|
201109747
<br /> DEED OF TRUST
<br /> Loan No: 10007021 (Continued) Page 4
<br /> incurred in recording, perfecting or continuing this D2ed of Trust, including without limiiaiion all taxes, fees,
<br /> documentary stamps,and 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 or upon all or any part of the Indebtednes5 secured by this Deed of Trust; (2) a specific tax on
<br /> Trustor which Trusmr is authorized or required to deduct fram payments on the Indetitedness secured by this type
<br /> of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender orthe holder of the Note;
<br /> and (41 a specific tax on all or any portion of the Indebtedness or on paymenYS of principal and interest made by
<br /> Trustor.
<br /> Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of
<br /> TrusY, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of its
<br /> available remedies for an Event of Default as provided below unless Trustot either (1) pays the tax before it
<br /> becomes delinquent,or (2) contests the tax as provided above in the Taxes and Liens section and deposits with
<br /> Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
<br /> SECURITY AGREEMIENT; FINANCWG STATEMENTS. The following provisions relating to this Deed of Trust as a
<br /> security agreement are a part of this Deed of Trust:
<br /> Security AgreemeM. This instrument shall constitute a Security Ag�eement to the extent any of the Property
<br /> constitutes�fixLUres,and Lender shall have all of'the rights of a secured party under the Uniform Commercial Code
<br /> � as amended from time to time.
<br /> Security Interest. Upan request by Lender,Trustor shall take whatever action is requested 6y Lender to perfect
<br /> and coMinue Lender's security interest in the Personal Property. In�addition to recording this Deed of Trust in the
<br /> real property �ecords, Lendei may, at any time and without further autliorization from Trustor, file executed
<br /> counterparts, copies or reproduciions of this Deed of T�ust as a financing statement. Trustor shall reimburse
<br /> Lender for all expe�ses incurred in perfecting or continuing this security interest�Upon default,Trustor shall not
<br /> remove, sever or detach the Personal Property Erom the PYOperty. Upon default, Trustor shail assemble any
<br /> Personal Property not affixed to the Property 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 Lender to the
<br /> eMent permitted by applicable law.
<br /> Addresses. -fhe mailing addresses of Trustor (debtorl and Lender (secured party) from which information
<br /> concerning the security interest granted by this Deed of Trust may be obYained(each as required by the Uniform
<br /> Commerciai Code)ate as stated on the first page of this Deed of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and
<br /> attorney-in-fact are a part of this Deed of Trust
<br /> Further Assurances. At any time,and from time to time, upon request of Lender,Trustor will make,execute and
<br /> delivet,or will cause to be made,executed or delivered,Yo Lender or to Lender's designee,and when requested by .
<br /> Lender,cause to be filed, recorded,refiled,or rerecorded,as the case may be,at such times and in such offices
<br /> and places as Lender may deem appropriate,any and all such mortgages,deeds of trust,security deeds,security
<br /> agreements, financing statements, continuation statements, instruments of further assurance, certificates, and
<br /> other documents as may,in the sole opinion of Lender,be necessary or desirable in order to effectuate,complete,
<br /> perfecY, continue, or preseroe (1) Trustor's o6ligations under the Note, this Deed of Trust, and ihe Related
<br /> Documents,and (2) the liens and security interests created by this Deed of Trust on the Property,�whether now
<br /> owned or hereafter acquired by Trusmr. Unless prohibited by law or Lender agrees to the contrary in writing,
<br /> Trustor shall reimburse Lender for ali costs and expenses incurred in connection with the matters referred to in this
<br /> paragreph.
<br /> Attorney-in-Fact. If Trustor fails to do any of the things referred to in the preceding paragraph,Lender may do so
<br /> . for and in the name of Trustor and at Trustor's expense. For such purposes,Trustor heretiy irrevocably appoiMs
<br /> Lender as Trustor's attorney-in-fact for the purpose of making,executing,delivering,filing,recording,and doing all
<br /> other things as may be necessary or desiratile,in Lender's sole opinion,to accomplish the matters referred to in
<br /> the preceding paragraph. �
<br /> PULL PERFORMANCE. If Trustor pays all the Indebtedness when due, and otherwise performs all the obligations
<br /> imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full
<br /> reconveyance and shall execute and defiver to Trustor suita6le statements of termination of any financing statement on
<br /> file evidencing LendePs security interest in the Rents and the Personal Property. Any reconveya�ce fee required by law
<br /> shall be paid by Trustor,if permitted by applicable law.
<br /> EVENTS OF DEFAULT. At Lender's optian,Trustor will be in default under this Deed of Trust if any of the following
<br /> happen:
<br /> Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br /> Break Other Promises. Trustor 6reaks any promise made to Lender or fails to perform promptly at the time and
<br /> strictly in the manner provided in this Deed of Trust or in any agreement related to this Deed of Trust.
<br /> Compliance �efault. Failure to comply with any other term, obligation, covenant or condition contained in this
<br /> Deed of Trust;the Note or in any of the Related Documents.
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment
<br /> for taxes or insurance,or any other payment�necessary to prevent filing of or to effect discharge of any lien.
<br /> Default in Favor of Third Parties. Should Grantor default under any loan,extension o4 credit,security agreement,
<br /> purchase or sales agreement,or any other agreement,in fiavor of any other creditor or person thai may materially
<br /> affect any of G�rantor's property or Grantor's a.bility to repay the Indebtedness or Grantor's ability to perform
<br /> Grantor's obligations under this Deed of Trust or any�of the Related Documents.
<br /> False Statements. Any representation or statement made or fumished to Lender by Trustor or on Trustor's behalf
<br /> under this Deed of Trust or the Related Documents is false or misleading in any material respect,either now or at
<br /> the time made or furnished.
<br /> Defective Collateralization. This �eed of Trust or any of the Related Documents ceases to be in full force and
<br /> effect{including failure of any collateraf document to create a valid and perfected security interest or lien)at any
<br /> time and for any reason.
<br /> Death or Insolvency. The death of Trustor,the insolvency of Trustor,the appointment of a receiver for any part of
<br /> Trustor's property, any assignment for the henefit of creditors, any type of creditor workout, or the
<br /> commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br /> Taking of the Property. Any creditor or govemmental agency tries to taKe any of the Property or any other of
<br /> Trustor's properiy in which Lender has a lien. This inGudes taking pf, garnishing of or levying on TrustoPs
<br /> accounts with Lender. However, if Trustor disputes in good faith whether the claim on which the taking of the
<br /> Property is based is valid or reasonable, and if Trustor gives Lender written notice of the claim and furnishes
<br /> Lender with monies ot a surety 6ond satisfactory to Lender to satisfy the claim,then this default provision will not
<br /> apply.
<br /> �
<br />
|