|
gg. st�s�oi
<br /> (c) All.applicable laws and regulations, induding, without limitation, the Americans with Disabiliiies Act. 42 U.S.C. Section 12101 et seq. (and all
<br /> regulations promulgated thereunder)and all zoning and building laws and regulations relating to the Property by virtue of any federal,state or rni inicipai
<br /> � authoriiy wiih jurisdiction over the Property, presently are and shall be observed and complied with in all material respects, and all righls, licenses,
<br /> ' permits, and certificates of occupancy(including but not limited to zoning variances, special excepiions for nonconforming uses, and firial inspection
<br /> approvals), whether temporary or permanent, which are material to 1he use and occupancy of 1he Property, presently are and shall be obtained,
<br /> preserved and,where necessary,renewed;
<br /> (d) Granlor has the right and is duly authorized to execute and perform its Obligations under this Deed of Trust and these aciions do not and sliall not
<br /> conflict with the provisions of any statute,regulation,ordinance,rule of law,coniract or other agreernent which may be binding on Grantor at any iime;
<br /> (e) No action or proceeding is or shall be pending or threatened which might materially affect the Property;and
<br /> (f) Grantor has not violaied and shall not violate any statute,regulation,ordinance,rule of law,contract or other agreement(including,bui not limited to,
<br /> ihose governing Hazardous Materials)which mighl materially affecl the Property or Lender's righis or interest iri the Property pursuant to this Deed of
<br /> Trust.
<br /> 3. PRIOR DEEDS OF TRUST. Granior represenis and warrants that there are rio prior deeds of trust affecting any part of the Propehy except as set forth
<br /> on Schedule B allached to this Deed of Trust, which Grantor agrees to pay and perform in a timely manner. If there are any prior deeds of trust then
<br /> Grantor agrees io pay all amounis owed,and perform all obligations required,under such deeds of trust and the indebtedness secured thereby and further
<br /> agrees that a default under any prior deed of trust shall be a default under ihis Deed of Trust and shall entitle�ender to all rights and remedies contained
<br /> herein or in ihe Obligations to which Lender would be entitled in the event of any other default.
<br /> 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN GRANTORS OR BORROWERS. In the event of a sale, conveyance, lease,
<br /> contract for deed or transfer to any person of all or any part of the real properly described in Schedule A,or any interest therein,or of atl or any ben�fi.r,ial
<br /> irnerest in Borrower or Grantor(if Borrower or Grantor is not a natural person or persons but is a corporation,limited liability company,partnersF�ip,trust.or
<br /> other legal entily),Lender may,at its option declare the outstanding principal balance of the Obligations plus accrued interest thereon immediately due and
<br /> payable. At Lender's request.Grantor or Borrower,as the case may be,shall furnish a complete statement setting forth all of its stockholders,members,or
<br /> pariners,as appropriate,and the extent of their respective ownership interests.
<br /> 5. ASSIGNMENT OF RENTS. In consideration of the Obligations, which are secured by ihis Deed of Trust, Grantor absolutely assigns to Lender all
<br /> Grantor's estate, righi, title, interest, claim and demand now owned or hereafler acquired in all existing and future leases of tF�e Property (iricliiding
<br /> extensions, renewals and subleases),all agreements for use and occupancy of ihe Property(ali such leases and agreements whether written or oral, are
<br /> hereafter referred to as the "Leases"), and all guaranties of lessees' performance under the Leases, togeTher with the imrnediate and contiiwiriy riglit to
<br /> collect and receive all of the rems,income,receipts,revenues,issues,profits and other income of any nature now or hereafter due(induding any income ot
<br /> any nature coming due during any redemption period) under the Leases or from or arising out of the Propehy induding minimurn rents, additional rents,
<br /> percentage rents, parking or common area maintenance contributions, tax and insurance contributions, deficiency renls, liquidated damaqes following
<br /> default in any Lease, all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability caused by desiriic�iori or
<br /> damage to the Property, all proceeds payable as a result of a lessee's exercise of an option to purchase the Property, all proceeds derived frorn tlie
<br /> termination or rejection of any Lease in a bankrupicy or other insolvency proceeding,and all proceeds from any rights and claims of any kind which Grantor
<br /> may have against any lessee under the Leases or any occupants of the Property(all of the above are hereafter collectively referred to as the"Ren1s") This
<br /> assignment is subject to the right,power and authority given io the Lender to collect and apply the Rents. This assignment is recorded in accordance witti
<br /> applicable slate law;the lien created by ihis assignment is intended to be specific, perfected, and choate upon the recording of this Deed of Trust, all as
<br /> provided by applicable state law as amended from time 10 time. As long as there is no default under the Obiigations or this Deed of Tn�st, L.ender qrants
<br /> Grantor a revocable license to collect all Rents from ihe Leases when due and to use such proceeds in Grantor's business operations. However, Lender
<br /> may at any time require Grantor to deposit all Rents into an account maintained by Grantor or Lender at Lender's institution. Upon default in ihe payment
<br /> of,or in the performance of,any of the Obligations,Lender may at its option take possession of the Property and have,hold,manage,lease arid operate ihe
<br /> Property on terms and for a period of time that Lender deems proper. Lender may proceed to collect and receive all Rents from the property,and Lender
<br /> shall have full power to make alterations,renovations,repairs or replacements to ihe Property as Lender may deem proper. Lender may apply all Reiits in
<br /> Lender's sole discretion to paymem of the Obligations or to the payment of the cost of such alterations, renovations, repairs and replacernents and any
<br /> expenses incident to taking and retaining possession of ihe Property periodically and the management and operation of tYie Property Lender rnay keep the
<br /> Property properly insured and may discharge any taxes,charges,claims,assessments and other liens which may accriae. The expense and cost of these
<br /> actions may be paid from the Rents received, and any unpaid amounts shall be added to the principal of ihe Obligations. These amounts, together with
<br /> other costs,shall become part of ihe Obligations secured by this Deed of Trust.
