|
89-- 161562
<br />Lender to protect the security of the Moto: (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all
<br />present and future Indebtiedness and obligations of Borrower (or any of them it more than one) to Lender whether direct, indirect,
<br />absolute or contingent and whether arising by note. guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all
<br />other docuents that secure the Now or otherwise executed in connection therewith, including without limitation guarantees, security
<br />agreements and aStianments of teases and rents, shall be referred to herein as the "Loan Instrument".
<br />Trustor covenants and agrees with Lender as follows:
<br />1. Payment of fndeeNdne s. All Indebtedness secured hereby shall be paid when due.
<br />2. Toth. Trustor Is the owner of the Property, has the right and authority to convey the Property, and warrants that the lien
<br />created hereby is a first and prior lien on the Property, except for liens and encumbrances set forth by Trustor in writing and
<br />delivered to Lender before execution of this Deed of Trust, and the execution and delivery of this Deed of Trust does not violate any
<br />contract or other obligation to which Trustor is subject
<br />3. Taxes, Assessma►ts. To pay before delinquency all•taxes, special assessments and all other charges against the Property
<br />now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire, hazards included within the term "extended coverage", and
<br />such other hazards as Lender may require, in amounts and with companies acceptable to Lender, naming Lender as an additional
<br />named insured, with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and
<br />compromise.alr claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness
<br />secured hereby and in such order as Lender may Determine, (ii) to the Trustor to Ee ds4,4for the repair or restoration.of the Property
<br />or (i.iit.for any other purpose or object satisfactory to Lender without affecting the limo, this Deed of Trust for thefull amount secured
<br />harry_ before such payment ever took place. Any applir�ti.cri of proceeds to indebtedness shall not extend gar postpone the due
<br />zW,e cf.any payments under the Note, or cure any delz411:!t�ereunder or hereunder.
<br />6 Escrow. Upon written demand by Lender, Trustor viall pay to Lender, in such manner as Land; tar maydfesignate, sufficient
<br />summa to enable lender to pay as they become dUe one erT are of the following: (I) all taxes, assessipevfs and-ctber charges against
<br />the Property, (ii) the premiums crt the property insurance rpgvired hereunder. and (iii) the premiums an aiTj martgage insurance
<br />required by Lender.
<br />6. Maintenance, Repairs and Compliance with Laws. Trustor shall keep the Property in good conditiCr, and repair: shall
<br />promptly repair, or replace any improvement which may be damaged or destroyed: shall not commit or permit any waste or
<br />deterioration of the Property; shall not remove, demolish or substantis4ly. alter any of the improvements on the Property,, ahall not
<br />Commit, suffer or permit any act to be done in or upon the Property in violation of any law, ordinance, or regulation; and siial3 riay and
<br />promptly discharge at Trustor's cost and expense all liens, encumbrances and charges levied, imposed or assessed ar;,,rst the
<br />Property or any part thereof.
<br />7. Eminent Domain. Lender s: hereby assigned all compensation, awards, damages and other payments cr vnllef '`Cgraainaftar
<br />"Proceeds ") in connection with ecndemnaiion or other taking of the Property or part thereof: cr for cameyance, i,•n 11eu of
<br />condemnation Lender shall be a lstlecl wt: its..option to commence, appear it anal - prosecute, in its own ramie?. -.,y a,13on or
<br />procfeaings, and shall also be emt:ttled to make any com);rcmise or settlement in curtriection with such taking. ccf�rez.isi In the
<br />evapll: ny portion of the Property ,s so taken or damaged, L wider shalt have the eplirtr, in its soleand absolute dr r tlor., tc apply
<br />all sack Proceeds, after deducting therefrom all costs and expenses incurred by r ir. connection with such Proceeds, upon any
<br />indebtedness secured hereby and in such order as Lender may deter!rllin ' . or to apply all such Proceeds, after such deductions, to
<br />the restoration of the Property upon such conditions as Lender may 64atr:ilmine. Any application of Proceeds to indebtedness shall
<br />not extend or postpone the due date of any payments under the Note, cr Gijre any default thereunder or hereunder, Any unapplied
<br />funds stall be paid to Trustor.
<br />S. Performance by Lender. Upon the occurrence of an Event of Default hreiaurder, or if any act is taken or legal proceeding
<br />commenced which materially affects Lender's interest in the Property, Lerdermaa� 'r: its own discretion, but without obligation to do
<br />so, and witnout notice to or demand upon Truster and wiW.out releasing Lrl lift' fri,.m any obligation. do any act which Trustor has
<br />agreed but faits to do and may also do any other act it deems necessai;r•p: protect the security hereof. Trustor shall, immediately
<br />upon demand therefor by Lender, pay to Lender all costs and expenses (marred and sums expended by Lender in connection with
<br />the erArcise by Lender of the foregoing ughts, together with interest thereon at the rt.(i3.ult rate p, -cvided in the Note, which shall be
<br />adli4 to the indebtedness secured hereby Lender shalt rof incur any liability her:Gcse y,l ,v,. rr ting it may do or omit to do
<br />hereunder.
