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15. TAXES AND ASSESSMENTS. Grantor zhaif pay all taxes and assessments relating to the f200104326
<br />medistely provJrls Lender
<br />evidence of payment of same. Upon the request of Lender, Grantor shall deposit with Lender each month ono- tweifth (1 /12) of the estimated annual
<br />insurance premi_rrTt, faxes^ and assessments pertaining to the Property. So long as there is no default, these amounts shall be applied to the payment
<br />of d.9 s , he ido-;smonts and insurance as required ig the Property, In the event of default, Lender shall have the right, at its sole option, to apply the
<br />funds so held {r, pay any taxes or against the Obfrc�ations. Any funds applied may, at Lender's option, be applied fn reverse order of' due date
<br />t},ereaf,
<br />INSPErd axe no insp ct and' BOOKS, RECORDS f Grant is b fits PORTS. Grantor shall allow Lender or its agents to examine and In^ dct the
<br />property and exarnino, inspect and 'make copies of Grantor's books and records pertaining to the Property from time to time. Grantor shalt provide
<br />any assistLrrae required by Londer for these purposes. All of the signatures and information contained In Grantor's books and records shall be
<br />Qcrnrrinu, true, accurate and cvmpleto in all respects. Grantor shill note tho existence of Lender's beneficial interest in its books and records
<br />pertaining to thjo Property. Additionally, Grantor shall report, in a form satisfactory to Lander, such Information as Lender may requ ©st reyatiiinfl
<br />reGrantor's financial condition of the Property. The inforrrtation s.haff 0e for such periods, shall reflect Grantor's records at such time, and shall be
<br />spoct�_I with such frf+gGrant r i Lender may stsicdnafe. All information furnished by Carantar io Lender shall be true, accurate and complete In all
<br />respect;, and s,lgned by Granter if Lender requests,
<br />17. ESTOPPEL CERTIFICATES, Within ten (10) days alter 4ny request by Lender, Grantor shall dallver to Lender, or any intended transferee of
<br />Ler( is rights with respect to the Obligations, a signed and acknowledged statement specifying (a) the outstanding balance on the Obligations; and
<br />(b) whether Grantor pusses as any claims, defenses, set -offs or oounterclafnis with respect to the Obligations and, if so, the nature of ouch claims,
<br />defenses, sot -offs or counterclainta. Grantor will be conclusively bound by any representation that Lender may make to the Intended transferee with
<br />respect la tY;r.ee5 maf(ers in life evorrt that Grantor fails to provide the requested statement in a timely manner.
<br />1 fi. EVENTS OF DEFAULT. An Event of Default shalt occur under this Deed of Trust and the Trustee's power shall become operativo In the event that
<br />Grantor, Lorrowe( or any guarantor of the Obligations:
<br />0) fall= to p,ay Any Obligation to Lender when due;
<br />(la) fails to perforr'rl any Obligation or breaches any warranty or covenant to Lender contained in this Dead of Trust or any other present or future
<br />a,9reer ncrit;
<br />(c) d0ti tr•:rys, fo-es or darnages the property In any mAterial respect or subjects the Property to seizure, confiscation, or eondemrtiation;
<br />(d) snaky to revokO, terminate or otherwise limit its liability under any guaranty to Lender;
<br />( ") dies, becornes lordxrly Incompetent, Is dissolved Or terminated, becomes Insolvent, makes An assignment for the benefit of creditors, fails to
<br />pay defiers as they ar2tnt r due, fifes a petition under the federal bankruptcy laws, has an involuntary petition in bankruptcy filed in which Grantor,
<br />Harrower or any guarantor is mama or has property the federal
<br />under any writ or process of court;
<br />if) allow; reloads to be used, transported or stored on the Property, the possession, tronsportativn, or use of which, (s iffegal;
<br />(q) alfow;f any party Other than Grantor or Borrower to assume or undertake any Obligation without the written consent of Lendor; or
<br />(11) causes Lander to deem itself insecure due to a signifleAnt decline In the value of the Property; or if Lender, in good faith, for any reason,
<br />bralleves thatthv prospect of payment or performance is impaired.
