|
201210678
<br /> DEED OF TRUST
<br /> Loan No: 87001791 (Continued) Page 4
<br /> incurred in recording, perfecting or continuing this Deed of Trust, including without limitation all taxes, fiees,
<br /> documentary stamps, and other charges for recording or registering this Deed of Trust�.
<br /> Taxes. The following shall constitute taxes to which this section applies: ('I) a specifiic tax upon this type of
<br /> Deed of Trust or upon all or any part of tne Inde6tedness secured by this Deed of Trust; (2) a specific tax on
<br /> Trustor which Trustor is authorized 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 Note;
<br /> and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br /> Trustor.
<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 o� all of its
<br /> available remedies for an Event of Default as provided below unless Trustor either (1) pays the tax before it
<br /> becomes delinquenY, or (2) contests the tax as provided above in tne 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 /> security agreemenY 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 nave 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 shall take whatever action is requested by Lender to perfect
<br /> and continue Lender's security interest in the Re��nts and Personal Property. In addiYion to recording this Deed ofi
<br /> Trust in the real property records, Lender may, at any time and witnout further authorization from Trustor, file
<br /> executed co�unterparts, copies or reproductions of this Deed of Trust as a financing statement. Trustor.shall
<br /> reimburse Lender for all expenses incurred in perfecting o� continuing this security interest. Upon default,Trusto�
<br /> shall not remove, sever or detach the Personal Property from the Proper[y. Upon default, Trustor shall assemble
<br /> any Personal Property not affixed to tne Property in 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 from Lender to the
<br /> extent permitted by applicable law.
<br /> Addresses. The mailing add�resses of Trusior (debtor) and Lender (secured party) firom which information
<br /> concerning tne 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; ATTORN:EY-IN-FACT. The following provisions relating to further assurances and
<br /> attorney-in-fact are a part of th.is Deed of Trust:
<br /> Further Assurances. At any time, and from time to time, upon request of Lender, Trustor wi❑ 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 fiied, 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 effectuate, complete,
<br /> perfect, continue, or preserve (l) Trustor's obligations under the Note, this Deed of Trust, and the Related
<br /> Documents, and (2) the liens and security interests created by this Deed of Trust as first and prior liens on tne
<br /> Property, whether now owned or hereafter acquired by Trustor. Unless prohibited by law or Lender agrees to the
<br /> 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 in the preceding paragrapn, Lender may do so
<br /> for and in the name of Trustor and at Trustor's expense. For such purposes, Trustor nereby irrevocably appoinis
<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 PER.FORMANCE_ If Trustor pays all the Indebtedness, including without limitation all future advanceS, when due,
<br /> and otherwise performs all tne obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and
<br /> deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suitable statements of
<br /> termination of any fiinancing statement on file evidencing LendePs security interest in the Rents and the Pe�sonal
<br /> Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable law.
<br /> EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Defiault under this Deed
<br /> of Trust:
<br /> Payment Default_ Trustor fails to make any payment when due under the Indebtedness.
<br /> Other Defaults. Trustor fails to comply with or to perform any otner term, obligation, covenant or condition
<br /> contained i�n this Deed of Trust oP in any of the Related Documents or to comply with o.r to perform any term,
<br /> obligation, covenant or condition contained in any other agreemeret between Lender and Trustor.
<br /> Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this
<br /> Deed of Trust,tne Note 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 /> fo�taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> Default in Favor of Third Parties. Should Grantor default under any loan, extension of cred5t, security agreement,
<br /> purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially
<br /> affect any ofi Grantor's property or Grantor's ability to repay the Indebtedness or Grantor's ability to perform
<br /> Grantor's obligations under this Deed of Trust or any of the Related Documents.
<br /> False Statements. Any warranYy, representation or statement made or furnished to Lender by Trustor or on
<br /> Trustor's behalf under this Deed of Trust or the Related Documents is false or misleading in any material respect,
<br /> either now or at the time made or furnished or becomes faise or rnisleading at any time thereafter.
<br /> Defective Collateralization. This Deed of 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 insolvency of Trustor,tne appointment of a receiver for any part of
<br /> TrustoPs 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 laws by or against Trustor.
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br /> proceeding, self-help; repossession or any other method, by any creditor of Trustor or by any governmental agency
<br /> against any property securing the Indebtedness. This includes a garnishment of any of Trustor's accounts,
<br /> including deposit accounts, with Lender. However, this Event of Default shell not apply if there is a good faith .
<br /> dispufe by Trustor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture
<br />
|