98104106 - Laserfiche WebLink

Browse

:$ ; , 9$_ i�'i41�6 15. TAXES AND ASSESSMENTS. Grantor shall pay all taxes and assessments re�ing to the Property when due and immediately provide Lender evidence of payment of same. Upon the request of Lender, Grantor shall deposit with Lender each month one-twelfth(1/12) of the estimated annual insurance premium, taxes and assessments pertaining to the Property. So long as there is no default, these amounts shall be applied to the payment of taxes, assessments and insurance as requirec�'on the Property. In the event of defauft, Lender shall have the right, at its sole option, to apply the funds so held to pay any taxes or against the Obligations.Any funds applied may,at Lender's option,be applied in reverse order of the due date thereof. 16.IpISPECTION OF PROPERTY,BOOKS,RECORDS AND REPORTS.Grantor shall allow Lender or its agents to examine and inspect the Property and examine, inspect and make copies of Grantor's books and records pertaining to the Property from time to time. Grantor shall provide any assistance required by Lender for these purposes. All of the signatures and information contained in Grantor's books and records shall be genuine, true, accurate and complete in all respects. Grantor shall note the existence of Lender's beneficial interest in its books and records pertaining to the Property. Additionally, Grantor shall report, in a form satisfactory to Lender, such information as Lender may request regarding Grantor's financial condition or the Property. The information shall be for such periods, shall reflect Grantor's records at such time, and shall be rendered with such frequency as Lender may designate.All information furnished by Grantor to Lender shall be true,accurate and complete in all respects, and signed by Grantor if Lender requests. 17. ESTOPPEL CERTIFICATES.Within ten (10) days after any request by Lender, Grantor shall deliver to Lender, or any intended transferee of Lender's rights with respect to the Obligations,a signed and acknowledged statement specifying(a)the outstanding balance on the Obligations;and(b)whether Grantor possesses any claims, defenses, set-offs or counterclaims with respect to the Obligations and, if so, the nature of such claims, defenses, set-offs or counterclaims. Grantor will be conclusively bound by any representation that Lender may make to the intended transferee with respect to these matters in the event that Grantor fails to provide the requested statement in a timely manner. 18. EVENTS OF DEFAULT.An Event of Default shall occur under this Deed of Trust and the Trustee's power shall become operative in the event that Grantor, Borrower or any guarantor of the Obligations: (a)fails to pay any Obligation to Lender when due; (b)fails to pertorm any Obligation or breaches any warranty or covenant to Lender contained in this Deed of Trust or any other present or future agreement; (c)destroys, loses or damages the Property in any material respect or subjects the Property to seizure, confiscation, or condemnation; .� (d)seeks to revoke,terminate or otherwise limit its�iability under any guaranty to Lender; (e) dies, becomes legally incompetent, is dissolved or terminated, becomes insolvent, makes an assignment for the benefit of creditors, fails to pay debts as they become due, files a petition under the federal bankruptcy laws, has an involuntary petition in bankruptcy filed in which Grantor, Borrower or any guarantor is named, or has property taken under any writ or process of court; • (f)allows goods to be used,transported or stored on the Property,the possession, transportation,or use of which, is illegal; (g)allows any party other than Grantor or Borrower to assume or undertake any Obligation without the written consent of Lender; or (h)causes Lender to deem itself insecure due to a significant decline in the value of the Property; or if Lender, in good faith, for any reason, believes that the prospect of payment or pertormance is impaired. 19. RIGHTS OF LENDER ON EVENT OF DEFAULT. Upon the occurrence of an Event of Default under this Deed of Trust, Lender shall be entitled to exercise one or more of the following remedies without notice or demand (except as required by law): (a)to declare the Obligations immediately due and payable in full, such acceleration shall be automatic and immediate if the Event of Default is a filing under the Bankruptcy Code; (b)to collect the outstanding Obligations with or without resorting to judicial process; (c)to require Grantor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably convenient to Grantor and Lender; (d) to enter upon and take possession of the Property without applying for or obtaining the appointment of a receiver and, at Lender's option, to appoint a receiver without bond,without first bringing suit on the Obligations and without otherwise meeting any statutory conditions regarding receivers, it being intended that Lender shall have this contractual right to appoint a receiver; (e)to employ a managing agent of the Property and let the same, either in Trustee's own name, in the name of Lender or in the name of Grantor, and receive the rents, incomes, issues and profits of the Property and apply the same,after payment of all necessary charges and expenses, on account of the Obligations; (f)to pay any sums in any form or manner deemed expedient by Lender to protect the security of this Deed of Trust or to cure any default other than payment of interest or principal on the Obligations; (g) to foreclose this Deed of Trust judicially or non judicially and to direct the sale of the property through exercise of the power of sale as referenced in paragraph 20, herein, in accordance with applicable law; (h)to set-off Grantor's Obligations against any amounts owed Grantor by Lender including,but not limited to,monies,instruments,and deposit accounts maintained with Lender or any currently existing or future affiliate of Lender;and (i)to exercise all other rights available to Lender under any other written agreement or applicable law. Lender's rights are cumulative and may be exercised together, separately, and in any order. In the event that Lender institutes an action seeking the recovery of any of the Property by way of a prejudgment remedy in an action against Grantor,Grantor waives the posting of any bond which might otherwise be required. Lender or Lender's designee may purchase the Property at any sale. Proceeds of any Trustee's sale hereunder shall be applied first,to the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's fees actually