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15. TAXES AND ASSESSMENTS. Grantor shall pay all taxes and assessments relating to the Property when due and immediately provide Lender evidence af 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 required on the Property. In the event of default,Lender shall have the right,at its sole option,to apply the . the eof�held to pay any taxes or against the Obiigations. My funds appiied may,at Lender's option, be applied in reverse order of the due date ^'� �'. 16. INSPECTION OF PROPERTY, BOOKS, RECORDS AND REPORTS. Grantor shall allow Lender or its agents to examine and inspect the Q� Property and examine, inspect and make copies of Grantor's books and records pertaining to the Property from time to time. Grantor shall provide ' r.;... 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 Nnancial 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 transferea of� Lender's rights with respect to the Obligations,a signed and acknowledged statement specifying(a)the outstanding balance on the Obligations;and Q (b)whether Grantor possesses any claims,defenses, set-offs or counterclaims with respect to the Obligations and, if so,the nature of such clalms, � defenses,set-offs or counterclaims. Grantor will be conclusively bound by any representatfon that Lender may make to the intended tranaferee with respect to these matters in the event that Grantor fails to provide the requested statement in a timely manner. 18. EVENTS OF DEFAULT. M Event of Defautt ahail occur under this Deed of Trust and the Trustee's power shali 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 perform any Obligation or breaches any warranty or covenant to Lender contained in this Deed of Trust or any other present or futura agreement; (c) destroys,loses or damagea the Property in any material respect or subjects the Property to seizure,confiacation,or condemnation; (d) seeks to revoke,termtnata or otherwise Ifmit its liability under any guaranry to Lender; (e) dies,becomes legally incompetent,is dissolved or term(nated,becomes insolvent,makes an assignment for the benefit of creditora,fails to pay debts as they become due,files a petition under the federal bankruptcy laws,has an involuntary pat(tion in bankruptcy filad in which(3rantor, Borrower or any guarantor is named,or has property taken under any writ or process of court; (fl allows goods to be used,transported or stored on the Property,the possesslon,transportation,or use of which,is illegal; (g) allows any party other than Grantor or Borrower to asaume or undertake any Obiigation without the written consent of Lender;or (h) causes Lender to deem itself insecure due to a signi�cant decline in the value of the Property; or if Lender, in good faith,for any reason, belfeves that the prospect of payment or performance is impaired. 19. RIGHTS OF LENDER ON EVENT OF DEFAULT. Upon the occurrence of an Event of Default under thia Deed of Trust,Lender shall be antiUed 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 sutomatic 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 convenientto Grantorand Lender; (d) to enter upon and take possession of the Property without applying tor 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 amploy 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 principa�on the Obligations; (g) to foreclose this Deed of Trust judicially or nonjudicially 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 appflcabie 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 actfon 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 actualiy 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 lienholders, 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 fn such parcels,manner or order as Lender in Its sole discretion may elect,and one or more exercises of the power herein granted shali not extingulah or exhauat the power unlesa the entlre 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 se'I the Property. After the Iapse of such time as then may be required by law following recordation of such notice of default, and noUce of sale having been given as then requfred 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 sate of all or any portion of the Property by public announcement at the time and place af 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 lmplied. The recitals in such deed of any matters of fact or otherwise,shall be conclusive proof of the truthfulness thereof. My 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 torth 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 TNE 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 Praperty together with any and all repiacements 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 fnterest 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 sald 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 wi�l pay all filing fees for the filing of such financing statements and for the refiltng thereof at the times requfred,in the opinion of Lender,by said Uniform Commercial Code, If the lien of this Deed of Trust is subject to any securiry 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 with the benefit of any deposits or payments now or hereafter 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 Iega1 expenses)to perform any act required to be taken by Grantor or to exercfse any right or remedy of Lender under this Deed of Trust. Upon demand, Gra�tor 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 ail 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 reasonabie fee to the Trustee,and this Deed of Trust shall be security for att 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 (inciuding attorneys'tees and legal expenses) in connection with the exercise of its righta 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 AITORNEY. Grantor hereby appoints Lender as its attorney-in-fact to endorse Grantor's name on all instruments and othe� 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 performance of such action or execution of auch documents shall not relieve Grantor from any Obligation or cure any default under this Deed of Trust. All powers of attorney described in thia 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 1(en, security interest or encumbrance discharged with funds advanced by Lender regardless of whether these liens,security interests or other encumbrances have been rete LPNE511C (� FormAtlon Technol ��fd. ogies,Ine.(t 1/9/88) (B00)837-3799 Page 3 of 5__