|
2� 1 ��5487
<br /> DEED �F TRUST
<br /> �Cot1t�n ued} Page �
<br /> FULL PERFORMANCE. f� Trus�or pays al� the Indebtedness when due, and otherwise perForms all the abliga#ions
<br /> imposed upon Trustor under this Deed of Trust, Lender shall execute and deli�er to Trustee a request �o�- ful�
<br /> recon�eyance and shal� execu�e and de�i�er to Trustor suitab�e statements of ter�ination of any financing sta�ement on
<br /> fi�e e�idencing Lender's securi�y interest in the Rents and the Personal Praperty. Any rec�nveyance fee required by law
<br /> shall �e paid by Trus�or, i�permit�ed by a�plicabie�aw.
<br /> EVENTS �F DEFAULT. Each of�he fol�owing, at Lender's option, shal� constitute an Event ❑f Defau�t under this Deed
<br /> �f Trust:
<br /> Payment❑efau��. Trustor fai�s to make any payment when due under�he [ndebtedness.
<br /> Dther �e�aults. Trustor fails to comply with or to perform any ather term, obl[gatian, covenant or condition
<br /> con�ained in this Deed o� Trus� ar [n any of �he Relafed ❑ocumen�s or to comply with or �o pe�form any �erm,
<br /> ob�igati�n, co�enant or�ondition�antained in any o�her agreemen�between Lender and Trustor.
<br /> Compliance ❑efault, Fai�ure to comply with any o�he�- �erm, obligation, co�enant or condition cQntained in �his
<br /> Deed of Trust,the No�e or in any af the Related Do�uments.
<br /> Default on a#her Paym�nts� Fai�ure of Trus�or within�he time required by this Deed of Trust to make any paymen�
<br /> far taxes or insuran�e, or any other payment necessary t❑ prevent filing of or to effect discharge of any lien.
<br /> Default in Fa�or of Third Parties. Should �ran�or defauf�t under any loan, extension of credit, s�curity agreement,
<br /> purchase or sales agreement, ❑r any other agreemen�, in fa�or o�any�ther credi#or or person that may materially
<br /> aff��t any of Grantor's property or Gran�or's ability to repay �he Indebtedness �r Grantor`s ability to per�orm
<br /> �ran�or's obligafions under this Deed o�Trus�or any of the Rela�ed ❑ocuments.
<br /> False S�a�emen�s. Any warranty, representatian or sta�ement made or furnished to Lender by Trustor o�- ❑n
<br /> Trus#or's beha�f under�his Deed of Trust or�he Related ❑ocuments is false �r misleading in any material respe�t,
<br /> ei#her now or a�the time made or furnished or becomes faise or m�sleading at any time thereafter.
<br /> Defecti�e Callateral��ation. This Deed of Trus� or any of�he Rela�ed Documents ceases �o be in full fvrce and
<br /> effect �including �aifure o�any colla�eral document to create a �alid and perfec�ed secur�ty in�eres�or lien} at any
<br /> t�me and for any reason.
<br /> Death vr Insvl�ency. The dissolution o� Trustor�`s �regardless of whether election to �antinue is made}, any
<br /> member wi�hdraws from �he limi�ed fiab���ty company, or any ❑�her term�na�ion of Trustor's existence as a go�ng
<br /> business or the dea�h o� any member, �he insoi�ency of Trus�or, �he appaintment of a recei�er for any par� of
<br /> Trustor's property, any assignment for th� benefit of �reditors, any type of �reditor workout, or the
<br /> cammencement of any proceeding under any bankruptcy❑r ins���ency laws by or against Trustor.
<br /> Creditor or Forfeiture Proceedings. Commencement af foreclosu�-e or forFeiture praceedings, whether by judicial
<br /> proceeding, self heip, repossessi�n❑r any a�her me�had, by any creditor of Trus�ar or by any go�ernmen#al agency
<br /> agains� any properky secur�n� the lr�debtedness. This in�ludes a garnishmen� o� any of Trustor's accounts,
<br /> including depas�t accounts, with Lender. Howe�er, this E�enf af Defaulf shall nof apply if �here is a �ood faith
<br /> dispu�e by Trus�or as to the �alid�ty or reasonableness of the c�aim which is the basis of the credi�or or forFeiture
<br /> proceeding and �� Trustor gi�es Lender wri��en notice of the creditor or forfiei�ure proceed�ng and depos��s with
<br /> Lender monies o�-a surety b�nd for the �reditor or forFeiture proceed�ng, in an amaunt defermined by Lender, in its
<br /> sole discre��on, as being an adequate reserve�r b�nd for the dispute.
<br /> Breach af 4ther Agreemen�. Any breach by Trustor under the terms of any other agreement between Trustor and
<br /> Lender that is not remedied w�fhin any grace period pra��ded therein, inc�uding withouf i�mitatian any agreement
<br /> con�erning any indebtedness or ather obligation of Trustor�o Lender,whe�her ex�sting now or later.
<br /> E�ents Affecting �uarantor. Any of the preceding events occurs with respec� to any Guarantor of any af the
<br /> lndeb�edness or any �uaran#or dies or becomes incvmpe�ent, or re�nkes or disputes the �alidity of, or liab��ity
<br /> under,any Guaran�y of the Indeb�edness.
<br /> Ad�erse Change. A materia� adverse change occurs �n Trustor's financial condit�on, or Lender belie�es the
<br /> prospe�t�f payment❑r perFarmance of the �ndebtedness is �mpaired.
<br /> Insecurity. �Lender in go�d�aith believes itself insecure.
<br /> Right ta�ure. If any d�faul�, other than a default in payment, is curable and �f Trus#or has not been gi�en a notice
<br /> of a breach of the same provision af this Deed of Trust within �he preceding one ��} man�h, it may be cured if
<br /> Trustor, afte�-Lender sends wri��en nat�ce to Trustor demanding cure of such d�fau�t: ��} cures the default within
<br /> thirty {3�} days; or �2} if the cure requires more �han thir�y �3�} days, immediately initiates s�eps which Lender
<br /> deems in Lender's s�le discre�inn to be sufficient ta cure the default and thereafter confinues and completes al!
<br /> reasanable and necessary steps su�ficient to pr�duce�omplian�e as soon as reasanab�y practical.
<br /> RIGHTS AND REiIJIED�ES �N ❑EFALILT. If an E�ent o�Default o�curs under this ❑eed of Trust, at any t�me thereafter,
<br /> Trus�ee or Lende�-may exercise any one or mare a��he following rights and remedies:
<br /> Accelerativn Upon Defaul�; Add��ianal Remedies, If any Event af De�aul�❑ccurs as per the�erms of the No�e
<br /> secured hereby, Lender may declare a�l Indebtedness secured by th�s Deed of Trust tv be due and payable and
<br /> the same sha(I the�eupon bec�me due and payable withou�any presentment, demand, protes�o�-noti�e of any
<br />
|