|
2� 1 ��5774
<br /> DEED �F TRUST
<br /> Loan No: 'I�"i�979�9 {Continued� Page C
<br /> and �the�-wise p��-farms a[� the obligations imposed upon Trusfior under this Deed ❑f Trust, Lender shall execu#e and
<br /> d�li�er t� Truste� a request far fu[[ rec�n�eyance and shai� execute and de[i�er to Trustar suitab[� statements o�
<br /> termina�ion of any fiinancing statement on �ile e�idencing Lender's securi�y interest in th� Rents and the Persanal
<br /> Properfiy. Any rec�n�eyance�ee required by law shaf� �e paid by Trustor� if permit�ed by applicable law.
<br /> EVENTS aF DEFAULT. Each af the fvllowing, af Lender's vpfiion, sha[[ constitute an E�ent of Default under this Deed
<br /> o�Trust:
<br /> Payment Defau[t. Trust�r�ails t❑ make any paym�nt when due under the lndebtedness.
<br /> �ther Defaults. Trustor fails to comp[y with or t� perform any other term, ❑bligatian, co�enant or cvndi�ian
<br /> contained in thEs Deed ❑� Trust ❑r in any o# #he Reiated Dvcuments or t❑ camply with ar to perform any term,
<br /> obliga�ion, ca�enant or condi�ion contained in any�ther agreemen�be�ween Lender and Trustor.
<br /> Compliance ❑efault. Failure tn comply with any ather �erm, ab[igation, co�enant or conditian contained in this
<br /> Deed ❑f Trust,the Nvte ar in any of the Related Documents.
<br /> Defaul#on�th�r Paymen#s. Fai�ure o�Trustor within the time required by this D�ed a�Trust to make any payment
<br /> �or taxes ❑r insurance� ❑r any other payment necessary ta pre�ent filing of❑r t�ef�ec�discharge❑f any lien.
<br /> Fa�se S#a#ements. Any warranty, represenfiation ar sta�ement made a�- furnished to Lender by Trustar ar on
<br /> Trusto�'s behalf under fihis Deed ❑f Trust or the Related Dacumenfs is �aise or mis[eading in any material respect,
<br /> either now or at th�time made❑r furnEshed ar becvmes talse or misleading at any time�her�afker.
<br /> Defec#ive Ca!lateralEiation. This ❑eed of Trust or any vf the Related ❑acuments ceases to be in full #orce and
<br /> e�fect {including failure o� any �o!lateral dv�umen� ta create a �alid and perfected security interest or [ien} at any
<br /> time and#or any reason.
<br /> Death or InsoIvency. The d�ath vf T�ustor, the insvl�ency❑f Trustor, the appointmen�af a receiver for any part of
<br /> Trustor's property, any assignment far the benefit of credit�rs, any type ❑f creditor workout, ❑r the
<br /> commencemen�of any proceeding under any hankrup#cy or inso��ency laws hy o�against Trustor.
<br /> Creditor or For�eiture Proceedings. Cammencement of for�closure �r forfeiture prviceedings, whether by judi�ial
<br /> proceedEng, se[f-help, repossess�on❑r any❑ther method, by any creditor❑f Trus�or or by any gavernmental agency
<br /> agains# any prvper#y securing the indebtedness. This includes a garnishm�nt of any ofi Trustor's accounts,
<br /> including deposit ac�aunts, with Lend�r. Howe�er, th�s E�ent �f Defaul� sha[[ not app�y if th�re is a good faith
<br /> dispute by Trust�r as �a the �alidity ❑r reasvnableness ❑f the cia�m whi�h �s the basis �#the credit�r ar tvrfeiture
<br /> pro�eeding and if Trustor gi�es Lender written notice of the cred�tor or �orfeiture pr�ceeding and depasits with
<br /> Lender moni�s or a sur��y band for�he credito�or forfeiture pro�eeding, in an am�unt determined by Lender, in i�s
<br /> sole discretion, as being an adequafie reser�e nr bond far the dispute.
<br /> Breach of C�ther Agreement. Any br�ach by T�ustor under fihe terms of any other agreement between Trustar and
<br /> Lender that is not remedied with�n any gra�e period pro�ided therein, incEud�ng without limitati�n any agreement
<br /> concerning any indebt�dness❑r�ther❑b[igation of Trustor tv Lender, whether existing now ar[ater.
<br /> Events Affec�ing Guaran#or. Any a�F the preceding e�ents occurs wEth �espec��o any guarantor, endorser. surety.
<br /> or accommadation party of any ❑�F th� Indebtedness or any guarantor, endorser, sur�ty, or accommvdation par�y
<br /> dies or becvmes incompetent, or revokes ar disputes the �alidify o�, ar liabi[ity under, any Guaranty o� �he
<br /> [nd�btedness.
<br /> Ad►rerse Change. A materiai ad�erse change ❑ccurs in Trustor's financia� candition, or Lend�r b�iie�es the
<br /> praspect of payment or performance ❑f�he �nd�btedness is impaired.
<br /> Insecurity. L�nder in goad faith b��i��es i�se[f insecure.
<br /> Existing lndebtedness. The payment❑f any instaliment of principa[ or any �nterest ❑n fihe Existing indeb�edness is
<br /> nat made within the�ime required by the promissory nafe e�idencing such indebtedness, ❑r a de�au�t occurs under
<br /> the instrument securing such indebtedness and is n�t cured during any appli�able grace peri�d in such instrumen�,
<br /> nr any suit ar other activn is commenced�o forec�ase any existing fien vn the Property.
<br /> Righ�fo Cure. If any default, oth�r than a detau[t in paymenfi, is cu�-able and if Trustvr has nat been gi�en a noti�e
<br /> of a breach o�the same pro�ision of this D�ed of Trust within the preceding#we[�e {�2} mon�hs, it may be cured if
<br /> Trustor, after Lender sends written noti�e�a Trustor demanding cu�-e of such de�au�t: ��} cures the default wi�hin
<br /> �ifteen ��5� days; ar �2� if the cure requEres more than fifteen ��5� days, immediately initiates steps which Lender
<br /> d�ems in Lend�r's sale discretian to be suf#�cient ta cure the default and thereafter cvntinues and �ompletes a[[
<br /> reasonable and necessary steps sut�icient to produce complian�e as soan as �easonab[y practical.
<br /> RIGHTS AND REMED�ES �N DEFAULT. If an EWent ot ❑efault a�curs under this ❑eed vf Trust, at any time thereafter,
<br /> Trustee nr Lender may exer�ise any one vr more of the foiiow�ng rights and remed�es:
<br /> Acceleration Upon ❑efauIt; Additional Remedies. if any E�ent of Defauft❑ccurs as per the terms o�the No�e
<br /> secured hereby, Lender may declare all Indebtedness secured by�his ❑eed �f T�-usfi to be due and payab[e and
<br /> the sam� sha��thereupon become due and payable without any presen�ment� demand, pro�est❑r nat�ce af any
<br /> kind. Therea�ter, Lende�may:
<br /> �a� Either in person ❑r by agen�, with or without bringing any ac�ion ar pro�eeding, or by a receiver
<br />
|