|
2� 15�8444
<br /> []EED �F TRUST
<br /> ��ontinued� Page G
<br /> suitable statements of termination vf any fnancing s#a#ement on file evidencing Lender's se�urity interest in the Rents
<br /> and the Persona! Property. Any recvn�eyan�e�ee requ�red by [a►nr shall be paid by Trus#or, i�permitted by applicable
<br /> law.
<br /> EVENTS�F DEFAULT. Each o��he following, at Lender's option, shall cvnst�tute an Event of Default under this aeed
<br /> of Trust:
<br /> Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br /> ��her Defaul�s. B�rrower v�Trustvr fail� to comply with o�#v per�arm any vther term, vbligation, Govenant or
<br /> �ondi�ion ��ntained �n this �eed vf Trust or�n any vf the Related Documents or to compEy with or to p�rfarm any
<br /> term, obligati�n,covenant or�ondition contained in any vther agreement befween Lender and Bvrrower or Trus�ar.
<br /> Campliance Default. Failure to camply with any ��her term, obligat�on, co�enant or cvndition contained in this
<br /> Deed of Trust,the iVote or in any of�he Re�ated Dacuments.
<br /> De�aul#on ather Payments. Failure vf Trustor within the time required by this Deed vf Trust tv make any payment
<br /> tvr taxes or�nsuran�e,or any vther payment necessary to pre�ent fifing of or to ef�ect discharge of any lien.
<br /> De�Fault in Favor of Third Parties. 5hvu�d Borrower vr any Grantvr default under any Ivan, ex#ensivn of credit,
<br /> se�urify agreement, purchase�r sales agreement, or any other agreement, in fav�r vf any o�her c�editor or persvn
<br /> that may ma#erial�y affect any o� Bvrrvwer's or any Grantor's praperty ar Borrower's ability tv repay the
<br /> Indebtedness or Borrower's or Grantor's abifity to perFvrm their res�e�ti�e obligations under this Deed vf Trust or
<br /> any of the Related Dvcuments.
<br /> False Statements. Any warranty, representa�tion or sta�tement made or�Furnished to Lender by Bo�rower o�Trustor
<br /> or on Borrower's or Trustor's behaif under this Deed of Trust or the Related Documents fs faise or misleading in
<br /> any mate�ial respect, either now or at �he time made or furnished or be�omes false or misleading a� any time
<br /> thereafter.
<br /> aefecti�e Co11a�Qrali�ation. This Deed of Trust �r any of the Related Documents �eases to be in fu�l �orce and
<br /> effect (includ�ng �ailure of any cofla#eral document ta create a�afid and perfected security interest or lien} at any
<br /> #ime and for any reason.
<br /> Death or Insoi�ency. The dissalutivn of Trustar's (regardless vf whether election ta con#inue is made}, any
<br /> member withdraws trom the limited liability company,or any other termination�f B�rrower's ar Trustor's existence
<br /> as a gaing business ar the death v� any member, fihe insa��ency of Borrower vr Trustar, the appointment vf a
<br /> receiver far any part of Bvrr�wer's ❑r Trustor's p�vperty, any assignment for the �enefit af creditvrs, any fyp� af
<br /> ��editor workaut, vr the cammencement of any proceeding under any bankruptcy or insol�ency laws by or against
<br /> Bvrrower❑r Trustor.
<br /> Creditor ❑r Farfeiture Proceedings. Cammencement of�oreclosur�e or�vrfeiture pr�ceedings, whether by judi�ial
<br /> proceeding, self heip, repossession or any othe� method, by any creditar of Borrower vr Trustor or by any
<br /> governmental a�ency against any proper�y securing the Indebtedness. This includes a garnishment of any of
<br /> Barrower's or Trustor's accounts, including dep�si�accounts, with Lender. However, th�s E�ent ofi Default shall
<br /> not apply if there is a gvod faith dispute by gorrower af�rus�or as to t�e�alidify or reasvnabSeness af t�e c�aim
<br /> whi�h �s#he basis of the�reditor vr�vrfeiture proceeding and if Bvrrvwer-or Trustor gives Lender wrtff�n notice of
<br /> the creditor or forfeiture praceeding and deposits with Lender mvnies vr a surety bond for the�reditor vr f�rfeiture
<br /> prviceeding,in an amvunt determined by Lender,in its sole dis�retion,as beEng an adequate resen►e vr bond far the
<br /> dispute.
<br /> BrQach of Qther Agreemen#. Any breach by Borro►nrer or Trustor under the terms of any other agreement be'twe�n
<br /> Borrower ar Trustor and Lender that is not remedied within any g�-aoe period pro��ded #herein, including without
<br /> limi�ation any agreement concerning any indebtedness or ather obligation o� Borrower o� Trustor to Lender,
<br /> whether existing now or la#er.
<br /> E�ents Affecting Guarantor, Any of the pre�eding euents occurs wEth respect to any �uaranto� of any vf fhe
<br /> Indebtedness ar any Guaranfor dies or be�omes incompetent, or re�okes �r disputes the �alidity of, or liabi[ity
<br /> under,any Guaranty of the lndebtedness.
<br /> Adverse Ghange. A material ad�e�se change o�urs in Barrvwer's or Trustor's financ�al condition, ar Lender
<br /> belie�es the prospeck of payrr�ent or performanoe vf fihe Indebfedn�ss is�mpaired.
<br /> [nsecuri�y. Lender in gavd fai�h belie�es itself insecure.
<br /> Existing Indebtedness. The payment vf any installment ot principal vr any interest on the Existing Indebtedness is
<br /> not made►rvithin the#ime required by the promissory note e�iden�ing such indebtedness, vr a default❑�curs under
<br /> the ins#rument securing such indebtedness and is nat cured during any appliGable grace per�ivd in such instrument,
<br /> or any suit or ather actian is�ammenced#o foreclose any existing lien on the property.
<br /> RIGHTS ANQ REMED[E5�N DEFAULT. tf an E�ner�o�Default occurs under th�s Deed of Trust, at any tim�therea�ter,
<br /> Trustee or Lender may exerase any one or mar�af the fallowing rights and remedies:
<br /> Accelerat�an Upvn Default; Additiona� Remedies. [f any E�nerrt of Default occurs as per the terms of the Nate
<br /> secur�d hereby, Lender may declare alf Indel�edness sea.a�ed by this D�i of Trust to be due and payab�e and
<br />
|