<br /> 6. USE AND MAINTENANCE OF PROPERTY. Grantor shall take all aciions and rr�ke any repairs needed io maintain the Property in good condition.
<br /> Granlor shall not comrnit or permit any waste to be cornmitted with respecl to the Property. Grantor shall use the Property solely in compliance with
<br /> applicable law and insurance policies. Grantor shall not make any alterations, additions or improvements to the Property without Lender's prior written
<br /> consent. Withiout limiting the foregoing,all alterations,addiiions and improvements made to the Property shall be siabjecl to the beneficial interest belonging
<br /> to Lender,shall not be removed without Lender's prior written consent,arid sYiall be made at Grantor's sole expense.
<br /> 7. LOSS OR DAMAGE. Grarnor shall bear the entire risk of any loss,theft,desiruction or damage(cumulatively"Loss or Damage")to the Property or any
<br /> portion thereof from any cause whatsoever. In ihe event of any�oss or Damage,Grantor shall, at the option of Lender, repair the affected Property to its
<br /> previous condition or pay or cause to be paid to Lender the decrease in the fair market value of 1he attected Property.
<br /> 8. INSURANCE. The Property will be kept insured for its full insurable value(replacement cost)against all hazards including loss or damaqe caused by
<br /> flood, earthquake, tornado and fire, theft or other casualty to the extent required by Lender. Grantor may obtain insurance on the Property from such
<br /> companies as are acceptable to Lender in its sole discretion. The insurance policies shall require the insurance company to provide Lender with at least
<br /> 3 0 days'written notice before such policies are altered or cancelled in any manner. The insurance policies shall name Lender as a loss
<br /> payee and provide thal no act or omission of Grantor or any other person shall affect the right of Lender to be paid the insurance proceeds periaining to the
<br /> loss or damage of the Property. in the event Grantor fails to acquire or maintain insurance,Lender(after providing notice as may be required by law)may
<br /> in its discretion proaare appropriate insurance coverage upon the Property and the insurance cost shall be an advance payable and bearing interest as
<br /> described in the "REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER" paragraph and secured hereby. Grantor shall furnish Lender witfi
<br /> evidence of insurance indicating the required coverage. Lender may act as attorney-in-fact for Grantor in making and settling claims under insurarire
<br /> policies,cancelling any policy or endorsing Grantor's name on any draft or negotiable insirument drawn by any insurer. All such insurance policies shall he
<br /> immediately assigned, pledged and delivered to Lender as further security for the Obligations. In the event of loss, Grantor shall immediately give Lender
<br /> wriiten notice and Lender is auihorized io make proof of loss. Each insurance company is directed to make payments directly to Lerider instead ot to
<br /> Lender and Granior. Lender shall have the right, at its sole option, to apply such monies toward the Obligations or toward the cost of rebuilding and
<br /> restoring ihe Property. Any amounts may at Lender's option be applied in the inverse order of the due dates thereof.
<br /> 9. ZONING AND PRIVATE COVENANTS. Grantor shall no1 initiate or consent to any change in ihe zoning provisions or private covenants affectinq the
<br /> use of ihe Property without Lender's prior wririen consent. If Grantor's use of the Property becornes a nonconforming use under any zoning provision,
<br /> Grantor shall not cause or permit such use to be discontinued or abandoned without the prior written consent of Lender. Grantor will immediately provide
<br /> Lender with written notice of any proposed changes to ihe zoning provisions or private covenants affeciing the Property.
<br /> 10. CONDEMNATION. Grantor shall immediately provide Lender with written notice of any aclual or threatened condemnation or erninent dornain
<br /> proceeding pertaining to the Property. All monies payable to Grantor from such condemnation or taking are hereby assigned to Lender arid shall be applied
<br /> firsl to the payment of Lender's attorneys'fees, legal expenses and other cosis(including appraisal fees)in connection with the condemnatirni or erninent
<br /> domain proceedings and then,at the option of Lender,to the payment of ihe Obligations or the restoration or repair of the Property.
<br /> NcnnTa ao�� »m�
<br />
|