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• 202100002
<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 Trustor to
<br />make any payment when due under the terms of the Note, Loan Modification and
<br />Settlement Agreement of even date herewith, Security Agreement and Financing
<br />Statement dated August 24, 2020; Deed of Trust dated August 24, 2020, or this
<br />Deed of Trust
<br />or the failure by Trustor in the due, prompt and complete observance and performance
<br />of any other obligation, covenant or agreement contained in the Note, Loan Modification
<br />and Settlement Agreement of even date herewith, Security Agreement and Financing
<br />Statement dated August 24, 2020; Deed of Trust dated August 24, 2020, or this Deed
<br />of Trust.
<br />2.02 Event of Default. The occurrence of any "Event of Default" as defined
<br />under the Note, Loan Modification and Settlement Agreement of even date herewith,
<br />Security Agreement and Financing Statement dated August 24, 2020; Deed of Trust
<br />dated August 24, 2020, or this Deed of Trust.
<br />2.03 Warranty or Representation. Any warranty or representation made
<br />under the Note, Loan Modification and Settlement Agreement of even date herewith,
<br />Security Agreement and Financing Statement dated August 24, 2020; Deed of Trust
<br />dated August 24, 2020, or 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 />for or consents to the appointment of a receiver for its assets or any part thereof, or (v)
<br />without its consent has a petition filed in any bankruptcy or insolvency proceeding or
<br />an order, decree or judgment entered by a court of competent jurisdiction appointing a
<br />receiver of the Property or approving a petition filed against it seeking reorganization or
<br />an arrangement of it or its assets or debts under any bankruptcy or insolvency law and
<br />such petition, order, decree or judgment is not dismissed, vacated, set aside or stayed
<br />within sixty (60) days from the date of entry.
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