|
ti012029f�
<br />DEED OF TRUST
<br />(Continued) Page 4
<br />action at Trustor's expense. Trustor may be the nominal party in such proceeding, but Lender shall be entitled to
<br />part(cipate in the proceeding and to be represented in the proceeding by caunsel of Lender's own choice, and
<br />Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time
<br />to permit such participation.
<br />Compllance Wlth Laws. Tnrstor waRants that the Property and Trusto�'s use of the Property compiies with all
<br />existing applicable laws, ordinances, and regulations of govemmental authorities.
<br />Survlval of Representations and Warrentles. All representations, warranties, and agreements made by Trustor in
<br />this Deed of Trust shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and
<br />shall remain in full force and effect until such time as Trustor's Indebtedness shall be paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br />Proceedings. If any proceeding in oondemnation is filed, Trustor shall promptly notiTy Lender in writing, and
<br />Trustor shall prompUy take such steps as may be neoessary to defend the action and obtain the award. Trustor
<br />may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be
<br />represented in the proceeding by counsel of its own cholce, and Trustor will deliver or quse to be delivered to
<br />Lender such instruments artd documentation as may be requested by Lender from time to time to permit such
<br />participaUon.
<br />Applicatfon of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by
<br />any proceeding or purc�ase in lieu of oondemnation, Lender may at its election require that all or any portion of the
<br />net proceeds of the award be applied to the Indebtedne.ss or the repair or restoration of the Properly. The net
<br />prooeeds of the award shall mean the award after payment of all reasonable costs, exper�, and attomeys' fee,s
<br />incurred by Trustee or Lender in connection with the condemnation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating
<br />to govemmental taxes, fees and charges are a part of this Deed of Trust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in additlon to
<br />this Deed of Trust and take whatever other action is requested by Lender to pertect and continue Lender's lien on
<br />the Real Property. Trustor shall reimburse Lender for all taxes, as described below, together with aIl expenses
<br />incurred in recording, pertecting or continuing this Deed of Trust, including without limitation all taxes, fees,
<br />documentary stamps, and other charges for recording or registering this Deed of Trust.
<br />Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of
<br />Deed of Trust or upon all or any part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on
<br />Trustor which Trustor is authorized or required to deduct from payments on the Indebtedness secured by this type
<br />of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender or the holder of the Note;
<br />and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br />Trustor.
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequerrt to the date of this Deed of
<br />Trust, this event shall have the same effect as an Event of Default, and Lender may exerase any or all of its
<br />available remedi� for an Event of Default as provided below unless Trustor either (1) pays the tax before it
<br />beoomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with
<br />Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a
<br />securiry agreement are a part of this Deed of Trust:
<br />Securtty Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property
<br />constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code
<br />as amended from time to time.
<br />Security Interest. Upon request by Lender, Trustor shall take whatever action is requested by Lender to perfect
<br />and continue Lender's securiry interest in the Rents and Personal Property. In addition to recording this Deed of
<br />Trust in the real property records, Lender may, at any time and without further authorization from Trustor, flle
<br />executed counterparts, copies or reproductions of this Deed of Trust as a financing statement. Trustor shall
<br />reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Trustor
<br />shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble
<br />any Personal Property not a�xed to the Properly in a manner and at a place reasonably convenient to Trustor and
<br />Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the
<br />extent permitted by applicable law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which information
<br />concerning the security interest granted by this Deed of Trust may be obtained (each as required by the Uniform
<br />Commercial Code) are as stated on the first page of this Deed of Trust.
<br />FURTHER ASSURANCES; AiTORNEY-IN-FACT. The following provisions relating to further assurances and
<br />attorney-in-fact are a part of this Deed of Trust:
<br />Further Assurances. At any time, and from time to Ume, upon requast of Lender, Trustor will make, execute and
<br />deliver, or will ca�ue to be rrrade, exea.ited or delivered, to Lender or to Lender's designee, and when requ�ted by
<br />Lender, cause to be filed, reoorded, refiled, or rereoorded, as the c�e may be, at such times and in such offic�s
<br />and plaoes as Lerxier may deem approprlate, any and all such mortgages, deeds of trust, security deeds, security
<br />agreements, financing statements, continuation statements, instrumerrts of further assurance, certificates, and
<br />other documents as rriay, in the sole opinion of Lender, be neoessary or desirable in order to effectuate, complete,
<br />pertect, continue, or preserve (1) Trustor's obligations under the Note, this Deed of Trust, arid the Related
<br />Documents, and (2) the liens and security interests cxeated by this Deed of Tn�st as first and prior liens on the
<br />Properly, whether now owned or hereafter aoquired by Trustor. UNess prohibited by law or Lender agrees to the
<br />contrary in writing, Trustor shall reimburse Lender for all costs and e�enses inairred in connection with the
<br />matters referred to in this paragraph.
<br />Attomey-fn-Fact If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do so
<br />for and in the name of Trustor arid at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints
<br />Lender as Trustor's attomey-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all
<br />other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the matters referred to in
<br />the preceding paragraph.
<br />FULL PERFORMANCE. If Trustor �ys all the Indebtedness, fncluding without limitation all future advances, when due,
<br />and othervvise performs all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and
<br />deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suitable statements of
<br />termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal
<br />Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Everrt of Default under this Deed
<br />of Trust:
<br />
|