|
2� 1 ��3485
<br /> DEE� [�F TRUST
<br /> Loan No: 1�1�9573� {Co�ltinued� Page �
<br /> De��ult on ather I�a�men�s. Failure af Trus�or within the t�me required by this Deed a�Trus��v malce any paymertt
<br /> �or�axes or insuranc�, ar any❑�h�r payment n�cessary to prev�nt filing af or to effect dischar�e of any lien.
<br /> False Sta�ements. Any warran�y, repr�senfiation or sta�emen� made or �urnished �o Lender by Trustor or on
<br /> Trust�r's behal�F under th�s ❑e�d of Trust or �he Ralated Documents is false ar misieading in any material respe�t,
<br /> either n�w ar at the�ime made or furnished or becames false ar rnisleading at any time therea�ter.
<br /> Defe�ti�e Ca�la�eraiization. This beed b� Trus� or any afi the Rela�ed ❑ocuments ceases t� be in full force and
<br /> eff�ct �including failure of any c�llateral dacument to create a Walid and per�ec�ed se�urity in�teres� or lieny at any
<br /> �im� and for any reason.
<br /> aeath or lnsolv�ncy. The death ❑f Trustar, th� insofvency❑f Trustor, �rhe app�intmen�of a receiver for any part�f
<br /> Trustar's property, any assignment �flr �th� henefit o�F creditors, any type af �reditor wflrl�aut, �r th�
<br /> commencement of any proceeding under any banl�ruptcy ar ins�l�ency laws by�r againsfi Trustar.
<br /> �reditvr ar Farfeiture Proceedir�gs. Commencement af fareclosure �r forfeitu�e proc�ed�ngs, wheth�r by �udicial
<br /> �raGe�ding, sel�-help, repassessi�n vr any a�her methad, by any credi�ar of Trustor�r �y any gv�ernmen�a! ageney
<br /> �gains� any praperty securing the Indebt�dness. This includ�s a garnishment of any af Trust�r's accoun�ks,
<br /> including deposit accaun�s, with Lender. H�weWer, this E�ent o� Defaul� shall nat a�pCy i� there is a gaad fai�h
<br /> dispute by Trus�ar as to the �alidity ❑r reasonabfeness of the claim wh�ch is the basis �f the creditat� ar forfeiture
<br /> proce�din� and i� Trustar gives Lend�r written rtotice of �he creditor or f�rfeitur� pr��eeding and depasits with
<br /> Lender monies ar a surety b�nd for the credi�or or f�r�eiture prviceeding, in an amaunf determined by Lender, �n its
<br /> sole discr��ion, as heing an �dequate reserWe flr bond for the dispute,
<br /> Breach af C]ther Agreem�nt. Any bre��h by Trust�r under the terms o�F any ather agreement be�we�n Trustor and
<br /> Lender that is na� remedied with�n any graCe perivd pro�ided therein, inc�uding without limitatian any agreement
<br /> cancerning any inde�tedrtess ❑r o�her vbligatian of Trus�or to Lender, wheth�r ex�s�ing naw or later.
<br /> Events Affecting Guaran#or. Any of th� preceding e�ents �c�urs Wi�h respect fo any guaran�or, endarser, �ure�y,
<br /> �r accommadativn party af any of fihe Indebtedness or any �uarantar, endarser, surety, nr accammada�fon party
<br /> dies ar becames incompeten�, ar reWok�s or disputes the �alidity vf, ar liabili�y under, any Guaran�y af the
<br /> Indebtedness.
<br /> A�lvers� �h�nge. A mater+al ad�erse �hange o�curs in Trustor's f�nancial conditivn, ar Lender belie�es th�
<br /> pr�spec��f paymen�or perfarmanc� ❑f�he �ndebtedn�ss is impair�d.
<br /> lnsgcurity. Lend�r�n g�v� fai�h be�ieves itself insecure.
