|
201200159
<br /> DEED OF TRUST
<br /> Loan No: 81012'I (Continu0d) Page 2
<br /> possession and use of the Property shall be governed by the following provisions:
<br /> Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and
<br /> control of the Proper(y; (2) use,operate or manage the Property;and (3) collect the ReMS from the Property.
<br /> Duty to Maintain. Trustor shall maintain the Property in tenantable condition�and promptly perform all repairs,
<br /> replacements,and maintenance necessary to preserve its value.
<br /> Compliance With EnvironmeMal Laws. Trustor represents and warrants to Lender that: (1) During the period oi
<br /> Trustor's ownership of the Property,there has been no use,generation,manufacture,storage,treatment,disposal,
<br /> release or threatened release of any Hazardous Su6stance by any person on,under, about or from the Property;
<br /> (2) Trustor has no knowledge of,or reason to believe that there has been,except as previously disdosed to and
<br /> acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
<br /> generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous Substance
<br /> on, under, about or from tfie Property by any prior owners or occupants of the Property, or (c) any acwal or
<br /> threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously
<br /> disclosed to and acknowledged by Lender in writing, (a) neither Trustor nor any tenant,contractor,agent or other
<br /> authorized user of the Property shall use,generate,manufacture,store,treat,dispose of or telease any Hazardous
<br /> Substance on,under,about or from the Property;and (b) any such activity shall be conducted'm compliance with
<br /> all applicable federal, state, and local laws, regulations and ordinances, including without limitation all
<br /> Environmental Laws. Trustor aufhorizes Lender and its agents to enter upon the Property to make such
<br /> inspections and tests, at T�ustor's expense, as Lender may deem appropriate to detetmine compliance of the
<br /> Property with ihis section of the Deed of TrusL Any inspeciions or Yests made by Lender shall be for Lender's
<br /> purposes only and shall not be construed to create any responsibility or Iiability on the part of Lender to Trustor or
<br /> to any other person. The representations and warranties contained herein a�e based on Trustor's due diligence in
<br /> investigating the Property for Hazardous Substances. Trustor hereby (7) releases and waives any future claims
<br /> against Lender for indemnity or contribution in the event Trustor becomes liable for cleanup or other costs under
<br /> any such laws;and (21 agrees to indemnify,defend,and hold harmless Lender against any and all claims,losses,
<br /> liabilities,damages,penalties,and expenses which Lender may ditectly or indirectly sustain or suffer resulting from
<br /> a breach of this section of the Deed of Trust or as a consequence of any use,generation,manufacfure,storage,
<br /> disposal,release or threatened release occurring prior to Trustor's ownership or inierest in the Property,whether or
<br /> not the same was or should have been known to Trustor. The provisions of this section of the Deed of Trust,
<br /> including the obligation to indemnify and defend,shall survive the payment of the Indehtedness and the satisfaction
<br /> and reconveyance of the lien of this Deed of Trust and shall not be affected by Lender's acquisition of any interest
<br /> in the Property,whether by forecbsure or otherw�ise. �
<br /> Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor commit, permit; or suffer any
<br /> stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the
<br /> foregoing,TrustoY wil�l not remove,or gtant to any other party the right to remove,any timber,minerals(incWding
<br /> � oil and gas),coal,clay,scoria,soil,gravel or rock products without Lender's prior written consent.
<br /> Removal of Improvements. Trustor shall not demolish or remove any Imp.rovements from the Real Properiy withQUt
<br /> Lender's prior written consent. As a condition to the removal of any Improvements,Lender may require Trustor to
<br /> make arrangements satisfactory to Lender m replace such Improvements with Improvements of aY least equal
<br /> value.
<br /> Lender's Right to Erter. Lender and Lender's agents and representatives may enter upon the Real Property at all
<br /> reasonable times to attend m Lender's interests and. to inspect the Real Property for purposes of Trustor's
<br /> . compliance with the terms and conditions of this Deed of Trust.
<br /> Compliance with Governmental Requirements. Trustor shall promptly comply with all laws, ordinances, and
<br /> regulations,now or hereafter in effect,of all governmental authorities applicable to the use or occupancy o#the
<br /> Property, including without limitation,the Americans With DisabiJities Act. Trustor may contest in good faith any
<br /> such law,ordinance,ot regulation and withhold compliance during any proceeding,including appropriate appeals,
<br /> so�long as Trustor has notified Lender in writing prior to doing so and so long as,in Lender's sole opinion,Lender's
<br /> interests in the Property are no2 jeopardized. Lender may require Trustor to post adequate securiry or a surety
<br /> bond,reasona6ly satisfactory to Lender,to protect Lender's.interest.
<br /> Duty to Protect. Trustor agrees neither to abandon orleave unattended the Property. Trustor shall do all other
<br /> acts,in addition to those acts set forth a6ove in this section,which from the character and use of the Property are
<br /> reasonably necessary to protect and p�eserve tfie Property.
<br /> TAXES AND LIENS. The following provisions relating to the taxes and liens on the Proper[y are part of ihis Deed of
<br /> Trust:
<br /> Payment. Trustor shall pay when due(and in all events prior to delinquency}�all taxes,special taxes,assessments,
<br /> charges(inc4uding water and sewer�,fines and imposiTions levied against or on account of the Property,and shall
<br /> pay when due all claims for work done on or for services rendered or material furnished to the Property. Trustor
<br /> shap maintain the Property free of all liens having priority over or equal to the interest of Lender under this Deed of
<br /> Trust, except for the lien of taxes and assessments not due, except for the Existing Indebtedness referred to
<br /> below,and except as otherwise provided in tliis Deed of Trust.
<br /> Right to Contest. Trustor may withhold payment of any tax,assessment,or claim in connection with a good faith
<br /> dispute over the obligation to pay,so long as Lender's interest in the Property is not jeopardized. If a lien arises or
<br /> is filed as a result of nonpayment,Trustor shall within fifteen i75) days af¢er the lien arises or,if a lien is filed,
<br /> within fifteen(15)days after Trustor has noti.ce of the filing,secure the discharge of the lien,or if requested by
<br /> Lender,deposit with Lender cash oF a safficient corporate surety bond or other security satisfiactory to LendeF in an
<br /> � amount sufficient to discharge the lien plus any costs and attorneys'fees,or other charges that could accrue as a
<br /> result of a foreclosure or sale under the lien. In any contest,Trustor shall defe�d itself and Lender and shall satisfy
<br /> any adverse judgment before enforcement against the Property. Trustor shalf name Lender as an additional obligee
<br /> untler any surety bond furnished in the co�test proceedings.
<br /> Evidence of Payment. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes
<br /> or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written
<br /> stateme�t ofi the taxes and assessments against the Property.
<br /> Notice of Construction. Trustor shall notify Lender at least fifteen(15)days before any work is commenced,any
<br /> services are furnished,or any materials are supplied to the Properiy,if any mechanic's lien,materialmen's lien,o�
<br /> oiher lien could be asserted on account of the work,services,or materials. Trustor will upon request oi Lender
<br /> furnish to Lender advance assurances satisfactory to Lende� that Trustor ca� and will pay the cost o# such
<br /> improvements:
<br /> PROPERTY DAMAGE INSURANGE. The following provisions relating to insuring the Property are a part of this Deed of
<br /> Trust.
<br /> Mainterrance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard eMended
<br /> coverage endorsements on a replacement basis for the full insurable value covering aIl Improvements on the Real
<br /> Property in an amount sufficient to avoid application of any coinsurance dause, and with a standard mortgagee
<br />
|