|
Loan No: 1768429265
<br />DEED OF TRUST
<br />(Continued) Page 9
<br />property under applicable law acknowledges and agrees that his /her obligation as a Borrower, Guarantor or Grantor is
<br />incurred in the interest of and to benefit the marital community (or domestic partnership, if applicable), and expressly
<br />agrees that recourse may be had against his or her separate property and his or her rights in community property and
<br />community assets for all of his or her obligations to Lender, in addition to any other property that may be subject to
<br />rights of Lender. Borrower and Guarantor also agree not to, without Lender's prior written consent, enter into any
<br />community property agreement which alters the separate or community property character of any of such party's
<br />property. For the purpose of this provision, "Married Person" means a person in a spousal relationship and shall include
<br />parties to a duly registered and/or legally recognized same -sex civil union, domestic partnership, and other terms,
<br />whether or not gender - specific in a spousal relationship, that denote spousal relationship, as those terms are used
<br />throughout the laws, codes and regulations of states and /or jurisdictions that recognize legally married same -sex
<br />couples, civil unions and /or domestic partnerships, and any references herein to a married person or marital status shall
<br />be deemed to also include the applicable corresponding term, or other reference relating to a party to a civil union or
<br />domestic partnership. With respect to the Guaranty only, to the extent this provision may conflict with another
<br />provision contained in the Guaranty, that other provision of the Guaranty shall control.
<br />EXECUTION OF DOCUMENTS, CONSULTATION WITH COUNSEL. Each party hereto acknowledges and agrees that
<br />he /she /it has had an opportunity to review and consider the terms and provisions of this agreement and each related
<br />loan document, to consult with counsel of his /her /its choice, if desired, and to suggest changes to the structure and
<br />terms of the agreements. Each party hereto warrants and agrees that his /her /its execution of this agreement and any
<br />related loan documents is made voluntarily and with full knowledge of the significance and effect of such agreements.
<br />DEFINITIONS OF INDEBTEDNESS AND PERSONAL PROPERTY. The definition of "Indebtedness" herein includes,
<br />without limitation, all liability of Borrower or other party having its obligations to Lender secured by this Deed of Trust,
<br />whether liquidated or unliquidated, defined, contingent, conditional or of any other nature whatsoever, and performance
<br />of all other obligations, arising under any swap, derivative, foreign exchange or hedge transaction or arrangement (or
<br />other similar transaction or arrangement howsoever described or defined) at any time entered into with Lender in
<br />connection with the Note. Notwithstanding anything to the contrary herein, the definition of "Personal Property" as
<br />used in this Deed of Trust is subject to the following limitation: If at any time the Real Property is located in an area
<br />designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area, then
<br />while it is subject to that designation, the term "Personal Property" shall be limited to only those items specifically
<br />covered by Coverage A of the standard flood insurance policy issued in accordance with the National Flood Insurance
<br />Program or under equivalent coverage similarly issued by a private insurer to satisfy the National Flood Insurance Act
<br />(as amended). This limitation may also be present in the definition of Personal Property set forth in the definitions
<br />section of this Deed of Trust. This limitation is applicable only within the context of this Deed of Trust; this limitation
<br />does not limit or modify any collateral description contained in a separate security agreement or other collateral
<br />document granting to Lender rights or security interests in personal property.
<br />ENCUMBRANCES. Grantor /Mortgagor/Trustor shall not, without Lender's consent, mortgage, assign, grant a lien upon
<br />or security interest in, or otherwise encumber the Property or any interest in the Property, or allow such a lien or
<br />security interest to exist or arise, whether voluntarily, involuntarily or by operation of law, except for liens and security
<br />interests in favor of Lender, or property taxes attributable to the Property which are not past due.
<br />APPRAISALS, FEES AND EXPENSES. Grantor/Trustor agrees that Lender may obtain appraisals and reappraisals and
<br />perform property evaluations and appraisal reviews of the Real Property when required by the regulations of the Federal
<br />Reserve Board or the Office of the Comptroller of the Currency, or any other regulatory agency, or at such other times
<br />as Lender may reasonably require. Appraisals shall be performed by an independent third party appraiser selected by
<br />Lender; property evaluations and appraisal reviews may be performed by third party appraisers or appraisers and staff
<br />of Lender. The fees, expenses and other cost of such appraisals, reappraisals, property evaluations and appraisal
<br />reviews shall be paid by Grantor/Trustor. In addition, Grantor/Trustor shall be responsible for payment of all fees and
<br />expenses of Lender and third parties relating to inspecting the Real Property, environmental review, title policies and
<br />endorsements (or title searches, abstracts of title or legal opinions of title where applicable), and monitoring the
<br />payment of property taxes, and any governmental taxes, fees and recording costs relating to this deed.
<br />LEASES AND RENTS. GrantorlTrustor /Mortgagor presently assigns to Lender all of Grantor/Trustor /Mortgagor's right,
<br />title and interest in and to all present and future leases of the Property and all rents from the Property. This Assignment
<br />of Rents is given to secure (A) Payment of the Indebtedness and (B) Performance of any and all obligations under the
<br />Note and Mortgage /Deed of Trust. Grantor/Trustor /Mortgagor's present assignment to Lender hereunder is of all
<br />present and future leases includes all leases, licenses, rental agreements and other agreements of any kind relating to
<br />the use or occupancy of any of the Property, together with all guarantees of and security for any tenant's performance,
<br />and all extensions, renewals and modifications thereto (as used in this paragraph, each, a "Lease" and collectively, the
<br />"Leases "), together with any and all Rents from the Property. This assignment shall not impose upon Lender any duty
<br />to produce Rents, nor cause Lender to be a "mortgagee in possession," or responsible for performing any of the
<br />obligations of the lessor under any Lease. Lender confers upon Grantor/Trustor /Mortgagor a license to collect and
<br />retain the Rents as they come due, until the occurrence of any Event of Default, at which time the license shall be
<br />automatically revoked, and Lender, or its designated agent may, at its option and without notice, make, cancel, enforce
<br />or modify any Lease or Rents, collect Rents and do any acts which Lender deems proper to protect the security hereof
<br />or exercise any other right or remedy hereunder. Grantor/Trustor /Mortgagor represents and warrants that there exists
<br />no material default under present Leases and that those Leases are in full force and effect. Lender, at its option and
<br />without notice, may notify any tenant of this assignment of the Leases and Rents. Grantor/Trustor /Mortgagor agrees,
<br />201605403
<br />
|