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. ; �� s�j4692
<br /> 15. TAXES.AND ASSESSMENTS. Grantor shall pay all taxes and assessments relating to the Property when due and immediately provide Lender
<br /> evielance of payment of same. Upon the request of Lender,Grantor shall deposit with Lender each month one-twelfth (1/12)of the estimated annual
<br /> insurance premium,taxes and assessments pertaining to the Property. So long as there is no default,these amounts shall be applied to the payment
<br /> of taxes,assessments and insurance as required on the Property. In the event of default, Lender shall have the right,at its sole option,to apply the
<br /> ' funds so held to pay any taxes or against the Obligations. Any funds applied may, at Lender's option, be applied in reverse order of the due date
<br /> thereof.
<br /> 16. INSPECTION OF PROPERTY, BOOKS, RECORDS AND REPORTS. Grantor shall allow Lender or its agents to examine and inspect the
<br /> Property and examine, inspect and make copies of Grantor's books and records pertaining to the Property from time to time. Grantor shali provide
<br /> any assistance required by Lender for these purposes. All of the signatures and information contained in Grantor's books and records shall be
<br /> genuine, true, accurate and complete in all respects. Grantor shaii note the existence of Lender's beneficial interest in its books and records
<br /> peRafning to the Property. Additionally, Grantor shall report, in a form satisfactory to Lender, such information as Lender may request regarding
<br /> Grantor's financial condition or the Property. The information shail be for such periods, shall reflect Grantor's records at such time, and shall be
<br /> rendered with such frequency as lsnder may designate. All information furnished by Grantor to Lender shall be true, accurate and complete in all
<br /> respects,and signed by Gra�tor if Lender requests.
<br /> 17. ESTOPPEL CERTIFICATES. Within ten (10) days after any request by Lender, Grantor shall deliver to Lender, or any intended transferee of
<br /> Lender's rights with respect to the Obligations,a signed and acknowledged statement specifying (a)the outstanding balance on the Obligations;and
<br /> (b)whether Grantor possesses any claims,defenses,set-offs or counterclaims with respect to the Obligations and, if so,the nature of such claims,
<br /> defenses,set-offs or counterclaims. Grantor will be conclusively bound by any representation that Lender may make to the intended transferee with
<br /> respect to these matters in the event that Grantor fails to provide the requested statement in a timely manner,
<br /> 18. EVENTS OF DEFAULT. An Event of Defautt shaii occur under this Deed of Trust and the Trustee's power shall become operative in the event that
<br /> Grantor,Borrower or any guarantor of any Obligation:
<br /> (a) commits fraud or makes a material misrepresentation at any time in connection with the Obiigations or this Deed of Trust;
<br /> (b) fails to meet the repayment terms of the Obtigations for any outstanding balance;or
<br /> {c) by any action or inaction,adversely affects the Property,or any right of Lender in such Property,including,but not limited to,transfer of title
<br /> to or sale of the Property without the permission of Lender,failure to maintain required insurance or to pay taxes on the Property, aliowing the
<br /> filing of a lien senior to that held by Lender, death of the sole Borrower obligated under the Obligations, allowing the taking of the Property
<br /> through eminent domain,�or aliowing the Proparty to be foreclosed by a henhotder other than Lender. In addition, an Event of Default shall
<br /> oxur if,as a result of any of the following,the property,or any right of the Lender in the Property, is adversely affected: the Borrower,Grantor
<br /> or any guarantor of any Obligation commits waste or otherwise destructively uses or fails to maintain the Property,uses the property in an iliegal
<br /> manner which may subject the Property to seizure, or moves from the Property; a judgment is filed against the Borrower, Grantor or any
<br /> guarantor of any Obligation;or one of two Borrowers obligated under the Obiigations dies.
<br /> 19. RIGHTS OF LENDER ON EVENT OF DEFAULT. Upon the occurrence of an Event of Default under this Deed of Trust,Lender shall be entitled to
<br /> exercise one or more of the foliowing remedies without notice or demand(except as required by law):
<br /> (a) to declare the Obligations immediately due and payable in fuli,such acceleration shali be automatic and immediate if the Event of Default is
<br /> a filing under the Bankruptcy Code;
<br /> (b) to collect 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 Obiigations and without otherwise meeting any statutory conditions regarding
<br /> receivers,it being intended that Lender shail have this contractual right to appoint a receiver;
<br /> (e) to employ a managing agent of the Property and let the same, either in Trustee's own name, in the name of Lender or in the name of
<br /> Grantor, and receive the rents, incomes, issues and profits of the Property and apply the same, after payment of all necessary charges and
<br /> expenses,on account of 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
<br /> than payment of interest or principai on the Obligations;
<br /> (g) to foreclose this Deed of Trust judicially or nonjudicially and to direct the sale of the Property through exercise of the power of sale as
<br /> referenced in paragraph 20 herein,in accordance with applicable law;
<br /> (h)to set-off Grantor'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 rights available to Lender under any other 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 institutes an action seeking the
<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 shaii be
<br /> applied first,to the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's fees actually incurred
<br /> and not to exceed the amount which may be provided for in this Deed of Trust,second,to payment of the Obligations secured hereby,third,to the
<br /> payment of junior trust dseds,martgages,ar other tEenhalders,and ths balance,if any,to the pe�son orpersons legally entitled thereto. The Property
<br /> or any part thereof may be sold in one parcel, or in such parcels, manner or order as Lender in its sole discretion may elect, and one or more
<br /> exercises of the power herein granted shall not extinguish or exhaust the power unless the entire Property is sold or the Obligations are paid in full.
