|
200064"769
<br />11. LENDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall Immediately provide Lender with written notice of any actual or
<br />threatened action, suit, or other proceeding affecting the Property. Grantor hereby appoints Lender as its attomey -in -fact to commence, intervene in, and
<br />defend such actions, suits, or other legal proceedings and to compromise or settle any claim or controversy pertaining thereto. Lender shall not be liable to
<br />Grantor for any action, error, mistake, omission or delay pertaining to the actions described in this paragraph or any damages resulting therefrom. Nothing
<br />contained herein will prevent Lender from taking the actions described in this paragraph in its own name.
<br />12 INDEMNIFICATION. Lender shall not assume or be responsible for the performance of any of Grantor's obligations with respect to the Property under
<br />any circumstances. Grantor shall immediately provide Lender with written notice of and indemnify and hold Lender and its shareholders, directors, officers,
<br />employees and agents harmless from all claims, damages, liabilities (including attorneys' fees and legal expenses), causes of action, actions, suits and
<br />other legal proceedings (cumulatively "Claims ") pertaining to the Property (including, but not limited to, those involving Hazardous Materials). Grantor, upon
<br />the request of Lender, shall hire legal counsel to defend Lender from such Claims, and pay the attorneys' fees, legal expenses and other costs Incurred in
<br />connection therewith. In the alterative, Lender shall be entitled to employ its own legal counsel to defend such Claims at Grantors cost. Grantor's
<br />obligation to indemnify Lender under this paragraph shall survive the termination, release or foreclosure of this Deed of Trust.
<br />13. TAXES AND ASSESSMENTS. Grantor shall pay all taxes and assessments relating to Property when due and imttnediately provide lender evidence
<br />of payment of same. Upon the request of Lender, Grantor shall deposit with Lender each month one - twelfth (1/12) of the estimated annual insurance
<br />premium, taxes and assessments pertaining to the Property. So long as there is no default, these amounts shall be applied to the payment of taxes,
<br />assessrrnents and Insurance as required on the Property. In the event of default, Lender shall have the right, at its sole option, to apply the funds so held to
<br />pay any taxes or against the Obligations. Any funds applied may, at Lender's option, be applied in reverse order of the due date thereof.
<br />14. INSPECTION OF PROPERTY, BOOKS, RECORDS AND REPORTS. Grantor shall allow Lender or its agents to examine and Inspect the Property
<br />and examine, inspect and make copies of Grantors books and records pertaining to the Property from time to time. Grantor shall provide any assistance
<br />r by Lender for these purposes. All of the signatures and information contained in Grantor's books and records shall be genuine, true, accurate and
<br />e in all re spects. Grantor shall note the existence of Lender's beneficial Interest in its books and records pertaining to the Property. Additionally,
<br />all repo shall be n famished by Grantor to Lender shall be true, axurate and complete in all respects, and signed by Grantor if Lender requests.
<br />16. ESTOPPEL CERTIFICATES. Within ten (10) days after any request by Lender, Grantor shall deliver to Lender, or any intended transferee of Lenders
<br />rights with respect to the Obfigations, a sigL and aclvmowledged statement specifying (a) the outstanding balance on the Obligations; and (b) whether
<br />Grantor possesses any claims, defenses, ses or counterdset -offs or
<br />counterclaims. Grantor will be conclusively nd by any representation that Lender may make to the intended transferee with respect to these matters in
<br />the event that Grantor fails to provide the requested statement in a timmely manner.
<br />16. DEFAULT. Grantor shall be in default under this Deed of Trust and the Trustee's power shall become operative in the event that Grantor, Borrower or
<br />any guarantor of the Obligations:
<br />(a) falls to pay any Obligation to Lender when due;
<br />(b) falls to perform any Obligation or breaches any warranty or covenant to Lender contained in this Deed of Trust or any other present or future
<br />agreement;
<br />(c) destroys, loses or damages the Property in any material respect or subjects the Property to seizure, confiscation, or condemnation;
<br />(d) seeks to revoke, terminate or otherwise limit its liability under any guaranty to Lender;
<br />(e) dies, becomes legally incompetent, is dissolved or terminated, becomes insolvent, makes an assignment for the benefit of creditors, falls to pay
<br />debts as they become dire, files a petition under the federal bankruptcy laws, has an involuntary petition in bankruptcy filed in which Grantor, Borrower
<br />or any guarantor is named, or has property taken under any writ or process of court;
<br />(f) allows goods to be used, transported or stored on the Property, the possession, transportation, or use of which, is illegal;
<br />(g) allows any party other than Grantor or Borrower to assume or undertake any Obligation without the written consent of Lender; or
<br />(h) causes Lender to deem itself Insecure due to a significant decline in the value of the Property; or if Lender, in good faith, for any reason, believes
<br />that the prospect of payment or perfomanoe is impaired.
