|
DEED OF TRUST 200111977
<br />Loan No 34088 (Continued) Page 3
<br />Note's maturity. The Deed of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to
<br />any other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall not be construed as
<br />curing the default so as to bar Lender from any remedy that it otherwise would have had
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Dead of Trust
<br />Title. Trustor warrants that., (a) Trustor holds good and marketable title of record to the Property in fee simple, free and clear of all lions and
<br />encumbrances other than those set forth In the Real Property description or In any title Insurance policy, titre report, or final title opinion
<br />issued in favor of, and accepted by, Lender In connection with this Deed of Trust, and (b) Trustor has the full right, power, and authority to
<br />execute and deliver this Deed of Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property against
<br />the lawful claims of all persons. In the avant any action or proceeding is commenced that questions Trustor's tille or the interest of Trustee or
<br />Lender under this Deed of Trust, Truster shall defend the action at Trustor's expense. Trustor may be the norninal party in such proceeding,
<br />but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br />Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such
<br />participation.
<br />Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property compiles with all existing applicable laws,
<br />ordinances, and regulations of governmental authorities.
<br />Survival of Promises. All promises, agreements, and statements Trustor has made in this Deed of Trust shall survive the execution and
<br />delivery of this Dead of Trust, shall be continuing In nature and shall remain in full force and effect until such time as Trustoes, Indebtedness
<br />is paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br />Proceedings. If any proceeding in condemnation Is filed, Trustor shall promptly notify Lender in writing, and Trustor shall promptly take such
<br />steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such proceeding, but Lender
<br />shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will
<br />deilvaror cause to be delivered to Lender such Instruments and documentation as may be requested by Lender from time to time to permit
<br />such participation.
<br />AppOcation of Not Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
<br />purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the
<br />Indebtedness or the repair or restoration of the Property. The not proceeds of the award shall mean the award after payment of all
<br />reasonable costs, expenses, and attomeys'fees Incurred by Trustee or Lender in connection with the condemnation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
<br />fees and charges area part of this Dead of Trust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to this Deed of Trust and
<br />take whatever other action is requested by Lender to perfect and continue Londer's lien on the Real Property. Trustor shall reimburse Lender
<br />for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, including
<br />without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust.
<br />Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this We of Deed of Trust or upon all or any
<br />part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Trustor which Trustor Is authorized or required to deduct from
<br />payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Dead of Trust chargeable against the Lender
<br />or the holder of the Note; and (4),' a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br />Trustor.
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the
<br />same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below
<br />unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens
<br />section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory, to Lender.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Dead of Trust as a security agreement are a part
<br />of this Deed of Trust:
<br />Security Agreement This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender
<br />shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
<br />Security Interest. Upon request by Lender, Trustor shall execute financing statements and take whatever other action is requested by
<br />Lender to perfect and continue Lender's security Interest in the Personal Property. In addition to recording this Dead of Trust in the real
<br />property> records, Lender may, at any time and without further authorization from Trustor, file executed counterparts, copies or reproductions
<br />of this Deed! of Trust as a financing statement. Trustor shall reimburse Lender for all expenses Incurred In perfecting or continuing this
<br />security interest Upon default, Trustor shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor
<br />shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Trustor and Lender
<br />and make it available to Lender within three (3) days after receipt of written demand from Lander to the extent permitted by applicable law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which Information concerning the security interest
<br />granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this
<br />Deed of Trust
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provision$ relating to further assurances and attomay-in-fact are a part of this
<br />Deed of Trust
<br />Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and deliver, or will cause to be
<br />made, executed or delivered, to Lander or to Lander's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
<br />rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
<br />deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance,
<br />certificates, and other documents as may, in the sole opinion of Lender, be necessary, or desirable in order to effectuate, complete, perfect,
<br />continue, or preserve (1) Trustor's obligations under the Note, this Deed of Trust, and the Related Documents, and (2) the lions and
<br />security, interests created by this Deed of Trust as first and prior lions on the Property, whether now owned or hereafter acquired by Trustor.
<br />Unless prohibited by law or Lender agrees to the contrary in writing, Trustor shall reimburse Lender for all costs and expenses Incurred In
<br />connection with the matters referred to in this paragraph.
<br />Attorney -in -Fact. If Trustor fails to, do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
<br />Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for the
<br />purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole
<br />• opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Trustor pays all the Indebtedness, including without lirnitation all future advances, when due, and otherwise performs
<br />all the obligations Imposed upon Trustor under this Deed of Trust, Lander shall execute and deliver to Trustee a request for full reconveyance and
<br />shall execute and deliver to Trustor suitable statements of terniination of any financing statement on file evideming Lender's security interest in the
<br />Rents and the Personal Property. Any reconvoyance foe required by taw shall be paid by Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. At Lender's option, Trustor will be in default under this Deed of"Trust if any of the following happen:
<br />Payment Default. Trustor fails to make any payment when due under the Indebtedness,
<br />Break Other Promises. Trustor break$, any promise made to Lender or fails to perform promptly at the time and strictly In the manner
<br />provided in this Deed of Trust or In any agreement related to this Deed of Trust.
<br />Compliance Default. Failure to comply with any other term,' covenant or condition contained in this Deed of Trust, the Note or in
<br />any of the Related Documents. If such a failure Is curable and 9 Trustor has M been given a notice of a breach of the same provision of this
<br />
|