|
(c) All applicade laws and regulations, induding, without flmitation, the Americans wfth Disabilities Act, 42 U.S.C. Section 12101 et seq. (and alt
<br /> reguJations promulgated thereunder)and ail zoning and building laws and regulations relating to the Property by virtue of any federal,state or muniapal
<br /> . authorfty with jurisdiction over the Property, presently are and shall be observed and corr�lied with in all material respects, and all rigMs, licenses,
<br /> pem9ts,and certi8cates of oa;upancy(including but not limfted to zoning variances, special exceptions for nonconfortning uses,and flnal inspection
<br /> approvals), whether temporary or permanent,which are material to the use and occupancy of the Property, presently are and shall be obtained,
<br /> preserved and;where necessary,renewed; �
<br /> (d) Grantor has the�fght and is duly authorized to execute and perform its Obligations under this Deed of Trust and these actions do not and shall not �
<br /> conflict with the provisions of any statute,regulation,ordinance,rule of law,contract or other agreemern which may be binding on Grantor at any time;
<br /> (e) No action or proceeding is or shall be pending or threatened which might materially affect the Property;and
<br /> (� Grarnor has not violated and shall not violate any statute,regulation,ordinance,rule of Iaw,comract or other agreemern(including,but not limited to, �"''
<br /> ihose goveming Hazardous Materials)which migM materiaily affect the Property or Lender's rights or irnerest in the Property pursuant to this Deed of p
<br /> Trust.
<br /> �O
<br /> 3. PRIOR DEEDS OF TRUST. Gramor represents and warranis that ihere are no prior deeds of trust affecting any part of the Property except as set forth �
<br /> on Schedule B attached to this Deed of Trust,which Grantor agrees to pay and pertorm in a timely manner. If there are any prior deeds of trust then Q
<br /> Grantor agrees to pay all amourns owed,and pertorm all obligations required,under such deeds of trust and the indebtedness secured thereby and further �
<br /> agrees that a defauh under any prior deed of trust shall be a defauft under this Deed of Trust and shall errtitle Lender to all rigMs and remedies contained
<br /> herein or in the Obligations to which Lender would be errtitled in the event of any other defauft.
<br /> 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN GRANTORS OR BORROWERS. In the event of a sale,conveyanoe,lease,
<br /> contract for deed or transfer to any person of all or any part of the real property described in Schedule A,or any imerest therein,or of all or any beneficial
<br /> interest in Bonower or Grantor(if Borrower or GraMor is not a natural person or persons but is a corporation,limited liability company,partnership,trust,or
<br /> other legal entiry) Lender may,at its option dedare the outstanding principel balance of the Obligations plus accrued irrterest thereon imrnediately due and
<br /> payable. At Lender's request,Gramor or Borrower,as ihe case may be,shall fumish a�mplete statement setting forth all of its stodd�olders,members,or
<br /> partners,as appropriate,and ihe extem of thelr respective ownership irnerests.
<br /> 5. ASSIGNMENT OF RENTS. In consideration of the Obligations,which are secured by this Deed of Trust, Grantor absolutely assigns to Lender all
<br /> Grantor's estate, right, title, interest, daim and demand now owned or hereafter acquired in all existing and future leases of the Property (including
<br /> extensions,renewals and subleases),ali agreements for use and occupancy of the Property(all such leases and agreements whether written or oral,are
<br /> hereafler referred to as the"Leases"),and all guaranties of lessees'performance under the Leases,together with the immediate and corninuing rigM to
<br /> coilect and receive all of the rents,income,receipts,revenues,issues,profits and other income of any nature now or hereaiter due(including any income of
<br /> any nature coming due during any redemption period)under the Leases or from or arising out of the Property induding minimum rents,additional rems,
<br /> percentage rents,,parking or comrnon area maintenance corrtributions, tax and insurance cornributions, deficiency rents, liquidated damages following
<br /> defauh in any Lease, all proceeds payable under any policy of insurance covering loss of rents resufting from untenarrtability caused by destruction or
<br /> damage to the Property, all proceeds payable as a resuR of a lessee's exercise of an option to purchase the Property, all proceeds derived from the
<br /> termination or rejection of any l.ease in a bankruptcy or other insolvency proceeding,and all proceeds from any rights and claims of any kind which Grantor
<br /> may have against sny lessee under the Leases or any oa;upants of the Property(all of ihe above are hereaRer cotlectively referred to as the"Rerns"). This
