|
2� 1 �� 157�
<br /> ���� �� ��u��
<br /> ���� ��o �������7� ���nt�r�u�d� ���� �
<br /> encumbrances, and ather claims, {�y �� pra�ide any requrred insurance �n the Property, �Cy tn make repairs �a the
<br /> Property ❑r to G�mp�y with any �b[igati�n to maintain Exis�ing Indeb�edness 4n go�d s�anding as required belaw, �hen
<br /> Lender may dv sa. lf any a�ti�n vr proceeding is comm�nced �that wvuld materially affect Lender's int�res�s in the
<br /> F�rvperty, then Lender on Trustvr's behal� may, bu� is not required �a, tal€e any ac�ian �ha� Lender belie�es �❑ be
<br /> appropriate ta prote�� Lender`s in�erests. AI� expenses incurred or paid �y Lender �ar such purposes wi[f then bear
<br /> in�eres�C at �he rat� ��arged under the Credit Agreement from the d��e incurred or paid by Lender �o �h� date vf
<br /> repaymen� by Trus�or. A�� such expenses will becnme a part of the Ind�btedness and, at Lender's aptian, vvill tAy be
<br /> pay�bEe an demand; tBf he added �v �he balance af the Credit Agr��ment and be appor�ivned amon� and be payabl�
<br /> vvith any installment paymen�s to become due durin�ei�her t1} the term �f any applicala�� insuran�e �viicy; or ��} th�
<br /> remaining term af the Credit Agre�men'�; ❑r �C� be treated as a ball�on paymen�which wili be du� and pay�iale at the
<br /> Credit Agreemen�`s ma�urity.
<br /> I�IARFiANTY: �EF�l�SE aF TITLE. 7he�allowing pra�i�ivns re�ating to ownership of the Praperty are a par�v��his Deed
<br /> a�Trust:
<br /> 'Ti�l�. Trustor warran�s �hat: ta� Trus�or holds gaad and mark��abl� �it[e o� record �❑ �he Praper�y in�ee simple,
<br /> fr�e and ciear af all �iens ant� encumbrances o�her �han thvse set #orth in the �eal Property description ❑r in �he
<br /> Existing Indebt�dn�s� seGtion belvw or in any title insuranGe po�icy, �itle repor�, �r fina!�i�1e opinian issued in�a�or
<br /> o�, and accep�ed b�, Lender in GonnectEon wi�h �his Deed ofi Trust, and {b� Trustvr has �he �ul! right, power, and
<br /> au�harE�ty to execu�e and deli�er�his Deed ❑f Trust�v Lender.
<br /> I]ef�nse a�1"i��e. Subject ta the excep��an tn the paragraph abaWe, Trustor warrants and wil! #are�er de�end the
<br /> title t❑the Rroper�}�against the law�ul cla�m�o�all persons.
<br /> E�151'IN(� l�lDE�TEDNES�. The�oll�wing pro�is�ons conce�nEng Exis�ing ind�b�edne�s are a part o��his Deed❑f Trus�:
<br /> �xis�ing Li��t. Yhe �ien a� �his Deed vf Trus� securing the lnd�b�edness may be secondary and in�erEor to an
<br /> existing lien. Trustor expressly �a�enants and agrees to pay. ❑r see to the paymen#o�, �he Existing Indebtednes�
<br /> and �� pre�en��ny default on such �ndebtednesS, �ny detau[t under�he instrumen�s e�idencing such indebtedness,
<br /> or any de#auf�under any secur��y documents�or such indebtedness.
<br /> El1��IT'S fl� DE��ULT. Trustar will b� in default under this Deed of Trust i�any ❑f�h� �o�lawing happ�n: {A� Trus�or
<br /> cvmmits fraud or makes a material misre�resentativn at any time in cvnnectian with �h� Credi� AgrEemen�, This can
<br /> include, far example, a -�alse sta��m�n� abou� Trus�or's Encam�� asse�s, liabilities, ar any vther aspe�ts o� Trustar's
<br /> financial conditEon. �B} Trustor do�s not meet the repayment�e�ms o�the �redit A�reement. �C} T'rustvr's action or
<br /> in�c�ian ad�ers�ly a��ects the ev�lateral ❑r Lender's ri�h�s in �he cvllater�l. This can in�lude, for example. fai�ure tv
<br /> maintain required insuran�e, was�e❑�destructi�e use o�the dwelling, failure tv pay�axes, dea�h o�a]1 persans fiabfe vn
<br /> the accvunt, transfer v�F title Qr sale v� the dweiling� creation o� a senior lien an #he dwelring without Lender'�
<br /> permission, �vreGlasure by�he holder❑�anather li�n, ar the use of funds or the dwelfing�csr prohibited purposes.