<br /> 20. TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT. Upon defauit by Borrower in payment of any Obligations secured hereby, Lender
<br /> may deciare all sums secured hereby immediately due and payable and shall cause to be filed of record a written notice of default and election to sell
<br /> the Property. After the lapse of such time as then may be required by law following recordation of such notice of default,and notice of sale having
<br /> been given as then required by law,Trustee,without demand on Grantor,shall sell such property,either as a whole or in separate parcels,and in such
<br /> order as it or Lender may determine,at public auction to the highest bidder. Trustee may postpone the sale of all or any portion of the Property by
<br /> pubiic announcement at the time and place of sale,and from time to time thereafter may postpone the sale by public announcement at the time and
<br /> place fixed by the preceding postponement. Trustee shall deliver to such purchaser its deed conveying the property,or portion thereof,so sold,but
<br /> without any covenant or warranty,express or implied. The recitals in such deed of any matters of fact or otherwise shall be conciusive proof of the
<br /> . truthfulness thereof. My person,including Grantor,Trustee or Lender,may purchase at such sale.
<br /> 21. REQUEST FOR NOTICES. Grantor requests that a copy of any notice of default and a copy of any notice of sale hereunder by mailed to each
<br /> person 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
<br /> request thereof had been filed by each such person.
<br /> 22. SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Deed of Trust shall be considered a financing statement and a
<br /> fixture filing pursuant to the provisions of the Uniform Commercial Code (as adopted in the state where the Property is located) covering fixtures
<br /> chattels,and anicles of personal property now owned or hereafter attached to or to be used in connection with the Property together with any and all
<br /> replacements thereof and additions thereto (the"Chattels"),and Grantor hereby grants Lender a security interest in such Chattels. The debtor is the
<br /> Grantor described above. The secured party is the Lender described above. Upon demand, Grantor shall make, execute and deliver such security
<br /> agreements(as such term is defined in said Uniform Commercial Code)as Lender at any time may deem necessary or proper or require to grant to
<br /> Lender a perfected security interest in the Chattels,and upon Grantor's failure to do so, Lender is authorized to sign any such agreement as the agent
<br /> of Grantor. Grantor hereby authorizes Lender to file financing statements(as such term is defined in said Uniform Commercial Code)with respect to
<br /> the Chattels,at any time,without the signature of Grantor. Grantor will,however,at any time upon request of Lender,sign such financing statements.
<br /> Grantor wili pay all filing fees for the filing of such financing statements and for the refiling thereof at the times required, in the opinion of Lender,by
<br /> said Uniform Commercial Code. If the lien of this Deed of Trust is subject to any security agreement covering the Chattels,then in the event of any
<br /> default under this Deed of Trust,all the right,title and interest of Grantor in and to any and all of the Chattels is hereby assigned to Lender,together
<br /> with the benefit of any deposits or payments now or hereafter made thereot by Grantor or the predecessors or successors in title of Grantor in the
<br /> Property.
<br /> 23. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender,at Lender's option,may exQend funds(in�lu�ingattomeys'fees and legal
<br /> expenses)to pertorm any act re�ui�ed��e a en y Gran�or or to exercise any right or remedy of Lender under this Deed of Trust. Upon demand,
<br /> Grantor shall immediately reimburse Lender for all such amounts expended by Lender together with interest thereon at the lower of the highest rate
<br /> described in any Obligation or the highest rate allowed by law from the date of payment until the date of reimbursement. These sums shall be
<br /> included in the definition of Obiigations herein and shall be secured by the beneficial interest granted herein. If the Obligations are paid after the
<br /> beginning of publication of notice of sale, as herein provided, or in the event Lender shail,at its so�e option, permit Grantor to pay any part of the
<br /> Obligations after the beginning of pubiication of notice of sale,as herein provided,then, Grantor shall pay on demand all expenses incurred by the
<br /> Trustee and Lender in connection with said publication,including reasonable attorneys'fees to the attorneys for the Trustee and for the Lender,and a
<br /> reasonable fee to the Trustee,and this Deed of Trust shall be security for all such expenses and fees.
<br /> 24. APPLICATION OF PAYMENTS. All payments made by or on behalf of Grantor may be applied against the amounts paid by Lender (including
<br /> attorneys'fees and legal expenses)in connection with the exercise of its rights or remedies described in this Deed of Trust and then to the payment
<br /> of the remaining Obligations in whatever order Lender chooses.
<br /> 25. POWER OF ATTORNEY. Grantor hereby appoints Lender as its attorney-in-fact to endorse Grantor's name on all instruments and other
<br /> documents pertaining to the Obligations or indebtedness. In addition,Lender shall be entitled,but not required,to perform any action or execute any
<br /> document required to be taken or executed by Grantor under this Deed of Trust. Lender's performance of such action or execution of such
<br /> documents shall not relieve Grantor from any Obligation or cure any default under this Deed of Trust. The powers of attorney described in this Deed
<br /> of T�ust are coupled with an interest and are irrevocable.
<br /> 26. SUBROGATION OF LENDER. Lender shall be subrogated to the rights of the holder of any previous lien, security interest or encumbrance
<br /> discharged with funds advanced by Lender regardless of whether these liens,security interests or other encumbrances have been released of record.
<br /> 27. COLLECTION COSTS. To the extent permitted by law,Grantor agrees to pay Lender's reasonable fees and costs, including,but not limited to,
<br /> fees and costs of attorneys and other agents(inciuding without limitation paralegals,clerks and consultants),whether or not such attorney or agent is
<br /> an employee of Lender, which are incurred by Lender in coilecting any amount due or enforcing any right or remedy under this Deed of Trust,
<br /> whether or not suit is brought, inciuding, but not limited to,all fees and costs incurred on appeal, in bankruptcy, and for post-judgment collection
<br /> actions.
<br /> Q,.�, > n�, . ,
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