|
11. LENDER'S HIGHT TO COMMENCE OR DEnEND PE�GArt A GYaO os hereby appoinit Lendert als ps att rney-nefacttt commen�ntervene inU and
<br /> threatened action,suit,or other proceeding aff g Pe
<br /> Grantor for anytact on uerror,rmistake9orrNSSioneor dela�y perta n ngrt rrihe actionsl described in th�nparagraph ort any damages resulang helref�o m INothing
<br /> contained herein will prevent Lender from taking the actions described in this paragraph in its own name.
<br /> 12. �NDErMNaFl�ATIGrantor shall immed ately provide Lendewnthbwr tlenhnoticerf of a d demn fy and hold Lend�erandsits�shareholde st de ctor�s�office sr
<br /> �y
<br /> empl�e al a�dings(urmulatively Cllaims")pertain ng to tlhe P�roperty(ncludi g�but not I'eim ied o,lehose no Iv ng Hazardous Mater als)tI G antor,upon
<br /> other g p
<br /> tconne ionliherewrthr Int lhelalternati e U L n ider dshall dbe en tiled o s mploy litssowndlegalico nselnoydefen d sc h C lams a ta G r a n t e sc c o s t.�n G r a n i o r's
<br /> obligation to indemnify Lender under this paragraph shall survive the termination,release or foreclosure of this Deed of Trust.
<br /> 13. T�nS�AND�SSU�MheTequest of Lender,�Gralntor shall depost w�ithnLender�neachPmonth one-twelfth (1/�12) of h�etelstpmatedeannualrins uance
<br /> of pay
<br /> premium, taxes and assessments pertaining to the Property. So long as there is no default, these amounis shall be applied to the payment o taxes,
<br /> assean�axtesaor a�ns nst the Obl g tions.�Any f nds applied tmay,at Lender's optionnbe appliedanreverse order�of the duet�date�hereof the funds so held to
<br /> PaY Y �
<br /> 14. INSPECTION OF PROPERTY, BOOKS,RECORDS AND REPORTS. Grantor shall allow Lender or its agents to examine and inspect the Property �
<br /> and examine,inspect and make copies of Grantor's books and records pertaining to the Property from time to time. Grantor shall provide any assistance
<br /> required by Len eSr foctsheGranto shall o�te theeexstence of Lende� benef al inte est nrttstbooks�and re ords perta nanlg to9he P operty. Additionally, t�
<br /> c o m p l e t e i n a l l r p e �
<br /> Grantor shall report,in a form satisfactory to lect Grantor's�reco d s�a t u c h e n�r n a d Yshall be e nde tled Gh such frequ ncy as Lelnderrmay deslgna e T A I I �
<br /> in fo r m a t i o n s h a l l b e f o r s u c h p e r i o d s,s h a l l r e f
<br /> information furnished by Grantor to Lender shall be irue,accurate and comp lete in a l l res p e c t s,a n d s i g n e d b y G r a n t o r i f L e n d e r r e q u e s t s.
<br /> 15. ESTOPPEL CERTIFICAT aSo Witai si nedi andaacknowledged statement specifying(a)the loutstanding bal�anrce on thetObagati nssfand(b)Lwhether
<br /> rights with respect to the Obi g , 9
<br /> Grantor possesses any claims,defenses,set-offs or counterclaims with respect to the Obligations and,if so,the nature of such claims,defenses,set-offs or �J
<br /> counterclaims.G aantofawslt�ovideUthe requested stat yrr�entr nsa 1 amely tmanner.der may make to the intended transferee with respect to these matters in
<br /> the event ihat P
<br /> 16. DEFAULT. Granior shall be in defauit under this Deed of Trust and the Trustee's power shall become operative in the event that Grantor,Borrower or
<br /> any guarantor of the Obiigations:
<br /> (a) fails to pay any Obligation to Lender when due;
<br /> (b) fails to perform any Obligation or breaches any warranty or covenant to Lender coniained in this Deed of Trust or any other present or future
<br /> agreement;
<br /> (c) desiroys,loses or damages the Property in any material respect or subjects the Property to seizure,confiscation,or condemnation;
<br /> (d) seeks to revoke,terrmnate or otherwise limit its liability under any guaranty to Lender;
<br /> (e) dies, becomes legally incompetent, is dissolved or terminated,becomes insolveni, makes an assignment for the benefit of creditors,fails to pay
<br /> debts as they become due,files a petition under the federal bankruptcy laws,has an involuntary petition in bankruptcy filed in which Grantor,Borrower
<br /> or any guarantor is named,or has property taken under any writ or process of court;
<br /> (f) allows goods to be used,transported or stored on the Property,the possession,iransportaiion,or use of which,is illegal;
<br /> (g) allows any party other than Grantor or Borrower to assume or undertake any Obligation without the written consent of Lender;or
<br /> (h) causes Lender to deem itself insecure due to a significant decline in the value of the Property;or if Lender,in good faith,for any reason,believes
<br /> that ihe prospect of payment or performance is impaired.
