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99 109171 `
<br /> This Deed of Trust shall secure (a) the payment of tlie principal sum and interest evidenced by a promissory note(s) or credit
<br /> agreement(s) as follows:
<br /> Original
<br /> Date of Principal Maturity
<br /> Note(s) Maker(s)of Note(s) Amount(s) Date(s)
<br /> .. - . � •1 ': 1
<br /> � t.
<br /> 9-14-99 Rodney' R. Rathman and Sons, Inc. $1,350,000.00
<br /> ' • �r` Due 3-12-2000
<br /> and any and all modifications, eztensions and renewals thereof or thereto and any and all future advances and readvances to
<br /> Borrower(or any of them if more than one)hereunder pursuant to one or more promissory notes or credit agreements (herein called
<br /> "Note", whether one or more); (b) the payment of other sums advanced by Lender to protect the securiry of the Note; (c) the
<br /> performance of all covenants and agreements of Trustor set ford�herein; and (d) all present and future indebtedness and obligations
<br /> of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by
<br /> note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note or
<br /> otherwise executed in connection therewith, including without limitation guarantees, security agreements and assignments of leases
<br /> and rents, shall be referted to herein as the "Loan Instruments".
<br /> Trustor covenants and agrees witti L,ender as follows:
<br /> 1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due. ' ' ' �
<br /> 2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property, and warrants that the lien
<br /> created hereby is a first and prior lien on the Property, except for liens and encumbrances set forth by Trustor in writing and
<br /> delivered to Lender before ezecution of this Deed of Trust, and the execution and delivery of this Deed of Trust does not violate any
<br /> contract or other obligation to which Trustor is subject.
<br /> 3. Taxes,Assessments. To pay before delinquency all taxes, special assessments and ail other charges against the Property now
<br /> or hereafter levied. �
<br /> 4. Insurance. To keep the Property insured against damage by fire, hazards included within the term "eztended coverage", j
<br /> and such other hazards as Lender may require, in amounts and with companies'acceptable to Lender, naming Lender as an
<br /> additional named insured, with loss payable to the Lender. In case of loss under such policies, the L.ender is authorized to adjust,
<br /> collect and compromise, all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any
<br /> indebtedness secured hereby and in such order as L•ender may determine, (ii) to the Trustor to be used for the repair or restoration
<br /> of the Property or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the
<br /> full amount secured hereby before such payment ever took place. Any application of proceeds to indebtedness shall not eatend or
<br /> postpone the due date of any payments under the Note, or cure any default thereunder or hereunder.
<br /> 5. Escrow. Upon written demand by Lender, Trustor shall pay to Lender, in such manner as Lender may designate, sufficient
<br /> sums to enable Lender to pay as they become due one or more of the following: (i)all taxes, assessments and other charges against � _
<br /> the Property, (ii) the premiums on the property insurance required hereunder, and (iii) the premiums on any mortgage insurance
<br /> required by Lender.
<br /> 6. Maintenance, Repairs and Compliance with Laws. Trustor shall keep the Property�in good condition and repair; shall
<br /> promptly repair, or replace any improvement which may be damaged or destroyed; shall not commit or permit any waste or
<br /> deterioration of the Property; shail not remove, demolish or substantially alter any of the improvements on the Property; shall not
<br /> commit, suffer or permit any act to be done in or upon the Property in violation of any law, ordinance, or tegulation; and shall pay
<br /> and promptly discharge at Trustor's cost and expense all liens, encumbrances and charges levied, imposed or assessed against the
<br /> Property or any part thereof.
