|
201208016
<br /> DEED OF TRUST
<br /> Loan No: 'i0003728 (COn#inued) Page 4
<br /> available remed�es for an Event ofi Defiault as provided below unless Trustor either (1) pays the tax before it
<br /> becomes 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 /> seeurity agreement are a part of this Deed of Trust:
<br /> Security Agreement_ Tnis i�nstrument sl'�all constitute a Security Agreem��ent to the extent any of tne Properiy
<br /> constitutes fixtuees, 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 shali take whatever action is requested by Lender to perfect
<br /> and continue Lender's security interes't in the Personal Property. In addition to recording this Deed of Trust in the
<br /> real property records, Lender may, at any time and wi�thout further authoriza�tio�n from Trus�tor, file executed
<br /> counte��rparts, copies or reproductions of fhis Deed of Trust as a financing statement Trustor shall reimburse
<br /> Lender for all expenses incurred �in perfecting or continuing this security interest. Upon default, Trustor s:hall not
<br /> remove, sever or detacn the Personal Property from the Properiy. Upon default, Trustor shali assemble any
<br /> Personal Property not afifixed to the Property in a manne� and at a place reasonably convenient to Trusto�r and
<br /> Lender and make it avaiiable to Lender within three (3) days afiter receipt of written demand from Lender to the
<br /> ex[ent perrn.iited by applicable law.
<br /> Addresses. The mailing� addresses of Trustor (debtor) and Lender (secured party} firom which information
<br /> concerning the security interest granted by ihis Deed ofi Trust may be obtained (each as requirec9 by the Uniform
<br /> Commercial Code) are as stated on the first page�of this Deed of Trust.
<br /> FURYt-IER ASSURAII9CES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and
<br /> attomey-in-fact are a part of this Deed of Trust:
<br /> Further Assurances. At any time, and from tims to time, upon request of Lender, Trustot will make, execute and
<br /> deliver, or will cause to be made, executed or delivered,to Lender or to Lender's des��ignee, and when requested by
<br /> Lender, cause to be filed, recorded, refiled, or rerecorded> as tne case may be, at such times and in� such offices
<br /> and places as Lender m�ay deem appropriate, any and all such mortgages, deeds of trust, security deeds, secutity
<br /> agreements, financing statemenrts, continuation sYatements, instrumen'ts of further ass:urance, certificates, and
<br /> other documeMs as may, in the sole opinion of Lender, be necessary or des:irable in order to effectuate, compt�ete,
<br /> perfect, continue, or preserve (1) Trustor's obligations under the Note, this Deed of Ttust, and the Related
<br /> Documents, and (2) the iiens and securiYy interests created by this Deed of Trust on the Property, whether now
<br /> owned or hereafter acquired by Trusto:r. Unless prohibited by law or Lender agrees to ihe contrary in writing,
<br /> Trustor sha.11 reimburse Lender for all costs and expenses incurred in connection with the matters referred to in this
<br /> paragrapn.
<br /> Attorney-in-Fact. If Trustor fails to do any of the thi�gs referred to in the preced.ing paragraph, Lender may do so
<br /> for and in the name ofi Trustor and at Trustor's expense. For such purposes, Trustor nereby irrevocably appoints
<br /> Lender as Trustor's attorney-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 PERFORMAI�ICE. If Trustor pays all the Indebtedness when due, and otherwise performs all the obligations
<br /> imposed upon TrusYor under this Deed ofi Trust, Lender shail execute and deliver to Trustee a request for full
<br /> reconveyance and shall execute and deliver to Trustor suitable statements of termination of any financing statement on
<br /> file evidencing Lender°s security interest in the Rents and the Personal Property. Any reconveyance fee required by law
<br /> shall be gaid by Trustor, ifi permitted by applicable law.
<br /> EVENTS OF DEFAULT. At Lender's option, Trustor will be in default under this t7eed ofi Trust if any of ihe following
<br /> happen:
<br /> Payment Default. Trustor fai�ls to make any payment when due under the Indebtedness.
<br /> Break OYher Promises. Trustor breaks any p�omise made to Lender or fails to perform promptly at the time and
<br /> strictly in the manner provided in this Deed of Trust or in any agreement related to this Deed of Trust.
<br /> Compliance Default. Failure to compiy with any other term, obligation, covenant or condition contained in this
<br /> Deed of Trust, the Noie 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 fiiling of or to effect discharge of any lien.
<br /> Default in Favor of Third Parties_ Should Grantor default under any ioan, extension of credit, security agreement,
<br /> purchase or sales agreement, or any other agreement, in favor of any other creditor or person Y�at rnay materi�ally
<br /> affect any of G�rantor's property or Grantor's abolity to repay the indebtedness or Grantor's ability to perform
<br /> Grentor's obli.gaYions under this Deed of Trust or any of the Related Documents.
<br /> False Statements. Any representation or statement made or fiurnisti.ed to Lender by Trus'tor or on Trustor s benalf
<br /> under this Deed of Trust or the Related Docum�.ents is fafse or misleading in any material respect,either now or at
<br /> � the time made or furnished..
<br /> Defective Collateralization. This Deed ot Trust or any of the Related Documents ceases to be in full force and
<br /> effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any
<br /> time and for any reason.
<br /> Death or Insolvency. The death of Trustor, the insolven�cy of Trustor, the appoiMment of a.receiver for any part of
<br /> Trustor's property, any assignment for the benefit of creditors, any type ofi creditor workout, or the
<br /> commencement of any proceeding under any bankruptcy or insolvency iaws by or against Trustor.
<br /> Taking of the Propeety. Any creditor or governmental agency tries to talce any of the Property o:r any other of
<br /> Trustor`s property in which Lender nas a lien. Tfiis includes taking of, garnishing of or fevying on Trusto�Ps
<br /> accounts with Lender. However, if Trustor disputes in good #aith wheiher the claim on wh.ich the tal<ing of the
<br /> Property is based is valid or reasonable, and if Trustor gives Lender written notice of the claim a��nd furnishes
<br /> Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not
<br /> apply.
<br /> Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and
<br /> Lender that is not remedied witnin� any grace period provided therein, including without limitation. any agreement
<br /> concerning any indebtedness or other obligation of Trustor to Lender, whether existing now or later.
<br /> Events Affecting Gua[antor_ Any of the preceding events occurs witn respect to any g�uarantor, endorser, surety,
<br /> or accommodation party of any of the Indebtedness or any guarantor; endorser, surety, or accommodation party
<br /> dies or necomes incompetent, or revokes or �isputes the vali�d�ity of, or lia6ility under, any Guaranty of the
<br /> Fndebtedness.
<br /> Insecurity. Lender in good faiih believes itself inse�cure.
<br /> Existing Indebtedness. The payment of any instailment of principal or any interest o�n the Existing lndebtecfness is
<br />
|