|
, . . 99 148140
<br /> (c) All applicable laws and regulatlons, induding,wkhout Iimitation,the Americans with DisabilRies Act, 42 U.S.C. Section 12101 et seq. (and all
<br /> re�lations promulgated thereunder)and all zoning and building laws and regulations relating to the Property by virtue of any federal,state or muNdpal
<br /> authority with jurisdiction over the Property,presently are and shall be obaerved and wmplled wRh in all rnaterial respects, and all rigMs, Ilcenses,
<br /> s,and oertiflcates of oocupancy(indu�ng but not Ifmited to zoning varfanoes,apedal exoeptions for nonconforming uses,and flnal inspectlon
<br /> P�
<br /> approvals), whether temporary or permeneM,which are materlal to the use and oocupency of the Property, preserrtly are and shall be obtained,
<br /> preserved and.where necessary.renewed;
<br /> (c� Grantor has the rigM and is duly authorized to execute and pertorm fts Ob1lgaUons under this Deed of Trust and thesa actions do not and shall not
<br /> conflict with the provisions of any statute,regulation,ordinance,rule of law,corrtract or ather agreement which may be binding on Grantor at any time;
<br /> (e) No action or proceeding is or shall be pending or threatened which MgM rnaterially affect the Property;and
<br /> (� Grantor has not violated and ahall not violate any statute,regulation,or�nanoe,rule of law,corrtract or other agreement(fnduding,but not Iimited to,
<br /> those goveming Hazardous Materials)which migM materially affect the Properry or Landar's rigMa or irrterest in the Property purauarrt to this Deed of
<br /> Trust.
<br /> S. PRIOR DEEDS OF TRUST. Grantor represents and warrarrts that there are no prlor deads of trust affecting any part of the Properry except as set forth
<br /> on Schedule B attached to this Deed of Trust,which GraMor agrees to pa and perfortn in a timely menner. If there are any prior deeds of truat then
<br /> Grantor agrees to pay all amourrts owed,and perform all obligations requf�under such deeds of ttust and the indebtedness secured thereby and further
<br /> agrees that a default under any prior deed of trust shall be a default under this Deed of Trust and shall entitle Lender to all rigMa and remedies contalned
<br /> herein or in the Obligations to which Lender would be erttitled fn the everrt of eny other defeuft. �i
<br /> 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS iN GRANTORS OR BORROWERS. In the everrt of a sale,corneyance,lease, I
<br /> corttract br deed or transfer to any peraon of all or any part of the real property described in Schedule A,or any irrterest therein,or of all or any beneficial
<br /> irrterest in Borrower or Grantor(if BoROwer or Grarrtor is not a natural peraon or persons but is a corporation,limited liabiliry company,partnership,uust,or
<br /> other legal errtiry) Lender may,at its option dedare the outstanding prindpal balanoe of the Obligations plus accrued irrterest thereon imrr�ediately due and
<br /> payable. A1 Lender's request,Grantor or Borrower,as the case may be,shall fumish a oomplete staterrent setting forth all of its stod�olders,members,or
<br /> peMers,as appropriate,and the extetrt of their reapective ownership irrterests.
<br /> 6. ASSIGNIIAENT OF RENTS. In consideration of the Obligations,which ere aeaared by this Deed of Trust, Grantor absolutely assigns to Lender all
<br /> Grarrtor's estate, ri�ht, Ude, interest, daim and demend nrnnr owned or hereafter acqufred fn all existing and future leases of the Property (indu�ng '
<br /> extensions,renewaTs and subleases),all agreemerrts for use and oocupancy of the Property(all such leases and agreemerrts whether written or oral,are I
<br /> hereafter refeRed to as the"Leases"),and all�uararnies of lessees'perfortnence under the Leases,together with the imnediate and corrtinuing rigM to
<br /> collect and receive all of the rerrts,income,receipts,revenues,issues,proflts end other income of any nature now or hereafter due(induding any income of
<br /> any nawre coming due during any redemption pe�lod)under the Leases or from or arising out of the Property induding mnimum rents,add'rtional rerrts,
<br /> percerrtage rerrts, parldng or common area maitrtenance corrtributions, tax and insurance corrtributions, deftaency rents, liquidated dart�ages following
<br /> defauR in any Lease, all prooeeds payable under any policy of insurance covering loss of rerrts resuttlng from urrtenarrtabiliry causedby dastruction or
<br /> darnage to the Property, all proceeds payable as a resuR of a lessee's exerdse of an option to purchase the Property, all proceeds derived from the
<br /> temiination or rejection of any Lease in a banlwptcy or other insolvency procee�ng,and all proceeds from any rights and daims of any kind which Grantor
<br /> may have a�ainst any lessee under the Leases or any oa;upants of the Properry(all of the above are hereafter collectively referred to as the"Rerrts"). This
<br /> assi merrt-is subject to the rigM,power and authority given to the Lender to collect and apply the Rerrts. This assignmerrt ia recorded in socordance with
<br /> appl�e state law;the lien created by this assi�merrt is irrtended to be spedflc,perfacted,and choate upon the recording of this Deed of Trust,all as
<br /> prov�ed by appifcable state Iaw as amended irom time to time. As long as there fs no defauR under the Obligatfons or this Deed of Trust,Lender granis
<br /> Grantor a revocable Iicenae to collect all Rerrts from the Leases when due and to use such proceeds in Grantor's busfnessoperaUons. However,Lender
<br /> may at any time require Grantor to deposit all Rerrts into an ecoount maiMained by(3rentor or Lender at Lender's institution. Upon defauR in the paymem
<br /> of,or in the perfomience of,any of the Obligations,Lender may at its option take possession of the Property end have,hold,manage,lease and operate the
<br /> Propetty on terms and for a period of�rr�that Lender deems proper. Lender may proceed to collect and reoeive all Rerrts from the property,and Lender
<br /> shall have tull power to make atterations,renovations,repeirs or replacemertts to the Property as Lender may deem proper. Lender may apply all Rerrts in
<br /> Lender's sole�scretion to paymerrt of the Obligations or to the paymerrt of the cost of such alterations, renovations, repalra and replacemeMs and any
<br /> expenses inddent to taldng and retaining possession of the Properry periodically and the menagemerrt and operaUon of the Property. Lender may keep the
<br /> Property properly inwred and may discharge any taxes,charges,daims,assessmerrts and other Ilens which may accrue. The expense and coat of these
<br /> actions may be peid from the ReMs recefved,and any unpaid amourrts shall be added to the prindpal of the Obiigations. These amounts,together with
<br /> other costs,shali become part of the OblfgaUons secured by this Deed of Trust.