<br /> 7. Eminent Domain. Lender is hereby assigned all compensation, awards, damages and other payments or relief(hereinafter �
<br /> "Proceeds") in connection with condemnation or other taking of the Property or part thereof, or for conveyance in lieu of
<br /> condemnation. Lender shall be entitled at its option to commence, appear in and prosecute in its own name any action or
<br /> proceedings, and shall also be entitled to make any compromise or settlement in connection wittt such taking or damage. In the `
<br /> event any portion of the Property is so taken or damaged, Lender shall have the option, in its sole and absolute discretion, to apply
<br /> ali such Proceeds, after deducting therefrom ail costs and expenses incurred by it in connection with such Proceeds, upon any
<br /> indebtedness secured hereby and in such order as Lendet may determine, or to apply all such Proceeds, after such deductions, to the
<br /> restoration of the Property upon such conditions as L.ender may determine. Any application of Proceeds to indebtedness shall not
<br /> extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder. Any unapplied funds
<br /> shall be paid to Trustor. •
<br /> 8. Performance by Lender. Upon the occurrence of an Event of Default hereunder, or if any act is taken or legal proceeding
<br /> commenced which materially affects Lender's interest in the Property, Lender may in its own discretion, but without obligation to
<br /> do so, and without notice to or demand upon Trustor and without releasing Trustor from any obligation, do any act which Trustor
<br /> has agreed but fails to do and may also do any otlier act it deems necessary to protect the security hereof. Trustor shall,
<br /> immediately upon demand therefot by Lender, pay to Lender all costs and expenses incurred and sums expended by I.ender in
<br /> connection widi die exercise by Lender of the foregoing rights, together with interest thereon at the default rate provided in the
<br /> Note, which shall be added to the indebtedness secured hereby. Lender shall not incur any liability because of anything it may do or
<br /> omit to do hereunder. , '
<br /> 9. Hazardous Materials. Trustor shall keep the Property in compliance with all applicable laws, ordinances and regulations
<br /> relating to industrial hygiene or environtnental protection (collectively referred to herein as "Environmental Laws"). Trustor shall
<br /> keep the Property free from all substances deemed to be hazardous or toxic under any Environmental Laws (collectively referred to
<br /> herein as "Hazardous Materials"). Trustor hereby warrants and represents to Lender that there are no Hazardous Materials on or
<br /> under the Property. Trustor hereby agrees to indemnify and hold harmless Lender, its directors, officers, employees and agents,
<br /> and any successors to Lender's interest, from and against any and all claims, damages, losses and liabilities arising in connection
<br /> with the presence, use, disposal or transport of any Hazardous Materials on, under, from or about the Property. THE FOREGOING i
<br /> WARRANTIES AND REPRESENTATIONS, AND TRUSTOR'S OBLIGATIONS PURSUANT TO THE FOREGOING
<br /> INDEMNITY, SHALL SURVIVE RECONVEYANCE OF THIS DEED OF TRUST. '
<br /> ; ,.
<br /> 10.Assignment of Rents. Trustor hereby assigns to Lender, and grants Lender a security interest in, all present, future and
<br /> after-arising rents, issues and profits of the Property; provided that Trustor shall, until the occurrence of an Event of Default
<br /> hereunder, have the right to collect and retain such rents, issues and profts as they become due and payable. Upon the occurrence
<br /> of an Event of Default, L.ender may, either in person or by agent, with or without bringing any action or proceeding, or by a
<br /> receiver appointed by a court and without regard to the adequacy of its seFUrity, enter upon and take possession of the Properry, or ;
<br /> any part thereof, in its own name or in the name of the Trustee, and do any acts which it deems necessary or desirable to preserve
<br /> the value, marketability or rentability of the Property, or any part thereof or interest therein, or to increase the income therefrom or
<br /> protect the securiry hereof and, with or without taking possession of the Properry, sue for or otherwise collect the rents, issues and '
<br /> profits thereof, including those past due and unpaid, by notifying tenants to make payments to Lender. Lender may apply rents,
<br /> issues and profits, less costs and expenses of operation and collection including attorneys' fees, to any indebtedness secured hereby,
<br /> all in such order as Lender may determine. The entering upon and taking possession of the Property, the collection of such rents,
<br /> issues and profits, and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or
<br /> invalidate any act done in response to such default or pursuantto such notice of default and, notwithstanding the continuance in
<br /> possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee and Lender shall be entitled to
<br /> ezercise every right provided for in any of the Loan Instruments or by law upon occurrence of any Event of Default, including
<br /> without limitation the right to exercise the power of sale. Furtl�er, Lender's rights and remediea under thia paragraph shall be �
<br /> cumulative with, and in no way a limitation on, Lender's rights and remedies under any assignment of leases and rents recorded •�
<br /> against die Property. Lender,Trustee and the receiver sl�all be liable to account on(y for those rente actually received, . � � •
<br /> nscHno c�a�n..i o�u�w..oiroe , , , ; . . � � , ,
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