|
� . . 99 107�3�
<br /> 11. LENDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall imnediately provide Lender wfth written notice of any actual or
<br /> threatened action,wR,or other proceeding affecting the Property. Grantor hereby appoirrts Lender as hs attomey-in-fact to commence,iMervene in,and
<br /> �defend such actions,suits,or other legal proceedings and to compromise or settle any dalm or corrtroversy pertaining thereto. Lender shall not be liable to
<br /> Grantor for any action,error,misiake,omission or delay pertaining to the acdons described in this paragraph or any damages resultlng therefrom Nothing
<br /> ooMalned herein will preverrt Lsnder from taWng the actions described in this paragraph in R:own name.
<br /> 12 INDEMNIFlCATION. Lender shall not assume or be responsibie for the performanoe of any of Grarrtor's obligations wfth respect to the Property under
<br /> eny dreumstances. Grantor shall irtrne�ately provide Lender wfth wrttten noUce of and indermity and h�d Lender and its shareholders,c�reclors,offlcers,
<br /> employees and agents harmless from all daims, dertBges, Ilabilfties(induding attomeys'fees and legal expenses),causes of action,actions, suits and
<br /> other legal proceedings(cumulatively"Claims")pertaining to the Properry(induding,but not limited to,those irnolving Hazardou:Materiala). Grantor,upon
<br /> the request of Lender,shall hire legel counsel to defend Lender from such Claims,and pay the attomey='fees,legal expenses and other costs incurred In
<br /> connecdon therewith. In the altemaUve, Lender shall be errtitled to employ its own legal counsel to dafand such Claime at Grantor's cost. Grarrtor's
<br /> obligation to indermify Lender under this peragraph shall survfve the termination,release or foredosuro of thi`Deed of Trust.
<br /> 13. TAXES AND ASSESSMENTS. Grantor shall pay all taxes and asse�merrts relating to Property when due and inrnediately pro�Ade Lender evidence
<br /> of paymerrt of same. Upon the request of Lender,(�rantor shall depoalt wRh Lender each morrth one-rivelfth (1h2) of the eatirnated annual insurance
<br /> premium,taxes and assessmerrts pertaining to the Properry. So long as there is no defauR,these artaurrts shall be applied to the payment of taxes,
<br /> assessmerrts and insurance as required on the Property. In the everrt of defauft,Lender shall have the rigM,at fts sole option,to apply the funds so held to
<br /> pay any taues w against the Obligations. My funds applied 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 itsagerrts to exartlne and inspect the Property
<br /> and exarnine,inspect and rnake copies of Grantor's books and records pertaining to the Property irom tlme to time. Grarrtor shall provide any assistance
<br /> required by Lender for these purposes. All of the signatures and infom�atlon contained in Grantor's books and records shall be genuine,true,aocurate and
<br /> complete in all respects. Grantor shall note the e�stenoe of Lender's benefldal irrterest fn its booka and records pertalning to the Property. Additionally,
<br /> Grantor shall report,in a form satisf�tory to Lender,such infom�ation as Lender may request regarding Grantor's finandal condition or the Property. The
<br /> infortnaUon shall be for wch perlods,shall reflect Grantor's records at such time,and shall be rendered with such frequency as Lender may desig�ate. All
<br /> infom�ation fumished by Grarrtor to Lender shall be true,accurate and complete in all respects,and signed by Grantor if Lender requests.
<br /> 15. ESTOPPEL CERTIFICATES. Within ten(10)days after any request by Lender,Grentor shall delfver to Lender,or any irrtended transferee of Lender's
<br /> rights with respect to the Obligations,a signed and aclviowledged statement spediying(a)the outstanding belance on the Obligations;and(b)whether
<br /> Grantor possesses any daims,defenses,set�ffs or courrterdaims with respect to the Obligatlons and,if so,the nature of such daims,defenses,set-offs or
<br /> courrterdalms. Grarrtor will be condusively bound by any representation that Lender may make to the irrtended transferee wfth respect to these matters in
<br /> the everrt that GraMor fails to provide the requested statemerrt in a timely menner.
<br /> 16. DEFAULT. Grantor shall be in defauft under this Deed of Trust and the Trustee's power shall become operatNe in the event that Qrarrtor,BoROwer or
<br /> any guarantor of the Obligations:
<br /> (a) fails to pay any Obligation to Lender when due;
<br /> (b) fails to pertorm any Obligation or breaches any warranty or oovenant to Lender contained in this Deed of Trust or eny other preserrt or future
<br /> ��
<br /> (c) deatroys,loses or damages the Property in any material respect or wbjecta the Properry to selzure,conflscation,or condermation;
<br /> (d) seeks to revoke,terminate or otherwise Iimit fts liabiliry under any guerarny to Lender;
<br /> (e) �es,becomes legally IncompeteM,is dissolved or temrnffied,becomes insolverrt,makes an assignmerrt for the benefit of credRors,fails to pay
<br /> debts as they beoome due,81es a petidon under the federal banlwptcy Iaws,has an irnoluntary petition in banlwptcy flled In which Grarrtor,Borrower
<br /> or any guarantor is nart�ed,or has property taken under any wfi or process of court;
<br /> (� allows goods to be used,transported or stored 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 itself Insecure due to a significant dedine in the value of the Property;or if Lender,fn good faith,for any reason,believes
<br /> that the prospect of paymerrt or perfomiance is impaired.
