|
201207758
<br /> DEED O� TRl1ST
<br /> Loan No: 8700'1065 (Col�tinueti) Page 4
<br /> Trustor shall promptly take such steps as may be necessary to defend tfie 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 ofi its own choice, and Trustor wili deliver or cause to be delivered to
<br /> Lender such instruments and documentation as may be requested by Lender from time to time to permiY such
<br /> participation.
<br /> Application of Net Proceeds. If aii or any part of the Property is condemned by eminent domain proceedi�ngs or by�
<br /> any proceeding or purchase in lie�u of condemnation, Lender may at its efection require that all or any portion of the
<br /> net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net
<br /> proceeds of the award shall mean the award after payment of a❑ reasonable costs, expenses, and attorneys' fees
<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 /> Gurrent Taxea, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to
<br /> this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lender`s lien on
<br /> the Reai Property. Trustor shaii reimburse Lender for all taxes, as described below, together with all expenses
<br /> � incurred in recording, perfecting or continuing this De.ed of Trust,. including without limitation ail 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 Yhis section applies: (1) a specific tax upon. tnis type of
<br /> Deed of Trust or upon all or any part of the indebtedness secured by this Deed of Trust; (2) a specific Yax on .
<br /> Borrower which Borrower is authorized or required to deduct from payments on the Indebtedness secured by this
<br /> � type of Deed of Trust; (3) a tax on this type ofi Deed of Trust chargeable against the Lende�or the holder of the
<br /> Note; and (4) e specific tax on all or any portion of ihe Indebtedness or on paym�ents of princi�pai and i�nterest
<br /> made by Borrower..
<br /> Subsequent Taxes_ If any tax to which this section applies is enacted subsequent to the date of this Deed of
<br /> Trust, this event shall have the same effect as an Event of Default, and Lender may exercise any or all ofi its
<br /> available remedies for an Event of Default as provided below unless Trustor either (1) pays the tax before it
<br /> becomes delinquent, or (2) contests the tax as provitled 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; FINAN�CIN.G STATEMENTS. The following provisions relating to this Deed of Trust as a
<br /> security agreement are a part of this Deed of Trust:
<br /> Secnerity Ageeement. This instrument shall constitute a Security Agreement to the extent any of �the Property
<br /> constitutes fixtures, and Lender shalJ have all of the rights of a secured party under the Uniform Comm�ercial Gode
<br /> as amended from time to time..
<br /> Security Interest Upon request by Lender, Trustor shall take whatever actiort is requested by Lendet To perfect
<br /> and continue Lender's security interest in the Rents and Personai Property. In addition to recotding this Deed ofi
<br /> Trust in the real property records, Lender may, at any time and without further authorization from Trustor, file
<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 fhis security interest. Upon default, Trustor
<br /> shall not remove, sever o� deiach the Personal Property from the Property. Upon default, Trustor snall assembie
<br /> any Personal Property not affixed Yo the Property in a manner and at a place reasonably convenient to Trustor and
<br /> Lender and malce it available io 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 ofi Trustor (debtor) and Lender (secured party) from which infiormation
<br /> concerning the security interest granted by th�is Deed of Trust may be obtained (each as required by tne Uniform
<br /> Commercial Code) are as stated on the�first page of this Deed of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-W-FACT. The following provisions relating to furtner assurances and �
<br /> attorney-in-fiact are a part of this Deed of Trust:
<br /> Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and
<br /> deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested by
<br /> Lender, cause to be filed, recorded, refiled; or rerecorded, as the case may be, at such times and in such offices
<br /> and piaces as Lender may deem appropriate, any and all such mortgages, deeds ofi trust, security deeds, security
<br /> ag�reements, financing statements, continuation statements, instruments of further assurance, certificates, and
<br /> other documents as may, in tne sole opini�on of Lender, be necessary or desirable in order to effectuate, complete,
<br /> perfect, continue, or preserve {1) Borrower`s and Trustor's obligations under the Note, this Deed of Trust, and
<br /> the Related Do�cuments, and (2) the li�.ens and security inte�rests created by this Deed of Trust as first and p�rior
<br /> liens on the ProperCy, whether now owned or hereafter acquired by Trustor. Unless prohibited by law or Lendet
<br /> agrees to the contrary in writing, Trusto:r shall reimburse Lender for all costs and expenses incurred in connection
<br /> with Yhe matters referred to i.n this paragraph.
<br /> Attorney-in-Fact. If Trustor faifs to do any of the things refierred to in the preceding paragraph, Lender may do so
<br /> for and in the name of Trustor and 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 LendePs soie opinion, to accomplish the matters referred to in
<br /> the preceding paragraph.
<br /> FULL PERFORMANCE. if Borrower and Trustor pay all the Intlebtedness, incfuding without limitation all future
<br /> advances, when due, and Trustor otherwise performs all the obligations imposed upon Trustor under this Deed of Trust,
<br /> Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor
<br /> suitable statements of terminati��on of any financing statement on fife evidencing Lender's securiiy ir�terest in the Rents
<br /> and�the Personal Property. Any reconveyance fee reguired by law shall be paid by Trustor, if permltted by applicable
<br /> iaw.
<br /> EVENTS OF DEFAULT. Each of the fiollowfng, 8t Lender's option, shall constitute an Event of Defiault 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 cornply with or to perform any other term, obligation, covenant or
<br /> . condition.contained in this Deed of Trust or in any ofi the Related Documents or to comply witn or to perform any
<br /> term, obl.igation, covenant or condition contained i.n any other agreement 6etween Lender and Borrower or Trustor.
<br /> Compfiance Default_ Failure to comply witn any other term, obligation, covenant or condition contained in this
<br /> Deed of Trust,the Note or in any of the Related Documents.
<br /> Default on Other Payern.ents. Failure of Trustor within the time required by this Deed of-frusY to m:ake any payment
<br /> fo�r taxes or insurance, or any otner payment necessary to prevent filing of or to effect discharge of any tien.
<br /> Default in Favor of Third Parties_ Should Borrower or any Grantor defa:ult under any ioan, exeension of credit,
<br /> security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person
<br />
|