|
20000 1769
<br />21L SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Deed of Trust shall be considered and be effective as a financing
<br />statement and a fixture filing pursuant to the provisions of the Uniform Commercial Code (as adopted in the state where the real property is located)
<br />entogether with
<br />and aU replacements thereof and additions thereto (the "Chattels "), and Grantor hereby grants Lender a security interest in such Chattels. The debtor is
<br />Grantor described above. This Deed of Trust will be effective as a financing statement filed as a fixture filing with respect to all fixtures included within
<br />said premises and is to be filed for record in the real estate records of each county where any part of said premises (including said fixtures) is situated. This
<br />Deed of Trust shall also be effective as a financing statement covering any other premises and may be filed in any other appropriate filing or recording
<br />office. A carbon, photographic or other reproduction of this Deed of Trust or of any financing statement relating to this Deed of must shall be sufficient as a
<br />financing statement for any of the purposes referred to in this Paragraph. The secured party is the Lender described above. Upon demand, Grantor shall
<br />make, execute and deliver such security agreements (as such term is defined In said Uniform Commercial Code) as Lender at any time may deem
<br />necessary or proper or required to grant to Lender a perfected security interest in the Chattels, and upon Grantor's failure to do so, Lender is authorized to
<br />sign any such agreement as the agent of Grantor. Grantor hereby authorizes Lender to file financing statements (as such tern is defined in said Uniform
<br />Commercial Code) with respect to the Chattels, at any time, without the signature of Grantor. Grantor will, however, at any time upon request of Lender,
<br />Flonrattling thereof at the times required, in
<br />of Lender, by said Uniform Cortmrnerdal Code. If the lien of this Deed of Trust be subject to any security agreement covering the Chattels, then
<br />nt of any default under this Deed of Trust, all the right, title and interest of Grantor in and to any and all of the Chattels is hereby assigned to
<br />Lender, together with the benefit of any deposits or payments now or hereafter made thereof by Grantor or the predecessors or successors in this of
<br />Grantor in the Property.
<br />21. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender, at Lender's option, may expend funds (inducing attorneys' fees and legal
<br />expenses) to perform any act required to be taken by Grantor or to exercise any right or remedy of Lender under this Deed of Trust. Upon demand, Grantor
<br />shall Imrrediately reimburse Lender for all such amounts expended by Lender together with interest thereon at the lower of the highest rate described in any
<br />Obligation or the highest rate allowed by law from the date of payment until the date of reimbursement. These sums shall be included In the definition of
<br />Obligations herein and shall be secured by the beneficial interest granted herein. If the Obligations are paid after the beginning of publication of notice of
<br />sale, as herein provided, or In the event Lender shall, at Its sole option, permit Grantor to pay any part of the Obligations after the beginning of publication of
<br />notice of sale, as herein provided, then, Grantor shall pay on demand all expenses incurred by the Trustee and Lender in connection with said publication,
<br />including reasonable attorneys' fees to the attorneys for the Trustee and for the Lender, and a reasonable fee to the Trustee, and this Deed of Trust shall be
<br />security for all such expenses and fees.
<br />22. APPLICATION OF PAYMENTS. The Trustee shall apply the proceeds of the trustee's sale, first, to the costs and expenses of exercising the power of
<br />sale and of the sale, including the payment of the Trustee's fees actually incurred not to exceed the amount which may be provided for in the Deed of Trust,
<br />second, to payment of the obligation secured by the Deed of Trust, third, to the payment of junior deeds of trust, mortgages or other lienholders, and the
<br />balance, if any, to the person or persons legally entitled thereto.
<br />23. POWER OF ATTORNEY. Grantor hereby appoints Lender as its attorney-in-fact to endorse Grantor's name on all instruments and other documents
<br />pertaining to the Obligations or Dead of Trust. In addition, Lender shall be entitled, but not required, to perform any action or execute any document
<br />required to be taken or executed by Grantor under this Deed of Trust. Lender's performance of such action or execution of such documents shall not
<br />relieve Grantor from any Obligation or cure any default under this Deed of Trust. All powers of attorney described in this Deed of Trust are coupled with an
<br />interest and are irrevocable.
<br />24. SUBROGATION OF LENDER. Lender shall be subrogated to the rights of the holder of any previous lien, security Interest or encumbrance
<br />discharged with funds advanced by Lender regardless of whether these liens, security interests or other encumbrances have been released of record.
<br />21L COLLECTION COSTS. To the extent mrtted by law, Grantor agrees to pay Lender's reasonable fees and costs, Including, but not limited to, fees
<br />and costs of attorneys and other agents (including without limitation paralegals, clerks and consultants), whether or not such attorney or agertt is an
<br />employee of Lender, which are incurred by Lender in collecting any amount due or enforcing any ri ght or remedy under this Deed of Trust, whether or not
<br />suit is , inducing, but not limited to, all fees and costs incurred on appeal, in bankruptcy, and for post - judgment collection actions.
