|
2� 1 ��5191
<br /> DEED �F TRUST
<br /> Loan No: 7 n 7�97815 �Cont�nued� Page 6
<br /> Lender as Trustor's attorney-in��act for the purp�se af makin�, executingf de[i�ering, filing, recording, and doing aI�
<br /> other things as may be nec�ssary �r desirab[e, in Lender's sole apinion, to accomp[ish the matters referred to in
<br /> the precedin� paragraph.
<br /> FIJLL PERFORMANCE. lf Trustor pays al[ fihe Indeb�edness, including withou� limitation a[[ fu�ure ad�ances, when due,
<br /> and o�herwis� performs all the ❑bligations imposed upan Trustor under this ❑eed of Trust, Lender sha[[ execute and
<br /> deli�er �❑ Trusfiee a r�ques� far full re�on�eyance and shall execufie and deli�er to Trustor su�ta�le statements ot
<br /> �ermina�€an of any financing statement on �i�e e�idencing L�nd�r's secur�ty interest in the Rents and the Personal
<br /> Prvperty. Any recon�eyance f�e required by�aw shall be paid by T�ustor, if permitted by applicab[e �aw.
<br /> EVENTS �F DEFAULT. Each ❑f the foiiowing, at Lender's option, shall constitute an E�ent of De�aul� under this Deed
<br /> ❑f Trust:
<br /> Paymen�De#ault. T�-ustor faEis�❑ make any payment wh�n due under the lnd�btedness.
<br /> �ther Defautts. Trustor fai�s to camply with or t❑ perfarm any other term, obligatian, ca�enant or condi�ion
<br /> contained in this Deed of Trust or in any �� the Related Do�uments ❑r to comply v►rith or t� perform any term,
<br /> �b�i�afi�an, �o�enant❑r conditivn conta�ned in any vfiher agreemen�between Lender and Trustor.
<br /> Compliance Defau�t. Failure to cvmply with any other term, ob��gafiion, co�enant or candition �vntained in this
<br /> ❑eed o#Trust,the Note or in any ofi the Rela�ed ❑ocumen�s.
<br /> Default nn��her Paymen�s. FaiEure �f Trustor wEthin�he time required by this Deed of Trust to make any payment
<br /> for taxes ❑r insurance, or any o�her payment necessary ta pre�en�filing of or to effect dis�harge af any [ien.
<br /> Fa�se Statements. Any warranty, repr�sentati�n or statement mad� ❑r �urnished to Lender by Trustor or an
<br /> Trustor's beha[f under this Deed of Trusfi or the Related Documents is false or mis(eading in any ma�erial respect,
<br /> either now vr at the fiime made❑r furnished or becomes false❑r misleading at any time thereafter.
<br /> ❑efecfiive ColIat�ralization. This �eed of Trust ar any ❑f the Related ❑ocuments ceases ta be in fu[I force and
<br /> effect �includEng fai[ure ❑t any collatera[ dacumen�to create a �alid and perfec�ed securi�y inter�st or [Een} at any
<br /> time and fvr any�-eas�n.
<br /> Dea�h or lnsol�ency. The dea�h ❑f Trustor, the inso[�ency o�f T�-ustor,the appain�ment of a recei�er f�r any part❑f
<br /> Trus�or's pr�perty, any assignment �ar tfle benefit o� c�editors, any type of creditor wark�u�, or �he
<br /> cammencement of any proceeding under any bankrup�cy or inso[vency iaws �y or agains�Trus�or.
<br /> Creditvr or F�rfeiture Proceedings. Commencement ❑f fvrec[asure or forfeiture proceedings, whether by judiciaf
<br /> proceeding, sel�f�he�p, repvssessivn or any other methvd, �y any Credi�or of Trustor or by any go�ernmental agency
<br /> against any p�-oper�y s�cur�ng �he Indebtedness. This �ncludes a garnishment of any a� Trus�ar's accoun�s,
<br /> including deposi� accvunts, with Lender. Howe�er, this E�ent ❑f Default shall not appCy i� there is a good �a�th
<br /> dispute by Trustar as to the �alidity or reasanableness of the c[aim which is the hasis of the credifior or forfeiture
<br /> proceeding and if Trustvr gives Lender wr�tten nvtice of the credita�- or far�eiture proceed�ng and depasits with
<br /> Lender monies or a sure�y band �or the creditor or forfieiture proceeding, in an amount de#ermined by Lender, En its
<br /> sole discretion, as being an adequate reser�e or bond fvr the dispute.
<br /> Breach of�ther Agreement. Any brea�h by Trusfior under fihe terms of any other agreement be�ween Trust�r and
<br /> Lender tha� is no� �-em�died within any grace period pravided the�-ein, in�fuding w�thout limitativn any agreement
<br /> �oncerning any indebtedness❑r vther❑b[igat�vn of Trustvr to Lender, whether existing nvw or later.
<br /> Events Affe�#ing Guaran#vr. Any ❑t the preceding eUents accurs wifih respect to any guarantor, �ndorser, sur�ty,
<br /> or a�cammodation party o� any of the lndebtedness ❑r any guarantar, endvrser, sure�y, or accommoda�ion party
<br /> dies or becomes incvmpetenfi, or re�okes or disputes the �alidity o�, or liability und�r, any Guaranty of the
<br /> [ndebtedness.
<br /> Adverse Change. A mate�ial ad�ers� change occurs in Trustor's fiinancial condition, or Lender belie�es the
<br /> praspect o�payment or perfivrmance❑f th� Indebtedness is impai�ed.
<br /> Inse�urity. Lender in good faith belie�es itself insecure.
<br /> Existing Indebtedness. The paymen� vf any ins�allment ❑f prin�ipa� ❑r any interest on the Existing Indebtedness is
<br /> not made within the t�me requ€r�d by the pramissory note e�idencing such indeb�edness, or a default occurs under
<br /> the ins�rument securing such Endebtedness and €s no� cured during any applicable g�ace pe�-iod in such ins�rument,
<br /> ❑r any suit or o�her action is commen�ed to foreclase any existing lien❑n th� Property.
<br /> Right t�Cure. l�any defauit, ❑�her than a default in payment. is curable and if Trustor has not been gi�en a no�ice
<br /> ❑f a hreach❑f�he same pro�isi�n af th�s Deed af Trus�within the preceding twel�e {�2y man�hs, it may be cured if
<br /> Trustvr. afker Lender sends wri��en notice to Trust�r demanding cure o#such de#ault: ��} cures the default within
<br /> fifteen {'15� days; or {2} i�the �ure requires mnre than fifteen ��5� days, immediately initiates steps wh�ch Lender
<br /> deems in Lender's sole discretion to f�e sufficient ta cure #he de�au�t and th�reaf-ker cantinues and campletes all
<br /> reasonabEe and necessary s�eps suf#i�ient to produce campliance as soon as reasonab[y pra�tical.
<br /> RIGHTS AND REMEDIES DN ❑EFAULT. lf an E�en�v� 1�efauft❑ccurs under this Deed af Trust, at any time thereafter,
<br /> T�-ustee�r Lender may exercise any one or more of the fa�lowing rights and r�medies:
<br /> AcceIeration Upon Default; Additiona� Remedies. lf any E�ent of Default oc�urs as per the terms o��he No�e
<br />
|