|
20. SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Deed of Trust shall be considered and be effective as a financing
<br /> statement and a fixture filing pursuarn to the provisions of the Uniform CorTxneraal Code (as adopted in the state where the real property is located)
<br /> covering fixtures,chattels,and articles of personal properry now owned or hereafter attached to or to be used in connection with the Property together with
<br /> any and all replacements thereof and additions thereto(the"Chattels"),and Grarnor hereby grants Lender a security interest in such Chattels. The debtor is
<br /> the Grantor described above. This Deed of Trust will be effective as a finanang statemern filed as a fixture filing with respect to all fixtures included within
<br /> said premises and is to be filed for record in the real estate records of each county where any part of said premises(including said fixtures)is situated. This CG
<br /> Deed of Trust shall also be effeclive as a finanang statemerrt cove�ing any other premises and may be filed in any other appropriate filing or recording �,p
<br /> office. A carbon,photographic or other reproduction of this Deed of Trust or of any finanang statemern relating to this Deed of Trust shall be sumcient as a
<br /> finanang statement for any of the purposes referred to in this Paragraph. The secured parry is the Lender described above. Upon demand,Grantor shall
<br /> make, execute and deliver such security agreements (as such term is defined in said Uniform CorTmeraal Code) as Lender at any time may deem �
<br /> necessary or proper or required to grarrt to Lender a perfected security irrterest in the Chattels,and upon Grantor's failure to do so,Lender is authorized to 0
<br /> sign any such agreement as the agent of Grantor. Grarrtor hereby authorizes Lender to file finanang statements(as such term is defined in said Uniform �
<br /> Corm�ercial Code)with respect to the Chattels,at any time,without the signature of Grantor. Grantor will,however,at any time upon request of Lender, �
<br /> sign such finanang statements. Grarrtor will pay all filing fees for the filing of such finanang statemeMs and for the refiling thereof at the times required,in
<br /> the opinion of Lender,by said Uniform Corm�eraal Code. If the lien of this Deed of Trust be subject to any security agreemern covering the Chaflels,then C,D
<br /> in the event of any defauft under this Deed of Trust,all the rigM,title and interest of Grarnor in and to any and all of the Chattels is hereby assigned to �
<br /> Lender,together with the benefit of any deposits or payments now or hereafter made thereof by Grantor or the predecessors or successors in title of
<br /> Grantor in the Property.
<br /> 21. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender, at Lender's option, may expend funds(including attomeys'fees and legal
<br /> expenses)to perform any act required to be taken by Grantor or to exerase any rigM or remedy of Lender under this Deed of Trust. Upon demand,Grantor
<br /> shall immediately reimburse Lender for all such amounts expended by Lender together with interest thereon at the lower of the highest rate described in any
<br /> Obligation or the highest rate allowed by law from the date of paymerrt until the date of reimbursemem. These sums shall be induded in the definition of
<br /> Obligations herein and shall be secured by the beneficial interest granted herein. If the Obligations are paid after the beginning of publication of notice of
<br /> sale,as herein provided,or in the event Lender shall,at its sole option,pem�it Grantor to pay any part of the Obligations after the beginning of publication of
<br /> notice of sale,as herein provided,then,Grarrtor shall pay on demand all expenses incurred by the Trustee and Lender in connection wilh said publication,
<br /> induding reasonable attomeys'fees to the attomeys for the Trustee and for the Lender,and a reasonable fee to the Trustee,and this Deed of Trust shall be
<br /> security for all such expenses and fees.
<br /> 22 APPLICATION OF PAYMENTS. The Trustee shall apply the proceeds of the trustee's sale,first,to the costs and expenses of exercising the power of
<br /> sale and of the sale,induding the payment of the Trustee's fees actually incurred not to exceed the amount which may be provided for in the Deed of Trust,
<br /> second,to payment of the obligation secured by the Deed of Trust,third,to the paymerrt of junior deeds of trust, mortgages or other lienholders,and the
<br /> balance,if any,to the person or persons legally entitled thereto.