<br />17. RIGHTS OF LENDER ON DEFAULT. If there is a default under this Deed of Trust, Lender shall be entitled to exercise one or more of the following
<br />remedies without notice or demand (except as required by law):
<br />(a) to declare the Obligations immediately due and payable in full;
<br />(b) to collect the outstanding Obligations with or without resorting to judicial process;
<br />(c) to require Grantor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably
<br />convenient to Grantor and Lender;
<br />(d) to enter upon and take possession of the Property without applying for or obtaining the appointment of a receiver and, at Lenders option, to
<br />appoint a receiver without bond, without first bringing suit on the Obligations and without otherwise meeting any statutory conditions regarding
<br />receivers, it being intended that Lender shall have this contractual right to appoint a receiver;
<br />(e) to employ a managing agent of the Property and let the same, either in Trustee's own name, in the name of Lender or in the name of Grantor, and
<br />receive the rents, incomes, Issues and profits of the Property and apply the same, after payment of all necessary charges and expenses, on account of
<br />the Obligations;
<br />(f) to pay any sums in any form or manner deemed expedient by Lender to protect the security of this Deed of Trust or to cure any default other than
<br />payment of interest or principal on the Obligations;
<br />(g) to foreclose this Deed of Trust judicially or nonjudidaily and to direct the sale of the property through exercise of the power of sale as referenced in
<br />paragraph 20 hereof in aoccordance with applicable law;
<br />(h) to set -off Grantors Obligations against any amounts owed Grantor by Lender including, but not limited to, monies, instruments, and deposit
<br />accounts maintained with Lender or any currently existing or future affiliate of Lender; and
<br />(I) to exercise all other rights available to Lender under any other written agreement or applicable law.
<br />Lender's rights are cumulative and may be exercised together, separately, and in any order. In the event that Lender institutes an action seeking the
<br />recovery of any of the Property by way of a prejudgment remedy in an action against Grantor, Grantor waives the posting of any bond which might
<br />otherwise be required. Lender or lenders designee may purchase the Property at any sale. Proceeds of any Trustee's sale hereunder shall be applied
<br />first, to the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's fees actually incurred and not to
<br />exceed the amount which may be provided for in this Deed of Trust, second, to payment of the Obligations secured hereby, third, to the payment of junior
<br />trust deeds, mortgages, or other lienholders, and the balance, if any, to the person or persons legally entitled thereto. The property or any part thereof may
<br />be sold in one parcel, or in such parcels, manner or order as Lender in its sole discretion may elect, and one or more exercises of the power herein granted
<br />shall not extinguish or exhaust the power unless the entire property is sold or the obligations are paid In full.
<br />18. TRUSTEES EXERCISE OF POWER OF SALE ON DEFAULT: If Lender elects to sell Grantor's interest in the Property by exerdse of the power'of
<br />sale herein contained, Lender shall notify Trustee in the manner then required by law.
<br />Upon receipt of such notice of Lender and at the direction of Lender, Trustee shall cause to be recorded, published and delivered such notices of default
<br />and notices of sale as may then be required by law and by this Deed of Trust. Trustee shall, only at the direction of Lender and without demand on Grantor,
<br />after such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law,
<br />sell the Property at the time and place of sale fixed by it in such notice of sale, either as whole or In separate lots or parcels or items as Lender shall deem
<br />�, and in such order as it my determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of
<br />or as otherwise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds
<br />conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be
<br />conclusive proof of the truthfulness thereof. Any person, including, without limtatlon, Grantor, Trustee or Lender, may purchase at such sale. Trustee may
<br />in the marmri r provided by law postpone sale of all or any portion of the Property.
<br />19. REOUEST FOR NOTICES: Grantor requests that a copy of any notice of default and a copy of any notice of sale' hereunder be mailed to each person
<br />who is a party hereto at the address of such person set forth herein at the same time and In the same manner required as though a separate request thereof
<br />had been filed by each such person.
<br />
|