion and delivety of this Deed of Trust,shall be continuing in nature,and � shall remain in full force and effect until such Eime as Borrower's Indebtedness shall be paid in full. CONDEIVINATION. The following provisions relating to condemnation proceedings are a part of this E1eed of Trust: Proceedings. If any proceeding in condemnation is filed, Trustor shall prompily notify Lender in writing, and Trustor shall promptiy 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 6e entitled to participate in the proceeding and to be . represented in the proceeding by counsel ofi its own choice, and Trustor wiil deliver or cause to be delivered to Lender such instrumen4s and documenta#ion as may be requested by Lender from time to time to permit such participation.