|
20000209
<br />11. LENDER'S RNW TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall immediately 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 attorney -in -fact to comnenoe, intervene In, and
<br />defend such actions, wits, or other legal proceedings and to compromise or settle any claim or controversy pertaining thereto. Lender shall not be liable to
<br />Grardor for any action. error. mistake, roorrrnt slonng or delay pertaining to described h this paragraph described
<br />i its own mare or any damages resulting from. Nothing
<br />contained herein will prevent
<br />12. INDEMNIFICATION. Lender shall not assume or be responsible for the performance of any of Grantors obligations with spre ect to the Property under
<br />any dngimctanoes. Grantor shall immediately provide Lender with written notice of and Indemnify and hold Lender and its shareholders, directors, officers,
<br />enpbyeas and agents harnless from all claims, damages, liabilities (including attorneys' fees and legal expenses), causes of ac don, actions, wits and
<br />other legal wooeedkmps (wnmukdvely "Clairral pertaining to the Property (including, but not limited to, those involving Hazardous Materials). Grantor, upon
<br />the request of Lender, shell hire legal counsel to defend Lender from such Claimms, and pay the attorneys' fees, legal expenses and other costs Insured In
<br />connection therewith. In the alternative, Lender shall be entitled to employ its own legal counsel to defend such Claims at. Grantors cost. Grantors
<br />obligation to indemnify Lender under this paragraph shall survive the tenrination, release or foreclosure of this Deed of Trust.
<br />I& TAXES AND ASSESSMENTS. Grantor shall pay all taxes and assessments relating to Property when due and imrnediately provide Lender evidence
<br />pro of same. Upon the request of Lender. Grantor shall deposit with Lender each month one - twelfth (1/12) of the estimmated annual inwranos
<br />taxes and assesarrernta pertaining to the Property. So long as there is no default, these amounts shall be applied to the payment of taxes,
<br />assssanrents and insurarmce as required on the Property. In the event of default, Lender shall have the right at its sole option, to apply the funds so held to
<br />pay any taxes or ageinst time Obggations. Any 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 its agents to examine and inspect the Property
<br />and examine, inspect and make copies of Grantor's books and records pertaining to the Property from time to time. Grantor shall vide any assistance
<br />negttired by Lender for these purposes. All of the signatures and information contained in Grantors books and records shall be genuine, true, accurate and
<br />in ail respects, Grantor shall note the existence of Lenders benefldai interest in its books and records pertaining to the Property. Additionally,
<br />Qrermtor shell report, in a form s8ti :factory to Lender, such infomnation as Lender may requesct regarding Grantor s flnendal condition or the Property. The
<br />information shall be for wcFm periods. shall reflect Grantors records at such timme, and shall be rendered with such frequency as Lender may designate. AN
<br />inbrtrmslbrn fumlatned by Grantor to Lender shall ba true, accurate and complete in all respects, and sigrmed by Grantor if Lander requests.
<br />I& ESTOPPEL CERTIFICATES. Within ten (10) days after any request by Lender, Grantor shall deliver to Lender, or any Intended transferee of Lenders
<br />rights with respect to the ObNgationa, a signed and ad>rmowledged statement spedtying (a) the outstanding balance on the Obligations; and (b) whether
<br />Grantor possesses any claims. defenses, set -offs a counterdatms with respect to the Obligatkmrms and, If so, the nature of such claims. defenses. set -offs or
<br />countercceirts Qrentor wS be condusimrely bound by any representation throat Lender may make to the intended transferee with respect to these
<br />matters in
<br />the event that Grantor fails to provide the requested statement in a tirrmely manner.
<br />I& DEFAULT. Grantor shall be in default under this Deed of Trust and the Trustee's power shall become operative In the event that Grantor, Borrower or
<br />any guarantor of the Obligations:
<br />(a) falls to pay any CNIgetion to Lender when due;
<br />(b) falls to perform any Obligation or breaches any warranty or covenant to Lander contained in this Deed of Trust or any other present or future
<br />agreement;
<br />(c) destroys, loses or damages the Property in any material respect or subjects the Property to seizure, confiscation, or condemnation;
<br />(d) seeks to revoke, terminate or otherwise limit its liability under any guaranty to Lender;
<br />(a) des, becomes legally incompetent, is dissolved or terminated, becomes Insolvent, makes an assignment for the benefit of creditors, fails to pay
<br />debts as they become due, files a petiton under the federal bankruptcy laws, has an involuntary petition in bankruptcy filed in which Grantor, Borrower
<br />or any guarantor Is named, or has property taken under any writ or process of court;
<br />(f) aMaws goods to be used, transported or stored on the Property, the possession, transportation, or use of which, is illegal;
<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 decline In the value of the Property; or if Lender, in good faith, for any reason, believes
<br />that the prospect of payment or perforhence is impaired.
