|
1
<br /> , 9 � 106381
<br /> ; This Deed of Trust shall secure (a)the payment of the principal sum and interest evidenced by a promissory notels) or credit
<br /> agreementls) as follows:
<br /> Date of Original Maturity
<br /> Notels) Maker(s) of Notels) Principal Amount(s) Datels)
<br /> June 24, 1999 P.L. Johnson Land & Cattle Co. 285,000.00 June 15, 2006
<br /> June 24, 1999 P.L. Johnson Land &Cattle Co. 45,000.00 December 15, 2003
<br /> and any and all modifications, extensions, and renewals thereof or thereto and any and all future advances and readvances to
<br /> Borrower (or any of them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein called
<br /> "Note", wheiher one or more); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c)the
<br /> performance of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations
<br /> of Borrower (or any of them if more than one)to Lender whether direct, indirect, absolute or contingent and whether arising by
<br /> note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note or
<br /> otherwise executed in connection therewith, including without limitation guarantees, security agreements and assignments of leases
<br /> and rents, shall be referred to herein as the "Loan Instruments".
<br /> Trustor covenants and agrees with Lender as follows:
<br /> 1 Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br /> 2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property, and warrants that
<br /> the lien created hereby is a first and prior lien on the Property, except for liens and encumbrances set forth by Trustor in writing and
<br /> delivered to Lender before execution of this Deed of Trust, and the execution and delivery of this Deed of Trust does not violate any
<br /> contract or other obligation to which Trustor is subject.
<br /> 3. Taxes,Assessments. To pay before delinquency all taxes, special assessments and all other charges against the
<br /> Property now or hereafter levied.
<br /> 4. Insurance. To keep the Property insured against damage by fire, hazards included within the term "extended
<br /> coverage", and such other hazards as Lender may require, in amounts and with companies acceptable to Lender, naming Lender
<br /> as an additional named insured, with loss payable to the Lender. In case of loss under such policies, the lender is authorized to
<br /> adjust, collect and compromise, all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i)
<br /> to any indebtedness secured hereby and in such order as Lender may determine, (ii) to the Trustor to be used for the repair or
<br /> restoration of the Property or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust
<br /> for the full amount secured hereby before such payment ever took place. Any application of proceeds to indebtedness shall not
<br /> extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder.
<br /> 5. Escrow. Upon written demand by Lender, Trustor shall pay to Lender, in such manner as Lender may designate,
<br /> sufficient sums to enable Lender to pay as they become due one or more of the following: (i) all taxes, assessments and other
<br /> charges against the Property, lii)the premiums on the property insurance required hereunder, and (iii) the premiums on any
<br /> mortgage insurance required by Lender.
<br /> 6. Maintenance, Repairs and Compliance with Laws. Trustor shall keep the Property in good condition and
<br /> repair; shall promptly repair, or replace any improvement which may be damaged or destroyed; shall not commit or permit any
<br /> waste or deterioration of the Property; shall not remove, demolish or substantially alter any of the improvements on the Property;
<br /> shall not commit, suffer or permit any act to be done in or upon the Property in violation of any law, ordinance, or regulation;
<br /> and shall pay and promptly discharge at Trustor's cost and expense all liens, encumbrances and charges levied, imposed or
<br /> assessed against that Property or any part thereof.
<br /> 7. Eminent Domain. Lender is hereby assigned all compensation awards, damages and other payments or relief
<br /> (hereinafter "Proceeds") in connection with condemnation or other taking of the Property or part thereof, or for conveyance
<br /> in lieu of condemnation. Lender shall be entitled at its option to commence, appear in and prosecute in its own name any
<br /> action or proceedings, and shall also be entitled to make any compromise or settlement in connection with such taking or
<br /> damage. In the event any portion of the Property is so taken or damaged, Lender shall have the option, in its sole and absolute
<br /> discretion, to apply all such Proceeds, after deducting therefrom all costs and expenses incurred by it in connection with such
<br /> Proceeds, upon any indebtedness secured hereby and in such order as Lender may determine, or to apply all such Proceeds,
<br /> after such deductions,to the restoration of the Property upon such conditions as Lender may determine. Any application of
<br /> Proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default
<br /> thereunder or hereunder. Any unapplied funds shall be paid to Trustor.
