|
2� 1 ���892
<br /> DEED �F TRUST
<br /> Loan N�: 'I�'I 29927D t��ntinued} Page 3
<br /> encumbrances, and other claims, {By to pro�ide any required insurance on the Prvperty, �Cf to make repairs tv the
<br /> Property ar to c�mply with any obligatian ta maintain Existing Indebtedness in goad standing as required beiow, then
<br /> Lender may do so. !f any activn or praceeding is commenced that would materially affect Lender's interests in the
<br /> Praperty, then Lender vn Trustvr's behalf may, but is not required to, take any action that Lender b�lie�es ta be
<br /> appropriate to prflte�t Lender's interests. All exp�nses incurred vr paid by Lender far su�h purpvses will then bear
<br /> interest at the rate charged under the Credit Agreement from �he date incurred nr paid by Lender tv �he date ❑f
<br /> repayment by Trustvr, Al� such expenses will become a part ❑f the lnde#�tedness and, at Lender's aption, will �A� he
<br /> payab�e ❑n demand; {By be added tv the balance of the �redit Agreement and be apportioned among and be payable
<br /> with any installment payments ta become due during ei�her �1} the term af any applicable insurance policy; or (2} the
<br /> remaining term flf the Credit Agreement; or tCy be treated as a halloon payment which will be due and payable at the
<br /> Credit Agt�eement's maturity.
<br /> WARRANTY; DEFENSE�F TITLE. The fallowing pra�isivns re�ating to ownership of the Property are a part❑f this Deed
<br /> af Trust:
<br /> Titie. Trustar warrants that: �af Trustor holds goad and marketahle title ❑f record t� the Praperty in fee simple,
<br /> free and clear of all liens and encumbran�es other than thvse set fvrth in the Reaf Property descriptian vr in the
<br /> Existing Indebtedness section below vr in any titl� insurance palicy, title r�port, or final title opinian issued in fa�or
<br /> of, and accepted by, Lender in conne��ian with this Deed of Trust, and �b� Trustor has the fu11 right, pow�r, and
<br /> authority t� execute and deli�er this Deed �f Trust tv Lender.
<br /> Defense Qf Tit�e. Subject tv the ex�eption in the paragraph above, Trustor warrants and wi�l fvre�er defend the
<br /> title to the Property against the lawful claims vf a�! persans.
<br /> EKISTING lNDE6TEDNESS. The follvwing pro�isions Gvn��rning Existing Indebt�dness are a part❑f this Deed❑f Trust:
<br /> Existing Lien. The lien ❑f this Deed at Trust se�urin� the �ndebtedness may be se�vndary and ir�€eriar tv an
<br /> ex�sting lien. Trus�vr expressly co�enants and agrees �o pay, or see to the payment ❑f, the Extsting Indebtedness
<br /> and to pre�ent any default nn such indebtedness, any default under�he instruments e�idencing suGh indebtedness,
<br /> or any default under any security documents far su�h indebtedness.
<br /> EVENTS �F DEFAULT. Trustar will be in default under this ❑eed vf Trust if any of the fallowing happen: �A� Trustor
<br /> �vmmits fraud ❑� makes a material misrepresentation at any time in connection with the Credit Agreement. ThEs can
<br /> Enclude, for �xample, a false sta�ement ahvut Trustvr's 3ncvme, assets, IiabiCities, or any other aspects of Trustor's
<br /> financial conditivn. �B} Trustvr does not meet the repayment terms of the �redit Agr�emen�. {C� Trustor's action ar
<br /> inactifln adversely affe�ts the callatera� or Lender's rights +n the collateral. This can include, f�r example, �ailure ta
<br /> maintain required insuran�e, waste or destructi�e use afi the dwelling, failure to pay taxes, death of all persans liable on
<br /> the ac�ount, transfer ❑f title ❑r sale of �he dwelfing, creation of a seniar lien an the dwelling withvut Lender`s
<br /> permission, tareclosure by the hvlder ot another�ien, ❑r the ��e at tunds or the d�rve�ling tor prahib�ted p�rrposes.
<br /> RIGHTS AND REMEDIES �N DEFAULT. lJpon the o�currence of any E�en� of Defau�t under any indebtedness, ar
<br /> should Trustor fail t❑ cvmply w�th any of Trus�or's vbligat�ons under this Deed �f Trust, Trustee or Lend�r may exer�ise
<br /> any one �r more of�he following rights and remedies:
<br /> Accel�ratian Upon D�fault; Additional Remedies. If any E�ent❑f ❑�fau�t occurs as per the terms ❑f the Credit
<br /> Agreement secured hereby, Lender may dsclare a�l Indebtedness secured by this �eed af Trust to be due and
<br /> paya�l� and the same sha�l ther�upon become due and payable withaut any presentment, demand, p�atest or
<br /> notice af any kind. Thereafter, Lender may:
<br /> {a� Either in person or by ag�nt, with or without �ringing any act�on or prviceed�ng, ar by a recei�er
<br /> appointed by a court and without regard to the adequacy ❑f its security, enter upon and take possessian
<br /> ot the Property, ar any �art thereot, �n its own name ar in the name ot Trustee, and da any acts which it
<br /> deems necessary or desirable t❑ preser�e the �alue, mark�tability ar rentability ❑f the Property, or part of
<br /> the Property ar interest in the Property; in�rease th� incvme from the Property or pratect the security a�
<br /> the Prvperty; and, with or without taking passession of the Prvperty, sue far ❑r atherwise cvllect the
<br /> rents, issues and profits of the Property, including those past due and unpaid, and apply the sam�, less
<br /> costs and expenses of operation and callection attorneys' fees, to any indebtedness secur�d by this Deed
<br /> ❑f Trust, all tn such arder as Lender may determine. The entering upon and taking passession nf the
<br /> Property, the cailect�on vf such rents, issues and prafits, and the applicatian thereof sha�� not cure or
<br /> wai�e any default ❑r notice �f default under this Deed af Trust ❑r in�alidat� any a�t done in r�sponse ta
<br /> such default or pursuant to such notice ❑#de#ault; and, notwithstanding the Gantinuance in passession vf
<br /> the Property or the cnllection, receipt and appli�ati�n ❑f rents, issues vr profits, Trustee ❑r Lender shal(
<br /> be entit�ed to exercise e�ery right pro�ided for in �he Credit Agreem�nt ❑r #he Related Dacuments or by
<br /> law upon the ❑ccurrence af any e��nfi❑f de#ault, including the right tv exerGise the power of sale;
<br /> �b} Commence an action to forec�ose this Qeed ❑f Trust a� a mortgage, appvint a rec�i�er or specifi�a��y
<br /> enforce any of the co�enants hereof; and
<br /> {c� Deli�er to Trustee a Written declaratian vf d�fault and demand for sale and a written notice of default
<br /> and ele�tian to cause Trustor's interest in the Praperty to be sold, which n�tiCe Truste� shall cause to be
<br /> duly filed for recard in the appropriate offiGes nf the County in which the Property is �ocated; and
<br /> {dy With respect to all �r any part af th� Pers�nal Pr�p�rty, Lend�r shall ha�e all the rights and remedies
<br />
|