<br />2fi. PARTIAL RELEASE. Lender may release its interest in a portion of the Property by executing and recording one or more Partial Deeds of
<br />Reconveyance without affecting its interest in the remaining portion of the Property. Nothing herein shall be deemed to obligate Lender to release any of its
<br />interest in the Properly (except as required under Paragraph 38 or as may be otherwise required by law), nor shall Lender be obligated to release any part
<br />of the Property if Grantor is in default under this Deed of Trust. The lien and security Interest created by the Deed of Trust remain in effect with respect to
<br />that portion of the property, as defined in the Deed of Trust, that is not the subject of this or any Partial Deed of Reconveyance
<br />27. MODIFICATION AND WAIVER. The modification or waiver of any of Grantor's Obligations or Lender's rights under this Deed of Trust must be
<br />contained in a writing signed by Lender. Lender may perform any of Borrower's or Grantor's Obligations, delay or fail to exercise any of its rights or accept
<br />payments from Grantor or anyone other than Grantor without causing a waiver of those Obligations or rights. A waiver on one ooasion shall not constitute
<br />a waiver on any other occasion. Grantor's Obligations under this Deed of Trust shall not be affected if Lender amends, compromises, exdianges, fails to
<br />exercise, impairs or releases any of the Obligations belonging to any Grantor, Borrower or third party or any of its rights against any Grantor, Borrower or
<br />third party or any of the Property. Lender's failure to insist upon strict performance of any of the Obligations shall not be deemed a waiver and Lender shall
<br />have the right at any time thereafter to Insist upon strict performance.
<br />28. SUBSTITUTE TRUSTEE; TRUSTEE LIABILITY; COMPENSATION. In case of the death, inability, refusal to act or absence of the Trustee from the
<br />state where the real property is located or in case the holder of the Obligations shall desire for any reason to remove the Trustee or any substitute trustee as
<br />trustee hereunder and to appoint a new trustee in his place and stead, the holder of the Obligations is hereby granted full power to appoint in writing a
<br />substitute trustee for said Trustee, and the substitute trustee shall, when appointed, become successor to all rights of Trustee hereunder and the same shall
<br />become vested in him for the purposes and objects of this Deed of Trust with all the power, duties and obligations herein conferred on the Trustee. Trustee
<br />shall not be liable for any error of judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever.
<br />Trustee shall not be personalty liable in case of entry by it or anyone acting by virtue of the powers herein granted it upon the Deed of Trust for debts
<br />contracted or liability or damtages Incurred in the management or operation of said premises. Trustee shall have the rirightn o rely faith any be� nu ne
<br />document or signature authorizing or supporting any action taken or h sod to be taken b it hereunder or believed h In good ge
<br />Trustee shall be entitled to reimbursement for expenses incurred by it n t e performance of its duties hereunder and to reasonable compensation for such
<br />of its services hereunder as shall be rendered. Grantor will, from time to time, pay compensation due Trustee hereunder and reimburse Trustee for and
<br />save and hold it harmless from and against any and all loss, cost, liability, damage and expense whatsoever incurred by it in the performance of its duties.
<br />All moneys received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not
<br />be segregated In any manner from any other moneys (except to the extent required by law) and Trustee shall be under no liability for interest on any
<br />moneys received by it hereunder.
<br />21L SUCCESSORS AND ASSIGNS. This Deed of Trust shall be binding upon and Inure to the benefit of Grantor and Lender and their respective
<br />successors, assigns, trustees, receivers, administrators, personal representatives, legatees and devisees.
<br />30. NOTICES. Except as otherwise required by law, any notice or other communication to be provided under this Deed of Trust shall be in writing and sent
<br />to the parties at the addresses described in this Deed of Trust or such other address as the parties may designate in writing from time to time. Any such
<br />notice so given and sent by first class mail, postage prepaid, shall be deemed given the earlier of three (3) days after such notice is sent or when received
<br />by the person to whom such notice is being given.
<br />31. SEVERABILITY. Whenever possible, each provision of this Deed of Trust shall be Interpreted so as to be effective and valid under applicable state
<br />law. If any provision of this Deed of Trust violates the law or is unenforceable, the rest of the Deed of Trust shall continue to be valid and enforceable.
<br />32. APPLICABLE LAW. This Deed of Trust shall be governed by the laws of the state where the real property Is located. Unless applicable law provides
<br />otherwise, Grantor consents to the jurisdiction and venue of any court selected by Lender, in its sole discretion, located in that state.
<br />33. MISCELLANEOUS. Grantor and Lender agree that time is of the essence. Grantor waives presentment, demand for payment, notice of dishonor and
<br />protest except as Ired by law. All references to Grantor in this Deed of Trust shall include all persons signing below. If there is more than one Grantor,
<br />their Obligations shall be joint and several. This Deed of Trust represents the complete integrated understanding between Grantor and Lender pertaining to
<br />the terms and conditions hereof.
<br />34. NO THIRD PARTY RIGHTS. No person is or shall be a third party beneficiary of any provision of this Deed of Trust. All provisions of this Deed of
<br />Trust in favor of Lander are intended solely for the benefit of Lender, and no third party shall be entitled to assume or expect that Lender will not waive or
<br />consent to the modification of any provision of this Deed of Trust, in Lender's sole discretion.
<br />36. PRESERVATION OF LIABILITY AND PRIORITY. Without affecting the liability of Borrower, Grantor, or any guarantor of the Obligations, or any other
<br />person (except a person expressly released in writing) for the payment and performance of the Obligations, and without affecting the rights of Lender with
<br />respect to ing�ys- esly re leased In wrft(ng, and without impairing in any way the priority of this Deed of Trust over the interest of an person
<br />fired oby reco rding subsequent to the re cording of this Deed of Trust, Lander may, either before or after the maturity of the Obligations,
<br />and withou or consent: release any persoliable fr t or performance of all or any part of the Obligations; make any agreertmerrt alterirmg the
<br />femof orfoce of all r y of the Obligations; exerase or refrain from exerasmng or waive any right or remedy that lender may have
<br />under f ccept additiof kind for any of the Obligations; or release or otherwise deal with an real or personal propsAy
<br />securing tAny person acquiring or recording vidence of any interest of any nature in the Property shall be deemed, by acquiring such
<br />interest or evidence thereof, to have consented to all or any such actions by Lander.
<br />
|