|
��15�3�77
<br /> IDEE�] C]F TRUST
<br /> ���ntinued� �age 4
<br /> Lender such ins�ruments and documenta�ivn as may be requested by Len�er fr�m t�me to time t� permit s�ch
<br /> participat�an.
<br /> AppliGation af Net Prv�eeds. If all or any part a�the Property is condemned by eminent dvma�n pro�eed�ngs vr by
<br /> any pra�eeding or purrhase in fieu of condemnation, Lender may a�i�s election require tha�k al�ar any po�tion of fihe
<br /> ne� praceeds of the award �e appli�d to the f ndebtedness ar the repair or restoration a# th�� Praperty. Th� net
<br /> prviceeds o�the av►rarc� sha�� mean the a�rvard after payment af all reasvna�le cvsts, exper�ses, and a�torneys' fees
<br /> incurred by Trustee or Lender in connection with the cvndemnativn.
<br /> IMP�SITIDN []F TAXES, FI�ES AND CH►4RGE5 BY G�VERNMENTAL AUTHDRITlES. The fvll��win� prav�isivns re�ating
<br /> to go�ernmental taxes, �ees and charges are a part of this Deed o#Trust:
<br /> Current Taxes, Fees and Ch�rg�s. lJpon request hy Lender, Trustor shall execute su�h ��acuments in additian �o
<br /> this Deed of Trust and take vvha�e�er o�her a�tifln is requested by L�nde�to perfect and �.ontinue Lender's lien on
<br /> the Real P�vperty. Trustar sha�� reimburse Lender �or all taxes, as des��i�ed below, to��eth��r with al� expenses
<br /> incurred in rec�rding, perfie�ting ar con�inuing this Deed of Trust, including withau� [imitation all taxes, #ees,
<br /> documentary stamps, and other charges�or recording or regist�ring �this �eed af Trust.
<br /> Tax�s. The following shall Cons�itute taxes to whiGh �his section applies: ��� a specii�ic tc�x upon this type ofi
<br /> Deed o�Trust or upvn ail vr any part of fihe indebtedness secured by this Deed af Trust; t:2� a specific tax an
<br /> gorr�wer which Barrvvve� is autharized or r�quired to deduct from payme�ts on the Indel�tedness s�cured by this
<br /> �ype of D�ed vf Trust; �3� a �ax on this type o� Deed of Trust chargea�le agains�the L�.nder or the hofder of th�
<br /> �redit Agreement; and {4� a specifi�tax on all or any portian❑f the indebtedness or an ��ay�rients of principal and
<br /> interest made by E��rrawer.
<br /> Subsequent Taxes. �� any �ax to which this sectivn applies is enacted subsequ�nt �o �the c�ate of this De�d af
<br /> Trust, fih�s e�ent shall ha�e the same e�fect as an E�ent vf De�Fault, and Lender may �:xerc.ise any ar all o� its
<br /> a�ailab�e rem�dies far an E��nt of Default as prv�ided belvw unless T�usfior either �1� pays th� tax before it
<br /> be�vmes delinqu�nt, ar t�� contes�s the tax as pr��ided abo�e in �he Taxes and Liens ��ectisan and depasits with
<br /> Lender cash or a sufficien��a�porate surety bvnd or ather security satisfactory to Lender.
<br /> SE�URITY AGREEMEtVT': �INAN�ING STATEMENTS. The �ollaw�ng provisi�ns re�ating to �this Deed of Trust as a
<br /> secu�ity agreement are a part of this Deed vf Trust:
<br /> Se�urifiy Agreem�r�t. Th�s �nstrumenfi shall const�tute a Security Agreemen� �a the exi:ent any of the Prap�rty
<br /> canstitutes fixtures, and Lender shall ha�e all ot the rights of a secured party und�r the lJniform Commercial Code
<br /> as amended frvm time t❑tirr�e.
<br /> 5ecurity �nterest. Up+�n request by Lender, Trustor shall take whate�er action �s reques�ed Iay Lender to perfec�
<br /> and continue L�nder's securi�y in�erest in the Persvnal Praperty. In addition ta re�ording this Desd ��F Trus� in �he
<br /> rea! property records, Lender may, at any time and wi�haut '�urther authvriza�ion �rom Trus�or, file execu�ed
<br /> caunterparts, �opies o� repr�duc�ions �f this ❑eed af Trus� as a #inanc�ng statement. Trus�vr sha[[ reimburse
<br /> Lender for all expenses incurred in perfecting a� cantinuing this se�urity in�erest. Upon d�fault, Trustor shall �ot
<br /> remo�e, se�e� or detach the Personal Property frvm �h� Property. Llpon default, Tr�istar shall assem�le any
<br /> Pe�svnal Property not affixed ta the Property in a manner and at a pla�e reasanably �c�n�enient �a Trustor and
<br /> Lender and make it a►railable ta Lend�r within three �3} days af�er re�eipt of writt�n derr�anti f�om Lende� t❑ the
<br /> exten�permit�ed by appficable law.
<br /> Address�s. The maiiin� addresses of Trus�ar �debtor} and Lender �se�ured partyy frorr� which informat�on
<br /> �oncernin� �the se�urity interest gran�ed �y this Deed of Trust may be obtained �each a�; required by �he Unifarm
<br /> CvmmerGia� Codey are as stated on the firs�page o�this Deed vf Trus�.