<br />9. Nuardous W*edels. Trustor shatl keep the Property in compliance with all applicable 'ems, ordinances and regulations
<br />relating to Industrial. hygiene or environmental protection (collectively referred to f p vn as "Ein4i4'anmental Laws "). Truster �ihall
<br />keep the Propertyfree from all substances deemed to be hazardous or toxic under art i rivironr. w- *,al Laws (collectively referred to
<br />herein as "Hazardous Materials "). Trustor hereby warrants and1apresents to Lerdo,1 's? there . =•e no hazardous Materials on or
<br />under the Property Trustor hereby agrees to indemnify and hold Harmless Lender. eta, rt•r'ectors, ct1c,?rs, employees and agents, and
<br />any successors to Lender's interest, imin and against any and all claims, damages, losses and l'•.at 0;1ies arising in correivmli with
<br />the presence, us, dasposal or transport of rimy Hazardous Materials on. under, from or abouT:he Property. THE FaIRIraSaING
<br />WARRANTIES AND'REPRESENTATIONS. AND TRUSTOR'S OBLIGATIONS PURSUANT TO THE FOREGOING INDEMNITY, SHALL
<br />SURD {Id(E RECONVEYANCE OF THIS DEED Or TRUST.
<br />TO AsefgnmefR of Ronttb.Trustor hereby assigns to Lender the rents, issues and profits of the Property; provided that Trustor.
<br />shaft, 4'1', Oeov.un iince of an Event of Defauit hereunder, have the right to collect and retain such rents, issues and profits as they
<br />5ecor.�e,;ueand payable. Upon the occurrai*;r z of an Event of Defaue;.l ender may, either in person or by agent, with or aei,t %aut
<br />brit• -: hg ar.•yaction of proceeding, or by a rerAi•ver appointed by a ccairt and without regard to the adequacy of its security, r:Yrer
<br />r Sara' and take possession of the Property, or'aNn y part thereof, in its own, r ame or In the name of the Trustee, and do any acts which it
<br />cesrn necessary or desirable to preserve the value, marketability or rentability of ttci Property, or any part thereof or interest therein,
<br />incmiae the income therefrom or protect the security hereof and, with cr withoun i`a3kng possession of the Property, sue for or
<br />otherwise collect the rents, issues and profits thereof. +nc ?'.,+.frig thr we raat due arid' unpaid. :mod apply the same, less 00313 and
<br />expenses of operation and collection incluaiii(; attorneys- fees, upon, iw!prndebtedness secure'di t'weby, all in such order as Leader
<br />may determine. The entering upon and tak'miti. possession of the Property, the collection of sucn rents, issues and profits zf d ene
<br />application thereof as aforesaid, shall not cure or waive any default or notice of 6:s4 suit hereunder or invalidate any act dare in
<br />response to such defuuif os putsuaritto such notice of default and, notwithstanding '.4 continuancein possession of the Property or
<br />the collection, receipt and application of rents. issues or profits. and Trustee and Lender shall be entitled to exercise every right
<br />provided for in any ol,the Loan Instruments or by law upon occurrence of any Event of Default, including without limitation the right
<br />to exercise the powar of sale Further. Lender's rights and remedies under this paragraph shall be cumulative with, and in no way a
<br />limitation on, Lender'n rights and remedies under any assignment of leases and rents recorded against the Property Lender, Trustee
<br />and the receiver shail be !table to account only for those rents actually received.
<br />t f Events of Csfault. The following shall constitute an Event of Default under this Deed of Trust:
<br />(a) Failure to pay any installment of principal or interest of any other sum secured hereby when due:
<br />it,) A Weauii of ur default urTderr any provision contairieO In me NOTe, MIS Ileea of Tru St any of the Loan instruments, or any
<br />other lion or encumbrance upon'he Property,
<br />(c) A writ of execution or attachment or any similar process shall be entered against Trustor which shall become a lion on
<br />L the Property or any portion thereof or interest therein.
<br />(dl Tihete shall be filed by or against Trustor or Borrower an actiwl under any present or future federal, state or other
<br />Statuto, law or regulation "elating to bankruptcy, irsoWncy rn other rehol for debtors. or there shalt b__ appointed ar. y tr ustue
<br />receiver of litiuldaior of Trustor or Borrower or of alt or any part of the Property, or the rents issues or profits thereof Gr Trustor
<br />Ur Borrower ahalt make any general assignfnen! for the benefit of creditors,
<br />fer Pie 931e, transfer tease dSSigrrtietlt. conveys lice of furtner encumtrrrco c! air or an> part c` i.•i any ril'rl;e,bA ir. mw
<br />P#u9m.tty. e:that vcluntar.ty or ruvo! ;iniafi:; "C copress fjtit en conser` fif Lendr✓r. p'c'.icJi;w 1ii,yt Tru:ilCr Sti.lil be
<br />Certrlitred tU execute a 'ease Gf 1re prr )y(titj't..)t+.tca) Opt,on to pJrch39f' nra fill) rftei" t;! to,. tit does +i!i: vc, ved
<br />cinu yAll.
<br />7
<br />,r
<br />rm �.
<br />i `
<br />
|