|
. ,
<br /> � , 99 10741t
<br /> 11. LENDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall irmia�atelyprovide Lender wRh written notice of any actual or
<br /> threatened action,suft,or other proceeding affecting the Property. Grantor hereby appcirrts Lender as its attomey-in-fact to cormience,intervene in,and
<br /> defend such actlons,sufts,or other legel proceedings and to compromise or settle any daim or conVoversy pertalning thereto. Lender shall not be Uable to
<br /> Grantor for any acdon,error,mistaka,omission or delay pertaining to the actions described in this paragraph or any darnages resufting therefrom Nothing
<br /> corrtained herein will preverrt Lender from taking the acdons described in thia peragraph In Rs own name.
<br /> 12 INDF.NMIIFICA710N. Lender shall not assume or be responsible br the perfom�ence of an of GraMor's obligations with respect to the Property under
<br /> any dreumstances. Grantor shall imnediately provide Lender with written notice of and indermiyfy and hold Lender and fts shareholders,directors,officers,
<br /> �oy�ees an�d��s��e�fromC��ms, darnages,Ilabil�ies(indu�ng attomeys'fees and legal expenses),causes of action,actions, suits and
<br /> y" '�pertaining to the Property(indu�ng,but not Iimited to,those irnolving Hazardous Mate�ials). Grarrtor,upon
<br /> the request of Lender,shall hire legal counsel to defend Lsnder from such Claims,and pay the attomeys'fees,legal expenses and other costs incuRed in
<br /> oonnection therewith. In the attematNe, Lender shall be errtftled to employ Rs own legal counsel to defend such Gaims at Granto�'s cost. Grantor's
<br /> obligadon to indermify Lender under this paragraph shail survive the termination,relesse or foredosure of this Deed of Trust.
<br /> 13. TAXES AND ASSESSMENTS. Grantor shall pay all taxes and aasessments relaUng to Property when due and irtmediately provide Lender evidence
<br /> of paymerrt of same. Upon the request of Lender, Grantor shall deposft with Lender each morrth one-twelfth (1/12) of the estimated annual insurance
<br /> premium,taxes and assessmerrta pertaining to the Property. So long as there is no defauft,these am�urrts shall be appifed to the paymerrt of taxes,
<br /> assesamerrts and inwranoe as required on the Property. In the event of defauR,Lender shall have the rigM at fts sole option,to apply the funds so held to
<br /> pay any taxes or against the Obligations. My funds appNed may,at Lender's option,be applied in reverse order of the due date thereof.
<br /> 14. INSPECTION OF PROPERTY,BOOKS,RECORDS AND REPORTS. Grantor shall allow Lender or ftsagerrts to exarr�ne and inspect the Property
<br /> and examine,inspect and meke copies of Grantor's books and reoords pertaining to the Property from tirr�to time. Grantor shall provide any assistance
<br /> required by Lender for these purposes. All of the signatures and infom�ation contained in Grantor's books and records shall be genuine,true,aa;urate and
<br /> complete tn all respects. G�ntor shall note the existence of Lender's benefiaal irrterest in Rs books and records pertaining to the Property. Additionall ,
<br /> Grarrtor shali repon,in a form satisfactory to Lender,auch infomiation as Lender may request regarding Grantor's finandal oondRion or the Property. The
<br /> lnformation shall be for such pe�iods,shall reflect Grantor's records at such Ume,and shall be rendered with such frequency as Lender may designate. All
<br /> infommtion fumished by Grarrtor to Lender shall be true,axurate and complete in all respects,and signed by GraMor if Lender requests.
<br /> 16. ESTOPPEL CERTIFICATES. Within ten(10)days after any request by Lender,Grantor shall deliver to Lender,or any irrtended transferee of Lender's
<br /> rigMs with respect to the Obligations,a signed and aclmowledped statemerrt spedying(a)the outstanding balance on the Obligations;and(b)whether
<br /> Grantor possesses any dalms,defenses,set-offs or courrterdaims wfth respect to the Obligations and,if so,the nature of such daims,defenses,set-offs or
<br /> courrterdaims. Grantor will be condusively bound by any represernation that Lender may meke to the irrtended transferee wfth respect to these matters in
<br /> the everrt that GraMor fails to provide the requested sfatemsrrt in a timely menner.
<br /> 16. DEFAULT. Grantor shall be in defauh under this Deed of Trust and the Trustee's power shall becomB operatNe in the eveM that Grantor,Borrower or
<br /> any guarantor of the Obliga�ons:
<br /> (a) falls to pay any Obligation to Lender when due;
<br /> (b) fails to perform any Obligation or breaches any warranty or covenarrt to Lender contalned in this Deed of Trust or any other preseM or future
<br /> agreemern;
<br /> (c) destroys,loses or damages the Properry in any material respect or subjects U�e Property to seizure,conflscation,or condertnaUon;
<br /> (d) seeks to revoke,temiinate or otherwiae limit tts Ilabilfty under any guaranty to Lend�;
<br /> (e) �es,beoomes legally incompeterrt,is�ssoNed or tertHnated,becon�es insolvent,makes an assignmerrt for the benefft of creditors,fails to pay
<br /> debts as they beoome due,flles a peUtion under the federal banlwptcy laws,has an irnoluntary petftion in banlwptcy filed in which Grantor,Borrower
<br /> or any guarantor is narr�ed,w has property taken under any writ or process of court;
<br /> (� ailows goods to be used,Vansported or atored on the Property,the possession,transportation,or use of which,is illegal;
<br /> (g) allows any party other than Grantor or Borrower to assume or undertake any Obligation without the written conserrt of Lender;or
<br /> (h) causes Lender to deem ftself insecure due to a signiflcant dedine in the value of the Property;or If Lender,in good fatth,for any reason,belteves
<br /> that the prospec.Y of paymerrt or performance is impeired.
