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201205288
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Last modified
7/9/2017 8:29:20 PM
Creation date
6/29/2012 11:26:33 AM
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DEEDS
Inst Number
201205288
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20]205288 <br />(a) Representations and Warranties. Each Third Party Trustor represents and warrants to <br />Beneficiary that: (i) this Deed of Trust is executed at an Obligor's request; (ii) this Deed of Trust complies <br />with all agreements between each Third Party Trustor and any Obligor regarding such Third Party <br />Trustor's execution hereof, (iii) Beneficiary has made no representation to any Third Party Trustor as to <br />the creditworthiness of any Obligor; and (iv) each Third Party Trustor has established adequate means of <br />obtaining from each Obligor on a continuing basis financial and other information pertaining to such <br />Obligor's financial condition. Each Third Party Trustor agrees to keep adequately informed from such <br />means of any facts, events or circumstances which might in any way affect such Third Parry Trustor's <br />risks hereunder. Each Third Party Trustor further agrees that Beneficiary shall have no obligation to <br />disclose to any Third Party Trustor any information or material about any Obligor which is acquired by <br />Beneficiary in any manner. The liability of each Third Parry Trustor hereunder shall be reinstated and <br />revived, and the rights of Beneficiary shall continue if and to the extent that for any reason any amount at <br />any time paid on account of any Secured Obligation is rescinded or must otherwise be restored by <br />Beneficiary, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, all as <br />though such amount had not been paid. The determination as to whether any amount so paid must be <br />rescinded or restored shall be made by Beneficiary in its sole discretion; provided however, that if <br />Beneficiary chooses to contest any such matter at the request of any Third Party Trustor, each Third <br />Party Trustor agrees to indemnify and hold Beneficiary harmless from and against all costs and <br />expenses, including reasonable attorneys' fees, expended or incurred by Beneficiary in connection <br />therewith, including without limitation, in any litigation with respect thereto. <br />(b) Waivers. <br />(i) Each Third Party Trustor waives any right to require Beneficiary to: (A) proceed <br />against any Obligor or any other person; (B) marshal assets or proceed against or exhaust any security <br />held from any Obligor or any other person; (C) give notice of the terms, time and place of any public or <br />private sale or other disposition of personal property security held from any Obligor or any other person: <br />(D) take any other action or pursue any other remedy in Beneficiary's power; or (E) make any <br />presentment or demand for performance, or give any notice of nonperformance, protest, notice of protest <br />or notice of dishonor hereunder or in connection with any obligations or evidences of indebtedness held <br />by Beneficiary as security for or which constitute in whole or in part the Secured Obligations, or in <br />connection with the creation of new or additional obligations. <br />(ii) Each Third Party Trustor waives any defense to its obligations hereunder based upon <br />or arising by reason of: (A) any disability or other defense of any Obligor or any other person; (B) the <br />cessation or limitation from any cause whatsoever, other than payment in full, of any Secured Obligation; <br />(C) any lack of authority of any officer, director, partner, agent or any other person acting or purporting to <br />act on behalf of any Obligor which is a corporation, partnership or other type of entity, or any defect in the <br />formation of any such Obligor, (D) the application by any Obligor of the proceeds of any Secured <br />Obligation for purposes other than the purposes represented by any Obligor to, or intended or understood <br />by, Beneficiary or any Third Party Trustor; (E) any act or omission by Beneficiary which directly or <br />indirectly results in or aids the discharge of any Obligor or any portion of any Secured Obligation by <br />operation of law or otherwise, or which in any way impairs or suspends any rights or remedies of <br />Beneficiary against any Obligor; (F) any impairment of the value of any interest in any security for the <br />Secured Obligations or any portion thereof, including without limitation, the failure to obtain or maintain <br />perfection or recordation of any interest in any such security, the release of any such security without <br />substitution, and/or the failure to preserve the value of, or to comply with applicable law in disposing of, <br />any such security, (G) any modification of any Secured Obligation, in any form whatsoever, including <br />without limitation the renewal, extension, acceleration or other change in time for payment of, or other <br />change in the terms of, any Secured Obligation or any portion thereof, including increase or decrease of <br />the rate of interest thereon, or (H) any requirement that Beneficiary give any notice of acceptance of this <br />Deed of Trust. Until all Secured Obligations shall have been paid in full, no Third Party Trustor shall have <br />COMMNEIDEED_NE.DOC (Rev. 02/10) _10_ <br />
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