<br /> 23. POWER OF ATTORNEY. Grantor herebyappoints Lender as its attomey-in-fact to endorse Grantor's name on all instnimenls and other documents
<br /> pertaining to the Obligations or Deed of Trust. In addition. Lender shall be entitled, but not required,to Qerform any action or execute any document
<br /> required to be taken or executed by Grarrtor under this Deed of Trust. Lender'spe rformance of such action or execution of such documerrts shall not
<br /> relieve Grarrtor from any Obligation or cure any default under this Deed of Trust. All powers of attomey descxibed in this Deed of Trust are coupled with an
<br /> irnerest and are irrevocable.
<br /> 24. SUBROGATION OF LENDER. Lender shall be subrogated to the rigMs of the holder of any previous lien, security interest or encumtxance
<br /> discharged with funds advanced by Lender regardless of whether these liens,secu�ity interests or other encumbrances have been released of record.
<br /> 25. COLLECTION COSTS. To the extent permitted by law,Grarnor agrees to pay Lender's reasonable fees and costs,induding,but not limited to,fees
<br /> and costs of attomeys and other agerrts (indudin� wrthout limitation p�dralegals, derks and consultams), whether or not such attomey or agem is an
<br /> employ�e of Lender,which are incurred by Lender in collecting any amourrt due or enforang any rigM or rerr�edy under this Deed of Trust,whether or not
<br /> suit is brougM,induding,but not limited to,all fees and costs incurred on appeal,in baniwptcy,and for post-judgment collection actions.
<br /> 26. PARTIAL RELEASE Lender may release its interest in apo rtion of the Property by executing and recording one or more Partial Deeds of
<br /> Reconveyance without affecting its imerest m the remaining portion of the Property. Nothing herein shall be deemed to obligate Lender to release any of its
<br /> interest in the Property(except as required under Paragraph 38 or as may be otherwise requved by law),nor shall Lender be obligated to release any part
<br /> of the Property if Grarrtor is in defauft under this Deed of trust. The lien and secur'rty interest cxeated by the Deed of Trust remain in effect with respect to
<br /> that portion of the property,as deflned in the Deed of Trust,ihat is not the subject of this or any Partial Deed of Reconveyance
<br /> 27. MODIFICATION AND WAIVER. The modification or waiver of any of Grantor's Obligations or Lender's rights under this Deed of Trust rrwst be
<br /> corrtained in a writing signed by Lender. Lender may perform any of Borrower's or GraMor's Obligations,delay or fail to exerase any of its rights or accept
<br /> payments from Grantor or anyone other than Grarnor without causing a waiver of those Obligations or rights. A waiver on one occasion shall not constitute
<br /> a waiver on any other occasion. Grantor's Obliaations under this Deed of Trust shall not be affected if Lender amends,compromises,exchanges,fails to
<br /> exercise,impairs or releases any of the Obligations belonging to any Grarrtor,Borrower or thirdparty or any of its rights against any Grantor,Borrower or
<br /> third party or any of the Property. Lender's failure to insist upon strict perfomiance of any of the Obligations shall not be deemed a waiver and Lender shall
<br /> have the rigM at any tfine thereafter to insist upon strict pertomianoe.
<br /> 28. SUBSTITUTE TRUSTEE;TRUSTEE UABILITY;COMPENSATION. In case of the death,inability,refusal to act or absence of the Trustee from the
<br /> state where the real properry is located or in case the holder of the Obligations shall desire for any reason to remove the Trustee or any substitute trustee as
<br /> trustee hereunder and to appofrrt a new trustee in his place and stead,the holder of the Obligations is hereby granted full power to appoint in writing a
<br /> substitute trustee for said Trustee,and the substhute trustee shall,when appoirrted,become successor to all rigMs of Trustee hereunder and the same shall
<br /> beoome vested in him for the purposes and objects of this Deed of Trust with all the power,duties and obligations herein conferced on the Trustee. Trustee
<br />� shall not be liable for any ercor of�udgmerrt or act done by Trustee, or be otherwise responsible or accourrtable under any arcumstances whatsoever.
<br />� Trustee shall not be personally liable in case of entry by it or anyone acting by virtue of the powers herein granted h upon the Deed of Trust for debts
<br />, contracled or liabiliry or dama�es incurred in the managemern or operation of said premises. Trustee shall have the ri$ht to rely on any instrument,
<br /> document or signature authorizing or supporting any actfon taken or�xoposed to be taken by it hereunder or believed by rt in good faith to be genuine.
