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20000060 �
<br /> This Deed of Trust shall secure(a)the payment of the principai sum and interest evidenced by a promissory note(s)or credit
<br /> agreement(s)as follows:
<br /> Original
<br /> Date of Principal Maturity
<br /> Note(s) Maker(s)of Note(s) Amount(s) Date(s)
<br /> January 20� 2000 Albert�M. and Barry Stange $100,000.00 1-20-2005
<br /> and any and all modifications,extensions and renewals thereof or thereto and any and all future advances and readvances to Borrower
<br /> (or any of them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein called"Note"); (b)
<br /> the payment of other sums advanced by Lender to protect the securiry of the Note; (c) the pertormance of all covenants and agree-
<br /> ments of Trustor set forth herein; and (d)all present and future indebtedness and obligations of Borrower(or any of them if more than
<br /> one)to Lender whether direct, indirect, absolute or contingent and whether arising by note,guaranry, overdraft or otherwise.The Note,
<br /> this Deed of Trust and any and all other documents that secure the Note or otherwise executed in connection therewith, including with-
<br /> out limitation guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan
<br /> Instruments".
<br /> Trustor covenants and agrees with Lender as follows:
<br /> 1. Payment of Indebtedness.All indebtedness secured hereby shall be paid when due.
<br /> 2. Title.Trustor is the owner of the Property, has the right and authority to convey the Property, and warrants that the lien creat-
<br /> ed hereby is a first and prior lien on the Property, except for liens and encumbrances set forth by Trustor in writing and delivered to
<br /> Lender before execution of this Deed of Trust, and the execution and delivery of this Deed of Trust does not violate any contract or
<br /> other obligation to which Trustor is subject.
<br /> 3. Taxes, Assessments. To pay before delinquency all taxes, special assessments and all other charges against the Property
<br /> now or hereafter levied.
<br /> 4. Insurance. To keep the Property insured against damage by fire, hazards included within the term "extended coverage", and
<br /> such other hazards as Lender may require, in amounts and with companies acceptable to Lender, naming Lender as an additional
<br /> named insured, with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and
<br /> compromise, all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness
<br /> secured hereby and in such order as Lender may determine, (ii)to the Trustor to be used for the repair or restoration of the Property or
<br /> (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured
<br /> hereby before such payment ever took place.Any applications of proceeds to indebtedness shall not extend or postpone the due date
<br /> of any payments under the Note,or cure any default thereunder or hereunder.
<br /> 5. Escrow. Upon written demand by Lender, Trustor shall pay to Lender, in such manner as Lender may designate, sufficient
<br /> sums to enable Lender to pay as they become due one or more of the following: (i) all taxes, assessments and other charges against
<br /> the Property, (ii) the premiums on the property insurance required hereunder, and (iii) the premiums on any mortgage insurance
<br /> required by Lender.
<br /> 6. Maintenance, Repairs and Compliance with Laws. Trustor shall keep the Property in good condition and repair; shall
<br /> promptly repair, or replace any improvement which may be damaged or destroyed; shall not commit or permit any waste or deteriora-
<br /> tion of the Property; shall not remove, demolish or substantially alter any of the improvements on the Property;shall not commit, suffer
<br /> or permit any act to be done in or upon the Property in violation of any law, ordinance, or regulation; and shall pay and promptly dis-
<br /> charge at Trustor's cost and expense all liens, encumbrances and charges levied, imposed or accessed against the Property or any
<br /> part thereof.
<br /> 7. Eminent Domain. Lender is hereby assigned all compensation, awards, damages and other payments or relief (hereinafter
<br /> "Proceeds")in connection with condemnation or other taking of the Property or part thereof,or for conveyance in lieu of condemnation.
<br /> Lender shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings, and shall also
<br /> be entitled to make any compromise or settlement in connection with such taking or damage. In the event any portion of the Property is
<br /> so taken or damaged, Lender shall have the option in its sole and absolute discretion, to apply all such proceeds, after deducting
<br /> therefrom all costs and expenses incurred by it in connection with such Proceeds, upon any indebtedness secured hereby and in such
<br /> order as Lender may determine, or to apply all such Proceeds, after such deductions,to the restoration of the Property upon such con-
<br /> ditions as Lender may determine.Any application of Proceeds to indebtedness shall not extend or postpone the due date of any pay-
<br /> ments under the Note,or cure any default thereunder or hereunder.Any unapplied funds shall be paid to Trustor.
