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<br /> � DEED OF TRUST Page 3 : � �
<br /> • 03-1?t1997 , •:j
<br /> Loan fl!�43355! (ConUnued) 9�'����i� • � . _
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<br /> � company inTece515,as the case may ba,of Trustor. Howeve�.th�s OptiOn Shell not be exercisetl by Lender d Such exert�S9 4 prornnicea oy�donrm r • _
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<br /> law u by�Wbtaske law. � .
<br /> TAXES AND UE3YS.The touowinp provis�ons relaL.ng to Ihe Isxes and►iens on the ProDe�Y are a part ot th�s Qeed ot Trust. �I •
<br /> . Pdyme�� Trustor shall DaY�vhen due(and in aU evanls pnor to deUnqusncy)au taxes,spec�al taxes.asseuments.chargss pndud�ng water '
<br /> and se�+ver).8ne5 and Imposi8ores i9viod 8gainst or on t�ccount ot the Property.and shaii pay when dus all ciaims for work dons on or to� j,i
<br /> sar�',ces rendered or material tumished to tAS PraAertY• Tnis�u�St+a��i"a'^�a'n tne Property tree of a�i rens hav�ng prtanty over or equal to tna
<br /> � Interest of Lender unQer this Oeed of Trust,eucept tor Ihe tien ot taxes and assessme�ls not dua,sxcept for the e�dsting indebtednsss retertetl ,
<br /> � to betow,end except es othenvise provtded in this Oeed ot Trust. . • ,:
<br /> Pl1�h!To Co�2e.,`!. Trusfor maY wit�hotd p8yment of any tax.essessment,or claim in connection wrth a gaod faith d"spute over iha obligatian , �'.
<br /> to pay.s0 lony es Lenders interest in the Properly Is not jaapardized. It a I�en arisss or is 61ed es a resu�t af nonpaYmQn1.Trustor shall wdhm ,
<br /> fi�a����dgys aftst thg Gen eiiseS Or.H a�ian iS�'ad,w�thin fifttsen(15)days efter Trustor has noU.^.e ot the filing,secure the discharge of the
<br /> Ilen,or if tequestsd by Lender,deposit with Le�dar cash or e sufFaent corporate surety bond or other security satisffic�ory to Lender m an
<br /> amount su(ficlent to discherQe the tlen p{us any costs and attomeys'fees or other charges that could accrue as a resW!ol a foreclosure or sale ;
<br /> under th9 Gen. lr 8nf►���T��s��fend itself and Lender and shall satisiy any adverse�udgment hefore entorcement aga�nst the ; _
<br /> ' ptoperty. Trustor sha11 nartw I.ender as an ad�tional obligea under any surety bond fumished in tAe contest proceedings. . .
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<br /> gutho�im the a�pp�P�0���p��to defiver�to tLender�at any dme a ewritten statemenmof the�taxes��assessments agamst t e � , :
<br /> � �6�y ; • , _
<br /> Noflse of ConsbuCtla�-Trustar shaU netlty Lender at least fiReen(95)days batare any v�ork�s cemmeaced.arry senrices ere turnuhed,or any �
<br /> ,� ��p g�p�tp t�pro�eAy�U any mechamc3 Gen, materialmen's lien,or other lien coutd be asseRed on axount o!the work, �`•�, .
<br /> Sgtvkas,pr meterfals.TntStor wtf!upon request af LenEer tumish to Lender advance assurances satislactory to Lender that Trustor can and wili �.Y
<br /> � pay tt�e cost o1 such improvemonts. - ;:� .:�,.
<br /> ' pAOPERTY OAMAGE INSURAI'iCE.The following provisions relating to insuring the ProDe�Y�e 8 P�of this Deed of Trwt � • ,
<br /> ktatntenance of insurance. Tnutor shall Drocure an d rtsain f a i n p o�i c i e s of fire insurance with standard exte�ded coverage endorssments on a � t � ;.
<br /> � reptacemertt basis tat the tull insurable valua covenn�811 Improvements on ihe Real Propedy m an amouni suffiaent to avo+d app[icaGon ot any , . "•:_ -,�,,_
<br /> �oinsuranee dause,and with a standazd moRgagee dause in favar of Lender,togetner wdn such other hazard and tiabilityr insurance as Lender �..�:—
<br /> . may reasonably require. PoiG�es shaU be w+ii�en in torm,amourds,coverages and basis reasonabty acceptable to Lender and issued by a ;. _,� _ �. _.
