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2000U4 � 8b
<br /> (c) All applicable laws and regulations, induding,without limitation, the Americans with Disabilities Acl, 42 U.S.C. Section 12101 et seq. (and all
<br /> regulations promulgated thereunder)and all zoning and building laws and regulations relating to the Property by vihue of any federal,state or municipal
<br /> - authority with jurisdiction over the Property, presently are and shall be observed and complied wNh in all material respects,and all �ights, licenses,
<br /> pemrts,and certificates of oocupancy(induding but not limited to zoning variances,special exceptions for nonconforming uses,and final inspection
<br /> approvals), whether temporary or pemrenern,which are material to the use and oa;upancy of the Property, preserrtly are and shall be obtained.
<br /> preserved and,where necessary,renewed;
<br /> (d) Grantor has the right and is duly authorized to execute and perform its Obligations under this Deed of Trust and these actions do not and shall not
<br /> conflict with the provisions of any statute,regulatfon,ordinance,rule of law,contract or other agreement which may be binding on Grantor at any time;
<br /> (e) No action or proceeding is or shall be pending or threatened which might materially affect the Property;and
<br /> (� Grantor has not violated and shall not violate any statute,regulation,ordinance,rule of law,conlracl or other agreement(induding,but not limited to,
<br /> those goveming Hazardous Materials)which mgM materially affect the Property or Lender's rights or interest in the Property pursuant to this Deed of
<br /> Trust.
<br /> 3. PRIOR DEEDS OF TRUST. Grantor represents and warrarrts that there are no prior deeds of trust affecting any part of the Property except as set forth
<br /> on Schedule B attached to this Deed of Trust,which Grarrtor agrees to pay and perform in a timely manner. If there are any prior deeds of trust then
<br /> Grantor agrees io pay all amounts owed,and perform all obligations required,under such deeds of trust and the indebtedness secured thereby and further
<br /> agrees that a default under any prior deed of trust shall be a default under this Deed of Trust and shall entitle Lender to all rights and remedies contained
<br /> herein or in the Obligations to which Lender would be entilled in the eveM of any other defaufl.
<br /> 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN GRANTORS OR BORROWERS. In the event of a sale,conveyance,lease,
<br /> contract for deed or transfer to any person of all or any part of the real property described in Schedule A,or any irrterest therein,or of all or any beneficial
<br /> interest in Borrower or Grantor(if Borrower or Grantor is not a natural person or persons but is a corporation,limited liability company,partnership,trust,or
<br /> oiher legal erdity),Lender may,at its option declare the outstanding principal balance of the Obligations plus accxued interest thereon imrnediately due and
<br /> payable. At Lender's request,Grantor or Bonower,as the case may be,shall fumish a complete statement setting forth all of its stockholders,members,or
<br /> partners,as appropriate,and the exlent of their respective ownership irnerests.
<br /> 5. ASSIGNMENT OF RENTS. In consideration of the Obligations,which are secured by this Deed of Trust, Grantor absolutely assigns to Lender all
<br /> GraMor's estate, right, title, interesi, daim and demand now owned or hereafter acquired in all existing and future leases of the Property (including
<br /> extensions,renewals and subleases),all agreements for use and oxupancy of the Property(all such leases and agreemerns whether written or oral,are
<br /> hereafter referred to as the"Leases"),and all guararrties of lessees' performance under the Leases,logether with the irtxnediate and cominuing rigM to
<br /> collect and receive all of the rents,income,receipts,revenues,issues,profits and other income of any nature now or hereafter due(including any income of
<br /> any nature coming due during any redemption period)under the Leases or from or arising out of the Property including minimum rents,additional renis,
<br /> percentage rents, parldng or corman area mairrtenance contributions, tax and insurance coMributions, deficiency rents, liquidated damages following
<br /> defautt fn any Lease, all proceeds payable under any policy of insurance covering loss of rents resulting from untenarrtability caused by destruction or
<br /> damage to the Property, all proceeds payable as a resuft of a lessee's exercise of an option to purchase the Property, all proceeds denved from the
<br /> tem�ination or rejection of any Lease in a banlwptcy or other insolvency proceeding,and all proceeds from any rigMs and daims of any kind which Grantor
<br /> may have against any lessee under the Leases or any occupants of the Property(all of the above are hereafter collectively referred to as the"Rents"). This
<br /> assignment is subject to the�ight,power and authority given to the Lender to collect and apply the Rerrts. This assignment is recorded in accordance with
<br /> applicable state law;the lien created by this assignmern is irnended to be speciflc,perfected,and choate upon the recording of this Deed of Trust,all as
<br /> provided by applicable state law as amended from time to time. As long as there is no default under the Obligations or this Deed of Trust,Lender grants
<br /> Grantor a revocable Iicense to collect all Rerrts irom the Leases when due and to use such proceeds in Grantor's business operations. However,Lender
<br /> may at any time require Grantor to deposit all Rerrts iMo an accourn maintained by Grarnor or Lender at Lender's institution. Upon defauft in the paymerrt
<br /> of,or fn the perforrtrance of,any of the Obligations,Lender may at its option take possession of the Property and have,hold,manage,lease and operate the
<br /> Property on terms and for a period of time that Lender deems proper. Lender may proceed to collect and receive all Rerrts from the property,and Lender
<br /> shall have full power to make atteratfons,renovations,repairs or�eplacemerrts to the Property as Lender may deem proper. Lender may apply all Rents in
<br /> Lender's sole discretion to payment of the Obligations or to the paymerrt of the cost of such afterations, renovations, repairs and replacements and any
<br /> expenses incidern to taking and reiaining possession of the Property periodically and the management and operation of the Property. Lender may keep the
<br /> Property properly insured and may discharge any taxes,charges,claims,assessments and other liens which may accrue. The expense and cost of these
<br /> actions may be paid from the Rents received,and any unpaid amounts shall be added to the prinapal of the Obligations. These amounts,together with
<br /> other costs,shall become part of the Obligations secured by this Deed of Trust.
