|
i
<br /> i
<br /> r
<br /> 01-14-1994 DEED +tiF TRLIST � � Page 5
<br /> �rontinued) `;/ �'�`.�i�����
<br /> Loan No 762655 �•-
<br /> SECURITY AGREEM�NT;FIHANCING STATEMENTS. The fopowing provis:oru relatlng to this Desd of Tivst as a sec��try agreamanf aro e.part of
<br /> this Deecf of Trust.
<br /> Sct�rfty 4g�eement. This inslr;�mAnt sh:;l c^_rstitule a secunty agreement fo the extenl any o( the Properfy consHluies fixtures or other ,
<br /> pars�nal property, and Le-idar;hn��h3ve a1 u`:he eights of a secured party under the Uniform Commerciai Code as amended srom time to
<br /> .:��e. .
<br /> Securlty interes:.. Upon request by Lender,Trustor shali execuie flr�ancing statements endktake whalever other ac8on is requested by Lender
<br /> to perfect and cor6nue Lender's security intesest in the Rents and Personal Property. In adstion to recording thfs Deed of Trust In the real
<br /> property records,lender may,at an;time an�wHhout Further authoriza8on from Trustor,file executed counlerparts,copies ur reproducdons of
<br /> tlis Deed of Trust as a Bnancing statement. Trustor shatl reimburss lender for all expenses incurred in perfec�ang or Co�tinuing this Sei;urlty
<br /> interest. Upon defauit,Trustor shafl assemble the Personel Property in a mannar end af a.placs reasonably can�enient to Trustor and Lender
<br /> and make it availabie to Lender wiihin three(3)days afler receipt of writlen demflnd from Lender.
<br /> Addresses. The mailing addresses of Trustor(deblw)and Lendor (secured party), hom which information concerning tf�o 50c:urity interest
<br /> granied by this Dead of Trust may be obtained(eer,h as r_w,;:s;rao by the iJr.iform Commercial Codej,are as stated on the first page of this Dead
<br /> of Trus!.
<br /> FURTHER ASSURANCES; ATTORH�Y-IN-FACT. The foilowir�g provisions re{�ting to further assurances end atiorney-irNfact are a pert of thi�
<br /> Deed a`Trust.
<br /> Further Assuronces. At any time,and trom time to time,upon request of Lender,Trusta wlli make,execuie and deiiver, or wtA cause to be
<br /> made, executsd u delivered, to lende� or to Lender's designee, and when requested by lerder, cause to be hlad, recorded, refiled, or
<br /> rerecorded,as the case may be,al s�.�:::times and in such otfices and places as Lender may deem appropriate,any end all such mortgages,
<br /> deeds o(trust,security deeds,security r,.dreements,financing sta►ements,continuation statements,Instrumenls of furiher ts55urance,ce�t�flcates,
<br /> and o:her da:uments as may,fn the s�le opinion of Lender,be necessary or desirable In order to eNectuato,complete,perlect,con8nue,or
<br /> preserve (a)ihe obligati�ns of Trustor under the ldote,this�7oed ot Trust,and the Related Dxuments,end (b)the liens and security inlerests
<br /> crealed by this Deed ot Trusi as flnt and prfoi liens on the Property,whether now owned or hereaflar acqulred by Trustnr. Unless prohlbiled by
<br /> iaw or agrr�ed to the co�trary by Londer in writlng,Trustor shall reimburse Lender lor all casts and expcnses Incurted In connecllon wllh lhe
<br /> mariers refarred to in this paregra�h.
<br /> Attorney-In-Fact. !f Trus;or faits to d�any o(lhe thfngs referred lo in the preceding paragraph,Lender may do so for and in ihe name of
<br /> Trustw and at Trusbr's expense. For such purposes,Trustor hereby irrevocably appoints Lender as Truslor's altorney-in-�act for the purpo:,�
<br /> of makinu, executing, deliverino, filing,recording, and doing all other lhings as may�e necessary or desir$ble, in Lende�s sole opi�lon, lo ' -
<br /> accomplish the matters reterred to in the preceding paragrsph. ��
<br /> FV L PERFORMAIiCE. If Trustor pays ali the Indebledness when due,and otherwise pertorms e�!ihe obDgations imposed upon Tr�stor under thVs
<br /> Deed of Trust, Lender shall execute snd deliver to Tr{ntee a request ta fuil reco�veyance and st�sll execute and deliver to Trustor suitable
<br /> slatements of termination of any Fnancing statsmsnt on fite evidencing Lenders security interest in the Renls ard the Personal Property. Any
<br /> reconveya�ce(ee required by law shal�be paid by Trustw,if permitted by epplicable law.
