|
201301591
<br /> DEED OF TRUST
<br /> Loan No: 101261779 (Continued) ' page 6
<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 new owned or hereafter acquired by Truetor. Unless prohibited by law or Lender
<br /> agrees to the contrary In writing, Truster shall reimburse Lender for all costs and expenses incurred in connection
<br /> with the matters referred to in this paragraph,
<br /> Attorney-in-Feet. If Trustor 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, Truetor hereby irrevocably appoints
<br /> Lender es Trustar'e attorney-fn-fact for the purpose of making, executing, delivering, filing, recording, and doing all
<br /> other things es may be necessary or desirable, In Lender's sole opinion, to accomplish the matters referred to in
<br /> the preceding paragraph.
<br /> FULL PERFORMANCE. if Borrower and Trustor pay all the Indebtedneas, including without limitation all future
<br /> advances, when due, and Truetor otherwise performs all the obligations imposed upon Truster under this Deed of Trust,
<br /> Lender shall execute and deliver to Trustee a request for full reconveyanoe and shall execute end deliver to Truster
<br /> suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents
<br /> and the Personal Property. Any reoonveyanoe 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, shrill constitute an Event of Default under this Deed
<br /> of Trust:
<br /> Payment Default. Borrower fails to make any payment when due sunder the Indebtedness.
<br /> Other Defaults. Borrower or Trustor falls to comply with or to perform any other term, obligation, covenant or
<br /> condition contained in this 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 Truster.
<br /> Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this
<br /> Deed of Trust, the Note or in any of the Heisted Documents,
<br /> Default an 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 filing of or to effect discharge of any lien.
<br /> Fates etetemanta. Any warranty, representation or statement made or furnished to Lender by Borrower or Trustor
<br /> or on Borrower's or Truacor's behalf under this Deed of Trust of the Related Documents Is false Or misleading 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 /> Defective Colleterapsatlon. 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 Borrower or Trustor, the insolvency of Borrower or Trustor, the appointment of
<br /> a receiver for any pert of Borrower's or Trustor's property, any easignment for the benefit of Creditors, any type of
<br /> creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
<br /> Borrower or Truator.
<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 Borrower or Truster or by any
<br /> governmental agency against any property aecuring the lndebtedneaa. This includes a garnishment of any of
<br /> Borrower's or Trustor'$ accounts, including deposit accounts, with Lender. However, this Event of Default shall
<br /> not apply If there is a good faith dispute by Borrower or Trustor les to the validity or reasonableness of the claim
<br /> which is the basis of the creditor or forfeiture proceeding and It Borrower or Truator gives Lender written notice of
<br /> She creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture
<br /> proceeding, In an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the
<br /> dispute.
<br /> Broach of Other Agreement. Any bleach by Borrower or Trustor under the terms of any other agreement between
<br /> Borrower or Truster and Lender that is not remedied within any grace period provided therein, including without
<br /> limitation any agreement concerning any indebtedness or other obligation of Borrower or Trustor to Lender,
<br /> whether existing now or later.
<br /> Events Affecting Guarantor. Any of the preceding events occurs'with respect to any guarantor, endorser, surety,
<br /> or accommodation party of any of the Indebtedness or any guarantor, endorser, aurety, or accommodation party
<br /> dies or becomes Incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the
<br /> Indebtedness.
<br /> Adverse Change. A material edverae change occurs in Borrower's or Truator's financial condition, or Lander
<br /> believes the prospect of payment or performance of the Indebtedness Is impaired. •
<br /> Insecurity. Lender in good faith believes itself insecure,
<br /> Existing Indebtedness. The payment of any installment of principal or any Interest on the Existing Indebtedness is
<br /> not made within the time required by the promissory note evidencing such indebtedness, or a default occurs under
<br /> •
<br />
|