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09/04/2009 11:56 209-95 62 CBSJ • PAGE 04 DAD
<br /> DEED OF TRUST
<br /> Loan No: 10055409 (Continued) Page 3
<br /> provide hazard Insurance In excess of the replacement value of the Improvements on the Real Property, Policies shall be written In form,
<br /> amounts,coverages and basis r.sombly,acceptable to Lender and Issued by a company or Companies reasonably acceptable to Lender,
<br /> Trustor,upon request of Lender,win deliver to Lender from time to time the policies or certificates of Insurance In form satisfactory to Lender,
<br /> Including stipulations that coverages will not be Cancelled or diminlshad Without At least thirty(30)days prior written notes to Lender. Each
<br /> Insurance policy also shag Include an endorsamant providing that aovaraga In favor of Lander will not be Impaled In any way by any act,
<br /> emission or default of Trustor or any other person. Should thb Raafl5ropedy be located In An area designated by theDlrectar of the Federal
<br /> Emargancy Manngoment Agency as a special flood hazard area,Trdslor agrees to obtain and Ittalntefn Federal Flood Insurance,It available,
<br /> wlthin 45 days after notice Is gfven by Lender thal the Property Is lobated In a special flood hazard area,for the full unpaid pdncipat balance
<br /> OF the loan and any prior Mans on the property securing [be Icon,Op to the maximum Polley tlmits sal under the National Flood Insurance
<br /> .Program,or as otherwise required by Lander,and to maintain such Iheurancs for the tern of the lam.
<br /> AppllosUon of Proceeds, .Trustor shell promptly notify Lender of any loss or damage to the Property It thin estimated cost of repair or
<br /> replacement exceeds 8500.00. Lander may maka,proof of loss II Trustor fells to do so within fifteen(15)days of the casualty. It In Lendisr's
<br /> sole judgment Lender's security Interest In the Property has been Impslred,Lender may,at Lender's election,receive and retain the proceeds
<br /> of any Insurance and apply the proceeds to the reduction of the Indebtedness,payment of any lien affecting the Property,or the restoration
<br /> and repair of the Properly. If the proceeds are to be Rppned to restoralion and repair. Trustor shell repair or replace the damaged or
<br /> destroyed Improvements In a manner satisfactory to Lander. Lander shall, upon satisfactory proof at such expenditure,pay or reimburse
<br /> Trustor from the proceeds for the reasonehle coal of repair or restoration II Truslor is not In default under this Dead of Trust. Any proceads
<br /> which have not been disbursed within 130 days eflor Ihair moelpt and which Lender has not committed to the repair or restoration of the
<br /> Proparty shell be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued Intent,and the remainder,If .
<br /> any,shalt be applied to the principal balance of the Indebtedness. If Lender holds any proceeds Roar payment in lull of the indebtedness,
<br /> such proceeds shall be paid to Trustw as Trusloeg Interests may appear.
<br /> Truslor's Report on Insurance- Upon request of Lander, howevuS not more Then once a year,Truster shag furnish to Lander a report on
<br /> seen axfsflng policy of Insurance shdwing: (1) the name of the Insurer, (2) the risks Insured; (3) the amount of the policy; (4) the
<br /> property Insured,the than current replacement value of such property,and the manner of determining that value;and (5) the expiration-
<br /> dale of the policy. Truslor shall upon request at Lender, have an Independanl appraiser satisfactory to Lender determine the cash value
<br /> replacement cost of the Property- _
<br /> LENDER'S EXPENDITURES. II any Action or proceeding is commenced4hat would materially affect Lnndarns Interest In the.Property Or 11 Truslor
<br /> tells to comply with any provision of this Dead of Trust lir any Rai
<br /> &led Documents,including but not limited to Truslor's failure to discharge or pay
<br /> when due any amounts Truster Is required to discharge or pay under this Deed of Trust or any Related Documents,Lender on Trustor's behalf
<br /> may(but shell not be obligated to)lake any action that Lender deems epprepdale,Including but not limned to discharging or paying an taxes,
<br /> Ileus,security Inlaresis,encumbrances and other claims,at any lima levied or placed an the Property and paying all costs for Insuring,maintaining