<br /> Right t� Cure. If any d�f�ult, a�her than a defaui�in payment, is curab�e and if Trust�r has nat be�n gE�en a na��ce
<br /> af a breach af�he sam� provisivn�f this Deed vf Trus�with�n the pre�ading twelve ��2� months, it may be cured if
<br /> Trus�or, a�ter Lender sends writt�n natice to Trustor demanding cur�of such default: ��y cures �he d�fau[t wi�hin
<br /> fifteer� {�5} days; Qr t�y i�F the cure requires more than fifteen ��5� days, immediately initiates s�eps which Lender
<br /> deems in Lender's sa�e dis�retion �o be sufficien� t❑ cure th� default and �h�rea��er �antinues and cQmpletes all
<br /> reasonable and necessary s�eps su�fi�ient to pradu�e cvmpliance as soon as reasonably practicai.
<br /> aI�HTS AND R�MEDIE� �iV DEFAULT. I� an EWent o� aefauit oc�urs under this ❑eed of Trust, at any time thereafter,
<br /> Truste�or Lender may exercise any�ne or m�re �f the fQ�lov�ring rights and rem�di�s;
<br /> A��elet�ation Upan Default; Additiona! Remedies. f f any E�rent of Default a�curs as per the t�rms o� the Note
<br /> secured here�y, Lsnder may declare all lnd�btedness secured hy this D�ed �f Trust�fl b� due and payabl� and
<br /> the same shall th�reupon became due and payable wEthout any presentment, demand ar pr�test of any kind.
<br /> Thereafter, Lend�r may:
<br /> tay Either in person �r by ag�nt, with or without bringing any actian or proceeding, or by a receiWer
<br /> appoin�ed by a court and without rega�d to the adequacy of its security, en�er upon and take ��55�5510n
<br /> � of the Prvperty, or any parfi fihere�f, in its ❑wn name or�n the nam� a�Trustee, and da any acts which it
<br /> deems necessary ar desirable to preser�re the �alue, marlcetability or rentability o�the Praperty, c�r part of
<br /> the Praper�y ar int�rest in �rhe Property; increase th� incame from the Proper�y or pra�ect the se�urity o�
<br /> the Proper�y; and, with ar ►rvi�hout taking passession of the Praperty, sue far vr otherwise colie�t �he
<br /> r�n�s� issues and profi�s ❑f�he Property, including ��ose past due and unpaid� and apply the s�me, I�ss
<br /> costs and sxpenses of�perativn and coll�c�ion attorneys' #ees, to any inde��edness se�ured by�his Deed
<br /> o�F Trust, all in such ard�r as Lender may determine, The �ntering upan �nd fiaking possession a� the
<br /> Praper�y, the �ollecti�n vf such r�nts, issues and profits, artd the app�ication ther��f sha�� no�t cure or
<br /> waive any �efaul�or natice �f de�Fault under this ❑eed af Trust ar in�alidate any ac� dane in response to
<br /> such �efauit ar pursuant to such notice af default; and, notwithsfianding the �ontinuance in passession a�
<br /> th� Proper�y or tl�e collecti�n, r��eipt and application of ren�s, issues or profits, Trustee �� Lende� sha�l
<br /> b� entitled to �xercise e�ery right pro�ided far in th� Nate or the Related Dvcuments or by law upon the
<br /> accurr�n�e af any event�f default, in�luding the righ�ta exercis�the pQwer��sale;
<br /> �b� G�mmence an action to foreclose th�s Deed of Trus� as a mdrtgage, appoinfi a r�ceiWe�-or specifi�cally
<br /> enfarce any❑�the co�enants hereaf; and
<br /> �c� Deliv�r to Trus�ee a writfen dec�ara�i�n o-�default and demand far sale and a writ�en n�tice of de�ault
<br /> and el�ction to �ause Trustvr's inter�st in the Prop�rty t� be s�ld, which notiCe Trustee shall caus�to be
<br />
|