|
�GUVVVUb1�U y �
<br /> 11. LENAER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall irrrnediatel ovide Lender with written notice of an actual or
<br /> ihreatened action,suit,or other proceeding affecting the Property. Grantor hereby appoints Lender as its attomey-in-fact to cormience,irnervene in,and �
<br /> tiefend such actions,suits,or other legal proceedings and to compromise or settle any claim or controversy pertaining thereto. Lender shall not be liable to �
<br /> Grantor for any action,eRor,mistake,omission or delay pertaining to the actions descnbed in this paragraph or any damages resufting therefrom. Nothing
<br /> coMained herein will prevent Lender from taldng the actions described in this paragraph in its own name.
<br /> 12 INDEMNIFICATION. Lender shall not assume or be responsible for the perforrnance of any of Grantor's obligations with respect to the Property under I
<br /> any circumstances. Grarrtor shall immediately provide Lender with written notice of and inderrnify and hold Lender and its shareholders,directors,officers,
<br /> employees and agents harmless from all claims, damages, liabilities (including attomeys' fees and legal expenses), causes of action, actions, suits and
<br /> other legal proceedings(cumulatively"Claims")pertaining to the Property(induding,but not limited to,those invoNing Hazardous Materials). Grantor,upon
<br /> the request of Lender,shall hire legal counsel to defend Lender from such Claims,and pay the attomeys'fees,legal expenses and other costs incurced in
<br /> connection therewith. In the aftemative, Lender shall be entitled to employ its own legal counsel to defend such Claims at Grantor's cost. Grantor's
<br /> obligation to indermity Lender under this paragraph shall survive the termination,release or foreclosure of this Deed of Trust.
<br /> 13. TAXES AND ASSESSMENTS. Granlor shall pay all taxes and assessmeMs relating to Property when due and irmiediately provide Lender evidence
<br /> of payment of same. Upon the request of Lender, Grarrtor shall deposit with Lender each morrth one-twelfth (1/12) of the estimated annual insurance
<br /> premium,taxes and assessmerrts pertaining to the Property. So long as there is no defauft,these amounts shall be applied to the payment of taxes,
<br /> assessmerrts and insurance as required on the Property. In the everrt of defauft,Lender shall have the rigM,at its sole option,to apply the funds so held to
<br /> pay any taxes or agafnst the Obligations. Any funds applied may,at Lender's option,be applied in reverse order of the due date thereof.
<br /> 14. INSPECTION OF PROPERTY,BOOKS,RECORDS AND REPORTS. Grarrtor shall allow Lender or its agents to examine and inspect the Property
<br /> and examine,inspect and make copes of Grantor's books and records pertaining to the Property from time to time. Grantor shall provide any assistance
<br /> required by Lender for these purposes. All of the signatures and information contained in Grantor's books and records shall be genuine,irue,accurate and
<br /> complete in all respects. Grantor shall note the existence of Lender's beneficial interest in its books and records pertaining to the Property. Additionally,
<br /> Granlor shall report,in a form satisfactory to Lender,such information as Lender may request reqarding Grarrtor's finanaal condition or the PropeAy. The
<br /> information shall be for such periods,shall reflect Grantor's records at such time,and shall be rendered wtth such frequency as Lender may designate. All
<br /> information fumished by Grantor to�ender shall be true,accurate and complete in all respects,and signed by Grantor if Lender requests.
<br /> 15. ESTOPPEL CERTIFICATES. Within ten(10)days after any request by Lender,Grarrtor shall deliver to Lender,or any intended transferee of Lender's
<br /> rights with respect to the Obligations, a signed and adviowledged statement specifying(a)the outstanding balance on the Obligations;and(b)whether
<br /> Grantor possesses any claims,defenses,set-offs or counterdaims wtth respect to the Obligations and,if so,the nature of such daims,defenses,set-offs or
<br /> couMerdaims. Grantor will be conclusively bound by any representation that Lender may make to the intended transferee with respect to these matters in
<br /> the event that Grantor fails to provide the requested statement in a timely manner.
<br /> 16. DEFAULT. Grantor shall be in defauft under this Deed of Trust and the Trustee's power shall become operative in the event that Grantor,Borrower or
<br /> any guararrtor of the Obligations:
<br /> (a) fails to pay any Obligation to Lender when due;
<br /> (b) fails to perfoRn any Obligation or breaches any warrarrty or covenant to Lender contained in this Deed of Trust or any other present or future
<br /> agreemern;
<br /> (c) destroys,loses or damages the Property in any material respect or subjects the Property to seizure,confiscation,or condemnaiion;
<br /> (d) seeks to revoke,terminate or otherwise limit its liability under any guaranty to Lender;
<br /> (e) dies,becomes legally incompeteM,is dissolved or terminated,becomes insoNerrt,makes an assignmer�i for the benefit of creditors,fails to pay
<br /> debts as they become due,files a petition under the federal banlwptcy laws,has an involuntary petition in bankruptcy filed in which Grantor,Bonower
<br /> or any guarantor is named,or has property taken under any writ or process of court;
<br /> (� allows goods to be used,transported or stored on the Property,the possession,transportation,or use of which,is illegal�
<br /> (g) allows any party other than Gramor or Borrower to assume or undertake any Obligation without ihe written consent of Lender;or
<br /> (h) causes Lender to deem itself insecure due to a significant dedine in the value of the Property;or if Lender,in good faith,for any reason,believes
<br /> that the prospect of paymerrt or perfomiance is impaired.
