|
202006555
<br />and maintain and keep, or cause to be maintained and kept, the Improvements in good
<br />operating order and condition. After completion of the Improvements, they shall not be
<br />removed, demolished or substantially altered; nor shall any of the Fixtures be removed,
<br />without the prior written consent of Beneficiary, except where appropriate replacements
<br />free of superior title, liens and claims are immediately made having a value at least equal
<br />to the value of the Fixtures so removed.
<br />1.08 Impositions. Trustor shall pay all reasonable costs, fees and expenses
<br />of Trustee, its agents and legal counsel in connection with the performance of its duties
<br />hereunder; and Trustor shall pay all taxes (except federal and state income taxes) and
<br />any other governmental charges or impositions imposed by any Governmental Authority
<br />on Trustee or Beneficiary by reason of their interests in this Deed of Trust.
<br />1.09 Subrogation. Beneficiary shall be subrogated for the full amount,
<br />notwithstanding their release of record at a discount, to any construction, mechanic's
<br />or vendor's lien or liens, superior titles, mortgages, deeds of trust, liens, encumbrances,
<br />rights, equities and charges of all kinds heretofore or hereafter existing on the Property,
<br />to the extent that the same are paid or discharged by the Beneficiary.
<br />1.10 Release of Liability or Performance. Without affecting the liability of
<br />Trustor or of any other person who is or shall become bound by the terms of this Deed
<br />of Trust or who is or shall become liable for the performance of any obligation secured
<br />hereby, Beneficiary may, in such manner, upon such terms and at such times as it
<br />deems best and without notice or demand, release any party now or hereafter liable for
<br />the performance of any such obligation, extend the time for such performance, accept
<br />additional security therefor, and alter, substitute or release any property securing such
<br />performance. No exercise or nonexercise by Beneficiary of any of its rights under this
<br />Deed of Trust, no dealing by Beneficiary with any person, firm or corporation and no
<br />change, impairment, loss or suspension of any right or remedy of Beneficiary shall in
<br />any way affect any of the obligations of Trustor hereunder or any security furnished by
<br />Trustor, or give Trustor any recourse against Beneficiary, except with respect to
<br />Beneficiary's gross negligence or willful misconduct.
<br />ARTICLE II
<br />EVENTS OF DEFAULT
<br />The occurrence of any of the following shall constitute an event of default ("Event
<br />of Default") hereunder:
<br />2.01 Observance and Performance of Agreements. The failure by Angel O.
<br />Mencia, SBRSW, LLC, or Trustor to make any payment when due under the terms
<br />of the Note or Loan Agreement of even date herewith, the Guaranty of the same
<br />executed by Trustor in favor of Beneficiary of even date herewith, the Security
<br />Agreement and Financing Statement dated June 25, 2020, or this Deed of Trust
<br />or the failure by Angel O. Mencia, SBRSW, LLC, or Trustor in the due, prompt and
<br />complete observance and performance of any other obligation, covenant or agreement
<br />contained in the aforementioned Note, Loan Agreement, Guaranty, Security Agreement
<br />and Financing Statement dated June 25, 2020, or this Deed of Trust.
<br />2.02 Event of Default. The occurrence of any "Event of Default" as defined
<br />under the Note, Loan Agreement, or Guarnaty of even date herewith, the Security
<br />Agreement and Financing Statement dated June 25, 2020, or this Deed of Trust.
<br />2.03 Warranty or Representation. Any warranty or representation made
<br />under the Note, Loan Agreement, or Guaranty of even date herewith, Security Agreement
<br />and Financing Statement dated June 25, 2020; Deed of Trust dated June 25, 2020, or
<br />this Deed of Trust, shall prove to have been false when made.
<br />2.04 Bankruptcy. Any person, or other entity that (a) owns all or any part of
<br />the Property, (b) is liable for the payment of all or any part of the Obligations, or (c) is a
<br />guarantor (i) admits in writing its inability to pay its debts generally as they become due,
<br />(ii) files a petition or answer in bankruptcy as a debtor or seeking reorganization or an
<br />arrangement or otherwise to take advantage of any State or Federal bankruptcy or
<br />insolvency law, (iii) makes an assignment for the benefit of creditors, (iv) files a petition
<br />5
<br />
|