|
201208639
<br /> DEED OF TRUST
<br /> Loan No: 872058827 (COntirlUed) Page 4
<br /> this Deed of Trust and ta.ke whatever other action is requested by Lender to perfect and continue Lender's lien on
<br /> the Real Property. Trustor shall reimburse Lender fior all taxes, as described below, together with all expenses
<br /> incurred in recording, perfecting or continufng '[his Deed of Trust, incfuding without limitation all taxes, fees,
<br /> documentary stamps, and other charges fior 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 Yype of
<br /> Deed of Trust or upon all or any part of the fndebtedness secured by this Deed of Trust; (2) a specific tax on
<br /> Trustor which Trustor is autho�rized 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 Credit
<br /> Agteement; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and
<br /> interest made by Trustor.
<br /> Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed ofi
<br /> Trust, this event shall have the same effect as an Event of Defauk, and Lender may exe:rcise any or all of its
<br /> available remedies foi an Event of Default as provided below unless Trustor eitner (1) pays the tax before it
<br /> becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens sectian and deposits with
<br /> Lender cash or a sufficient corporate surety bond or othe�security satisfactory to Lender.
<br /> SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a
<br /> security agreement are a part of this Deed of Trust:
<br /> Security 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 Jnterest. Upon request by Lender, Trustor shall take whatever action is requested by Lender to perfect
<br /> and continue Lender's security interest in the Personal Property. In addition to recording this Deed of Trust in the
<br /> reaf property records, Lender may, at any time and without fiurther authorization from Trustor, file executed
<br /> counterparts, copies or reproductions of this Deed of Trust as a financing statement. Trustor shall reimburse
<br /> Lender fo� all expenses i.ncurred in perfecting or continuing this security interest. Upo�n default, Trustor shall not
<br /> remove, sever or detach the Personal Property from the Property. Upon defiauk, Trustor shall assemble any
<br /> Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Trustor and
<br /> Lender and ma�ke 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; ATTORNEY-IN-FACT. The following provisions relating to further assurances and
<br /> attorney-in�-fiact are a part of this Deed of Trust:
<br /> Further Assurances. At any time, and firom time to time,. upon request ofi 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 tF�e case may be, at such times and in such ofifices
<br /> antl places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security
<br /> agreements, financing staternents, continuation statements, instruments of further assurance, certificates, and
<br /> other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete,
<br /> perfect, continue, or preserve (7) Trustor's obligations under the Credit Agreement, this Deed ofi Trust, and the
<br /> Related Documents, and (2) the liens and security interests created by this Deed ofi Trust as first a:nd prior liens
<br /> on tne Property, whether now owned or hereafter acquired by Trustor. Unless prohibited by law or Lender agrees
<br /> to the contrary in writing,Trustor shall reimburse Lender for all costs and expenses incurred in connection with the
<br /> matters referred to in this paragraph.
<br /> Attorney-in-Fact_ If Trustor fails to do any of the things referred to irt the preeeding paragrapn, Lender m-ay 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 Trusto�r's attorney-in-fact for the purpose ofi making, executing, delivering, filing, recordi�ng, and doing ail
<br /> oYher things as may be necessary or desirable., in Lender's sole opinion, to accomplish the matters referred to in
<br /> the preceding pa�agraph.
<br /> FULL PERFORMANCE. If Trustor pays all the Indebtedness when due, terminates the credit Fine account, and otnerwise
<br /> performs all the o.bkigations imposed upon Trustor under this Deed of Trust, Lender shall execute and delive�to TYustee
<br /> a request for full reconveyance and shall execute and deliver to Trustor suitable sYatements of termination of any
<br /> financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any
<br /> reconveyance fee required by law shall be paid by Trustor,if permitted by applicable law.
<br /> EVENTS OF DEFAULT. Trustor will be in defauk under this Deed ofi Trust ifi any of the following happen: (A) Trustor
<br /> commits fraud or ma:kes a material misrepresentation at any time in connection with the Credit Agreement. This can
<br /> include, for example, a false statement about Trustor's income, assets, liabilities, or any other aspects of Trustor's
<br /> financial condition. (B) Trustor does not meet the repayment terms of the Credit Agreement. (C) Trustor's action or
<br /> inaction adversely affects the collateral or Lender's rights in the collateraL This can include, for example, failure to
<br /> maintain required insurance, waste or destructive use ofi the dwelling,fiailute to pay taxes,death of all persons liable on
<br /> tne account, transfer of Yitle o� sale of the dwelling, c�eation of a senior lien on tne tlwelling without Lender's
<br /> permission,foreclosure by the holder of another li�en, or the use of funds or the dwelling for prohibited purposes.
<br /> RIGHTS AND REMEDtES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter,
<br /> Trustee or Lender may exercise any one or more of ihe following rights and remedies:
<br /> Acceleration Upon Default;Additional Remedies. If any Event ofi Default occurs as per ihe terms of tne Credit
<br /> Agreement secured nereby, Lender may declare all Indebtedness secured by this Deed of Trust to be due and
<br /> payable and the same shall thereupon become due and payable without any presentment, demand, protest or
<br /> notice of any kind. Tnereafter, Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br /> appointed by a court and without regard to the adequacy of its security, enter upon and take possession
<br /> of the Property, or any part thereof, in its own name or in the name of Trustee, and do any acts which it
<br /> deems necessary or desirable to preserve the value, marketability or rentability o#the Property,or part of
<br /> the Property or interest in the Property; increase the income from the Property or protect the securiiy of
<br /> the Property; and, with or without taking possession of the Property, sue for or otherwise collect the
<br /> rents, issues antl profits of the Property, including those past due and unpaid, and apply the same, less
<br /> costs and expenses of operetion and collection attorneys' fees,to any indebtedness secured by this Deed
<br /> of Trust, all in such order as Lender may determine. The entering upon and taking possession of the
<br /> Property, the collection of such rents, issues and profiis, and the application thereof shall not cu�e or
<br /> waive any default or notice of default under this Deed of Trust or invalidate any act done in response to
<br /> such default or pursuant to such notice of default; and, notwithstanding the continuance in possession of
<br /> the Property or the collection, receipt and appfication of rents, issues or profits, Trustee or Lender shall
<br /> be entitled to exercise every right provided for in the Credit Agreement or the Related Documents or by
<br /> law upon the occurrence of any event of default, including the right to exercise the power of sale;
<br />
|