<br /> campany or CompaNOS reasonabfY acceAtab�e to Lender• Trustor,upon request of Lentler,will tl911ver to Lender hom timg t0�me!he Po����es . 1:,-
<br /> or CeAiftcates of irt3uranoe in torm satisfactcry to Lender,induding s6pula6ons that Coverages will not be CBnCe�et1 0►dim�nished vrithout 81 i ��_:�
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<br /> : f Iea51 ten(70)days'priar wtitten noUrs to Lender. Each iosurance pohcy aLSO shall inGude an endarsemenl providing that coverAge in lavor of ,, t-�::._
<br /> " Lender w71 not be Impalred in eny way by any act,omission or defaull of Trustor or any other person. Should the Reat Property at any hme E ,
<br /> pgcpm9 ICCated�n an erea des�9naled by the Oirectu of the Federal Emergency Management AgenCy as a 5pec�al flood hazerd area,Trustor � ' �,.,�:�,
<br /> ggtees to obtein and melnt8in FBQeral Fload Insurance iGr 1he fult unpaid pnnc�paf bafance of lhe loan,up to the ma�dum poliCy limits set under � , �;.�;��x �.:
<br /> the 1VaUOnel Flood Insurance PrC9ram,or as othervv�se required by Lender,and to maintaln such insurance for the term of the toan.
<br /> • AppUc�tloe ot Pcoeeeds. Trustor shall prompUy notily Lender of any loss or damage to the Property. �ender may make proof ot loss if Trustor ;� :� , ,�
<br /> (8f�lo d0 so w�thtn fiReen(tb7 deys of Me c8suelhr• Whsther or not Lenders secunty is�mpaireQ Lender maY.at its slBCUOn,receive anG retain
<br /> the prOCeadS of 8ny Insurance&nd eAPN the prOCeeds to the re�uction of the Indebiedrtess,payment of any lien affecling the Property.or the . . ..�. }�.
<br /> restOretfon and�epatr of the Property. lf Lender e�ects�o eppty the proceeds to restoration and repair,Trustor shsll repalr or replace the • � s � : . _
<br /> ' damayed a dsSUOyed Improvaments In a manner saUsfactory to Lender. Lender shall,upon satisfactory proot of such expenditure,pay or . :";� -• ;
<br /> retmburse Trustor irom the proceeds fa the reasonable cost of�epair or restoration it Trustor is not�n default under this Oeed of Trust. My • y:> ���
<br /> proceads whlch have not been disburssd within 180 days afler Meir receipt and which Lender has not committed to the repair or restora6on of t ,
<br /> the PrOperty sh�ll be usod flrst to pay any emount owing to Lender under this Deed of TrusL then to pay actxued Interest,and lhe remamder,if �,-. ;i� �
<br /> ' '� any,shell be apptied to the pAndpal balance ol the tndebtedness. If Lender holds any proceeds after payment in tull ot the Indebtedness,such . .� .
<br /> prod'aeds ShaU be petd to Trusta es Trustors intec�b maY eDPear• -.- _ ;�' tl`
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<br /> lineaptrCO tnSUtCileO at StiSO. Any une��sed InSU:ance shall inure to the benefi!ot.and pass to,the purcheser of the PrOperty covered Oy mis •.�`
<br /> Deed Ot TntSt gl8tty trustee's s&19 O�other sele hetd under lhe provisions of this Deed of Trust,or at any torectosure sals ot such PropeAy. ''
<br /> ContpqanC�wtth pditln�Indebtedness. OurinD the pedod in which any Existing Indebtedness descnbed below is In effeCt.compliance wAh � ..; t-==�
<br /> ���y��p�y�lorts�pnt8lned In the insbumem evldenci�g such Fadsting Indebtedness shell eonstitute compGance wlth the insurance '�':�� ,:*
<br />� provfslOns undar thls Daed of Ttt�t,t0 the eutent eomptiance with the terms o�this Oeed of Trusl would constitute a dupt'icaUon of Insuran� .r� �.�?','�
<br /> �Q�mp��. �}�y p�ds hom the insurance become payable on I�ss,the provisians in this Oeed ot Trust for divlslon ot proceeds shall '•_ �• .." -
<br /> ' ttppb/only to th8t porflOn of the proceeds not payabte to the hotder of Ihe Existing Indebtedness. • � -
<br /> � � p(pE�1D1Tl�ES 8Y LENdER. If Trustor fatls to compry with any provlslon of this Oeed ol Trost,including any oDllyanan to maintaln 6ctsting � �R���:
<br /> Indebtednoss In qood stending as requUetl below.or if any action or proceeding is commenceC lhat would materialry atted Lender's interesls i�the � _ .—.
<br /> • ; prpperty.lende►on Tru,tors bohalt may,bul shatl not be required 40,take any action lhat Lender deems appropriate. My amount that LenQer L
<br /> � e�enOs In so ddng wtll bear Interest at the rate provided for In tha Ivole from the date Incurted or paid by lender to tne date ot repayment by �
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<br /> Tnutor. AY SucA expenses,at Lender's opUon,wtU (a)be payable on demand; (b)be added lo the batance of the Note an0 be apportlone0 emong F��_
<br /> and b�payab►9 wltA eny installment paymanb to become due dunng edher (i)the term of any applicable insurence poliCy or (ii)tha remaining term ;:+�'s�y'�^E..