<br /> B. USE AND MAINTENANCE OF PROPERTY. Grantor shall take all actions and make any repairs needed to maintain the Property in good condition.
<br /> Grarnor shall not commit or pemit any waste to be committed with respect to the Properly. Grarrtor shall use the Property solely in compllance with
<br /> applicable law and insurance poliaes. Grarrtor shall not make any alterations,additions or improvemerrts to the Property without Lender's prior written
<br /> conserrt. Without limiting the foregoing,all afterations,aclditions arid improvements made to the Property shall be subject to the beneficial interest belonging
<br /> to Lender,shall not be removed without Lender's prior written consent,and shall be made at Grantor's sole expense.
<br /> 7. LOSS OR DAMAGE. Grantor shall bear the errtire risk of any loss,theft,destruction or damage(cumulatively"Loss or Damage")to the Property or any
<br /> porllon thereof from any cause whatsoever. In ihe evern of any Loss or Damage,Grarnor shall,at the option of Lender,repair the affected Property to its
<br /> previous condition or pay or cause to be paid to Lender the decrease in the fair market value of the affected Property.
<br /> 8. INSURANCE. The Property will be kept insured for its full insurable value(replacemerrt cost)against all hazards including loss or damage caused by
<br /> flood, earthquake,tomado and fire, theft or other casualty to the extent required by Lender. Grantor may obtain insurance on the Property from such
<br /> companies as are acceptable to Lender in its sole discretion. The insurance poliaes shall require the insurance company to provide Lender with at least
<br /> 3 0 days'written notice before such policies are altered or cancelled in any manner. The insurance policies shall name Lender as a loss
<br /> payee an pro that no act or omission of Grantor or any other person shall affect the right of Lender to be paid the insurance proceeds pertaining to the
<br /> loss or damage of the Property. In the event Grantor fails to acquire or mairrtain insurance,Lender(after providing notice as may be required by law)may
<br /> in its discretion procureapp�opriate insurance coverage upon the Property and the insurance cost shall be an advance payable and bearing irrterest as
<br /> described in the "REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER" paragraph and secured hereby. Grantor shall fumish Lender with
<br /> evidence of insurance indicating the required coverage. Lender may act as attomey-in-fact for Grantor in making and settling claims under insurance
<br /> policies,cancelling any policy or endorsing Grarnor's name on any draft or negotiable instrument drawn by any insurer. All such insurance policies shall be
<br /> immediately assigned,pledged and delivered to Lender as further security for the Obligations. In the event of loss,Grantor shall immediately give Lender
<br /> written notice and Lender is aulhorized to make proof of loss. Each insurance company is direcled to make payments direclly to Lender instead of to
<br /> Lender and Grantor. Lender shall have the rigM, at its sole option,to apply such monies toward the Obligations or toward the cost of rebuilding and
<br /> restoring the Property. Any am�urns may at Lender's option be applied in the inverse order of the due dates thereof.
<br /> e. ZONING AND PRIVATE COVENANTS. Grarrtor shall not initiate or conserrt to any change in the zoning provisions or private covenarrts affecting the
<br /> use of the Property without Lender's prior written conserrt. If Grantor's use of the Property becomes a nonconforming use under any zoning provision,
<br /> Grarrtor shall not cause or pem�it such use to be discorrtinued or abandoned without the prior written consern of Lender. Grantor will immediately provide
<br /> Lender wRh wririen notice of any proposed changes to the zoning provisions or private covenarris affecting the Property.
<br /> 10. CONDEMNATION. Grantor shall irrmediately provide Lender with written notice of any actual or threatened condermation or eminent domain
<br /> proceeding pertaining to the Property. All monies payable to Grantor from such condermation or taking are hereby assigned to Lender and shall be applied
<br /> first to the paymerrt of Lender's attomeys'fees,legal expenses and other costs(induding appraisal fees)in connection wNh the condemnation or eminent
<br /> domain proceedings and then,at the option of Lender,to the payment of the Obligations or the restoration or repair of the Property.
<br />� NEDOTB Rev.1Z87
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