<br />19, RIGHTS OF LENDER ON EVENT OF DEFAULT. Upon the occurrence of an Event of Default under this Deed of Trust, Lender shall bo entitled to
<br />exercise one or rm)re of the following romediera without notice or demand (except as required by law);
<br />(a) to decltire the Obligations immediately due and payable in full, such acceleration shall be automatic and fmrnediate if the Event of Default is
<br />a filing under the Erankruptcy Code;
<br />(b) to col{uct the outstanding Obligations with or without resorting to judicial process;
<br />(c) to roqulra Grantor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably
<br />oonv0r ii —t V) Grantor and Lender;
<br />appoint d) to on ter upon and take possesslon of the Property without applying for or obtaining the appointment of a receiver and, at Lender's option, to
<br />a receiver without band, without {fret bringing uit on the Obligations and without otherwise meeting any statutory conditions regarding
<br />receivers, it behle intended that Lender shall have this contractual right to appoint a receiver;
<br />(e) to ernplcy 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
<br />GrVens, and receive the rents, incomes, issues and profits Of the Properly and apply the same, after Payment of all necessary charges and
<br />axflensos., an accountaf rhos Ot�ligationsI
<br />(f) to pay any sums in any form or manner deemed expedient by Lender to prctuat the security of this Deed of Trust or to cure any default other
<br />than PaYrrrCnt of inter"t or principal on tho Obligations;
<br />(9) tc fonacI0E:e this Deod of Trust judicially or nonjudicially and to direct the sale of the property through exercise of the power of sale as
<br />r0kirenced in paragraph 20, herein, In accordance wit), applicable law;
<br />(h) iD set off Grantor's Obligations against any amounts owed Grantor by Lender including, but not limited to, monies, instruments, and deposit
<br />accounts maintained wftil tender or any currently existing of futixca affiliate of Lender; and
<br />[) to excroioe all other rightc available to Lender under any other written tlgreemont or applicable law.
<br />L&rrder's rights are cumulative and may be exercised together, separately, and In Any order. In the event that Lander institutes an action seeking
<br />the recoveaey of any of the Property by way of a prejudgment remedy in an Motion against Grantor, Grantor waives the posting of any bond which
<br />might atherw ;se be required. Londer or Lender's deslgnee may purchase the Property at any 9310, Proc01945 of any Trustee,- safe hereunder
<br />shall bo anplicd first, tb the costs and expenses Of exercis.inrg tho power of sale and Of the sale, including the payment of the Trustee's fees
<br />acturlly lncurrcd and not to exceed the amount which may be provided tot in this peed of Trust, second, to payment of the Obligations secured the entitled ti third, etoo T the he Property or junior
<br />ny part thereof may big mortgages,
<br />In Otte tParcel, or In such and mannerlo cord r to the person as Lender inrit sole discretion
<br />may elect, and one or more exercises of the power herein granted shall not extinguish of exhaust the power unless the entire Pr perty is sold or
<br />the ol-Ab,ALlon -i a,e paid in full,
<br />10. TRUSTEE'S EXERCISE OF POWER Or SALE ON DEFAULT. Upon default by Borrower in payment of any Obligations secured herebyy, Lender
<br />may declare ail Sums. SOcured hereby, immediately due and payable and shall cause to be filed of record a written notice of default and efectfon to
<br />Fell the Property, After the lapse, of such time as thon may be required by law following recordation of such notice of default, and notice of safe
<br />h +.vine been given as then required bylaw, Trustee, without demand on rarantaf, shall goy{ such Property, either as a whole or In separate parcels, and
<br />iii sr,rch of der as it or Londer may determine, at public auction to the highest bidder. Trustee may postpone the sale of all or any portion of the
<br />Property by public announcement at the time and p13 of safe, and from time to time thereafter nia
<br />the old, and place fixed by the proCedinq postponement, Trustee shall deliver to such purchaser its MAY can eying the property, or Portion thereof,
<br />so said, but w;lliC ut any covenant or warranty, express or Implied. The recitals In such deed of any matters of fact or otherwise, shall be conclusive
<br />Proof of tiro trrthfulness thereof, Any person, including Grantor, 7iu;tee or Lender, may purchase at such sale.
<br />21. REGIUEST 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
<br />person m1ho is a fixity hereto, at the address of such person set forth herein at tho same time and in the same manner required as though a separate
<br />rag4eM thereof had been filed by each such person.
