|
200001183
<br /> ' 11. LENDER'8 RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall irm�ediately provide Lender with written notice of any actual or
<br /> threatened action,suit,or other proceeding affecting the Property. Grantor hereby appoints Lender as its attomey-in-fact to comr�nce,irnenrene in,and
<br /> defend such acNons,suits,or other legat proceedings and to compromise or settle any daim or controversy pertaining thereto. Lender shall not be liable to
<br /> GraMor for any action,error,mistake,omission or delay pertaining to the actions descxibed in this paragraph or any damages resuhing therefrom. Nothing
<br /> coMained herein will preverrt 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 performance of any of Grantor's obligations with respect to the Property under
<br /> any ciroumstances. Grantor shall irrmediately provide Lender with written notice of and indemnify and hold Lender and its shareholders,directors,officers,
<br /> employees and agents harmless from all dalms,dar�ges, liabilities(induding attomeys' fees and legal expenses),causes of action,actions, suits and
<br /> other legel proceedings(cumulatively"Claims")pertaining to the Property(induding,but not limited to,those involving Hazardous Materials). Grantor,upon
<br /> the request of Lender,shaA hire legal counsel to defend Lender from such Claims,and pay the attomeys'fees,legal expenses and other wsts incurred in
<br /> connedion therewith. In the altemaWe, l.ender shall be entitled to employ its own legal counsel to defend such Claims at Grantor's ooat. Grantor's
<br /> obligation to indemnify Lender under ihls paragraph shall su►vive the termination,release or foredosure of this Deed of Trust..
<br /> 13. TAXE8 ANO AS8ESSMENT3. Grantor shall pay ali taxes and assessments relating to Property when due and Imrt�ediately provide Lender evidenoe
<br /> of paytnent of same. Upon the request of Lender,Grantor shall deposit with Lender each month one-twelfth (1/12) of the estimated annual insurance
<br /> premium,taxes and aaeessments pertaining to the Property. So long as there is no default,these amouMs shall be applled to the paymeM of taxes,
<br /> assessrt�ents and insurance as required on the Property. In the everrt of defauft,Lender shall have the rigM,at its sole oplion,to apply the funda so held to
<br /> pay any taxes or against the Obligations. My 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. Grantor shall allow Lender or hs agems to examine and inspect the Property
<br /> and exami�e,inspect and malce copies of Grarrtor's books and records pertalning to the Property from time to tlme. Grantor ahall provide any assistance
<br /> required by Lender for ihese purposes. All of the signatures and informaUon contained in Grantor's books and records shall be genuine,true,aocurate and
<br /> oomplete in all respects. Grantor shall note the existence of Lender's benefiaat imerest in its books and records pertaining to the PropeRy. Addtttonally,
<br /> Gramor shall report,in a fortn satlsfactory to Lender,such information as Lender may request regarding Grantor's finanaal co�dition or the Property. The
<br /> infomieUon sF�all be for such periods,shall reflect Gramor's records at such time,and shall be rendered with such frequency as Lender may designate. All
<br /> infomiation fumished by Grantor to Lender shall be true,accurate and complete in all respects,and signed by Gramor if Lender requests.
<br /> 18. E8TOPPEL CERTIFICATES. Wfthin ten(10)days after any request by lender,GraMor shall deliver to Lender,or any intended transferee of Lender's
<br /> �IgMs wNh reapect to the Obligations,a signed and adviowledged statement specffying(a)the outstanding balance on the Obligations;and(b)whether
<br /> Grarnor possesses any daims,defenses,set-offs or counterdaims with respect to ihe Obligations and,if so,the nature of such daims,defenses,set-offs or
<br /> courrterclaims. Grantor will be oondusively bound by any represernation that Lender may make to the irrtended transferee with respect to these rr�atters in
<br /> the evern that Grantor fails to provide the requested statemant in a timely manner.
