|
Loan No: 101353561
<br />202402719
<br />DEED OF TRUST
<br />(Continued) Page 6
<br />termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal
<br />Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Deed
<br />of Trust:
<br />Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br />Other Defaults. Trustor fails to comply with or to perform any other term, obligation, covenant or condition
<br />contained in this Deed of Trust or in any of the Related Documents or to comply with or to perform any term,
<br />obligation, covenant or condition contained in any other agreement between Lender and Trustor.
<br />Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this
<br />Deed of Trust, the Note or in any of the Related Documents.
<br />Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment
<br />for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Trustor or on
<br />Trustor's behalf under this Deed of Trust or the Related Documents is false or misleading in any material respect,
<br />either now or at the time made or furnished or becomes false or misleading at any time thereafter,
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and
<br />effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any
<br />time and for any reason.
<br />Death or Insolvency. The death of Trustor, the insolvency of Trustor, the appointment of a receiver for any part of
<br />Trustor's property, any assignment for the benefit of creditors, any type of creditor workout, or the
<br />commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or any other method, by any creditor of Trustor or by any governmental agency
<br />against any property securing the Indebtedness. This includes a garnishment of any of Trustor's accounts,
<br />including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith
<br />dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture
<br />proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and deposits with
<br />Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its
<br />sole discretion, as being an adequate reserve or bond for the dispute.
<br />Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and
<br />Lender that is not remedied within any grace period provided therein, including without limitation any agreement
<br />concerning any indebtedness or other obligation of Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety,
<br />or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A material adverse change occurs in Trustor's financial condition, or Lender believes the
<br />prospect of payment or performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Right to Cure. If any default, other than a default in payment, is curable and if Trustor has not been given a notice
<br />of a breach of the same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured if
<br />Trustor, after Lender sends written notice to Trustor demanding cure of such default: (1) cures the default within
<br />fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiates steps which Lender
<br />deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all
<br />reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter,
<br />Trustee or Lender may exercise any one or more of the following rights and remedies:
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note
<br />secured hereby, Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and
<br />the same shall thereupon become due and payable without any presentment, demand, protest or notice of any
<br />kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon and take possession
<br />of the Property, or any part thereof, in its own name or in the name of Trustee, and do any acts which it
<br />deems necessary or desirable to preserve the value, marketability or rentability of the Property, or part of
<br />the Property or interest in the Property; increase the income from the Property or protect the security of
<br />the Property; and, with or without taking possession of the Property, sue for or otherwise collect the
<br />rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less
<br />
|