|
20�202161
<br />DEED OF TRUST
<br />Loan No: 101250661 (Continued) Page 6
<br />Deed of Trust, the Note or in any of the Related Documents.
<br />Defauk on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment
<br />for taxes or insurence, or any other peyment necessery to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any werranty, representation or statement made or furnished to Lender by Borrower or Trustor
<br />or on Borrower's or Trustor's behelf under th(s Deed of Trust or the Related Documents is false or misleading in
<br />eny material respect, either now or at the time made or furnished or becomes falae or misleading at any time
<br />thereafter.
<br />DefecUve Collaterelizatlon. This Deed of Trust or eny of the Related Documents ceases to be in full force end
<br />effect (including failure of any collateral document to create a valid end perfected security interest or Iien) et eny
<br />time and for any reason.
<br />Death or Insolvency. The dissolution of Trustor's (regardless of whether election to continue is madel, eny
<br />member withdraws from the Umited liebility company, or eny other termination of Borrower's or Trustor's existence
<br />as a going buslness or the death of any member, the insolvency of Borrower or Trustor, the appointment of s
<br />receiver for eny part of Borrower's or Trustor's property, any assignment for the benefit of creditors, eny type of
<br />creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
<br />Borrower or Trustor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or any other method, by any creditor of Borrower or Trustor or by eny
<br />governmental agency against any property securing the Indebtedness. This includes a gernishment of eny of
<br />Borrower's or Trustor's accounts, including deposit accounts, with Lender. However, this Event of Default shall
<br />not appty if there is a good faith dispute by Borrower or Trustor as to the velidity or reasonableness of the claim
<br />which is the besis of the creditor or forfeiture proceedfng end if Borrower or Trustor gives Lender written notice of
<br />the creditor or forfeiture proceeding and deposfts with Lender monies or a surety bond for the creditor or forfeiture
<br />proceeding, in an emount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the
<br />dispute.
<br />Breach of Other Agreement. Any breach by Borrower or Trustor under the terms of any other agreement between
<br />Borrower or Trustor and Lender that is not remedied within any grace period provided therein, including without
<br />limitatlon any agreement concerning any indebtedness or other obligation of Borrower or Trustor to Lender,
<br />whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarentor, endorser, surety,
<br />or accommodation parry of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A meterial adverse change occurs in Borrower's or Trustor's financial condition, or Lender
<br />believes the prospect of payment or performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good feith believes itself insecure.
<br />Right to Cure. If any default, other then a defeult (n peyment is curable and if Truator hes not been given a notice
<br />of a breach of the seme provision of this Deed of Trust within the preceding twelve (12) months, it may be cured (f
<br />Trustor, after Lender sends written notice to Borrower demanding cure of auch default: (1) cures the default
<br />within fifteen 115) days; or (2) if the cure requires more than fifteen (15) deys, immediately initiates steps which
<br />Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
<br />completes all reasonable end necessary steps sufficient to produce compliance es soon as reasonebly practicai.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, et any time thereafter,
<br />Trustee or Lender mey exercise any one or more of the following rights and remedies:
<br />AcceleraUon Upon Default; Additional Remedies. If eny Event of Default occura es per the terms of the Note
<br />secured hereby, Lender may declare all Indebtednesa secured by this Deed of Trust to be due end payable end
<br />the same shall thereupon become due and payable without any presentment, demend, protest or notice of any
<br />kind. Thereafter, Lender may:
<br />(a) Either in person or by egent, with or without bringing eny ection or proceeding, or by a receiver
<br />appointed by e court and without regard to the edequecy of its security, enter upon and take possession
<br />of the Property, or any part thereof, in its own name or in the name of '�ruatee, and do any acts whlch it
<br />deems necessery or desirable to preserve the value, merketability or rentebflity of the Property, or part of
<br />the Property or interest in the Property; increase the income from the Property or protect the security of
<br />the Property; end, with or without taking possession of the Property, sue for or otherwise coliect the
<br />rents, issues and profits of the Property, including those past due and unpaid, end apply the same, less
<br />costs and expenses of operation and collection attorneys' fees, to eny indebtedness secured by this Deed
<br />of Trust, all in such order as Lender may determine. The entering upon and teking possession of the
<br />Properry, the collection of such rents, issues end profits, and the applicetion thereof shall not cure or
<br />waive any default or notice of default under this Deed of Trust or inval(date any act done in response to
<br />such defeult or purauant to such notice of defeult; end, notwfthstending the continuance in possession of
<br />
|