<br /> DEFAIR.T. Each ot the following,at the option of Lender,Shali Constitule an ovenl of de(ault("�vent of Defauit'�under this Oeed of Trusi:
<br /> Detaulf on Indebttdness. Failure of Trus!ar to m2ke any paymenf when due on the Indebtedness.
<br /> Oefault on Other Paymenis. Failure of Trustor within the time required by this Deed of Trust lo make any payment fer taxes or insurance,or
<br /> any other psyrnent necessary to prevent filing of or to eNect discherpe af any 11en.
<br /> Compliance DePault. Failure of 7rusta to compty with any other term, obiigation,covenant or conditlon contained in ihis Deed of Trust,tl-�e
<br /> Note or in any nf the Related Documents.
<br /> False Statements. Any warranty,representation or statement made or furnished to Lender by or on bahalf of Trustr�under this Geed of Trust,
<br /> Ihe Note or the Related Documenls is faise or misleadi;�a in any material raspect,either now or at ihe tfine made or furnished.
<br /> Defec4lve Collaterolizatlon. Thfs Deed of Trust or any of the Related Oacuments ceases to ba in fuil force and eHect(includ'sng fa�lure of any
<br /> cailaterai documents to cr•eate a valid and perfected security interest or lien)bt any time and for any reason.
<br /> Death or Insolvency. The dealh oi Trustor, lhe insolvency �f Trustor, the appoinf�rant�t a rsceiver for sny part o(Truslor's prope�ty, any
<br /> assiynmenl tor the t�enefit ot credilors, any type of creditor,worROUt, or lhe commencement of eny proCeedir.g un�ier any bankruptcy or
<br /> insolvency laws by or against Trustor.
<br /> Foreciosure,Fortelture,etc. Commencement of!oreciosure or forfeiture procaedings,whether by judicial proceeding,sol!-help,repo�session
<br /> or a�y other method,by any creditor ot Trusior or by any governmentai agency against any o1 lhe Property. However,thls subsect4on st:all nol
<br /> apply in the event ot a good faith dispute by Trustor as to the validfly or reasonableness of the c!aim which is the basis of the furecio5�re or
<br /> torafeiture proceeding,provided th�t Trustor gives Lender written notice �f such ci��m and furnishes reserves or a surety bond for lhe clalm
<br /> satistactory to Lender.
<br /> Breach ot Other Agreement. Any breach by Trustor under fhe terms of any other agresmenl between Trustor and Lander that Is not remsdfed
<br /> within a�,y grace period provided thereln,including wilhout IlmNallon any agreement concerning any indebtedness or ofher obll8etion of Trustor
<br /> to Lender,whether ex�sling now or later.
<br /> Even4s Attecting Guaranior. Any of the preceding events occurs wilh respect to any Guarantor oi any of the Indebtedrzess or any Guaranlor
<br /> dies or becomas incompetent,or revokes or disputes the valfdity of,or liab�lity under,any Guaranty of the Indebtedness. Lender,at its opNon,
<br /> may, but shail not 4e required lo, permit the Guarantor's estate to assume uncondiBonalty the obligatlons arising under ihe guaranty In a
<br /> manner satisfactory to Lender,and,in doing so,cure the Event ot Defauft.
<br /> Insecurlty. Lender in good faith deems itself insecure. , .
<br /> r�ight to Cure. If such a tailure fs curable and ff Trustor has not been given a notice at e breach of Ihe same provislon ot this Deed el Trusl
<br /> within the preceding Iwelve (12) months, i4 may be cured (anQ no Event of Defauil will have occurred)if Trustor,after Lender senJs wrilten
<br /> notice demanding cure of such lailure: (a)cures the failure within fen(10)days;or (b)if the cure requires more then ten(10)days,Immediately
<br /> initiales steps sufficient to cure Ihe failure end thereafter conUnues and completes eli r�asonable and necessary steps sufficlent!o produce
<br /> comp�ianre es soon as reasonabiy praclicaL
<br /> RIGHTS AND P.Et�+icDicS ON OEFAULT. I)pon the occurrence of eny Evenl of Default and et eny time ihereaHer,Truslee or Lender,el its oplion,
<br /> may exercise any one ar-ore ot the toilow(ng righis and remedies,in addilion to eny olher riphls or remedles provided by law:
<br /> �
<br /> \ `
<br /> ; �
<br />
|