|
DEED OF TRUST
<br />(Continued) Page 5
<br />other things es may be necessary or desirable, in Lender's sole opinion, to accomplish the metters referred to in
<br />the preceding paragraph.
<br />FULL PERFORMANCE. If Borrower and Trustor pay all the Indebtedness, including without limitation all future
<br />advances, when due, and Trustor otherwise performs all the obUgetions imposed upon Trustor under this Deed of Trust,
<br />Lender shall execute and deliver to Trustee a request for full reconveyanae end shall execute and deliver to Trustor
<br />suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents
<br />and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable
<br />law.
<br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Deed
<br />of Trust:
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br />Other Defaults. Borrower or Trustor fails to comply with or to perform any other term, obllgation, covenant or
<br />condition contained in this Deed of Trust or in any of the Related Documents or to comply wlth or to perform eny
<br />term, obligation, covenant or condition contained in any other agreement between Lender and Borrower or Trustor.
<br />Compliance Default. Failure to comply with any othar term, obligation, covenant or conditton 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 eny Uen.
<br />Default in Favor of Third Parties. Should Borrower or any Grantor default under any loan, extension of credit,
<br />security agreement, purchase or sales agreement, or any other agreement, in favor ot any other creditor or person
<br />that may materially affect eny of Borrower's or eny Grantor's property or Borrower's ebility to repay the
<br />Indebtedness or Borrower's or Grantor's ability to perform their respective obligetions under this Deed of Trust or
<br />any of the Related Documents.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Trustor
<br />or on Borrower's or Trustor's behalf under thls Deed of Trust or the Related Documents is false o� misleading in
<br />any material respect, either now or at the time made or furnished or becomes false or mislead(ng at eny time
<br />thereafter.
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and
<br />effect (including feilure of any collateral document to create e velid and perfected security interest or Uen) at eny
<br />time and for eny reason.
<br />Death or Insolvency. The dissolution of Trustor's lregardless of whether election to continue is made), any
<br />member withdraws from the limited liability company, or any other termination of Borrower's or Trustor's existence
<br />as a going business or the death of any member, the insolvency of Borrower or Trustor, the appointment of a
<br />receiver for any part of Borrower's or Trustor's property, any assignment for the benefit of credltors, any type ot
<br />creditor workout, or the commencement of any proceeding under any benkruptcy or insolvency lews by or against
<br />Borrower or Trustor.
<br />Creditor or Forfeiture Proceadings. Commencement of foreclosure or forteiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or eny other method, by any creditor of Borrower or Trustor or by any
<br />governmental agency against any property securing the Indebtedness. This includes a garnishment of eny of
<br />Borrower's or Trustor's a.ccounts, including deposft accounts, with Lender. However, this Event of Default shall
<br />not apply if there is a good faith dispute by Borrower or Trustor es to the validity or reasonableness of the claim
<br />which is the besis of the creditor or forfeiture proceeding and if Borrower or Trustor gives Lender written notice of
<br />the craditor or forfeiture proceeding and deposits with Lender monfes or a surety bond for the creditor or forfeiture
<br />proceeding, in an amount determined by Lender, in its sole discretion, as being an adequete reaerve 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 />limitation 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 Guarantor of any of tha
<br />Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the velidity of, or liebility
<br />under, any Guaranty of the Indebtedness.
<br />Adverse Change. A material adverse change occurs in Borrower's or Trustor's finencial condition, or Lender
<br />believes the prospect of payment or performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith belleves itself insecure.
<br />Existing Indebtedness. The payment of any installment of principal or any interest on the Existing Indebtedness is
<br />not made within the time required by the promissory note evidencing such indebtedness, or a default occurs under
<br />the instrument securing such indebtedness end is not cured during eny applicable grace period in such instrument,
<br />or any suit or other action is commenced to foreclose any exfsting lien on the Property.
<br />Right to Cure. If any default, other than a default in payment Is curable and if Trustor has not been given a notice
<br />of a breach of the same provision of this Deed of Trust within the preceding twelve 19 2) months, it may be cured if
<br />Trustor, after Lender sends written notice to Borrower demanding cure of such default: (1) cures the default
<br />within twenty (20) days; or (2) if the cure requlres more than twenty (20) days, immediately initietes ateps which
<br />Lender deems 1n Lender's sole discretion to be sufficient to cure the defeult and thereafter continues and
<br />completes all reasonable end necessary steps sufffcient to produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter,
<br />Trustee or Lender may exercise arry one or more of the following rights and remedies:
<br />Acceleration Upon Defauk; Additional Remedies. If eny Event of Detault occurs as per the terms of the Note
<br />secured hereby, Lender may declare all Indebtedness secured by this Deed of Trust to be due and peyable and
<br />the same shall thereupon become due and payable without any presentment, demand, protest or noNce of any
<br />kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon end take possesslon
<br />of the Property, or any part thereof, in its own name or in the name of Trustee, and do any acts whfch it
<br />deems necessery or desirable to preserve the value, marketebility or rentability of the Property, or pert of
<br />the Property or interest in the Property; increase the fncome from the Property or protect the aecurity of
<br />the Property; and, with or without taking posaession of the Property, sue for or othervvise collect the
<br />rents, issues and profits of the Property, including those past due and unpaid, and epply the same, less
<br />costs and expenses of operation and collectfon attorneys' fees, to any indebtedness secured by thts Deed
<br />of Trust, all in such order as Lender may determine. The entering upon and taking possession of the
<br />Property, the collection of such rents, issues and proflts, and the application thereof sheil not cure or
<br />
|