<br /> �IC�HTS AN� REiV�E��]IES �� ❑EF�L�LT'. Up�n �he ❑ccu�renGe ot any ��ent of De�ault under any ind��atedness, ar
<br /> shauld Trustvr fail to camply wi�h any o�Trustvr's obliga�ivns under�his Deed vf T�us�,Trus�ee or Lender may exerc�se
<br /> any�ne or mar�af�he�vl�o►n►ing rights and remedies:
<br /> A�cel�ratian Upon De��ult;Additianai O�em�dies, lf any E�ent❑�Defiault❑�curs as per the�erms v��he Credi�
<br /> Agreemen����ured hereby, L�nder may de�lar� all Endebtedness secu�ed by�his D��d of Trus�.�v b� due and
<br /> payable and the same s��l1 th�reupvn beCam� due and payab[e without any pr�sen�men�, d�rt��nd, protest❑r
<br /> notice o�any kind. Thereafter, Lender may:
<br /> {a� Either in person or by agent, with or wi�hout bringing any action or proceeding, or by a recei�er
<br /> a��vinted by a �our�and wi�hvut regard �v the adequacy o�its security, enter upan and tak� pvssessi�n
<br /> o�the Prvperty, or any part thereo�, in its avun name❑r in�he name�f Trustee, and da any aets which it
<br /> deems necessary vr desirable�v preserve�he valu�, marketabifity or ren�abiiity vf the Praper�ty, v�part❑f
<br /> the Property or int�res� in the Prvper�y; increase the inca�-r�e �rrvm the Praperty or pro�ec�xh� securi�y ❑�
<br /> �he Proper�y; and, with vr withvu� #aking possession v� the Prvperty, sue for or atherwise callect �he
<br /> rents, issues and pro#��s� a�the Proper�y, inc[udin� thase pas� due and un�aid, and appiy th� s�me, less
<br /> �vsts and expen�es vf opera�ion and cvlleGtion attvrn�ys' tees,�o any indebtedness seGured by�his Deed
<br /> o� Trus�, ai1 in such arder as Lender may determine. The entering upnn and taking p�ss�ss�on of the
<br /> P�operty, the �offec�ian of such ren�s, 155L1E5 and pro�its, and the appli�ation �herevf sh�il no� cure or
<br /> wai�e any defaul�or nv�iGe af de�Fau��under this Q�ed of Trus�or in�alidate any act dQne in response ta
<br /> such de�ault or purs+��nt to su�h no��c���de�ault; and, n��withstanding th�continuan�e in passessian vf
<br /> �h� Praperty or the cQllec�ivn, receip� and appiication o�r rents, issues ❑r prof�ts, Trustee ❑r Lender shalf
<br /> �e en�i�led �a exercise e�ery r�ght prc�Wtd�d �ror in the �redi�Agreement or the Related Docum�n�s vr by
<br /> faw upan th�o�curr�nce�f any�vent af de�ault, in�luding�he right tv e�ercise the pow�r��sale;
<br /> �b} Commence an ac�ian to forec[ose�his Deed o#Trus��s a mflrtgage, �ppoint a re�ei�er or spec�#icaliy
<br /> en�arce any of the ca�enants hereof; and
<br /> {c} De1i��r to Trus�ee a wri�ten deci�r�ti�n o�default and demand fo�s��e and a wri��en na�ice❑�default
<br /> and elec�ivn to cause Trustor's in�erest in�h� Praperty ta be sold, whi�h no�ice Trustee shall cause ta b�
<br /> dufy�iied �ar recvrd in�he appropriate a�F�ices �f�he Gpun�y in which�he F�raperty is located; �nd
<br /> td) Wi�h respect tfl a�l vr any part a��he P�rsanai Prvperty, ��nder shal� ha�e ai! �he rights and r�medies
<br />
|