|
Page s
<br />02 -29 -2000 DEED OF TRUST + 8 6 9
<br />loan No 766486 (Continued)
<br />interest. Upon default, Truster shall assemble the Personal Property in a manner and at a place reasonably convenient to Truster and Lender
<br />and make it available to Lender within three (3) days after receipt of written demand from Lender.
<br />Addresses. The mailing addresses of Truster (debtor) and Lender (secured party), from which information concerning the security interest
<br />granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code), are as stated on the first page of this Deed
<br />of Trust.
<br />FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and attorney -in -fact are a part of this
<br />Deed of Trust.
<br />Further Assurances. At any time, and from time to time, upon request of Lender, Truster will make, execute and deliver, or will cause to be
<br />made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
<br />rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
<br />deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates,
<br />and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
<br />preserve (a) the obligations of Truster under the Note, this Deed of Trust, and the Related Documents, and (b) the liens and security interests
<br />created by this Deed of Trust as first and prior liens on the Property, whether now owned or hereafter acquired by Truster. Unless prohibited by
<br />law or agreed to the contrary by Lender in writing, Truster shall reimburse Lender for all costs and expenses incurred in connection with the
<br />matters referred to in this paragraph.
<br />Attorney -In -Fact. If Truster fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
<br />Truster and at Trustor's expense. For such purposes, Truster hereby irrevocably appoints Lender as Trustor's attorney -in -fact for the purpose
<br />of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, In Lender's sole opinion, to
<br />accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Truster pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Truster under this
<br />Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Truster suitable
<br />statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any
<br />reconveyance fee required by law shall be paid by Truster, if permitted by applicable law.
<br />DEFAULT. Each of the following, at the option of Lender, shall constitute an event of default ( "Event of Default") under this Deed of Trust:
<br />Default on Indebtedness. Failure of Trustor to make any payment when due on the Indebtedness.
<br />Default on Other Payments. Failure of Truster within the time required by this Deed of Trust to make any payment for taxes or insurance, or
<br />any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />Compliance Default. Failure of Truster to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the
<br />Note or in any of the Related Documents.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by or on behalf of Truster under this Deed of Trust,
<br />the Note or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including failure of any
<br />collateral documents to create a valid and perfected security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The death of Trustor or the dissolution or termination of Trustor's existence as a going business, the insolvency of
<br />Truster, the appointment of a receiver for any part of Trustor's property, any assignment for the benefit of creditors, any type of creditor workout,
<br />or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Truster.
<br />Foreclosure, Forfeiture, etc. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help, repossession
<br />or any other method, by any creditor of Truster or by any governmental agency against any of the Property. However, this subsection shall not
<br />apply in the event of a good faith dispute by Truster as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br />forefeiture proceeding, provided that Truster gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim
<br />satisfactory to Lender.
<br />Breach of Other Agreement. Any breach by Truster under the terms of any other agreement between Trustor and Lender that is not remedied
<br />within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Trustor
<br />to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. Lender, at its option,
<br />may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a
<br />manner satisfactory to Lender, and, in doing so, cure the Event of Default.
<br />Insecurity. Lender in good faith deems itself insecure.
<br />Right to Cure. If such a failure is curable and if Truster has not been given a notice of a breach of the same provision of this Deed of Trust
<br />within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Truster, after Lender sends written
<br />notice demanding cure of such failure: (a) cures the failure within ten (10) days; or (b) if the cure requires more than ten (10) days, immediately
<br />initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce
<br />compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Trustee or Lender, at its option,
<br />may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided by law:
<br />Acceleration upon Default; Additional Remedies. If any event of default occurs as per the terms of the Note secured hereby, Lender may
<br />declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and payable without
<br />any presentment, demand, protest or notice of any kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without
<br />regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, in its own name or in the name
<br />of Trustee, and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability of the Property, or part
<br />of the Property or interest in the Property; increase the income from the Property or protect the security of the Property; and, with or without
<br />taking possession of the Property, sue for or otherwise collect the rents, issues and profits of the Property, including those past due and
<br />unpaid, and apply the same, less costs and expenses of operation and collection, including attorneys' fees, to any indebtedness secured
<br />
|