<br /> 17. RIGHT'S OF LENDER ON DEFAULT. If there is a default under this Deed of Trust,Lender shall be entitled to exerdse one or more of the following
<br /> rert�es wRhout notice or demend(except as required by Iaw):
<br /> (a) to dedare the Obligations irtrr�ediately due and payable in full;
<br /> (b) to oollect the outstanding Obligations wlth or wlthout resordng to judidal process;
<br /> (c) to require Grantor to delNer and make available to Lender any personal property or Chattels constitutlng the Property at a place reasonably
<br /> cornenfent to Grantor and Lender,
<br /> (d) to errter upon and take possession of the Property wfthout applyfng for or obtaining the appoirrtmerrt of a receiver and, at Lender's option,to
<br /> appoiM a receiver without bond, without flrst bringing suit on the Obligations and without otherwiae meeting eny statutory conditions regardfng
<br /> receNers,ft being intended that Lender shall have this oontractual rigM to appoirrt a receiver;
<br /> (e) to employ a managing agerrt of the Property and let the same,eRher in Trustee's own name,in the name of Lender or in the name of Grantor,and
<br /> reoeNe the reMs,incomes,issues and profits of the Property and apply the same,aRer paymerrt of all necessary charges and expenaes,on accourrt of
<br /> the Obllgations;
<br /> (� to pay any sums in any form or menner deemed expedierrt by Lender to protect tha security of this Deed of Trust or to cure any default other than
<br /> payrt�rrt of irrtereat or prindpel on the Obligations;
<br /> (g) to foredose thls Deed of Trust judidally or nonjudidally and to direct the sale of the property through exerdse of the power of sale as referenoed in
<br /> paragraph 20 hereof in a�xcordance with applicable Iaw;
<br /> (h) to set-off Grantor's Obligations against any amourrts owed Grantor by Lender induding, but not limited to, monies, instrumerrts, and deposit
<br /> aocouMs meirrtained with Lender or any currenUy existing or future afflliate of Lender;and
<br /> (i)to exercise all other rigMs avallable to Lender under any other written agresmerrt or applicable Iaw.
<br /> Lender's rigMs are cumulative and may be exercised together, separately, and in any order. In the everrt that Lender instftutes an action seeking the
<br /> recovery of any of the Property by way of a prejudgmerrt remedy in an acKion against Grantor, Grantor waives the Posting of any bond which migM
<br /> otherwise be required. Lender or Lender's designee maypurchase the Properry at an sale. Proceeds of any Trustee s sale hereunder shall be applied
<br /> first,io the oosts and expenses of exerdsing the power of sale and of the sale,indu�ng the paymerrt of the Trustee's fees actually incurred and not to
<br /> exceed the amourrt which may be provided for in this Deed of Trust,second,to paymerrt of the Obligations secured hereby,thfrd,to the paymerrt of junior
<br /> trust deeds,mortgages,or other Ilenholders,and the balanoe,if any,to the person or persons legally errtitled thereto. Theprope►ty or any part thereof may
<br /> be sold in one parcel,or in such paroels,menner or order as Lender in its aole discretion may elect,and one or more exerdses of the power herein granted
<br /> shall not exttnguish or exhaust the power unless the errtfre property is sold or the obligaUons are paid in full.
<br /> 18. TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT: if Lender elects to sell Grarnor's irrterest in the Properry by e�cerdse of the power of
<br /> sale herein corrtained,Lender shall notiiy Trustee in the menner then requlred by law.
<br /> Upon receipt of such notice of Lender and at the direcNon of Lender,Trustes shall cause to be recorded,published and delivered such notices of defauft
<br /> and notioes of sale as may then be required by Iaw and by this Deed of Trust. Truatee shall,only at the direcGon of Lender and wfthout demend on Grantor,
<br /> after such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by Iaw,
<br /> sell the Property at the dme and plaoe of sale flxed by ft in such notice of sale,eRher as whole or inseparate lots or parcels or ftems as Lender shell deem
<br /> expedierrt,and in such order as ft may determine,at public auctlon to the highest bidder for cash in Iawful money of the Unfted States payable at the time of
<br /> sale,or as otherwise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof fts good and suffldem deed or deeds
<br /> corneying the property so sold, but without any covenarrt or warranty, expresa or implied. The redtals In such deed of any matters or facts shall be
<br /> condusNe proof of the truthfulness thereof. Anyperson,indu�ng,wfthout limftation,Grantor,Trustee or Lender,may purchase at such sale. Truatee may
<br /> fn the menner provided by law postpone sale of all or any portion of the Properry.
<br /> 1A REGUEST FOR NOTICES: Grarrtor requests that a copy of any notloe of default and a copy of any notice of sale hereunder be mefled to each person
<br /> who is a perty hereto at the address of such person set brth herein at the�ame time and in tha sarne mennor requlred as though a seperate request thereof
<br /> had been flled by each such person.
<br /> NEDOTC Rw.t287 Pap�8d8
<br />
|