<br /> FURTHER ASSURANCE�; ATT�3RNEY-�N�F�lCT. The following pro�isions relating t❑ fur���e� a�surances and
<br /> a�ttorney-in-fact are a part af this fleed of Trust:
<br /> Fur�her Assuran�es. At any time, and from time t� �ime, upon request v� Lender, Trustc�r wifl mak�, execute and
<br /> del��er, or wilf caus�to be rr�ade, executed or deli�ered, tt� L�nder vr ta Lender's designe�:, and when requested by
<br /> L�nder, cause �o be ��led, recorded, refiled, or rerecarded, as the case may �e, a� such 1:ime:� and in such affices
<br /> and pla�es as Lender may deem appropriate, any and all such m�rtgagesr deeds a�trus�,. seCurity deeds, security
<br /> agreements, financ�n� stafiements, cantinuation statements, instruments of further assuran�e, certifi�at�s, and
<br /> other dacuments as rr�ay, in the svle opinivn ❑f Lender, be ne�essary or desirable in o�der to Faffe�t�at�, compf�te.
<br /> perfect, continu�, vr pr�serve ��� Borrawer's and Trustor's obligativns under fihe Gredit Agrs?ement, this ❑eed o�
<br /> Trus�, and the Related Dvcu�nents, and {�� the liens and securi�y inter�s�s crsated by this Deed ❑�Trust on the
<br /> Property, whether no�v owned ar hereafter a�qui�ed by Trustar. Unless prahibited by �avv or Lender agrees to the
<br /> contrary �n writing, Trustar shaif reimburse Lender fior aff Gosts and expenses incurrec� in conneGtion with the
<br /> matters referred fiv in this p�ragraph.
<br /> A�orney-in-Facfi. i�Trustor#ails �o dfl any of the things referr�d to in th� preceding par�igra��h, Lender may do so
<br /> for and in the name o�Trustar and at Trus��r's expense. For such purposes, Trus�or hereby irre�ocably appain�s
<br /> Lender as Trustor's a��orney-�n-fac��or the pu�pose af making, execu�king, de�i�ering, filinc�, reE;vrding, and doing all
<br /> ��her things as may be n�c�ssary or desirable, in Lender's sole apinian, tv accomplish t�he r�7atters r�fierred ta in
<br /> �he preceding paragraph.
<br /> FULL PERFQRMANCE. If Larrvw�r and Trustor pay all �he f ndebtedness wh�n due, terminates �hc: cred�t line accaunt,
<br /> and Trustor ofiherwise performs all the ohligat�ons imposed upan Trustor under this Deed o#Trus�, Lend�r shall execute
<br /> and defi�er t� Trustee a request fior full recon�eyance and shall execute and deli�er �a Trustor s��ita�le statements afi
<br /> termination af any financin� sta�emen� on file ��idencing Lender's secur�ty �nter�s� in th� Rer�ts and the Persanal
<br /> Properfiy. Any recon�eyanc��ee required by law shall �e paid by Trus�ar, if permitted by appli��abf�: law.
<br /> EVENT� QF DEFAULT'. Trustar�i�f be in default under �his Deed �f Trust �� �ny of the followring happen: �A} Trustar
<br /> cammits fraud or makes a ma�erial misrepresenta�ion at any time in cannec�tion with the Credit ��greement. This can
<br /> include, for example, a false s�atement ahout B�rrower's or Trustor's income, asse�s, liahi�it're:�, vr any o�kher aspe�ts v�
<br /> Borrow�r's vr Trus�or's financial �onditivn. {6} Barrower does not meet�h� repaymen�term� afi tf�e Cr�dit Agreement.
<br /> tC} Trustor's action ar inaction ad��rsely a�feGts the collateral or Lend�r's rights in the callat�sral. This can include, for
<br /> examp�e, fa��ure to m�intain requ�red insuranGe, waste or destru�ti�e use v#the dwelling, fai��ar� t�� pay tax�s, dea�h of
<br /> all persc�ns liahle on the account, transfer vf title or sale of th� dwelling, �reatian ofi a seniflr �ien an the dwelling
<br /> without Lend�r's permissivn, farec�osure by the holder o�another lien, or the us� �f fiunds ar i:he dwefling �or p�ohibi�ed
<br /> purpvses.
<br /> R1GHT5 AND REMED�ES C�N DEFALILT. 1€ an E�ent af Default occurs under this Deed o#Tru:�t, a�� any�ime �herea�ter,
<br /> Trust��or Lender may exercise any❑ne�r more o�F the fvllowing righ�s and rer�edies:
<br /> A��ele�ation llpan ❑efau��; Additivnai Rem�dies. 1f any E�ent af Default vccurs as per t���terms of the �r�dit
<br /> Agreement secured her�by, Lender may dec�ar� all lndebtedness se�u�ed by this DeE�d oi�Trus�to b� due and
<br /> payafa[e and the �ame shall thereupon becom� due and payable wi�hout any presen�m�n�t, demand, protes�vr
<br /> notice of any kind. Therea��er, Lender may:
<br /> {a� Either in p�rson or by agent, v►�i�h ❑r withvut bringing any a�tion or pro�ceeding, or by a recei�er
<br /> appointed by a courfi and withaut r�gard ta the adequa�y of its securi#y, enter �apan �nd take poss�ssion
<br />
|