<br /> 8. Performance by Lender. Upon the occurrence of an Event of Default hereunder, or if any act is taken or legal
<br /> proceeding commenced which materially affects Lender's interest in the Property, Lender may in its own discretion, but without
<br /> obligation to do so, and without notice or demand upon Trustor and without releasing Trustor from any obligation, do any act
<br /> which Trustor has agreed but fails to do and may also do any other act it deems necessary to protect the security hereof.
<br /> Trustor shall, immediately upon demand therefor by Lender, pay to Lender all costs and expenses incurred and sums expended
<br /> by Lender in connection with the exercise by Lender of the foregoing rights, together with interest thereon at the default
<br /> rate provided in the Note, which shall be added to the indebtedness secured hereby. Lender shall not incur any liability because
<br /> of anything it may do or omit to do hereunder.
<br /> 9. Hazardous Materials. Trustor shall keep the Property in compliance with all applicable laws, ordinances and
<br /> regulations relating to industrial hygiene or environmental protection Icollectively referred to herein as "Environmental Laws"1.
<br /> Trustor shall keep the Property free from all substances deemed to be hazardous or toxic under any Environmental Laws
<br /> (collectively referred to herein as "Hazardous Materials"►. Trustor hereby warrants and represents to Lender that there are no
<br /> Hazardous Materials on or under the Property. Trustor hereby agrees to indemnify and hold harmless Lender, its directors, officers,
<br /> employees and agents, and any successors to Lender's interest, from and against any and all claims, damages, losses and
<br /> liabilities arising in connection with the presence, use, disposal or transport of any Hazardous Materials on, under, from
<br /> or about the Property. THE FOREGOING WARRANTIES AND REPRESENTATIONS, AND TRUSTOR'S OBLIGATIONS
<br /> PURSUANT TO THE FOREGOING INDEMNITY, SHALL SURVIVE RECONVEYANCE OF THIS DEED OF TRUST.
<br /> 10.Assignment of Rents. Trustor hereby assigns to Lender, and grants Lender a security interest in, all present, future
<br /> and after-arising rents, issues and profits of the Property; provided that Trustor shall, until the occurrence of an Event of Default
<br /> hereunder, have the right to collect and retain such rents, issues and profits as they become due and payable. Upon the occurrence
<br /> of an Event of Default, Lender may, either in person or by agent, with or without bringing any action or proceeding, or by a
<br /> receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Property, or
<br /> any part thereof, in its own name or in the name of the Trustee, and do any acts which it deems necessary or desirable to preserve
<br /> the value, marketability or rentability of the Property, or any part thereof or interest therein, or to increase the income therefrom or
<br /> protect the security hereof and, with or without taking possession of the Property, sue for or otherwise collect the rents, issues and
<br /> profits thereof, including those past due and unpaid, by notifying tenants to make payments to Lender. Lender may apply rents,
<br /> issues and profits, less costs and expenses of operation and collection including attorneys'fees, to any indebtedness secured hereby,
<br /> all in such order as Lender may determine. The entering upon and taking possession of the Property, the collection of such rents,
<br /> issues and profits, and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or
<br /> invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding the continuance in
<br /> possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee and Lender shall be entitled to
<br /> exercise every right provided for in any of the Loan Instruments or by law upon occurrence of any Event of Default, including
<br /> without limitation the right to exercise the power of sale. Further, Lender's rights and remedies under this paragraph shall be
<br /> cumulative with, and in no wav a limitatinn nn. Lender'c riahtc anri ramariies unrler anv asainnmont n4 loaece a.,,i ro.,+��o�.,.�oa
<br />
|