201405966 - Laserfiche WebLink

Browse

20140596 6.1 Compliance with Laws & Restrictions. All existing Improvements and any Improvements hereafter placed on the Land are and will be located within the boundary lines of the Land. All appurtenant easement areas are and shall remain free from encroachments. The Mortgaged Property complies with, and will continue to comply with, all laws applicable to the Mortgaged Property, including without limitation all applicable building, zoning, subdivision and land use statutes, ordinances, codes, rules, regulations and orders and all covenants and agreements of record. Trustor will not, and will not permit any tenant or other occupant of the Mortgaged Property to, use the Mortgaged Property in any manner that violates any state or federal law. No further permits, licenses, approvals, variances, public hearings or governmental orders or consents are necessary for the operation of the Mortgaged Property for its intended purposes or for the construction of any planned Improvements. 6.2 Accuracy of Information. All information, certificates or statements given to Beneficiary by or on behalf of Trustor in connection with or pursuant to any of the Loan Documents or the loan facility evidenced thereby will be true and complete when given. 6.3 Existing Deed(s) of Trust. Reference is made to a deed of trust or deeds of trust dated June 10, 2009 securing indebtedness in the amount(s) of $53,863.00, given by Trustor to U.S. Bank National Association (each an "Existing Deed of Trust "). Trustor represents and warrants that no default has occurred or presently exists under any Existing Deed of Trust or any note or agreement secured thereby (each an "Existing Loan Document ") and that the Deed of Trust shall not constitute a default under any Existing Deed of Trust or any Existing Loan Document. Trustor covenants and agrees to faithfully perform all obligations under all Existing Deeds of Trust and Existing Loan Documents and agrees that it will not enter into any amendment, extension or modification of any Existing Deed of Trust or any Existing Loan Document, other than amendments to Existing Deeds of Trust securing obligations to Beneficiary or Existing Loan Documents evidencing or securing indebtedness to Beneficiary, without the prior written consent of Beneficiary. Trustor further agrees to furnish Beneficiary, promptly after receipt, copies of all notices of default or delinquency received by Trustor from the holder of any Existing Deed of Trust other than Beneficiary. A default in any of the terms and conditions of any Existing Deed of Trust or any Existing Loan Document shall at the option of Beneficiary constitute a default under the Deed of Trust and the Note. Without limitation of any of Beneficiary's other remedies, in the event of a default in any of the terms and conditions of any Existing Deed of Trust or any Existing Loan Document, Beneficiary may in its discretion and at its sole option cure such default, and any sums incurred or expended relative thereto by Beneficiary shall become immediately due and payable and shall be secured by the lien of the Deed of Trust, with interest at the default rate specified in the Note. ARTICLE VII. MISCELLANEOUS In addition to all other miscellaneous provisions under the Loan Documents which are expressly incorporated as a part of the Deed of Trust, the following provisions will also apply: 7.1 Term of Deed of Trust. The Deed of Trust shall continue in full force and effect until the Deed of Trust is released. 7.2 Time of the Essence. Time is of the essence with respect to payment of the Obligations, the performance of all covenants of Trustor and the payment of taxes, assessments, and similar charges and insurance premiums. 7.3 Subrogation. Beneficiary will be subrogated to the lien of any deed of trust, mortgage or other lien discharged, in whole or in part, by the proceeds of the Note or other advances by Beneficiary, in which event any sums otherwise advanced by Beneficiary shall be immediately due and payable, with interest at the default rate set forth in the Loan Documents from the date of advance by Beneficiary to the date of payment by Trustor, and will be one of the Obligations secured by the Deed of Trust. 7.4 Choice of Law. Creation, perfection, priority, enforcement and foreclosure of the Deed of Trust and the liens and remedies hereunder will be governed by the laws of the state in which the Mortgaged Property is located. For all other purposes, the choice of law specified in the Loan Documents will govern. 7.5 Severability. Invalidity or unenforceability of any provision of the Deed of Trust shall not affect the validity or enforceability of any other provision. 7.6 Copies; Entire Agreement; Modification; Demand Obligations. Trustor hereby acknowledges the receipt of a copy of the Deed of Trust, together with a copy of each promissory note secured hereby, and all other documents executed by Trustor in connection herewith. The Deed of Trust is intended by Trustor and Beneficiary as a final expression of the Deed of Trust and as a complete and exclusive statement of its terms, there being no conditions to the full effectiveness of the Deed of Trust. No parol evidence of any nature shall be used to supplement or modify any terms. 04-004 ®us Bancorp 2013 (rev. 1.1 - 05/2014) Page 7 219648, vers. 2