<br />22• SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Deed of Trust shall be considered a financing statement and a
<br />fixture filing pursuant to the provisions of the Uniform Commercial Cade (as adopted in the state where the Property is located) covering fixtures,
<br />chattel;,, and articics of personal property now owned or hereaftefatfachad to or to be used in connection with the Property together with any and all
<br />16PIal- errients thorrof and additions thereto (the "Chattels'), and Grantor hereby grants Lander a security interest in such Chattels. Tho debtor is the
<br />Grantor desrrihed above. The sac:umd party Is the Lender described above. Upon demand, Grantor shall make, execute and deliver such security
<br />iarjraelrenlc (as such tdrm is defined in said Uniform Cornmercial Code) as Lander at any time may deem necessary or proper or required to grant to
<br />Londer a perrecfryd °Jcurity Interest In the Gfiattels, and upon Grantor's failure to do so
<br />Of Grantor, Grantor hereby authorizes Lender to file financing statements (ors such term is defined authorized ifonn Commercial) Code) with spooteto
<br />ttla Ctlattuls, at arty tune, without tha signature of Grantor. Grantor will, however, at any time upon request of Lender, sign srreh financing statements,
<br />Grantor will p,,-Jy all fi'incg foes for the filinq of such financing staten-ronu and for the refiling thereof at the times required, in the opinion of Lender, by
<br />said Uniform( l orlrnardo Code, If the lien t, this and i of Trust is subject to 8,ny sacurity agreerrlent coveringg the Chattels, then in the event of any
<br />with tit under tt o Deed of Treat; all the right, title and interest of Grantor in and to any and all of the Chattels is hereby assigned to Lender, togmthor
<br />with rite benefit of any deposits ar payments now or hereafter mach thereof by Granfor or the predecessors or successors in title of Grantor In the
<br />Property,
<br />23. Ri tMt3URSP.MENY OF AMOUNTS EXPENDED BY LENDER. Lender, at Lender's option, may expend funds (including attorneys' fees and legal
<br />expenses) tr1 perform any act required to be taken by Grantor of !a exercise any right or remedy of Lender under this Deed of Trust. Upon demand,
<br />Grarllor shalf frnrnediatefy roimbursu Lender for all such amounts expanded by Lender together with interest thereon at the tower of the highest rate
<br />described in any Obligation or the highest rate a ?towed by taw from the date of payment until the date of reirrlbursoment. These sums shall be
<br />included in the definition O( Obi {gatfons herein and shall be secured by the beneficial interest granted herein. I( the Obligations are paid after the
<br />b0clinning of publio.ation of notice of sale, as herein provided, or in the event bonder shall, at its solo option, permit Grantor to pay any part of the
<br />obli0aiinns after file beginning of publication of notice of sale, as herein provided, then, Grantor shall pay on demand all expanses Incurred by the
<br />Tiur:tee and Lender in connection witli said publication, including reasonable attorneys' fans to the attorneys for the Trustee and for the Lender, and a
<br />rE'+asonable feu to the: Tru :tae, and this Deed of Trust shall be security fof all such expenses and fees.
<br />24. APPLICATION OF PAYMENTS_ All payments made by or an betlatf of Grantor may be applied against the amounts paid by Lender (including
<br />atiomeys' fBtl8 an;4 legal expenses) in connection with the exercise of its rights or remedies described in this Deed of Trust and then to the payment
<br />Of the, ramainincg Obtirrations In whatever order Lender choose;,
<br />docum2i. POWER OF ATTORNEY. Grantor hereby appoints Lander as its attorney -in -fact to endorse Grantor's name on all instruments and other
<br />ent +: pauito,j t0 the keno, tiaras of Deed of Trust. )n addition, Lender shelf be entitled, but not required, to perform any Action or execute an
<br />document required io he taken or Executed d Grantor under this Dead of Trust. Lender's fy1
<br />dor:jrn&nts shall riot relievo Grantor from any Obligation or cure any default under this peed of Trust. All powers of ttartaey described Intth a peed at
<br />T,ua,t arc coupled with an Interest and are Irrevocable,
<br />2G• SUBROGATION OF LENDER, Lender shah be subrogated to the r,ght.s of the holder of an provrous lion, security Interest or 0ncumbrance
<br />dsoir2rrged with funcj,3 advanced by Lender regardless of whether these liens, security interests or other encumbrances have been released of record.
<br />LFI•a.'511(: u) job 111. H, land Co. 02J1Wad; (800) 90`1•379e
<br />05/02/01 14:28 TX /RX N0.7424 P.017 0
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