|
201209012
<br /> DEED OF TRUST
<br /> Loan No: 81009486 (Continued) Page 4
<br /> Taxes. Tne following shall constitute taxes to which this section applies: ('i) 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 tax on
<br /> Borrower which Borcower is authorized or required to deduct from payments on ihe Indebtedness secured by this
<br /> type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender or the holdet of the
<br /> Note; and (4) a specific tax on all or any portion of the indebtedness or on payments ofi principal and interest .
<br /> made by Borrower.
<br /> Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of ihis Deed ofi
<br /> Trust, this event shall have the same effect as an EvenY ofi Defiault, and Lender may exercise any or all of its
<br /> available remetlies fo:r 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 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 Deetl� ofi 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 tne Pro�perty
<br /> constitutes fixtures, and Lender shall have ail of the rights ofi a secured party under the Uniform Commercial Code
<br /> as amended from time to ti�.me.
<br /> Security Interest. Upon request by Lender, Trustor shall.take whatever action is requested by Lender to perfect
<br /> and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of
<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 fior aIl expenses incurred in perfecting or continuing this secu�ity interest. Upon default, Trustor
<br /> shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble
<br /> any Personal Property not affixed to the Property i.n a manner and at a place reasonably convenient to Trustor and
<br /> Lender and make it available to Lender within three (3) days after receipt of written demand firom Lender to the
<br /> eMent permitted by a:pplicable law.
<br /> Addresses. The mailing addresses of Trustor (dehtor) and Lender (secured party) from wni.ch information
<br /> concerning the security interest granted by this Deed of Trust may be obtained (each as required by the Uniform
<br /> Commercial Cod�e) are as stated on the first page of this Deed of Trust.
<br /> FURTHER ASSURAN.CES: ATTORNEY-IN-FACT. The �following provisions relating to further assurances and
<br /> attorney-in-fact are a part of this Deed of Trust:
<br /> Further Assurances. At any time, and from time to time, upon request of Lender, Trustor w�i�.l:l make, execute and
<br /> deliver, or wiq 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 places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security
<br /> agreements, financing statements, 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 efifectuate, complete,
<br /> perfect, continue, or preserve (1) Borrower's and Trustor's obligations under the Note, this Deed of Trust, and
<br /> the Related Documents, and (2) the liens and security interests created by this Deed of Trust as first and prior
<br /> liens on the Property, whether now owned or hereafter acquired by Trustor. Unless prohibited by law or Lender
<br /> agrees to the contrary in writing, Trustor shall reimburse Lender for all costs and expenses incurred in connection
<br /> with the matters referred to in this paragraph.
<br /> Attorney-in-Fact. If Trusior fails to do any of the things referred 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 appo.ints
<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 necflssary or desirable, in Lender's so�le opinion, to accomplish the matters referred to in
<br /> the preceding parag�aph.
<br /> FULL PERFORMANCE_ If Borrower and Trustor pay all the Indebtedness, including without limitation all future
<br /> advances, when due, and Trustor otherwise perfiorms all the obligations imposed upon Trustor under this Deed of Trust,
<br /> Lender shall execute and deliver to Trustee a request for full �econveyance and shall execute and deliver to Trustor
<br /> suitable statements of termination of any financing statement on file evidencing Lender's secu�ity interest in the Rents
<br /> and the Personal Properiy. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable
<br /> law.
<br /> EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default 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 comply with or to perform any other term, obligation, covenant or
<br /> condition contained in tnis Deed of Trust or in any of the Related Documents or to comply with or to perform any
<br /> term, obligation, covenant or condition contained in any other agreement between Lender and Borrower or Trustor.
<br /> Compliance Default. Failure to comply with any othet term, obligation,, covenant or condition conta:i.ned in this
<br /> Deed ofi Trust,the Note or in any ofi the Related Documents.
<br /> Default on Other Payments. Fai.lure of Trustor within the time required by this Deed ofi Trust to make any payment
<br /> fior taxes or insurance,or any other payment necessary to prevent filing of or to effect discnarge of any lien.
<br /> Default in Favor of Third Parties. Should Borrower or any Grantor default under any loan, extension of credit,
<br /> security agreeme�.nt, purcnase or sales agreement, or any other agreement, in favor of any other creditor or person
<br /> that may materially affect any of Borrower's or any Grantor's property or Borrower's ability to repay the
<br /> Indebtedness or Borrower's or Grantor's ability to perform their respective obligations under this Deed of Trust or
<br /> any of the Related Documents.
<br /> False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Trustor
<br /> or on Borrower's or Trustor's behalf under this Deed of Trust or the Related Documents is false or mis.leading in
<br /> any material respect, either now or at the time made or furnished or becomes false or misleading at any time
<br /> thereafter.
<br /> Defectove Collateralization. This Deed of Trust or any of the Related Documents ceases to be in fiull 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 fior any reason..
<br /> Death or Insolvency. The death of Borrower or Trustor, the insolvency of Borrower or Trustor, the appointment of
<br /> a �eceiver for any part of Borrower's or Trustor's property, any assignment for the benefii of creditors, any type ofi
<br /> creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency Iaws by or against
<br /> Borrower or Trustor.
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, wnether by judicial
<br /> proceeding, self-help, repossession or any other method, by any creditor of Borrower or Trustor or by any
<br /> governmental agency against any property securing the Indebtedness. This inclLdes a garnishment of any of
<br />
|