incurred and not to exceed the amount which may be provided for in this Deed of Trust, second,to payment of the Obligations secured hereby, third, to the payment of junior trust deeds, mortgages, or other lien holders,and the balance, if any,to the person or persons legally entitled thereto. The Property or any part thereof may be sold in one parcel, or in such parcels, manner or order as Lender in its sole discretion may elect, and one or more exercises of the power herein granted shall not extinguish or exhaust the power unless the entire Property is sold or the obligations are paid in full. 20.TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT. Upon default by Borrower in payment of any Obligations secured hereby, Lender may declare all sums, secured hereby, immediately due and payable and shall cause to be filed of record a written notice of default and election to sell the Property. After the lapse of such time as then may be required by law following recordation of such notice of default, and notice of sale having been given as then required by law, Trustee,without demand on Grantor, shall sell such Property,either as a whole or in separate parcels, and in such order as it or Lender may determine, at public auction to the highest bidder. Trustee may postpone the sale of all or any portion of the Property by public announcement at the time and place of sale, and from time to time thereafter may postpone the sale by public announcement at the time and place fixed by the preceding postponement. Trustee shall deliver to such purchaser its deed conveying the property, or portion thereof, so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters of fact or otherwise,shall be conclusive proof of the truthfulness thereof.Any person, including Grantor,Trustee or Lender, may purchase at such sale. 21.REQUEST FOR NOTICES. Grantor requests that a copy of any notice of default and a copy of any notice of sale hereunder be mailed to each person who is a party hereto, at the address of such person set forth herein at the same time and in the same manner required as though a separate request thereof had been filed by each such person. 22. SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Deed of Trust shall be considered a financing statement and a fixture filing pursuant to the provisions of the Uniform Commercial Code (as adopted in the state where the Property is located) covering fixtures, chattels, and articles of personal property now owned or hereafter attached to or to be used in connection with the Property together with any and all replacements thereof and additions thereto (the"Chattels"), and Grantor hereby grants Lender a security interest in such Chattels. The debtor is the Grantor described above. The secured party is the Lender described above. Upon demand,Grantor shall make,execute and deliver such security agreements(as such term is defined in said Uniform Commercial Code)as Lender at any time may deem necessary or proper or required to grant to Lender a perfected security interest in the Chattels, and upon Grantor's failure to do so, Lender is authorized to sign any such agreement as the agent of Grantor. Grantor hereby authorizes Lender to file financing statements (as such term is defined in said Uniform Commercial Code) with respect to the Chattels, at any time, without the signature of Grantor. Grantor will, however, at any time upon request of Lender,sign such financing statements. Grantor will pay all filing fees for the filing of such financing statements and for the refiling thereof at the times required, in the opinion of Lender, by said Uniform Commercial Code. If the lien of this Deed of Trust is subject to any security agreement covering the Chattels, then in the event of any default under this Deed of Trust,all the right,title and interest of Grantor in and to any and all of the Chattels is hereby assigned to Lender, together wifh the benefit of any deposits ar payments now or he�eafifer made thereof by Grantor or the predecessors or successors in title of Grantor in the Property. 23. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender, at Lender's option, may expend funds (including attorneys'fees and legal expenses) to pertorm any act required to be taken by Grantor or to exercise any right or remedy of Lender under this Deed of Trust. Upon demand, Grantor shall immediately reimburse Lender for all such amounts expended by Lender together with interest thereon at the lower of the highest rate described in any Obligation or the highest rate allowed by law from the date of payment until the date of reimbursement.These sums shall be included in the definition of Obligations herein and shall be secured by the beneficial interest granted herein. If the Obligations are paid after the beginning of publication of notice of sale, as herein provided, or in the event Lender shall, at its sole option, permit Grantor to pay any part of the Obligations after the beginning of publication of notice of sale, as herein provided,then, Grantor shall pay on demand all expenses incurred by the Trustee'and Lender in connection with said publication, including reasonable attorneys' fees to the attorneys for the Trustee and for the Lender,and a reasonable fee to the Trustee,and this Deed of Trust shall be security for all such expenses and fees. 24.APPLICATION OF PAYMENTS. All payments made by or on behalf of Grantor may be applied against the amounts paid by Lender(including attorneys' fees and legal expenses) in connection with the exercise of its rights or remedies described in this Deed of Trust and then to the payment of the remaining Obligations in whatever order Lender chooses. 25. POWER OF ATTORNEY. Grantor hereby appoints Lender as its attorney-in-fact to endorse Grantor's name on all instruments and other documents pertaining to the Obligations or Deed of Trust. In addition, Lender shall be entitled, but not required, to perform any action or execute any document required to be taken or executed by Grantor under this Deed of Trust. Lender's pertormance of such action or execution of such documents shall not relieve Grantor from any Obligation or cure any default under this Deed of Trust.All powers of attorney described in this Deed of Trust are coupled with an interest and are irrevocable. 26. SUBROGATION OF LENDER. Lender shall be subrogated to the rights of the holder of any previous lien, security interest or encumbrance discharged with funds advanced by Lender regardless of whether these liens, security interests or other encumbrances have been released of record.