<br /> Trustee shall be errtitled to reimbursemerrt for expenses incurred by h m the performance of its duties hereunder and to reasonable compensation for such
<br /> of its services hereunder as shall be rendered. Grantor will,from time to time,pay compensation due Trustee hereunder and reimburse Trustee for and
<br /> save and hold it hamiless from and against any and all loss,cost,liability,darnge and expense whatsoever incurred by it in the performance of hs duties.
<br /> All moneys received by Trustee shall,until used or applied as hereinprovided,be held in trust for thepurposes for which they were received,but need not
<br /> be segregated in any manner from any other moneys (except to the extent required by law) and Trustee shall be under no liability for interest on any
<br /> moneys received by ii hereunder.
<br /> I 29. SUCCESSORS AND ASSIGNS. This Deed of Trust shall be bindin� upon and inure to the benefit of Grantor and Lender and their respective
<br /> suocessors,assigns,trustees,receivers,administrators,personal represerrtatroes,legatees and devisees.
<br />�
<br /> 30. NOTICES. Except as otherwise required by law,any notice or other cormx�nication to be provided under this Deed of Trust shall be in writing and sent
<br /> to the parties at the addresses described in this Deed of Trust or such other address as the parties ma designate in writing from time to time. Any such
<br /> notice so given and sent by first dass mail,postage prepaid,shall be deemed given the earlier of three�3)days after such notice is sent or when received
<br /> by the person to whom such notice is being given.
<br /> 31. SEVERABILITY. Whenever possible,each provision of this Deed of Trust shall be interpreted so as to be effective and valid under applicable state
<br /> law. If any provision of this Deed of Trust violates the law or is unenforceable,the rest of the Deed of Trust shall continue to be valid and enforceable.
<br /> 32 APPLICABLE LAW. This Deed of Trust shall be govemed by the laws of the state where the real property is located. Unless applicable law provides
<br /> otherwise,Grantor conserrts to the jurisdiction and venue of any court selected by Lender,in its sole discretion,located in that state. i
<br />� 33. MISCELLANEOUS. Gramor and Lender a ree that time is of the essence. Grantor waives eseMmem,demand for
<br /> 9 Fx paymerrt,notice of dishonor and
<br /> protest except as required by law. All references to Grantor in this Deed of Trust shall indude allpersons signing below. If there is more than one Grantor,
<br /> their Obligations shall be�'oiM and several. This Deed of Trust represents the complete irrtegrated understanding between Grantor and Lender pertaining to
<br /> the terms and conditions hereof. .
<br />,
<br />�� 94. NO THIRD PARTY RIGHTS. No person is or shall be a third party benefiaary of anyprovision of this Deed of Trust. All provisions of this Deed of
<br /> Trust in favor of Lender are iMended solely for the benefit of Lender,and no third party shall Ye entitled to assume or expect that Lender will not waive or
<br /> consern to the modification of any provision of this Deed of Trusl,in Lender's sole discretion.
<br /> 36. PRESERVATION OF UABILITY AND PRIORITY. Without affecting the liabiliry of Borrower,Grantor,or any guaraMor of the Obli$ations,or any other
<br /> person(excepl a person expressly released in writing)for the paymern and perfomiance of the Obligations,and without affecting the nghts of Lender whh
<br /> respect to any Property not expressly released in writmg,and without impainng in any way the priority of this Deed of Trust over the interest of any person
<br /> acquired or first ewdenced by recording subsequent to the recording of this Deed of Trust,Lender may,either before or afler the maturity of the Obligations,
<br /> and without notice or consent:release any person liable forpayment or performanoe of all or any part of the Obligations;make any agreement altering the
<br /> terms of paymerrt or performanoe of all or any part of the Obligations;exerase or refrain from exerasing or waive any risaht or remedy that Lender may have
<br /> under the Deed of Trust:accept additional security of any kind for any of the ObBgations;or release or otherwise deal with any real or personal property
<br /> securing the Obligations. My person acquiring or recording evidence of any irrterest of any nature in the Properry shall be deemed, by acquiring such
<br /> irrterest or recording any evidence thereof,to have conserrted to all or any such actions by Lender.
<br /> I -•---- - ---- I
<br />
|