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07-12-1999 DEED OF TRUST t� � Page 4
<br /> Loan No 982041 (Continued) �� �V� 3 ~s
<br /> Taxes. The following shall consHtute taxes to which this section applies: (a)a specific tax upon this type of Deed of Trust or upon all or any
<br /> part of the Indebtedness secured by this Deed of Trust; (b)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; (c)a tax on this type of Deed of Trust chargeable against the lender or
<br /> the holder of the Note; and (d) a specific tex on all or any portion of the Indebtedness or on payments of p�incipal and tnterest 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(as defined below),and Lender may exercise any or all of its available remedies for an Event of Default as
<br /> provided below unless Trustor either (a)pays the tax before it becomes delinquent,or (b)contests the tax as provided above in the Taxes and
<br /> Liens 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 Deed of Trust as a security agreement are a paR of
<br /> this Deed of Trust.
<br /> Security Apreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes flxtures or other
<br /> personal property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to
<br /> time.
<br /> SecuMty Interest. Upon request by Lender,Trustor shall execute financing statements and take whatever other action is requested by Lender
<br /> to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of Trust in the real
<br /> property records, Lender may,at any time and without further authorization from Trustor,file executed counterparts,copies or reproductlons of
<br /> this Deed of Trust as a�inancing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security
<br /> interest. Upon default,Trustor shall assemble the Personal 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 aiter receipf of written demand from Lender.
<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 Deed
<br /> of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY—IN—FACT. The following provisions relating to fu�ther assurances and attorney—in—fact are a part of this
<br /> Deed of Trust.
<br /> Further Assu�ances. 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 Lender or to Lender'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 oifices 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,certificates,
<br /> and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect,continue, or
<br /> preserve (a)the obligations of Trustor under the Note,this Deed of Trust,and the Related Documents,and (b)the liens and security interests
<br /> created by this Deed of Trust on the Property,whether now owned or hereafter acquired by Trustor. Unless prohibited by law or agreed to the
<br /> contrary by Lender in writing,Trustor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in
<br /> 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 purpose
<br /> of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
<br /> accomplish the matters referred to in the preceding paragraph.
<br /> FIKI.PERFORMANCE. If Trustor pays all the Indebtedness when due,and otherwise performs all the obligations imposed upon Trustor under this
<br /> Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suitable
<br /> statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any
<br /> reconveyance fee required by Iaw shall be paid by Trustor,if permitted by applicable Iaw.
<br /> DEFAULT. Each of the following,at the option of Lender,shall constitute an event of default("Event of Default")under this Deed of Trust:
<br /> Default on Indebtedness. Failure of Trustor to make any payment when due on the Indebtedness.
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or insurance,or
<br /> any other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> Compliance Detault. Failure of Trustor to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the
<br /> Note or in any of the Related Documents.
<br /> False Statemenis. Any warranty,representation or statement made or furnished to Lender by or on behalf of Trustor under this Deed of Trust,
<br /> the Note or the Related Documents is false or misleading in any material respect,either now or at ihe time made or furnished.
<br /> Defective Co�lateralization. This Deed of Trust or any of the Related Documents ceases to be in fuii force and effect(including failure of any
<br /> collateral documents to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death of Trustor, the insolvency of Trustor, the appointment ot a receiver for any part of Trustor's property, any
<br /> assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br /> insolvency laws by or against Trustor.
<br /> Foreclosure,Forteiture,etc. Commencement of foreclosure or forteiture proceedings,whether by judicial proceeding,self—help,repossession
<br /> or any other method,by any creditor of Trustor or by any governmental agency against any of the Property. However,this subsection shall not
<br /> apply in the event of a good faith dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding, provided that Trustor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim
<br /> satisfactory to Lender.
<br /> Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not remedied
<br /> within any grace period provided therein,including without limitation any agreement concerning any indebtedness or other obligation of Trustor
<br /> to Lender,whether existing now or Iater.
<br /> Events Aftecting Guarentor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent, or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness. Lender,at its option,
<br /> may, but shail not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a
<br /> manner satisfactory to Lender,and,in doing so,cure the Event of Default.
<br /> Insecurity. Lender in good faith deems itself insecure.
<br /> Existing Indebtedness. A default shall occur under any Existing Indebtedness or under any instrument on the Property securing any Existing
<br /> Indebtedness,or commencement of any suit or other action to foreclose any existing lien on the Property.
<br /> Right to Cure. If such a failure is curable and if Trustor has not been given a notice of a breach of the same provision of this Deed of Trust
<br /> within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Trustor, after Lender sends wriHen
<br /> notice demanding cure of such failure: (a) cures the failure within flfteen (15) days; or (b) if the cure requires more than fifteen (15) days,
<br /> immediately initiates steps sufficient to cure the failure and thereafter continues and completes ail reasonable and necessary steps sufficient to
<br /> produce complience as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter,Trustee or Lender,at its option,
<br /> may exercise eny one or more of the following rights and remedies,in addition to any other rights or remedies provided by Iaw:
<br /> Acceleratton upon Default; Additional Remedies. If any event of default occurs as per the terms of the Note secured hereby, Lender may
<br /> declare ali Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and payable without
<br /> any presentment,demand,protest or notice of any kind. Thereafter,Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without
<br /> regard to the adequacy of its security,enter upon and take possession of the Property,or any part thereof,in its own name or in the name
<br /> of Trustee,and do any acts which it deems necessary or desirable to preserve the value,marketability or rentability of the Property,or part
<br /> of the Property or interest in the Property;increase the income from the Property or protect the security of the Property;and,with or wfthout
<br /> taking possession of the Property,sue for or othervvise collect the rents,issues and profits of the Property, including those past due and
<br /> unpaid,and apply the same,less costs and expenses of operation and collection,including attorneys'fees,to any indebtedness secured
<br /> by this Deed of Trust,all in such order as Lender may determine. The entering upon and taking possession of the Property,the co0ectlon
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