|
��15��355
<br /> �3EED QF TRUST
<br /> Loan No: 1�'I 284�'I 5 {�ont�nued� Page �
<br /> perfect, continue, ar preser�e �'�} Trustor`s �bliga�ians under the Nafie, fihis De�d of Trus�, and the Re�ated
<br /> ❑ocuments, and �2} �he j�ens and securi�y in�erests created by this ❑eed ❑f Trust as first and prior Ifens on the
<br /> Property, whether nvw owned ❑r hereaf�er acquired hy Trustor. Llniess prohibi�ed by law ❑r Lender agrees �❑ �he
<br /> cont�-ary in wri�ing, Trusto� shall reimburse Lender tor all cnsts and expenses incurred in conne�fiion with �he
<br /> ma��ers referred ta in�his paragraph.
<br /> A#torney�in�FaG#. �f Trus�or fails to do any of�he thirtgs referred �o in�he pre�eding paragraph, Lender may do so
<br /> �or and in th� name ❑f Trus�or and at Trustor`s expense. For such purposes, Trustar hereby irre�o�ably appoin�s
<br /> Lender as Trustor's a�torney-in-fact far the purpose of rnaking, executing, deli�ering, -�iling, reGarding, and doing all �
<br /> ather �hings as may be ne�essary vr desirable, in Lender's sole opinion� to a�complish the ma�ters referred fio in
<br /> the preceding paragraph.
<br /> FULL PERF�RMANCE. I� T�ustor pays all the lndeb�edness when due, and otherwise per#orms all �he ob[igatians
<br /> imposed upon Trustor under this Deed ❑� Trust, Lender sha�l execu�e and deli�er t❑ Trustee a r�ques� for fu�(
<br /> recvnWeyance and shall execute and de�i�er t❑ Trustor sui�ab�e statements af termina�ivn af any�Finan�ing statement❑n
<br /> �i�e e�idencing Lend�r's security interes�in�he Renfis and th� P�rsonal Praperty. Any recan��yan�e fee required by law
<br /> shall be paid by Trust�r, i�permitted by applicable law.
<br /> EVENTS �F DEFAULT, Each of�he -�o�lowing, a� Lend�r's opfiivn, sha[� const�tu�e an E�en-� ❑f Default under this ❑eed
<br /> o�Trust:
<br /> Payment Defaulfi. Trus#or�ails to make any payment when due under th� In�Ieb�edness.
<br /> �ther Defaul�s. Trus-�ar �ai[s to comply wi�h or to perfarm any �ther term, o�ligafiion, co�enant or condition
<br /> �vn'�ained in this Deed ofi Trust ❑r in any ❑f the Related Documents or �o cvmply wi�h or to perform any term,
<br /> obliga�ion, co��nant or condition�on�ained in any ather agreemen�betvueen Lender and Trus�or.
<br /> Complian�e Defau[t, Failure fo comply wi�h any ❑ther term, ahl�gati�n, co�enant �r �andifiian �antain�d in �his
<br /> Deed of Trusfi, the No�e or in any o�the Relafied ❑ocuments.
<br /> De�auit on ��her Paymenfs. Fai[ure o�Trustor w�thin the time required by this Deed af Trust�o make any payment
<br /> for�axes ❑r insurance, ❑r any o�her payment ne�essary to prevent filing of or tv effect discharge af any lien.
<br /> False Statements. Any warranty, representat�on ar statement made or furnished ta Lender by Trus�or ❑r on
<br /> Trustor's behalf under this Deed af Trus�or the Rela-�ed ❑v�uments�is false ❑r misleading in any material respect,
<br /> either novv�r at�he time made or turnished or becomes false or misleading at any time thereafter.
<br /> Defectiv� Collateralization. This ❑e�d af Trust ❑r any af �he Re[a�ed ❑a�umenfis ceases to be in full farce artd
<br /> ef�ect {including failur� of any colla�eral da�um�n� �o �reate a valid and perfected security interest or lieny at any
<br /> �ime and tor any reason.
<br /> Death or Insol�sncy. The dea�h of Trus�or, th� insol�ency of Trus�ar, the appoin�men�a-F a re�ei��r-For any part of
<br /> Trustor's property, any assignment for the bene�it ❑f �reditvrs, any type o� credi�ar wvrkou#, or the
<br /> commencement❑f any praceeding under any bankrup�cy or insal�ency laws by or against Trus�or.
<br /> Creditor or For�Fei�ure Pra�eedings. Commencement o� �orec[osure or �orfie�ture proc�edings, whe�her by judicial
<br /> proceeding, self-help, repossessian or any vther m�thod, by any credEtor a�Trustor or by any gaW�rnmen�al ag�ncy
<br /> agains� any property securing �he �ndeb�ednsss. This inciudes a garnishment of any ❑f Trustar's accaunts,
<br /> including deposit ac�ounfis, with Lender. Hawe�er, �his EWent �� �efault sha[I not apply if there is a good faith
<br /> dispu�e by Trus�ar as to the �a�idity or reasonableness �f th� ��aim which is the basis ❑f�he credi�ar or forfeiture
<br /> prviceeding and if Trus�or gi�es Lender writt�n notice of �he cr�di�pr ❑r far-�eiture prac��ding and deposits with
<br /> Lender monies ❑r a surety bond far the creditor or�or�eiture pra�eeding, in an amount de�ermined by Lender, in �ts
<br /> sole discretion, as being an adequate reser�e or bond for the dispu#e.
<br /> Breach of nther Agreem�n#. Any breach by Trustor under th� �errns ot any other agreement b��ween Trustvr and
<br /> Lende� that is not remedied wi�hin any grace periad p�a�Eded �herein, including withaut limi�ati�n any agre�m�nt
<br /> concerning any indebtedness ar other oh��gation o�Trus�ar�o Lender, whe�her exis�ting naw or[ater.
<br /> Events A-ffecting Guaran��r. Any nf th� prec�ding e�en�s occurs with respect�� any guarantar, endarser, surety,
<br /> ❑r accommodation party ❑f any of �he Indebtedness or any guarantor, endorser, surety, ❑r accommodatian party
<br /> dies vr becomes incampeten�, or re�akes or disputes the validity of, ❑r liabili�y und�r,�any Guaranfiy vt the
<br /> Indebtedness.
<br /> Ad�erse Change. A material ad�ers� �hange occurs in Trustor's �inancial �andi�ion, ar Lender belie�es the
<br /> praspect vfi payment or per-�ormance❑�F the �ndeb�edness is impazred.
<br /> Insecur�fiy. Lender in gond�aith bsli�W�s itself insecure.
<br /> R�ght�o Cure. I�any default, ❑ther than a defaul�in payment, is curab�e and i�f Trus�or has not been gi�en a nvtice
<br /> of a breach❑�the same pro�isivn o�this Deed ❑f Trust uvithin the pre�eding t�ve��e {1�} months, i�may be cured �f
<br /> Trus�or, a�fier Lender sends written nofiice fi❑Trus-k�r demanding cur� of such de�Fault: {1} cures�he default wFthin
<br /> fif�een �15� days; or {�} if the cure r�quires mor�than fifteen ��5} days, immedia�tely ini�kia��s st�ps which Lend�r
<br /> d�ems in Lender's sole discretion �o be sufficien� ta cure the defauit and �hereaf-�er con�inues and comp(etes all
<br /> reasonab�e and ne�essary s�eps suf�i��ent ta praduce compliance as soon as reasonably pra��i�al.
<br />
|