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201109048
<br /> DEED OF TFiUST
<br /> Loan 1Vo: 1000U741 (Contillued) Page 3
<br /> replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br /> satisfactory proof of s�ach expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost ofi
<br /> repair or restoration if Trustor is �ot in default under this Deed of Trust. Any proceeds which have not been
<br /> disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br /> the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued
<br /> interest, and the remainder, if any, shall be applied to the princi�pal balance of the Indebtedness. If Lender holds
<br /> any proceeds after payment in full of the indebtedness, such proceeds shall be paid to Trustor as TYUStor's
<br /> interests may appear.
<br /> LENDER'S EXPENDITURES. lf Trustor fails (A) to keep the Property free of all taxes, liens, security interests,
<br /> encumbrances,arld otheF claims, (B} to provide any required insurance on the Property,or (C) to make repairs to the
<br /> Property then Lender may do so. If any action or proceeding is commenced that would materially affect Le�nder's
<br /> interests in the Properry, then Lender on Trustor's behalf may, but is not required to,. take any action that Lender
<br /> believes to be appropriate to protect Le�der's interests. All expenses incurred or paid by Lender for such purposes will
<br /> then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment
<br /> by Trustor. All such expenses will become a part of the Indebtedness and,at LendePS option,will (A) be payable on
<br /> demand'r (B) be.added to the balance of the Note and be apportioned among and be payable with any installment
<br /> payments to become due during either (1) the term of any applicable insurance policy;or l2) the remaining term of
<br /> the Note;or (CI be treated as a balloon payment which will 6e.due and payable at the Note's maturity. The Deed of
<br /> Trust also will secure payment of these amounts. The rights provided for in tFiis paragraph shall be in�addition to any
<br /> other rigfits or any remedies io which Lender may be entitled on account of any default. Any such action by Lender
<br /> shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise wouid have had.
<br /> WARRANTY;DEFENSE OF TOTLE. The following provisions relating to ownership of the Property are a.part of this Deed
<br /> of Trust:
<br /> � Title. Trustor warrants that: (a}Trustor hoids good and marketable title of record to the Property in fee simple,
<br /> free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any
<br /> title insurance policy,'title report, or final title opinion issued in favor of,and accepted by, Lender in connection
<br /> with this.Deed of Trust,and (b)Trustor has the full right:power,and authority to execute and deliver�this Deed of
<br /> Trust to Lender.
<br /> Defense of Title. Subject to the exception in the paragraph above,Trustor warrants and will farever defend the
<br /> title to the Property agaunst the lawful claims of all persons. In the event any action or proceeding is commenced
<br /> that questions TrusYOr's title or the interest of Trus'tee or Lender under this Deed of Trust Trustor shall defend the
<br /> acYion at Trustor's expense. Trustor may be the nominal party in.such proceeding,but Lender shall be entitled to�
<br /> participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br /> TrusYOr will deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to time
<br /> to Fermit such participation.
<br /> CompGance With Laws. Trustor warrants that the Property and Trustor's use aP the Property complies with all
<br /> existing appl�cable laws,ordinances,and regulations of governmental authorities.
<br /> Survival of Pramises. All promises, agreements, and statements Trustot has made in this Deed of Trust shall
<br /> survive the execution and�delivery of this Deed of Trust,shall be continuing in natu�e and shall.remain in full force
<br /> and effect until such time as Trustor's Indebtedness is paid in fuil.
<br /> CONDEMNATION.. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br /> Proceedings. If any proceeding in condemnation is filed, Trustor shall prompily notify Lender in writing, and
<br /> Trustor shall promptiy take such steps as may 6e neceSSary to defend ihe action and obtain tFte award. Trustor
<br /> may be the nominal party in such proceeding,but Lender shall be entitled to participate in the proceeding and to be
<br /> represented in the proceeding by counsel of its own choice,and Trustor will deliver or cause to be delivered to
<br /> Lender such instruments and documentation as may be requested by Lender from time to iime to permit such
<br /> participation.
<br /> Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or 6y
<br /> any proceeding or purchase in lieu of condemnation,Lender may at its election require that a!I or any portion of the
<br /> net proceeds of the award be appfied to the Indebtedness or the repair o� restoration of the Property. The neT
<br /> proceeds of the award shall mean the award after payment of all reasonable costs,expenses,and attorneys'fees
<br /> incurred by Trustee or Lender in connection with the condemnation.
<br /> IMPOSITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating
<br /> io govemmental taxes,fees and charges are a part of this Deed of Trust:
<br /> Current Ta�ces,Fees and Charges. Upon request by Lender,Trustor shall execute such documents in addition to
<br /> this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lender's lien on
<br /> the Real Properiy. Trustor shall reim6urse Lender for all taxes, as described below,together with all expenses
<br /> incurred in �ecording, perfecting or continuing this Deed of Trust, including without limitation all taxes, fees,.
<br /> documentary stamps,arod other charges for recording or registering this Deed of Trust.
<br /> Ta�ces. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of �
<br /> Deed of Trust oi upon all or any part of the Indebtedness secured by this Deed of Trust, (2) a.specific tax on
<br /> Trustor which Trustor is authorized or required to deduct from payments on the Indebtedness secured by this�type
<br /> of Deed of Trust;� (3) a tax on this type of Deed of Trusi chargeable against the Lender or the holder of the Note;
<br /> and (4) a specific tax on all or any portion of the lndebtedness or on payments of principal and interest made 6y �
<br /> Trustor.
<br /> Subsequent Taxes. If any tax to which this section applies is enacted subsequent ta the date of this Deed of
<br /> Trust, this event shall have the same efrect as an Event of Default, and Lender may exercise any or all of its
<br /> availa6le remedies for an Event of DefaulY as provided below unless Trustor either (1) pays the tax before ii
<br /> becomes definquent,or (2) contests the tax as provided above in the Taxes and Liens section and deposits with
<br /> Lender cash or a suPficient corporate surety bond or other securiry satisfactory to Lender.
<br /> SECURITY AGREEMENT; FINANCWG STATEMENTS. The following provisions relating to this Deed of Trust as a
<br /> security agreement are a part of tfiis Deed of Trust:
<br /> Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Ptoperiy
<br /> � constitutes fixtures,and Lender shall have all of the rights of a.secured party.under the Uniform Commerciai Code
<br /> as amended from time to time.
<br /> Security Imetest. Upon request by Lender,TrusYOr shall tal<e whatever action is requested by Lender to perfect
<br /> and.corttinue Lender's security interest in the Personal P�operty. In addition to recording this Deed of Trust in the
<br /> real property records, Lender may, at any time and withoui further authorization from Trustor, file executed
<br /> counterparts, copies or reproductions of this Deed of Trust as a financing st�temeni. Trustor shall reimbu�se
<br /> Lender for all expenses incurred in perfecting or continuing this security interest. Upon default,Trustor shall not
<br /> temove, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble any
<br /> Personal Property not affixed to the Propetty in a manner and at a place reasonably convenient to Trustor and
<br /> Lender and make it available to Lender within three (3) days after receipt of written demand from Leoder to the
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