<br /> 18. DEFAULT. GraMor shall be in default under this Deed of Trust and the Trustee's power shall become operative in the event that GraMor,Borrower or
<br /> any guarantor of the ObUgations:
<br /> (a) fails to pay any Obllgation to Le�der when due;
<br /> (b) fails to perform any Obligation or breaches any warranty or covenant to Lender contained in this Dead of Trust or any other preserrt or future
<br /> agreemerrt;
<br /> (c) deatroys,loaes or darrggea the Property in any material respect or subjects the Property to seizure,confiscation,or condermatio�;
<br /> (d) seeks to revoke,tertrinate or othennrise Iimit its liability under any guaranty to Lender;
<br /> (e) dies,becomes legaliy incompetent,is dissohred or temiinated,becomes insolverrt,rr�akes an assignmeM for the benefit of creditors,fails to pay
<br /> debls as they becort�e�e,flles a petition under the federal banlwptcy laws,has an involuntary petition in banlwptcy filed in which Grantor,Borcower
<br /> or any guaraMor is named,or has property taken under any writ or process of court;
<br /> (� apows goods to be used,transported or stored on the Properry,the possession,transportation,or use of which,is iitegal;
<br /> (g) allows any party other than Grantor or Borrower to assume or undertake any Obligation without the 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 payment or pertormance 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 /> remediea wflhout notloe or dert�and(exoept as required by law):
<br /> (a) to dedare the Obligations imnediately due and payable in full;
<br /> (b) to coliect the outstanding Obligations with or whhout resorting to judicial process;
<br /> (c) to require Gramor to deliver and make available to Lender any personal properry or Chattels constituting the Property at a place reasonably
<br /> conveniern to Grantor and Lender;
<br /> (cn to enter upon and take possession of the Properry without applying for or obtaining the appoiMmem of a reoeiver and, at Lender's option, to
<br /> appoirrt a reoefver wfthout bond, without flrst bringing suit on the Obligations and without otherwise meeting any statutory conditions regarding
<br /> reoeivers,It being iMended that Lender shall have this coMractual right to appoim a receiver,
<br /> (e) to employ a managing agem of the Property and let the same,eilher in Trustee's own name,in the name of Lender or in the name of Grantor,and
<br /> reoeive the rems,incomes,issues and proflts of the Property and apply the sarr�e,after payrt�snt of all necessary charges and enpenses,on axount of
<br /> the ObligaUons;
<br /> (� to pay any sums in any form or manner deemed expedient by Lsnder to protect the secu�ity of this Deed of Trust or to cure any defauh other than
<br /> paymeM of interest or prindpal on the Obligations;
<br /> (g) to forec�ose thia Oaed of Trust judiaally or nonjudidally and to direct the sale of the property through exercise of the power of sale as referenced in
<br /> pera8raph 20 hereof in acxordence with applicable law;
<br /> (h) to set-off Grarrtor's Obligations against any amourris owed Grantor by Lender including, but not limited to, monies, instrumerrts, and deposit
<br /> aaounta maimalned with Lender or any curreMly existing or future affiliate of Lender;and
<br /> (i)to exerdse all other�ights available to Lender under any other written agreemerrt or applicable Iaw.
<br /> Lender's rights ere cumulatNe and may be exerased together, separately, and in any order. In the evern that Lender institutes an action seeking the
<br /> recovery of any of the Property by way of a prejudgment remedy in an action against Grantor, GraMor waives the posting of any bond which migM
<br /> otherwise be required. Lender or Lender's designee may purchase the Property at any sale. Proceeds of any Trustee's sale hereunde�shall be applied
<br /> first,to the costs and expenses of exercising the power of sale and of the sale,induding the paymern of the Trustee's fees actually incutred and not to
<br /> exceed the amourrt which may be provided for in this Deed of Trust,second,to paymerd of the Obligations secured hereby,thircl,to the payr►�ent of junior
<br /> trust deeds,mo�tgapes,or other lienholders,and the balance,if any,to the person or persons legally ernitled thereto. The property or any pert thereof may
<br /> be sold in one peroel,or in such parcels,menner or order as Lender in its sote discxetion may elect,and one o�more exerases of the power herein granted
<br /> shall not exdnguish�exhauat the power unless the entire property is sold or the obligations are paid in full,
<br /> 18. TRU8TEE'S EXERCISE OF POWER OF SALE ON DEFAULT: If Lender elects to sell Grarrtor's interest in the Property by exerase of the power of
<br /> sale harein coMained.Lender ahatl notity Trustee in the manner then required by law.
<br /> Upon receipt of such notice of Lender and at the�irection of Lender,Trustee shall cause to be recorded,published and delivered such not(ces of defauh
<br /> and notices of sale as may then be�equired by law and by this Deed of Trust. Tnistee shall,only at the direction of Lender and without demand on Grantor,
<br /> after such Ume as may then be required by law and after reoordation of such notice of default and after notice of sale having been given as required by Iaw,
<br /> . sell the Property at the time and plaoe 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 /> expedierrt,and in such order as ft may deterMne,at public auction to the highest bidder for cash in Iawful money of the United States payable at the time of �
<br /> saie or ss oiherwise may thet►be required by Iaw. Trustee shall deliver to such purchaser or purchasers thereof its good and sufflaern deed or deeds �
<br /> corrveying the rry so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facta shall be
<br /> es
<br /> condusive proof o the truthfulness thereof. My person,induding,wfthout limitation,Grantor,Trustee or Lender,may purchase at such sale. Trustee may
<br /> in the manner provided by law postpone sale of ail or any portion of the Property.
<br /> 19. REGUE8T FOR NOTICES: Grarrtor requests that a copy of any notice of default and a copy of any notice of sale hereunder be meiled to each person
<br /> who Is a perty hereto at the address of such person set foRh herein at the same time and in the same manner required as though a separate roquest thereof
<br /> had been flled by ead�such person.
<br /> i NEDOTC Ra.12i87 Pap�3 d 8 �
<br />
|