|
200001'721
<br />20. SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Deed of Trust shall be considered and be effective as a financing
<br />statement and a fixture filing pursuant to the provisions of the Uniform Commercial Code (as adopted in the state where the real property is
<br />located) covering fixtures, chattels, and articles of personal property now owned or hereafter attached to or to be used in connection with the
<br />Property together with any and all replacements thereof and additions thereto (the "Chattels "), and Grantor hereby grants Lender a security
<br />interest in such Chattels. The debtor is the Grantor described above. This Deed of Trust will be effective as a financing statement filed as a
<br />fixture filing with respect to all fixtures included within said premises and is to be filed for record in the real estate records of each county where
<br />any part of said premises (including said fixtures) is situated. This Deed of Trust shall also be effective as a financing statement covering any
<br />other premises and may be filed in any other appropriate filing or recording office. A carbon, photographic or other reproduction of this Deed of
<br />Trust or of any financing statement relating to this Deed of Trust shall be sufficient as a financing statement for any of the purposes referred to
<br />in this Paragraph. The secured party is the Lender described above. Upon demand, Grantor shall make, execute and deliver such security
<br />agreements (as such term is defined in said Uniform Commercial Code) as Lender at any time may deem necessary or proper or required to grant
<br />to Lender a perfected security interest in the Chattels, and upon Grantor's failure to do so, Lender is authorized to sign any such agreement as
<br />the agent of Grantor. Grantor hereby authorizes Lender to file financing statements (as such term is defined in said Uniform Commercial Code)
<br />with respect to the Chattels, at any time, without the signature of Grantor. Grantor will, however, at any time upon request of Lender, sign
<br />such financing statements. Grantor will pay all filing fees for the filing of such financing statements and for the refiling thereof at the times
<br />required, in the opinion of Lender, by said Uniform Commercial Code. If the lien of this Deed of Trust be subject to any security agreement
<br />covering the Chattels, then in the event of any default under this Deed of Trust, all the right, title and interest of Grantor in and to any and all of
<br />the Chattels is hereby assigned to Lender, together with the benefit of any deposits or payments now or hereafter made thereof by Grantor or
<br />the predecessors or successors in title of Grantor in the Property.
<br />21. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender, at Lender's option, may expend funds (including attorneys' fees and
<br />legal expenses) to perform any act required to be taken by Grantor or to exercise any right or remedy of Lender under this Deed of Trust. Upon
<br />demand, Grantor shall immediately reimburse Lender for all such amounts expended by Lender together with interest thereon at the lower of the
<br />highest rate described in any Obligation or the highest rate allowed by law from the date of payment until the date of reimbursement. These
<br />sums shall be included in the definition of Obligations herein and shall be secured by the beneficial interest granted herein. If the Obligations are
<br />paid after the beginning of publication of notice of sale, as herein provided, or in the event Lender shall, at its sole option, permit Grantor to pay
<br />any part of the Obligations after the beginning of publication of notice of sale, as herein provided, then, Grantor shall pay on demand all
<br />expenses incurred by the Trustee and Lender in connection with said publication, including reasonable attorneys' fees to the attorneys for the
<br />Trustee and for the Lender, and a reasonable fee to the Trustee, and this Deed of Trust shall be security for all such expenses and fees.
<br />22. APPLICATION OF PAYMENTS. The Trustee shall apply the proceeds of the trustee's sale, first, to the costs and expenses of exercising the
<br />power of sale and of the sale, including the payment of the Trustee's fees actually incurred not to exceed the amount which may be provided for
<br />in the Deed of Trust, second, to payment of the obligation secured by the Deed of Trust, third, to the payment of junior deeds of trust,
<br />mortgages or other lienholders, and the balance, if any, to the person or persons legally entitled thereto.
<br />23. POWER OF ATTORNEY. Grantor hereby appoints Lender as its attorney -in -fact to endorse Grantor's name on all instruments and other
<br />documents pertaining to the Obligations or Deed of Trust. In addition, Lender shall be entitled, but not required, to perform any action or
<br />execute any document required to be taken or executed by Grantor under this Deed of Trust. Lender's performance of such action or execution
<br />of such documents shall not relieve Grantor from any Obligation or cure any default under this Deed of Trust. All powers of attorney described
<br />in this Deed of Trust are coupled with an interest and are irrevocable.
<br />24. SUBROGATION OF LENDER. Lender shall be subrogated to the rights of the holder of any previous lien, security interest or encumbrance
<br />discharged with funds advanced by Lender regardless of whether these liens, security interests or other encumbrances have been released of
<br />record.
<br />25. COLLECTION COSTS. To the extent permitted by law, Grantor agrees to pay Lender's reasonable fees and costs, including, but not limited
<br />to, fees and costs of attorneys and other agents (including without limitation paralegals, clerks and consultants), whether or not such attorney
<br />or agent is an employee of Lender, which are incurred by Lender in collecting any amount due or enforcing any right or remedy under this Deed
<br />of Trust, whether or not suit is brought, including, but not limited to, all fees and costs incurred on appeal, in bankruptcy, and for post - judgment
<br />collection actions.
