201207757 - Laserfiche WebLink

Browse

201207757 DEED OF TRUST Loan No: '00003950 (COn$inued) Page 4 Subsequent Taxes_ It any tax to wnicn tnis section applies is enacted subsequent to the date of this Deed of Trust, this even�t shall have the same effect as an Event of Default, and Lend:er may exercise any or all of its available remedies for an Event of Default as provided below unless Trustor e:ither 11) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and� Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; F9NAMCIN�G STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of this Deed of Trust: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Pro�perty constitutes fiixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended firom time to time. Security Interest. Upon request by Lender, Trustor shall ta�ke whatever action is requested by Lender to perfect and continue Lender's security interest in the Personaf Property. In addition �to recording tnis Deed ofi Trust in the real property records, �ender may, at any time and without further authorization firom Trustor; fiile execu'ted co.unterparts, copies or reproductions of this Deed of Trust as a fi�nancing statemeni. Trustor shall reimburse Lende:r for aU expenses incurred in perfecting or continuing Lhis security interest. Upon default; Trustor shall not remove, sever or detach the Personal Property from the Property. Upon defauli, Trusto�r shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenien't to Trustor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which infiorm:aiion concerning the security interest granted by this Deed of Trust may be obtained (each as required by the Unifiorm Commercial Code) are as stated on the first page ofi this Deed of Trust: FURTHER ASSU�RAN�CES; ATTORNEY-W�-FACT_ The following provisions relating to further assurances and attorney-in-fact are a part of this Deed of Trust: Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and deliver, or will cause to be made, executed or delivered,to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as the case may 6e, at such times and. in such offices and places as Lender m�ay deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, insiruments of further ass�urance, cerYificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, pertect, continue, or preserve (1) Trustor's obligations under the Note, this Deed of Trusi, and the Reiated Documents, and (2) the liens and security inierests created by this Deed ofi Trust on the Property, whether now owned or hereafter acquired by Trusto�r. Uniess prohibited by law or Lender agrees to the contrary in writing., Trustor shall rei�mburse Lendet for a11 costs and expenses incurred in connection with ihe maiters referred to in�this paragraph. Attorney-in-Fact_ If Trustor fails to do� any of the things referred to in the preceding parag�aph, Lender may do so for and in the name of Trustor and at Trustor's expense. For such p�urposes, Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary o� desirable, in Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Trustor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Trustor under ihis Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suita6le statements of termination of any financing statement on file evidencing Lender's security interest in the Renis and the Personal Property. Any reconveyance fiee required by law shall be paid by Trustor, if permitted by applicable law. EVENTS OF DEFAULT_ At Lender's option, Trustor will be in default under this Deed of Trust if any of the following happen: Payment Defiault. TrusYor fails to make any payment when due under the Indebtedness. Break Other Promises. Trustor breaks any promise made to Lender or fails to perform pro:mptly at the ti�me and strictfy in the manner provid�ed in this Deed of Trust or in any agreement related to tnis Deed of Trust. Compiiance Default. Failure to compiy with any other term, o6ligation, covenant or condition con'tained in this Deed of Trust,the Note o�in any of the Related Documents�. Defau{t on Otfier Payments.. Fa�ilure of Trustor within the time required by tnis Deed of Trust to make any payment fior taxes or insurance, or any other payment necessary to prevent fil:ing of or to effect discharge of any lien. Default in Favor of Third Parties.. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any otner agreement, in favor of any other creditor or person tha'[may materially affect any of Grantor's property or Grantor's abi}ity to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Deed ofi Trust or any of the Related Documents. False Statements. Any representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed of Trust or the Related Documents is fiaise oY misleading in any material respect, either now or at the time made or furnished. Defective Collateralization. This Deed of Trust or any of the Related Do�cuments ceases to be in fuli force and efifect (induding failure of any collateral document to create a valid and perfected sec.urity interest or lien) at any time and for any reason. Death or Inso6vency. The death of Trustor,the insoivency ofi Trustor, the appointment of a receiver for any part of Trustor's property, any assignment for ihe benefit of creditors, any type of creditor wori<out, or the commence�ment of any proceedi.ng under any banicruptcy or insolvency laws by or against Trustor. Taking of the Property. Any creditor or governmental agency tries to tal<e any of the Property or any other of Trustor's property in which Lender has a lien. This inGudes taking of, gamishing of or levying on Trustor's accounts with Lender. However, if Trustor disputes in good faith whether the claim on which the taking of the Property is basetl is valid or reasonable, and if Trustor gives Le�nder written notice of the claim and furnishes Lender with monies or a surety bontl satisfactory to Lender to satisfy the daim, then this default provision wili not apply. Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not remedied within any grace period provided therein, i�nduding without limitation any agreement concem�.ing any indebtedness or other obligation of Trustor to Lender, whether existing now or later. Events Affectdng Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness or any guarartor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty ofi the Indebtedness.