<br /> end preserving the Property. All such expenditures Incurred Or paid by Lander for such purposes Will than beer Interest of the rate charged under
<br /> the Note from the dale Incurred or paid by Lander to the data of repayment by Truslcr. All Such expenses will become a part of the Indebtedness
<br /> and,at Lender's option,will (A) he payable on demand; '(S) he added)to the balance of the Note and be apportioned among end be payable
<br /> with any Installment payments to become due during either (1) the form of any applicable Insurance policy;or (2) the remaining term of the
<br /> Note;or (C) ba treated es a balloon payment which will be due and payable at the Note's maturity, The Deed Of Trust also will secure payment
<br /> at Mese amounts. Such right shelf be In addhlon to all other rights and ra(nedies to which Lander may be enflflad upon Default,
<br /> WARRANTY;DEFENSE OF TITLE. The fallowing provisions relating to oyrnershlp of the Property are a pad of this Deed of Trust:
<br /> Title, Trustor warrents that: (a)Treater holds good and marketable 4I1e of record to the Property In fan simpla,true and dear of all Mans and
<br /> encumbrances other than those'set forth In the Real Property desddptlon or in any lige Insurance policy, 000 report, or final title opinion
<br /> IsAead In favor of,and accepted by,Lander In connection with this bead at Trust,and (b)Truslor has the full righl,power,and authority to
<br /> execula and deliver this peed of Trust to Lender.
<br /> Defense of Title. $ulnebl to the axcepllon In the paragraph abova,;Trustor warrants and will forever Cleland the fine to the Properly against
<br /> the lawful claims of an persons. In the avant any action or proceeding Is commenced that questfons TrusloPs title or the Interest of Trustae nr
<br /> Lender under this Deed of Trusl,Truslor shall defend the action at Ttustor's expense. Truslor mny be the nominal party in such proceeding,
<br /> but Lender shell he anflflad to participata In the proceeding and to be represented In the proceeding by counsel of Lender's own choice,and
<br /> Truslor will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from limn to time to permit such
<br /> parOclpallon.
<br /> Compliance with Laws. Truslor warrants that the Property and Trustees use of the Property comp0as with all exlsling applicable laws,
<br /> ordinances,and regulations at governmental authorities, ,
<br /> Survival of Representations and Warranties. All represenlallons,Warr miles,and agreements made by Trustor In this Deed of Trust shell
<br /> survNa the execution and delivery of this Dead of Trust,shall be eonflnuing In nature,and shall remain In full force and effect until such lima
<br /> as Truslor's Indebtedness shell be paid In full. ,
<br /> CONDEMNATION. The foltowing provisions relating to eminent domain and Inverse condemnation proceedings are a ped of this Deed of trust:
<br /> Proceedings. If any eminent domain or Irwersa condemnation penacing 1s commenced affecting the Property,Trustor shall promptly
<br /> notify Lender In writing,and Truslor shallpromptly take such slaps'-as may be necessary to pursue Or defend the action and obtain the
<br /> award. Truslor may be Ihn nominal party in any such proceeding,but Lender shall be entitled,at Its election,to participate in the proCmding
<br /> and to he represented In the procesding by counsel of Its own choice, and Truslor will deliver or cause to be delivered to Lender such
<br /> Instruments and documentation as may be requested by Lender frond i limp In WO to permit such participation.
<br /> Application of Net Proceeds, 11 any award Is made or settlement an,femd Into In any condemnation proceedings Affecting all or any pad of
<br /> the Property or by any proceeding or purchase in lieu of condemnation, Lender may at Its election, and to the extent permitted by low,
<br /> mquae that all or any portion of the award or settlement be appudd to the Indebtedness and to the repayment of all reasonable COAs,
<br /> expenses,and eftorneys'fees Incurred by Trustee or,Lander in conn a-�ra'
<br /> foes and charges are a part of this Deed of Trusl: an with the condamnatton proceedings.A
<br /> IMPOSITION'OF TAXES,FEES AND CHARGES BY BOVERNMENTAL q(jTNORITIES. The following provlslons minting to governmental taxes,
<br /> NIIII111111 Illlll VIII II illlllll Illi)I(i VIII Illi ILII �;�'::-' -r'r..,'.,.,-.n
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