<br /> B. USE AND MAINTENANCE OF PROPERTY. Grantor shall take all actfons and meke any repairs needed to meintain the Property in good condiNon.
<br /> Grarrtor shall not comr�t or pemlt any waste to be committed with respect to the Property. Grantor shatl use the Properry solely in complianoe wfth
<br /> applicable law and insurance poUdes. Grarrtor shall not rr�ake any alteradons,additlons or improvemerrts to the Property whhout Lender's prior written
<br /> consent. Without limiting the foregoing,all alterayons,additions and improvemerrta made to the Property shall be subject to the benefldal irrterest belon�ng
<br /> ea
<br /> to Lender,shall not be removed wRhout Lender's prior written conseM,and ahell be made at GraMor's sole expense.
<br /> 7. LOSS OR DAMAGE Grantor shall bear the errtire risk of any loss,theft,destruction or darr�age(cumulatively"Loss or Damage")to the Property or any
<br /> portion thereof from any cause whatsoever. In the everrt of any Loss or Damege,Grantor shall,at the option of Lender,repair the affected Property to hs
<br /> previous con�tfon or pay or cause to be paid to Lender the decrease in the fair market value of the affected Property.
<br /> 8. INSURANCE The Property will be kept insured for its full insurable value(repiaamerrt cost)ageinst all hezards induding loss or datnege caused by
<br /> flood,earthc�ake,tomacb and flre,theft or other casualry to the exterrt required by Lender. Grantor may obtain insuranoe on the Properry from sucfi
<br /> companies as are sooeptable to Lender in its sole c�sctetion. The insurance polides shall requfre the insurance company to provide Lender wfth at least
<br /> 3 0 days'written notice before such polides are altered or cancelled in any menner. The insurance policies shall name Lender as a loss
<br /> payee an pro that no act or omfssion of Grantor or any other person ahall affect the right of Lender to be paid the insurance proceeds pertaining to the
<br /> loss or dan�age of the Property. In the everrt GraMOr fails to acquire or meintain insurance,Lender(after providing notioe as may be required by Iaw)may
<br /> in its�scretfon procureapp�op�fate insurance coverage upon the Prope�y and the insuranoe cost shall be an advanoe payable and bearing irrterest as
<br /> described in the "REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER" paragraph and secured hereby. Grantor shall (umish Lender whh
<br /> evidence of insurance in�cating the required oover�e. Lender may act as attomey-in-fact for Grentor in meldng and settling daims under insurance
<br /> polides,canoalling any policy or endorsing Grantor's name on any�aft or negotiable instrument�awn by any insurer. All such insurance poUdes shall be
<br /> irrrne�ately assigned,pledged and delivered to Lender as further security for the Obifgatfons. In the everrt of loss,Grantor shall imrnediately gNe Lender
<br /> written notice and Lender is authorized to rt�ske proof of loss. Each inaurance company is�rected to mekepa ymerrts directly to Lender instead of to
<br /> Lender and Grarrtor. Lender shall have the rigM, at fts sole option,to apply such monies toward the Obligations or toward the cost of rebu0ding and
<br /> restoring the Properry. My amounts may at Lender's opUon be appUed in the irnerse order of the due dates thereof.
<br /> 9. ZONING AND PRIVATE COVENANT3. Grantor shall not fnitiffie or conserrt to any change in the zoning provisions or private covenarrts affecting the
<br /> use of the Property without Lender's prior written conserrt. If Grantor's use of the Property becomes a nonconforming use under any zoning provision,
<br /> Grantor shall not cause or pemlt such use to be discontinued or abandoned without the prior written conserrt of Lender. Grantor will imne�ately provide
<br /> Lender with written notice of any proposed changes to the zoning provisions or private wvenants affecNng the Property.
<br /> 10. CONDEMNATION. Grantor ahall irrmediately provide Lender with wrftten notice of any actual or threatened condertnation or eminetrt domafn
<br /> procee�ng pertaining to the Properry. All monies payable to Grantor from such condermatlon or taldng are hereby assigned to Lender and shall be applied
<br /> flrst to the paymBrrt of Lender's attomeys'fees,legal expenses and other costs(induding appraisal feea)in connection with the conderrnatfon or eminern
<br /> domein proceedings and then,at the option of lander,to the paymerrt of the ObligaUona or ths restoration or repair of the Property.
<br /> NEDOTB Ra.1�87
<br />
|