|
2 Q 1 30360G
<br />DEED OF TRUST
<br />(Continued) Page 10
<br />Reserve Board or the Office of the Comptroller of the Currency, or any other regulatory agency, or at such other times
<br />as Lender may reasonably require. Appraisals shall be performed by an Independent third party appraiser selected by
<br />Lender; property evaluations and appraisal reviews may be performed by third party appraisers or appraisers and staff
<br />of Lender. The fees, expenses and other cost of such appraisals, reappraisals, property evaluations and appraisal
<br />reviews shall be paid by Grantor/Trustor. In addition, Grantor/Trustor shall be responsible for payment of all fees and
<br />expenses of Lender and third parties relating to inspecting the Real Property, environmental review, title policies and
<br />endorsements (or title searches, abstracts of tide or legal opinions of title where applicable}, and monitoring the
<br />payment of property taxes, and any governmental taxes, fees and recording costs relating to this deed.
<br />LEASES AND RENTS. Grantor /Trustor /Mortgagor presently assigns to Lender all of Grantor/Trustor /Mortgagor's right,
<br />title and interest in and to all present and future leases of the Property and all rents from the Property. This Assignment
<br />of Rents is given to secure (A) Payment of the Indebtedness and (B) Performance of any and all obligations under the
<br />Note and Mortgage/Deed of Trust. Grantor/Trustor /Mortgagor's present assignment to Lender hereunder Is of all
<br />present and future leases includes all leases, licenses, rental agreements and other agreements of any kind relating to
<br />the use or occupancy of any of the Property, together with all guarantees of and security for any tenant's performance,
<br />and all extensions, renewals and modifications thereto (as used in this paragraph, each, a "Lease' and collectively, the
<br />"Leases "), together with any and all Rents from the Property. This assignment shall not impose upon Lender any duty
<br />to produce Rents, nor cause Lender to be a "mortgagee in possession," or responsible for performing any of the
<br />obligations of the lessor under any Lease. Lender confers upon Grantor /Trustor /Mortgagor a license to collect and
<br />retain the Rents as they come due, until the occurrence of any Event of Default, at which time the license shall be
<br />automatically revoked, and Lender, or its designated agent may, at its option and without notice, make, cancel, enforce
<br />or modify any Lease or Rents, collect Rents and do any acts which Lender deems proper to protect the security hereof
<br />or exercise any other right or remedy hereunder. Grantor/Trustor /Mortgagor represents and warrants that there exists
<br />no material default under present Leases and that those Leases are in full force and effect. Lender, at its option and
<br />without notice, may notify any tenant of this assignment of the Leases and Rents. Grantor/Trustor /Mortgagor agrees,
<br />at its expense, (i) to comply with and enforce all the terms and conditions under each Lease, and defend in any action in
<br />connection with any Lease; di) not to modify any Lease in any material respect, nor accept surrender under or terminate
<br />the term of any Lease, nor waive or release any tenant under any Lease; (iii} not to anticipate the Rents under any
<br />Lease; and (iv) to give prompt notice to Lender of any default by any tenant under any Lease, and of any notice of
<br />default on the part of Grantor/Trustor /Mortgagor under any Lease received from a tenant. Should
<br />Grantor /Trustor /Mortgagor fail to do any act required to be done by Grantor/Trustor /Mortgagor hereunder, then Lender,
<br />at its option and without notice, may make or do the same in such manner and to such extent as Lender deems
<br />necessary to protect the security hereof. Grantor/Trustor /Mortgagor agrees to pay to Lender immediately upon demand
<br />all sums expended under the authority hereof, including reasonable attorneys' fees, together with interest thereon at the
<br />highest rate per annum payable under any Indebtedness, and the same, at Lender's option, may be added to the
<br />Indebtedness and secured hereby.
<br />CONDO /PUD ( DEED OF TRUST) . The following provisions apply if the Real Property has been submitted to unit
<br />ownership law or similar law for the establishment of condominiums or cooperative ownership of the Real Property:
<br />A. Power of Attorney. Trustor /Grantor grants an irrevocable power of attorney to Lender to vote in Lender's discretion
<br />on any matter that may come before the association of unit owners. Lender shall have the right to exercise this power
<br />of attorney only after Trustor's /Grantor's default; however, Lender may decline to exercise this power as Lender sees
<br />fit.
<br />B. Insurance. The insurance as required herein may be carried by the association of unit owners on Trustor's /Grantor's
<br />behalf, and the proceeds of such insurance may be paid to the association of unit owners for the purpose of repairing or
<br />reconstructing the Property. If not so used by the association, such proceeds shall be paid to Lender.
<br />C. Default. Trustor's /Grantor's failure to perform any of the obligations imposed on Trustor /Grantor by the declaration
<br />submitting the Real Property to unit ownership, by the bylaws of the association of unit owners, or by any rules or
<br />regulations thereunder, shall be an event of default under this Deed of Trust. If Trustor's /Grantor's Interest in the Real
<br />Property is a leasehold interest and such property has been submitted to unit ownership, any failure by Trustor /Grantor
<br />to perform any of the obligations imposed on Trustor /Grantor by the lease of the Real Property from its owner, any
<br />default under such lease which might result in termination of the lease as it pertains to the Real Property, or any failure
<br />of Trustor /Grantor as a member of an association of unit owners to take any reasonable action within
<br />Trustor's /Grantor's power to prevent a default under such lease by the association of unit owners or by any member of
<br />the association shall be an Event of Default under this Deed of Trust.
<br />FAILURE TO PROVIDE INSURANCE. Grantor/Trustor /Mortgagor ( "Owner ") acknowledges and agrees that if Owner fails
<br />to provide any required insurance on the terms set forth herein or in any Related Documents, or fails to continue such
<br />insurance in force in compliance with the requirements of this agreement or any Related Documents, Lender may
<br />purchase insurance at Owner's expense as provided therein. Such insurance may protect Lender's interests, and may
<br />otherwise protect none of, or less than all of, Owner's interests. The cost of any such insurance shall become a part of
<br />the Indebtedness and shall be payable on demand or added to the Note as provided herein, at Lender's option. OWNER
<br />ACKNOWLEDGES THAT IF LENDER SO PURCHASES ANY SUCH INSURANCE, THE INSURANCE MAY PROVIDE
<br />LIMITED PROTECTION AGAINST PHYSICAL DAMAGE TO THE COLLATERAL, UP TO THE BALANCE OF THE LOAN;
<br />HOWEVER, OWNER'S EQUITY IN THE COLLATERAL MAY NOT BE INSURED. IN ADDITION, THE INSURANCE MAY
<br />NOT PROVIDE ANY PUBLIC LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND MAY NOT MEET THE
<br />REQUIREMENTS OF ANY FINANCIAL RESPONSIBILITY LAWS.
<br />
|