<br /> 17. RIGHTS OF LENDER ON DEFAULT. If there is a defauh under this Deed of Trust,Lander shall be ernitled to exerdse one or more of the following
<br /> rerr�edies without noUoe or demend(a�coept as required by Iaw):
<br /> (a) to dedare the Obligations irtYr�ately due and payaWe in full;
<br /> (b) to collect the outstanc�ng Obligations with or without resorting to ju�dal prooess;
<br /> (c) to require Grantor to deliver and meke available to Lender any personal property or Chattels constituting the Property at a place reasonably
<br /> aonvenierrt to Grantor and Lender;
<br /> (cQ to errter upon and take possession of the Propetty without applying for or obtaining the appo(ntment of a receiver and, at Lender's option,to
<br /> appoirrt a reoeiver wfthout bond, without flrst bringing suft on the Obligations and wfthout othe►wise meeUng any statutory con�tions regarding
<br /> reoeiveK,ft being IMended that Lender shall have this corrtractual right to appoirrt a recefver;
<br /> (e) to employ a managing agerrt of the PropeRy and let the same,either in Trustee's own name,in the nama of Lender a in the name of Grarrtor,and
<br /> receNe the rerrts,incomes,issues and profits of the Property and apply the same,aiter paymerrt of all neoesaary charges and expenses,on accourrt of
<br /> the ObligaUons;
<br /> (� to pay any wms in any form or menner deemed expedierrt by Lender to protect the securtry of this Deed of Trust or to cure any default other than
<br /> paymerrt of IMereat or prindpel on the Obligations;
<br /> (g) to foredose this Deed of Trust judidally or non�didally and to�rect the sale of the property through exerdse of the power of sale as referenoed in
<br /> paragraph 20 hereof In aoocordancs with applk�ble law;
<br /> (h) to set-off Grantor's Obligations againat any amourrts owed Grantor by Lender induding, but not limited to, monies, insuumerrts, and deposit
<br /> axourrts meintalned with Lender or any cuRently exisdng or fuwre afffllate of Lsnder;and
<br /> (i)to exerdse alt other rigMs available to Lender under any other written agreemerrt or appilcable Iaw.
<br /> Lendet's �s are cumulative and may be exerdsed together, separately, and in any order. In the event that Lender instftutes an action seeldng the
<br /> reoovery o any of the Property by way of a prejudgR�em remedy in an actlon against Grantor, Grantor waives the posting of any bond which migM
<br /> othervvise be required. Lender or Lender's desi�ee may purchase the Property at any sale. Proceeds of any Trustee's sale hereunder shall be applied
<br /> flrst,to the coats and expenses of exerdaing the pov�rer of sale and of the aale,indudng the paymerrt of the Trustee's fees actually incurred and�ot to
<br /> exoeed the amourrt which may be provided for in this Deed of Trust,seoond,to payrnent of the ObAgaUons secured hereby,third,to the paymerrt of' nior
<br /> trust deeds,mortgages,or other lienholders,and the belance,if any,to the person or persons Iegelly errtRled thereto. Theproperry or any part thereo�may
<br /> be sold in one parcel,or fn such parcels,menner or order as Lender in Rs=ole�scretion may elect,and one or more exerdses of the power herein granted
<br /> shall not extlnguish or exhaust the power unless the emire property Is sold or the obligations are paid in full.
<br /> 18. TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT: If Lender elects to aell Grantor's imerest in the Property by exerdse of the power of
<br /> sale herein conta(ned,Lender ahall notKy Trustee in the menner then required 1�Iaw.
<br /> Upon receipt of such noUce of Lender and at the�recdon of lender,Trustee shall cause to be reoorded,published and delNered such notices of defauft
<br /> and notices of sale as may then be required by law and by this Deed of Truat. Trustee shall,only at the direcdon of Lender and wRhout demand on Grarrtor,
<br /> a(ter such time as may then be required by Iaw and after recordatfon of such notice of defauR and after notloe of sale having been gNen as required Iaw,
<br /> sell the Property at the time and place of sale flxed by ft In such notice of sale,either as whole or(n e lots or parcels or items as Lender shall deem
<br /> expe�eM,and In such order as it may determine,at public aucUon to the highest bidder for cash in la�money of the Unhed States payable at the time of
<br /> sale,or as otherwise may then be recxtired by law. Trustee shall deliver to such purchaser or purchasers thereof its good and suffiderrt deed or deeds
<br /> corneying theproperty so sold, but wfthout any covenant or warranty, express or implfed. The redtals in such deed of any matters or facts shall be
<br /> condusive proof of the truthiulness thereof. Any person,induding,without limitatlon,Grantor,Trustee or Lender,may purchase at such sale. Trustee may
<br /> in the manner provided by Iaw postpone sale of all or any portion of the Property.
<br /> 1�. REGIUEST FOR NOTICES: Grantor requests that a copy of any noUoe of defauft and a copy of any notice of sale hereunder be meiled to each person
<br /> who is a party hereto at the address of such person set forth herefn at the same�me and in the same menner required as though a separate request thereof
<br /> had been flled by each such person.
<br /> NEDOTC F�v.1297
<br /> Paa�9 d 8
<br />
|