<br /> 17. RIGHTS OF LENDER ON DEFAULT. If there is a default under this Deed of Trust,Lender shall be entitled to exercise one or more of the following
<br /> remedies without notice or demand(except as required by law):
<br /> (a) to declare the Obligations imrrfediately due and payable in full;
<br /> (b) to collect 1he outstanding Obiigations with or without resorting to judicial process;
<br /> (c) to require Grarrtor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably
<br /> convenient to Grantor and Lender;
<br /> (d) to enter upon and take possession of the Property without applying for or obtaining the appointmerrt of a receiver and, at Lender's option,to
<br /> appoirn a receiver wfthout bond, without first bringing suit on the Obligations and without otherwise meeting any statutory conditions regarding
<br /> receivers,it being irrtended that Lender shall have this coMractual right to appoint a receiver;
<br /> (e) to employ a managing agent of the Property and let the same,either in Trustee's own name,in the name of Lender or in the name of Grantor,and
<br /> receive the rerns,incomes,issues and profits of the Property and apply the same,afler payment of all necessary charges and expenses,on account of
<br /> the Obligations;
<br /> (� to pay any sums in any form or manner deemed expedieM by Lender to protecl the security of this Deed of Tn.ist or to cure any default other than
<br /> payment of irnerest or princfpal on the Obligations;
<br /> (g) to foredose this Deed of Trust judiaally or nonjudiaally and to direct the sale of the property through exerase of the power of sale as referenced in
<br /> paragraph 20 hereof in acxordance with applicable law;
<br /> (h) to set-off Grantor's Obligations against any amounts owed Grarrtor by Lender induding, but not limited to, monies, instruments, and deposit
<br /> axaunts maiMained with Lender or any currently existing or future affiliate of Lender;and
<br /> (i)to exerase all other rights available to Lender under any other written agreement or applicable law.
<br /> Lender's rights are cumulative and rrmy be exerased together, separately, and in any order. In the event that Lender institutes an action seeking the
<br /> recovery of any of the Property by way of a prejudgmeM remedy in an action against Grantor, Grantor waives the posting of any bond which might
<br /> otherwise be required. Lender or Lender's designee may purchase the Property at any sale. Proceeds of any Trustee's sale hereunder shall be applied
<br /> first,to the cosis and expenses of exercising the power of sale and of the sale,including the payment of the Trustee's fees aclually incurced and not to
<br /> exceed the amount which may be provided for in this Deed of Trust,second,to payment of the Obligations secured hereby,third,to the payment of junior
<br /> tn�st deeds,rrprtgages,or other lienholders,and the balance,if any,to the person or persons legally ernftled thereto. The property or any part thereof may
<br /> be sold in one parcel,or in such parcels,manner or order as Lender fn its sole discretion may elect,and one or more exerases of the power herein granted
<br /> shall not extinguish or exhaust the power unless the entire property is sold or the obligations are paid in full.
<br /> 18. TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT: If Lender elects to sell Grantor's interest in the Property by exercise of the power of
<br /> sale herein contained,Lender shall notify Trustee in the manner then required by law.
<br /> Upon receipt of such notice of Lender and at the direction of Lender,Trustee shall cause to be recorded,published and delivered such notices of defauh
<br /> and notices of sale as may then be required by law and by this Deed of Trust. Trustee shall,only at the direction of Lender and without demand on Grantor,
<br /> after such time as may then be required by law and after recordation of such notice of defauh and after notice of sale having been given as required by law,
<br /> sell the Properry at the time and place of sale fixed by it in such notice of sale,either as whole or in separate lots or parcels or items as Lender shall deem
<br /> expedient,and in such order as it may determine,at public auction to the highest bidder for cash in lawful money of the United States payable at the time of
<br /> sale, or as otherwise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof hs good and sufficient deed or deeds
<br /> conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be
<br /> condusive proof of the tMhfulness thereof. Any person,induding,without limitation,Grantor,Trustee or Lender,may purchase at such sale. Trustee may
<br /> in the manner provided by law postpone sale of all or any portion of the Property.
<br /> 19. REQUEST FOR NOTICES: Grantor requests that a copy of any notice of defauft and a copy of any notice of sale hereunder be mailed to each person
<br /> who is a party hereto at the address of such person set forth herein at the same time and in the same manner required as though a separate request thereof
<br /> had been filed by each such person.
<br /> NEDOTC Rev.1 Z97 Page 3 d 6
<br />
|