<br /> 8. Performance by Lender. Upon the occurrence of an Event of Default hereunder, or if any act is taken or legal proceeding
<br /> commenced which materially affects Lender's interest in the Prope�ty, Lender may in its own discretion, but without obligation to do so,
<br /> and without notice to or demand upon Trustor and without releasing Trustor from any obligation, do any act which Trustor has agreed
<br /> but failed to do and may also do any other act it deems necessary to protect the security hereof. Trustor shall, immediately upon
<br /> demand therefor by Lender, pay to Lender all costs and expenses incurred and sums expended by Lender in connection with the exer-
<br /> cise by Lender of the foregoing rights, together with interest thereon at the default rate provided in the Note, which shall be added to
<br /> the indebtedness secured hereby. Lender shall not incur any liability because of anything it may do or omit to do hereunder.
<br /> 9. Hazardous Materials. Trustor shall keep the Property in compliance with all applicable laws, ordinances and regulations
<br /> relating to industrial hygiene or environmental protection (collectively referred to herein as "Environmental Laws"). Trustor shall keep
<br /> the Property free from all substances deemed to be hazardous or toxic under any Environmental Laws(collectively referred to herein
<br /> as "Hazardous Materials"). Trustor hereby warrants and represents to Lender that there are no Hazardous Materials on or under the
<br /> Property.Trustor hereby agrees to indemnify and hold harmless Lender, its directors, officers,employees and agents,and any succes-
<br /> sors to Lender's interest,from and against any and all claims, damages, losses and liabilities arising in connection with the presence,
<br /> use, disposal or transport of any Hazardous Materials on, under, from or about the Property. THE FOREGOING WARRANTIES AND
<br /> REPRESENTATIONS, AND TRUSTOR'S OBLIGATIONS PURSUANT TO THE FOREGOING INDEMNITY, SHALL SURVIVE
<br /> RECONVEYANCE OF THIS DEED OF TRUST.
<br /> 10. Assignment of Rents. Trustor hereby assigns to Lender, and grants Lender a security interest in, all present, future and
<br /> after arising rents, issues and profits of the Property; provided that Trustor shall, until the occurrence of an Event of Default, hereunder,
<br /> have the right to collect and retain such rents, issues and profits as they become due and payable. Upon the occurrence of an Event of
<br /> Default, Lender may, either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a
<br /> court and without regard to the adequacy of its securiry,enter upon and take possession of the Properry,or any part thereof, in its own
<br /> name or in the name of the Trustee, and do any acts which it deems necessary or desirable to preserve the value, marketability or
<br /> rentabiliry of the Property,or any part thereof or interest therein, or to increase the income therefrom or protect the security hereof and,
<br /> with or without taking possession of the Property,sue for or otherwise collect the rents, issues and profits thereof, including those past
<br /> due and unpaid, by notifying tenants to make payments to Lender. Lender may apply rents, issues and profits, less costs and expens-
<br /> es of operation and collection including attorney's fees, to any indebtedness secured hereby, all in such order as Lender may deter-
<br /> mine. The entering upon and taking possession of the Property, the collection of such rents, issues and profits, and the application
<br /> thereof as aforesaid shall not cure or waive any default or notice of default hereunder or invalidate any act done in response to such
<br /> default or pursuant to such notice of default and, notwithstanding the continuance in possession of the property or the collection,
<br /> receipt and application of rents, issues or profits, Trustee and Lender shall be entitled to exercise every right provided for in any of the
<br /> Loan Instruments or by law upon occurrence of any Event of Default, including without limitation the right to exercise the power of sale.
<br /> Further, Lender's rights and remedies under this paragraph shall be cumulative with, and in no way a limitation on, Lender's rights and
<br /> remedies under any assignment of leases and rents recorded against the Property. Lender, Trustee and the receiver shall be liable to
<br /> account only for those rents actually received. �
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