<br />17, FAMM 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 />remedies without notice or demand (except as required by law):
<br />(a) to declare the Obligations frrrredietety due and Payable in full;
<br />(b) to collect the outstanding Obligations with or without resorting to judicial process;
<br />(c) to require Grantor to deliver and make available to Lender any Peal property or Chattels constituting the Property at a Mace reasonably
<br />convenient to Grantor and Lender;
<br />(d) to enter upon and We possession of the Property without applying for or obtaining the appointment of a receiver and, at Lenders option, to
<br />appoint a receiver without bond, without first bringing suit on the Obligations and without otherwise meeting any statutory conditions regarding
<br />receivers, it being intended that Lender shall have this contractual right to appoint a receiver;
<br />(e) to employ a managing agent of the Property and let the sane, either in Trustee's own name, in the name of Lender or In the name of Grantor, and
<br />welve the rents, incomes, issues and profits of the Property and apply the same, after payment of all necessary charges and expenses, on account of
<br />the Obligations;
<br />(f) to pay any sums In any form or manner deemed expedient by Lender to protect the security of this Deed of Trust or to cure any default other than
<br />payment of Interest or principal on the Obligations;
<br />(g) to foreclose this Deed of Trust judidally or nonjuddally and to direct the sale of the Property through exercise of the power of sale as referenced in
<br />paragraph 20 hereof in acccordance with applicable law;
<br />(h) to setoff Grantors Obligations against any amounts owed Grantor by Lender including, but not limited to, monies, Instruments, and deposit
<br />accounts melntaked with Lender or any currently existing or future affiliate of Lender; and
<br />(n to exercise all other rights available to lender under any other written agreement or applicable law.
<br />Lender's rights are cumulative and may be exercised together, separately, and in any order. In the event that Lender Institutes an action seeking the
<br />recovery of array of the P mponty by way of a prejudgment remedy in an action against Grantor, Grantor waives the posting of any bond which might
<br />ottervrise be requhed. Lender or Lender's designee may purchase the Property at any sake. Proceeds of any Trustee's sale hereunder shall be applied
<br />first, b the costa and expenses of exercising the power of sale and of the sake, including the payment of the Trustee's fees actually incurred and not to
<br />exceed the amount which may be provided for in this Deed of Trust, second, to payment of the Obligations secured hereby, third, to the payment of
<br />fiat deeds. Mongepes, or other fienholders, and the balance, if any, to the person or persons legally entitled thereto. The .r.(T r or any part thereo may
<br />be sold in ore parcel, or in such parcels, manner or order as Lender in its sole discretion may elect, and one or more a erdses of fie power herein granted
<br />shall not extinguish or exhaust the power unless the entire property is sold or the obligations are paid in full.
<br />14 TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT: if Lender elects to sell Grantors interest in the Property by exercise of the power of
<br />sake herein contained, Lander shall notify Trustee in the manner then required by law.
<br />Upon receipt of such notice of Lender and at the direction of Lender, Trustee shall cause to be recorded, published and delivered such notices of default
<br />and notice of sake as may then be required by law and by this Deed of Trust. Trustee shall, only at the direction of Lender and without demand on Grantor,
<br />after such tine as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law,
<br />self the Property at the time and place of sake fixed by it In such notice of sale, either as whole or in ve a lots or parcels or items as Lender shall deem
<br />ssxpedie It. and in such order as it may determine, at public auction to the highest bidder for cash in I money of the United States payable at the time of
<br />or as otherwise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof Its good and sufficient dead or deeds
<br />conveying the property so sold, but without any covenant or warranty, express or Implied. The recitals In such deed of any matters or facts shell be
<br />conclusive proof of ttw truthfulness thereof. Any including, without limitation, Grantor. Trustee or Lender, may purchase at such sale. Trustee may
<br />In the manner provided by law postpone sale of I or any portion of the Property.
<br />it REQUEST FOR NOTICES: Grantor requests that a copy of any notice of default and a copy of any notice of sale hereunder be mailed to each person
<br />who is a party hereto at the address of such person set forth herein at the sane time and In the same manner required as though a separate request thereof
<br />had been filed by each such person.
<br />PAMads
<br />
|