|
2� 1 ����57
<br /> DEE❑ �F TRUST
<br /> �Cont�nued} Page 5
<br /> #he Rea! Prope�ty. Trustar sha1� reimburse Lender for a�l �ax�s, as des�ribed below, �ogether wi�h alf expenses
<br /> incurred in reco�dingi per�ecting ar �an�inu�ng this Deed o� Trust, including without �im��a�ian a!� taxes, fees,
<br /> documentary stamps, and other charges for reco�ding or registering this Deed of Trust.
<br /> Taxes. The folCow�ng sha[[ constitute taxes to which this section applies: �'#} a specific ta�c upan th�s type of
<br /> ❑eed af Trust or upan all or any part of�he lndebtedness se�ured by this Deed of Trust; �2} a speci�ic tax on
<br /> Trustor which Trustar is autharized or required to deduc#from payments on the �ndebtedness secured by fhis�ype
<br /> of Deed of Trust; �3} a tax❑n this type of❑eed of Trust chargea��e against the Lender or the holder ofi the Credi�
<br /> Agreement; and �4} a specific tax on al1 ar any porkion of the lndebtedness or on payments of principal and
<br /> interes�made by Trustor.
<br /> 5ubsequent Taxes. If any tax ta which this section app�ies is enacted subsequent to the date o� this Deed of
<br /> Trust, this eWent shall have the same effe�t as an EUent of Default, and Lender may exe�cis� any ar all af its
<br /> aWai�ab�e remedies fQr an Event of De�ault as provided be�ow unless Trustar either �'�3 pays the tax before it
<br /> becomes delinquen�, ar ��} c�ntes�s th� tax as pro�ided abo�e in the Taxes and Liens sect�on and deposi�s with
<br /> Lender cash or a su�ficient corporate sure�y bond or a�her security sa�is�a�#ary tv Lend�r.
<br /> SECUR[TY A�REEMENT; F�NANCING STATEMENTS. The �allowing pro�isians relating fo this ❑eed of Trust as a
<br /> security agreement are a part of th�s Deed o�F Trust:
<br /> Securi�y Agreement. This ins�rument sha�l �onsti�ute a 5ecurity Agreement to the exten� any of the Proper�y
<br /> constitutes fixfures, and Lender shall have all of the righ�s af a secured par�y under the Uni�orm Commercial Code
<br /> as amended from�ime t���me.
<br /> Security Interest. Upon request by Lender, Trus�or shal� take what�ver action is r�quested by Lende�fa perfe�t
<br /> and con�inue Lender's security interest in the Persanal Proper�y. In addition�o recording this Deed af Trust in the
<br /> real proper�y records, Lender may, at any time and wi�hout �ur�her au�horization from Trus�ar, f�le executed
<br /> �ounterparts, capies �r reproductions of th�� fleed of Trus� as a fnancing statement. Trustor shall reimburse
<br /> Lender fnr a1� expenses incurred in pe�Fec�ing or �ontinuing th�s securi�y in�erest. Upon default, Trus�or shafl not
<br /> remove, sever or de�ach the Personal Property from the Property. Upon d�fau�t, Trus�o� sha[[ assemb�e any
<br /> Personai Property no� a�fixed to the Proper�y in a manner and at a place reasonab�y con�enient to Trusto� and
<br /> Lender and make ifi available to Lender within three �3} days after receipt af written demand from Lender to �he
<br /> extent permitted by appficable law.
<br /> Addresses. The mai[ing addresses o� Trustor �d�btar} and Lender �secured party} from which informa�ion
<br /> concerning �he se�uri�y interest granted by this Deed a�Trus�may be obtained �each as required by the Uniform
<br /> Commercial Code}are as stated on the first page��this ❑eed o�Trust.
<br /> FURTHER ASSURANCES; ATT�RNEY-[N�FACT. The follawing pr�visions relat�ng ta further assurances and
<br /> a�torney�inwfact are a part❑f this Deed o�Trust:
<br /> Further Assuranc�s. Af any time, and fram t�me ta �ime, upon request of Lender, Trustar wi[� make, execute and
<br /> deliWer, ❑�w�ll �ause�a be made,executed ar defivered, to Lender or ta Lender's designee, and when reques�ed by
<br /> Lender, caus�ta be filed, recarded, refiled, ar rerecarded, as the �ase may be, at such ��mes and in such o��ices
<br /> and places as Lender may deem appropriate, any and ali such martgages, deeds of trust, security deeds, securi�y
<br /> agreem�nts, f�nancing statemen�s, cantinua�i�n statements, instruments of further assurance, certifi�ates, and
<br /> ather documents as may, in �he s�le opini�n o�F Lender, be neeessary or desirahle in arder ta ef�ec�uate, complete,
<br /> pertect, continue, or preserve ��} Trustar's obliga�ions under the Credit Agreemen�, this ❑eed of Trust, and the
<br /> Reiated Do�uments, and �2} the liens and security interests created by this ❑eed of Trust on the Proper�y,
<br /> whether now owned�r herea�ter acquired by Trustor�, Uniess prahibi�ed by iaw or Lender agrees�a�he cantrary in
<br /> writing, Trustor shall reimburse Lender for al[ costs and exp�nses incurred in connectian w�th the matte�s refe�red
<br /> ta in this pa�agraph.
<br /> Attorney�in�Fact, If Trustor fails�o do any o��he th�rrgs referred �o in �he preceding paragraph, Lender may do sa
<br /> #�or and �n the name o�Trustor and at Trustor's expense. Fflr such purpos�s, Trustor hereby irrevacably app�ints
<br /> Lender as Trustor's a�torney-�n-fact for the purpose of making, executing, delivering, filing, recarding, and doing a[1
<br /> other things as may be necessary or desirable, in Lender's sole opini�n, to ac�omplish the ma�ters referred �a in
<br /> the preceding paragraph.
<br /> FULL PERFORN[ANCE. lf Trustor pays all the Indebtedness when due, termina�es the credit i�ne accaun�, and otherwise
<br /> pe�fiorms al� the obligations imposed upon Trustar unde��his Deed o�Trust, Lender sha[1 execute and de[��er�o Trus�ee
<br /> a request for ful! recon�eyance and shall ex�cute and deli�e� to T�us�or sui�abfe statements of termination of any
<br /> fnancing sta�ement on fi[e eWidencing Lender's �ecurity in�erest in �he Rents and the Persona� Property. Any
<br /> recon�eyan�e fee required by!aw sha[�be paid by Trustor, i�permit�ed by applicable 1aw.
<br /> EVENTS QF DEFA�LT. Trustor wi[1 be in de�ault under this De�d of Trus#if any of th�following happen; �A} Trustor
<br /> commits fraud or makes a ma�er�al misrepresentation at any time in connection w�th �he ��edit Agreement. This can
<br /> inc(ude, far example, a fafse statement about Trustor's �ncome, asse�s, liabilities, or any other aspects af Trustor's
<br /> financial candit�on. (B} Trus�or does n�� meet the repayment te�ms of the Credi#Agreement. (C} Trustar's action �r
<br /> inaction adversely a�fects the coifateral ar Lender's rights in the colfa�eraf. This can include, �or example, failure ta
<br /> maintain required insurance,waste or destructi�e use of the dwell�ng, fai[ure to pay taxes, death of all persons 1�able an
<br /> the account, transfer ❑f title or sale ❑f the dwel�ing, creation af a senior iien on the dwefling wi�haut Lender's
<br />
|