<br /> � of the NOtB,W (C)b0 tt0eted es a balloon payment wNct�wdl bB Cue and pey8b�e at the Note's maturity. This Oeed ol Tru51 atso will Secure , .
<br /> ; peylriBnt Ot tIWSi artlount9. Tha r19htS proVlded(or in this paragrapt�shsll be m add�hon to 81iy otner riyhlS or any remediD4 to whiCh Lendar(n3y be . _,,,,,�a..,,.
<br /> enlltled on axounl of the defaull• Any such adlon by Lender shall not be construed as curing the default so as to bar Lender hom any remedy Ihat
<br /> . - it otharwlso would hav�had. . *` �
<br /> WAFiAANTY;OEfQ1SE Oi TI1LE. The follow�n9 provt5ions rBWting to ownerSMp ot the Properly ate a part ot lhis Oe9d o1 Trust. , � .� �
<br /> Tltl�. Ttustor warranb ihax {a)Trustor holds paod end mar�etable liqe ol record to the Property m fee s�mpte,hee 8nd clear o}all liens and • �, _
<br /> ettcumbrances other than thosa set foRh in the Real Properry descdption or in the Existing Indebtedness section below or in any tiUe Ins�rance : , e-�._
<br /> ppg�y�Ulle reppA.or flne16U0 opinl0n issued In favor of.and Sccepted by,Lender in connection wdh fhis Deed of Trust,end (b)TrustOr has the �,-
<br /> {�{I r{pht,power,nnd authodty to execute and denver thls Deed of Trust to Lender. �� ,
<br /> • �� pehtts�of Tltis. SuDJsct to th��coepUOn in Ihe paragreAh above.TrusMr warrants and wdl torever detend fhe tiUe to the PropeAy agamst tha i • �,,�;
<br /> IawUp dalms of aY persons. In the event any aCtlon or proceeding is commenced that queSUOns TrustoPs titte or ih0 interest of Trustee or
<br /> � Lendar undar this Oeed of Trust.Tntstor shall defend tAe action at Trustors expense. Trustor may be the nominal Darry In such procaading,Out
<br /> Lendw shelt be entiNed to perttclpate in the proeeeding and to be represented in Ihe praceeding by counsel of Lenders own chotce,and
<br /> Tnn►p��ylU d�i{vgr,pr CYUSe lo be detiver�d,to Lender such instruments es LenCer moy requesl hom�me l0 6rtw to pe�md such par6clpaUon.
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<br /> CqrttpUittee HI/�ttf Laws. Trustor warrants that tAe �operty and Trustor's use of the Property complies wlth ell exi5ting ap0�icabl8 laws. . � �_
<br /> ardinances,�nd repi6a8oro of govwnrtwntal authoriGes. . , t _
<br /> ' p({STIMd INDEBT�?1ESS. The tpllowing provfsions eoncemin� existing indebtedness(the'Exis"ng Indebtedness'ere a part of thls Deed of . ��
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<br /> FxlsUnp Llen. Th9 li0n Ot th15 Deed of Trust securing the�ndebtedness may be secondery and mferior to en exisllnp lien. Trustor expressly
<br /> epvpnants end aprees to pey,or se9 to the payment of,the Ez�,sting Indabtedness and to prevent Etny detault on suCh indebtedness,flny d9faull �
<br /> under the instruments evidenCing Such indabtedness,or any deTault under any secuaty dxuments far such indebfedness.
<br /> not9 e'vldendng such indeb edness,or shoNd d f8ulroccurnunder he'nstEumen958CUnng such�debted es9 and not be cu du�d n gyany t . � � —
<br /> apptloebl9 grae0 pBdOd therein,then,at tho opbon of Lender, the Indebtedness secured by th�s Deed of Trust shall become�mmediafely dua
<br /> and payable,and iNS Oesd ot Trust shs11 ba in defa�At.
<br /> No Modlftcation. Trustor shall not enter into any agreement w�th the holder of eny mortgage.deed ot trusL or otRer SeCUnty 8greement whiCh
<br /> has priority ovar thls Deed o}Trust by wNch t�at 2grsemenl is mod�fied.amended,exlended,or renewed w�lhout the pnor wnttan conse��o� r,..::
<br /> Lender. Trustar ShS�I neilher requeSt nor accept any future advances under any suCh seCUnty agreement without the prio�wrillen consenl 01 � �,
<br /> Lender.
<br /> CONDEMNAT101J. The following provlsions retatmg to condemnation proceedmgs are a part of this Deed ot Trust. �
<br /> � AppllCatlon Of N61 PrOCeeq9. �f&u or eny pa�i of iiid AiopdiYy�5 Cardemr.ad br �:rsr.er.! da!*�a�n prp�eq�f�nns or by any prOC9ed�ng Or � _
<br /> � purCR859 in lieu of Condemnafion,Lender mey at ds election requ�re t�at ail or any porlion ot tne net prxeeds of the award be applied to the f-
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