<br /> 17. RIGHTS OF LENDER ON DEFAULT. If there is a default under this Deed of Trust, Lender shall be entitled to exercise one or more of the following
<br /> remedies without notice or demand(except as required by law):
<br /> (a) to declare the Obligations immediately due and payable in full;
<br /> (b) to coilect the outstanding Obligations with or without resorting to judicial process;
<br /> (c) to require Grantor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably
<br /> convenient to Grantor and Lender;
<br /> (d) to enter upon and take possession of the Property without applying for or obtaining the appointment of a receiver and, at Lender's option, to
<br /> appoint a receiver without bond, without first bringing suit on the Obligations and without otherwise meeting any statutory conditions regarding
<br /> receivers,it being intended that Lender shall have this contractual right to appoint a receiver;
<br /> (e) to employ a managing agent of the Property and lel the same,either in Trustee's own name,in the name of Lender or in the name of Grantor,and
<br /> receive ihe rents,incomes,issues and profits of ihe Property and apply the same,after payment of all necessary charges and expenses,on account of
<br /> the Obligations;
<br /> (f) to pay any sums in any form or manner deemed expedient by Lender to protect the security of this Deed of Trust or to cure any default other than
<br /> paymeni of interest or principal on the Obligations;
<br /> (g) to foreclose ihis Deed of Trust judicially or nonjudicially and to direct the sale of the property through exercise of the power of sale as referenced in
<br /> paragraph 20 hereof in acccordance with applicable law;
<br /> (h) to set-off Granior's Obligations against any amounts owed Grantor by Lender including, but not limited to, monies, instruments, and deposit
<br /> accounts maintained with Lender or any currently existing or future affiliate of Lender;and
<br /> (i)to exercise all other righis available to Lender under any oiher written agreement or applicable law.
<br /> Lender's rights are cumulative and may be exercised together, separately, and in any order. In the event that Lender instituies an action seeking ihe
<br /> recovery of any of the Property by way of a prejudgment remedy in an action against Grantor, Grantor waives the posting of any bond which might
<br /> otherwise be required. Lender or Lender's designee may purchase the Property at any sale. Proceeds of any Trustee's sale hereunder shall be applied
<br /> first,to the costs and expenses of exercising the power of sale and of the sale, including the payment of ihe Trustee's fees actually incurred and not to
<br /> exceed the amount which may be provided for in lhis Deed of Trust,second,to payment of the Obligations secured hereby,third,to the payment of junior
<br /> trust deeds,mortgages,or other lienholders,and the balance,if any,to the person or persons legally entitled thereto. The property or any part thereof may
<br /> be sold in one parcel,or in such parcels,manner or order as Lender in its sole discretion may elect,and one or more exercises of the power herein granted
<br /> shall not extinguish or exhaust the power unless the entire property is sold or the obligations are paid in full.
<br /> 18. TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT: If Lender elects to sell Grantor's interest in the Property by exercise of the power of
<br /> sale herein contained,Lender shall notify Trustee in the manner then required by law.
<br /> Upon receipt of such notice of Lender and at the direction of Lender,Trustee shall cause to be recorded,published and delivered such notices of default
<br /> and notices of sale as may then be required by law and by lhis Deed of Trust. Trustee shall,only at the direction of Lender and without demand on Grantor,
<br /> after such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law,
<br /> sell the Property at the time and place of sale fixed by it in such notice of sale,eiiher as whole or in separate lots or parcels or items as Lender shall deem
<br /> expedient,and in such order as it may determine,at public auction to the highest bidder for cash in lawful money of the United States payable at the time of
<br /> sale, or as othervuise may then be required by law. Truslee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds
<br /> conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be
<br /> conclusive proof of the truthfulness thereof. Any person,including,without limitation,Granior,Trustee or Lender,may purchase at such sale. Trusiee may
<br /> in the manner provided by law postpone sale of all or any portion of the Property.
<br /> 19. RE�UEST 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 person
<br /> who is a party hereto at the address of such person set forth herein at the same time and in the same manner required as though a separate request thereof
<br /> had been filed by each such person.
<br /> Page 3 016
<br /> NEDOTC Rev.1297
<br />
|