<br />26. PARTIAL RELEASE. Lender may release its interest in a portion of the Property by executing and recording one or more Partial Deeds of
<br />Reconveyance without affecting its interest in the remaining portion of the Property. Nothing herein shall be deemed to obligate Lender to
<br />release any of its interest in the Property (except as required under Paragraph 38 or as may be otherwise required by law), nor shall Lender be
<br />obligated to release any part of the Property if Grantor is in default under this Deed of Trust. The lien and security interest created by the Deed
<br />of Trust remain in effect with respect to that portion of the property, as defined in the Deed of Trust, that is not the subject of this or any Partial
<br />Deed of Reconveyance.
<br />27. MODIFICATION AND WAIVER. The modification or waiver of any of Grantor's Obligations or Lender's rights under this Deed of Trust must
<br />be contained in a writing signed by Lender. Lender may perform any of Borrower's or Grantor's Obligations, delay or fail to exercise any of its
<br />rights or accept payments from Grantor or anyone other than Grantor without causing a waiver of those Obligations or rights. A waiver on one
<br />occasion shall not constitute a waiver on any other occasion. Grantor's Obligations under this Deed of Trust shall not be affected if Lender
<br />amends, compromises, exchanges, fails to exercise, impairs or releases any of the Obligations belonging to any Grantor, Borrower or third party
<br />or any of its rights against any Grantor, Borrower or third party or any of the Property. Lender's failure to insist upon strict performance of any
<br />of the Obligations shall not be deemed a waiver and Lender shall have the right at any time thereafter to insist upon strict performance.
<br />28. SUBSTITUTE TRUSTEE; TRUSTEE LIABILITY; COMPENSATION. In case of the death, inability, refusal to act or absence of the Trustee
<br />from the state where the real property is located or in case the holder of the Obligations shall desire for any reason to remove the Trustee or any
<br />substitute trustee as trustee hereunder and to appoint a new trustee in his place and stead, the holder of the Obligations is hereby granted full
<br />power to appoint in writing a substitute trustee for said Trustee, and the substitute trustee shall, when appointed, become successor to all
<br />rights of Trustee hereunder and the same shall become vested in him for the purposes and objects of this Deed of Trust with all the power,
<br />duties and obligations herein conferred on the Trustee. Trustee shall not be liable for any error of judgment or act done by Trustee, or be
<br />otherwise responsible or accountable under any circumstances whatsoever. Trustee shall not be personally liable in case of entry by it or
<br />anyone acting by virtue of the powers herein granted it upon the Deed of Trust for debts contracted or liability or damages incurred in the
<br />management or operation of said premises. Trustee shall have the right to rely on any instrument, document or signature authorizing or
<br />supporting any action taken or proposed to be taken by it hereunder or believed by it in good faith to be genuine. Trustee shall be entitled to
<br />reimbursement for expenses incurred by it in the performance of its duties hereunder and to reasonable compensation for such of its services
<br />hereunder as shall be rendered. Grantor will, from time to time, pay compensation due Trustee hereunder and reimburse Trustee for and save
<br />and hold it harmless from and against any and all loss, cost, liability, damage and expense whatsoever incurred by it in the performance of its
<br />duties.
<br />All moneys received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received,
<br />but need not be segregated in any manner from any other moneys (except to the extent required by law) and Trustee shall be under no liability
<br />for interest on any moneys received by it hereunder.
<br />29. SUCCESSORS AND ASSIGNS. This Deed of Trust shall be binding upon and inure to the benefit of Grantor and Lender and their respective
<br />successors, assigns, trustees, receivers, administrators, personal representatives, legatees and devisees.
<br />30. NOTICES. Except as otherwise required by law, any notice or other communication to be provided under this Deed of Trust shall be in
<br />writing and sent to the parties at the addresses described in this Deed of Trust or such other address as the parties may designate in writing
<br />from time to time. Any such notice so given and sent by first class mail, postage prepaid, shall be deemed given the earlier of three (3) days
<br />after such notice is sent or when received by the person to whom such notice is being given.
<br />31. SEVERABILITY. Whenever possible, each provision of this Deed of Trust shall be interpreted so as to be effective and valid under
<br />applicable state law. If any provision of this Deed of Trust violates the law or is unenforceable, the rest of the Deed of Trust shall continue to
<br />be valid and enforceable.
<br />32. APPLICABLE LAW. This Deed of Trust shall be governed by the laws of the state where the real property is located. Unless applicable law
<br />provides otherwise, Grantor consents to the jurisdiction and venue of any court selected by Lender, in its sole discretion, located in that state.
<br />33. MISCELLANEOUS. Grantor and Lender agree that time is of the essence. Grantor waives presentment, demand for payment, notice of
<br />dishonor and protest except as required by law. All references to Grantor in this Deed of Trust shall include all persons signing below. If there
<br />is more than one Grantor, their Obligations shall be joint and several. This Deed of Trust represents the complete integrated understanding
<br />between Grantor and Lender pertaining to the terms and conditions hereof.
<br />34. NO THIRD PARTY RIGHTS. No person is or shall be a third party beneficiary of any provision of this Deed of Trust. All provisions of this
<br />Deed of Trust in favor of Lender are intended solely for the benefit of Lender, and no third party shall be entitled to assume or expect that
<br />Lender will not waive or consent to the modification of any provision of this Deed of Trust, in Lender's sole discretion.
<br />NEDOTD [HP] Rev. 1/98
<br />
|