|
�2-30-1999 DEED OF TRUST 2 0 0 0 0 012� Page 4
<br /> Loan No (Continued)
<br /> Curront Texes,Fees a�d Charges. Upon request by Lender,Trustor shall execute such documents in addiBon to this Deed of Trust and take
<br /> whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender for all
<br /> texes, as described below, together with all expenses incurced in recording, perfecting or continuing this Deed of Trust, including without
<br /> IimitaHon all taxes,fees,documentary stamps,and other charges for recording or registering this Deed of Trust.
<br /> Taxes. The following shall constitute taues to which this section applies: (a)a specific tax upon this type of Deed of Trust or upon all or any
<br /> part of the Indebtedness secured by this Deed of Trust; (b)a specific tau on Borrower which Borrower is suthorized or required to deduct from
<br /> payments on the Indebtedness secured by this type of Deed of Trust; (c)a tax on this type of Deed of Trust chargeable against the Lender w
<br /> the holder of the Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br /> BoRower.
<br /> Subaequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust,this event shall have the
<br /> same effect as an Event of Default(as defined below),and Lender may exercise any or all of its available remedies for an Event of Default as
<br /> provided below unless Trustor either (a)pays the tax before it becomes delinquent,or (b)contests the tau as provided above in the Taxes and
<br /> Liens section and deposits with Lender cash or a suificient corporate surety bond or other security satisfactory to Lender.
<br /> SE�URITY AGREEl1AENT;FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of
<br /> this Deed of Trust.
<br /> Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes flxtures or other
<br /> personal property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended trom time to
<br /> time.
<br /> Security Interest. Upon request by lender,Trustor shall execute financing statements and take whatever other action is requested by Lender
<br /> to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of Trust in the real
<br /> property records, Lender may,at any time and without further suthorization from Trustor,file executed counterparts,copies or reproductions of
<br /> this Deed of Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecHng or continuing this security
<br /> interest. Upon default,Trustor shall assemble the Personal Property in a manner and at a place reasonably convenient to Trustor and Lender
<br /> and make it available to Lender within three(3)days after receipt of written demand from Lender.
<br /> Addresses. The mailing addresses of Trustor(debtor) and Lender (secured party), from which information concerning the security interest
<br /> granted by this Deed of Trust may be obtained(each as required by the Uniform Commercial Code),are as stated on the first page of this Deed
<br /> of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-i�fact are a part of this
<br /> Deed of Trust.
<br /> Further Assurances. At any time, and from time to time, upon request of Lender,Trustor will make, execute and deliver, or will cause to be
<br /> made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be 81ed, recorded, reflled, or
<br /> rerecorded,as the case may be,at such times and in such offices and places as Lender may deem appropriate,any and all such mortgages,
<br /> deeds of trust,security deeds,security agreements,financing statements,continuation statements,instruments of further assurance,certificates,
<br /> and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
<br /> preserve (a)the obligations of Trustor and Borrower under the Note, this Deed of Trust, and the Related Documents, and (b)the liens and
<br /> security interests created by this Deed of Trust as flrst and prior liens on the Property, whether now owned or hereaher acquired by Trustor.
<br /> Unless prohibited by law w agreed to the contrary by Lender in writing,Trustor shall reimburse Lender for all costs and expenses incurred in
<br /> connection with the matters referred to in this paragraph.
<br /> Attorney-in-Fact. If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name oi
<br /> Trustor and at Trustor's expense. For such purposes,Trustw hereby irrevocably appoints Lender as Trustor's attorney-ir�fact for the purpose
<br /> of making, exacuting, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
<br /> accomplish the matters referred to in the preceding paragraph.
<br /> FULL PERFORMANCE. If Borrower pays all the Indebtedness when due,and otherwise performs all the obligations imposed upon Trustor under
<br /> this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suitable
<br /> statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any
<br /> reconveyance fee required by law shall be paid by Trustor,if permitted by applicable Iaw.
<br /> DEFAULT. Each of the following,at the option of Lender,shall constitute an event of default("Event of Default")under this Deed of Trust:
<br /> Default on Indebtedness. Failure of Borrower to make any payment when due on the Indebtedness.
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment fw texes or insurance,or
<br /> any other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> Default in Favor of Third Parties. Should Borrower or any Trustor default under any loan,extension of credit,security agreement,purchase or
<br /> sales agreement, or any other agreement, in favor of any other creditor w person that may materially affect any of Borrower's property or
<br /> Borrower's or any Trustor's ability to repay the Loans or perform their respective obligations under this Deed of Trust or any of the Related
<br /> Documents.
<br /> Compliance Default. Failure of Trustor or Bonower to comply with any other term,obligaHon,covenant or condition contained in this Deed of
<br /> Trust,the Note or in any of the Related Documents.
<br /> False Statements. Any warranty,representation or statement made or furnisned to Lender by or on behalf of Trustor or Borrower under this
<br /> Deed of Trust,the Note or the Related Documents is false or misleading in any material respect,either now or at the Hme made or furnished.
<br /> Defective CollateraUzation. This Deed of Trust or any of the Reiated Documents ceases to be in full force and effect(including failure of any
<br /> collateral documents to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or insolvency. The death of Trustor or Bonower or the dissolution or termination of Trustor or Borrower's existence as a going business,
<br /> the insolvency of Trustor or Borrower, the appointment of a receiver for any part of Trustor or Borrower's property, any assignment for the
<br /> benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or
<br /> against Trustor or Borrower.
<br /> Foreclosure,Forteiture,etc. Commencement of foreclosure or forteiture proceedings,whether by judicial proceeding,self-help,repossession
<br /> or any other method,by any creditor of Trustor or by any governmental agency against any of the Property. However,this subsection shall not
<br /> apply in the event of a good faith dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding, provided that Trustor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim
<br /> satisfactory to Lender.
<br /> Breach of Other Agreement. Any breach by Trustor or Borrower under the terms of any other agreement between Trustor or BoRower and
<br /> Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness
<br /> or other obligation of Trustor or Borrower to Lender,whether existing now or Iater.
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent, or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness. Lender,at its option,
<br /> may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations a�is(ng under the guaranty in a
<br /> manner satisfactory to Lender,and,in doing so,cure the Event of Default.
<br /> Adverse Change. A material adverse change occurs in Borrower's financial condition, w Lender believes the prospect of payment or
<br /> performance of the Indebtedness is impaired.
<br /> Insecurity. Lender in good faith deems itself insecure.
<br /> Right to Cure. If such a failure is curable and if Trustor or Borrower has not been given a notice of a breach of the same provision of this Deed
<br /> of Trust within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) ff Trustor or Borrower, after
<br /> Lender sends written notice demanding cure of such failure: (a)cures the failure within fiNeen(15)days;or (b)if the cure requires more than
<br /> fifteen(15)days,immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable snd necessery
<br /> steps suificient to produce compliance as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereaffer,Trustee or Lender,at Its option,
<br /> may exercise any one or more of the following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Acceleretion upon Defauit; Additional Remedies. If any event of defauft occurs as per the terms of the Note secured hereby,Lender may
<br /> ...
<br /> ' " . _." .. . l' . �
<br />
|