|
201404184
<br /> DEED OF TRUST
<br /> Loan No: 1 1'�1292-3 (Continued] Page �4
<br /> Taxes. The following shall constitute taxes to which this section applies: f1} a specific tax upon this type of
<br /> Deed of Trust or upon al[ or any part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on
<br /> Borrower which Borrower is authorized or required ta deduct from payments on the indebtedness secured by this
<br /> type of Deed of Trus#; {3} a tax on this type of Deed of Trust chargeable against the Lender or Yhe holder of the
<br /> Note; and {4) a specific tax on ali or any portion of the Indebtedness or on payments of principal and interest
<br /> made by Borrower.
<br /> Suhsequent Taxes. If any tax to which this s�ction app[ies is enacted subsequent to the date of this Deed of
<br /> Trust, this ev�nt shall have the same effect as an Event of Default, and Lender may exercise any or aIl of its
<br /> available remedies for an Event of Default as provided below unless Trustor either {1) pays the tax before it
<br /> becom�s delinquent, or {21 contests the cax as provided a6ave ir� the Taxes and Liens section and depnsits with
<br /> Lender cash or a sufficient corporate surety bond or other security sat�sfactary to Lender.
<br /> S�CURfTY AG�iEEMENT; FINANCIfdG STAT�MEIIITS. T'he following provisions retating ta this �eed of Trust as a
<br /> securicy agreement are a part af Ehis �eed ot TrusY:
<br /> Security Agreement. 1'his instrument shall constitute a Security Agreement Yo the extent any of the Property
<br /> constitutes fixtures, and Lender shall have a11 of the rights of a secured party under the Uniform Commercial Code
<br /> as amended from time ta time.
<br /> Security Interest. Upon request by �ender, 7rustor shall take whatever action is requested i�y Lender to perfect
<br /> and cantinue Lender's security 9nterest in the Rents and Persona[ Property. In addition to recording this Deed of
<br /> Trust in the real property records, Lender may, at any time and without further authorizaEion fram Trustor, file
<br /> executed counterparts, copies or reproductions of this Deed of T'rust as a financing statement. Trustor shall
<br /> reimburse Lender for al1 expenses incurred in perfecting or continuing this security interest. Upon dafault, Trustor
<br /> shalf no# remo�e, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble
<br /> any Persanal Property nat affixed to the ProPerty in a manner and at a place reasonably convenient to Trustor and
<br /> Le�der and make it available to Lender within three (3} days after receipt of written demand from Lender to the
<br /> extent permitted by applicable lew.
<br /> Addresses. The mailing addresses of Trustor ldebEor) and Lender (secured partyl from which information
<br /> concerning the security interest granted by this Deed of Trus# may be obtainad {each as requ3red by the Unifarm
<br /> Commercial Code] are as stated on the first page of this �eed of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The fol[owing pra�isions relating to further assurances and
<br /> attorney-in-fact are a part af this Deed of Trust:
<br /> Further Assurances. At any time, and fram time to time, upon request of Lender, l"rustor will make, execute and
<br /> deliver, or wi11 cause to ba made, executed or delivared, ta Lender or ta Lender's designee, and when r�quested by
<br /> Lender, cause to be filed, recorded, rafiled, or rerecorded, as the case may be, ai such times and in such offices
<br /> and places as Lender may deem appropria#e, any and ail such mortgages, deeds of trust, security de�ds, security
<br /> ayreements, financing s#atements, cantinuation sta#ements, 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, cantinue, or Preserve [1] Borrower`s and Trustor's obligations under the Note, this deed of Trust, and
<br /> the Related �ocuments, and {21 the liens and security interests created by tf�is Deed of Trust on the Property,
<br /> whether now owned or hereafter acquired by Trustor. UNess prohibited by law or Lendar agrees to the contrary in
<br /> writing, Trustor shall reimburse Lender for alE costs and expenses incurred in connection with the matters referred
<br /> to in this paragraph.
<br /> Attorney-in-Fact. If Trustor fails to do any o'f the things referred to in the preoeding paragraph, Lender may do so
<br /> for and in the name of Trustor and at l'rustar's expense, Far such purposes, Trustor hereby irrevocably appoints
<br /> Lender as Trustor's attorney-in-#act 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 PERFORtNANCE. If Borrower and Trustor pay all the Indebtedness when due, and Trustor otherwise performs all
<br /> the obligations imposed upon Trustor under tF�is Oeed of Trust, Lender shall execute and deliver to Trustee a request for
<br /> full recanveyance and sf�alE execute and deliver to Trustor suitable statements of terminatior� of any financing statement
<br /> on file evidencing Lender's security interest in the Rents and the Personal Property, Any reconveyance fee required by
<br /> law shall be paid by Trustor, if permitted by applicabfe law.
<br /> EVENTS OF DEFAUI.T. Each of the following, at Lender's option, sha{I constitute an E�ent af Default under this [7eed
<br /> of Trust:
<br /> Payment DefauEt. Borrawer fails to make any payment when due under the Indebtedness.
<br /> Other Defaults. 6orrower or Trustor fails to comply with or to perform any nther term, o6figation, covenant or
<br /> condition contained in Yhis Deed of Trust or in any of the Related ❑ocuments or to comply with ar to perform any
<br /> term, obligation, covenant ar condition contained in any other agreement between Lender and Barrower or Trustor.
<br /> Compliance Default. Failure to comply with any other term, obligation, covenant or cnnditio� contained in this
<br /> C7eed of Trust, the Note ar in any o'F the Relat�d Documents.
<br /> Default on Other Paymen#s. Failure of Trustar within Yhe time required by this Deed of 7r�st to make any payment
<br /> for taxes or insvranca, or any other payment necessary to pre�ent filing of or to effect discharge of any lien.
<br /> pefault in Fa�ar of Third Parties. Shnuld Borrower or any Grantor default under any laan, extension of credit,
<br /> security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person
<br /> that may ma#erially affect any o# Borrower's or any Grantor's property or Borrower's abi[ity to repay the
<br /> Indebtedness or Borrower's or Grantor's ability to perfnrm their respecti�e obligations under this Deecf of Trust or
<br /> any of the Related Documents.
<br /> False Statements. Any warranty, representation or staYement made or fumished to Lender by Borrower or Trustor
<br /> or on Borrower's or Trustor's behalf under tf�is Deed of Trust or the Related pocuments is fialse or misleading in
<br /> any material respect, either naw or at the tircte made or furnished or becomes false or misleading at any time
<br /> therea#ter.
<br /> Defective Cqllateraiization. This Deed of Trust or any of the Related Documents ceases to be in full fiarce and
<br /> effect (including faiiure of any collateral document to create a valid and per#ected security interest or lier�f at any
<br /> time and for any reason.
<br /> Death or Insolvency, The dissolutiott of Trustor's Iregardiess of whether election to continue is madel, any
<br /> member withdraws from the limited liability company, or any other tarmination of Barrower's or Trustor's existence
<br /> as a gaing business or the death of any member, the insolvency of Barrower or Trustor, the appointment of a
<br /> receiver for any part of Borrower's or Trustor's property, any assignment #or the benefit of creditors, any type o#
<br /> creditar workout, or Yhe commencement of any proceeding under any bankruptcy ar insalvency laws by vr against
<br /> gorrower or Trustor.
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or �orfeiture proceedings, whether by judicial
<br /> proceeding, self-help, repossession or any other method, hy any creditor of Borrower or Trustor or by any
<br />
|