<br /> assignment is subJect to the rigM,power and authority given to the Lender to coilect and apply the Rerrts. This assignment is recorded in accordanoe with
<br /> appiicable state Iaw;the lien created by this assignment is irrtended to be speafic,pertected,and choate upon the recording of this Deed of Trust,all as
<br /> provided by applicable state law as amended from tfine to time. As long as there is no defauft under the Obligations or this Deed of Trust,Lender grants
<br /> Grantor a revocable license to cdllect ail Rems from the Leases when due and to use such proceeds in Grantor's business operations. However,Lender
<br /> may at any time require GraMor to deposft ati Rents into an accourn maintained by Grarnor or Lender at Lender's institution. Upon default in 4he paymern
<br /> of,or in the perforriiance of,any of the Obligations,Lender may at its option take possession of the Property and have,hold,manage,leaae and operate the
<br /> Property on tem�s''and for a period of time that Lender deems proper. Lender may proceed to collect and receive all Rerits from the property,and Lender
<br /> shall have full povdbr to rtrake alterations,renovations,repairs or replacements to the Properry as Lender may deem proper. Lender may apply all Rems in
<br /> lender's sole�scretion to paymeM of the ObUgations or to the payment of the cost of such alterations, renovations, repalrs and replacements and any
<br /> expenses inadent 10 taMng and retaining possession of the Property periodically and the managemem and operation of the Property. Lender may keep the
<br /> Property properly insured and may�ischarge any taxes,charges,claims,assessmerns and other fiens which may accrue. The expense and coat of ihese
<br /> actions may be paid from the Rents received,and any unpaid amounts shall be added to the principal of the Obligations. These amounts,together with
<br /> other oosts,shall becoma part of the Obligations secured by this Deed of Trust.
<br /> 6. USE AND MAINTENANCE OF PROPERTY. Grantor shall take all actions and make any repairs needed to maintain the Property in good condition.
<br /> Grantor shall not corrmit or pemrt any waste to be cortrmitttted with respect to the Property. Grantor shall use the Property solely in compliance with
<br /> applicable law and insurance poliaes. Grarrtor shall not make any afterations,additions or improvements to the Property without Lender's prior written
<br /> oonsent. Without limiting ihe foregoing,all alterations,additions and irnprovemerns made to the Property shall be subject to the benefiaal interest belonging
<br /> to Lender,shall not be removed without Lender's prior written consent,and shall be made at Grantor's sole expense. i
<br /> 7. LOSS OR DAMAGE. Grarrtor shall bear the entire risk of any loss,theft,destruction or damage(cumulatively"Loss or Damage")to the Property or any
<br /> portion thereof from any cause whatsoever. In the evern of any Loss 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 the affected Property.
<br /> 8. INSURANCE.�The Property will be kept insured for its full insurable value(replacement cost)against all hazards including loss or damage caused by
<br /> flood,eaAhquake, tomado and fire,theit or other casuatry to the extent required by Lender. Grantor may obtain insuran�on the Property from auch
<br /> companfes as are acceptable to Lende►in ita aole discxetion. The insurance policfes shall require the insurance company to provide Lender with at least
<br /> 3 0 days'written notice before such poliaes are altered or cancelled in any manner. The insurance policies shall name Lender as a loss
<br /> payee pro that no act or oMssion of Grarnor or any other person shall affect the rigM of Lender to be paid the insurance proceeds pertaining to the
<br /> loss or damage of the Property. In the evem Grantor fails to acquire or maimain insurance,Lender(after providing notice as may be required by law)may
<br /> in its c�scxetion procure appropriate insurance coverage upon the Property and the insurance cost shall be an advance payable and bearing interest as
<br /> descxibed in the "REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER" paragraph and secured hereby. Grantor shall furnish Lender with
<br /> evidence of insurance indicating the required coverage. Lender may acl as attomey-in-fact for Grarnor in making and settling daims under insurance j
<br /> polides,cancelling any policy or endorsing Grarnor's name on any drafl or negotiable instrument drawn by any insurer. All such insurance policies shall be �
<br /> irrmediately assfgned,pledged and dellvered to Lender as further security for the Obligations. In the evern of loss,Grantor shall imrnediately give Lender
<br /> writlen notice and,Lender is authorized to make proof of loss. Each insurance company is directed to make paymems directly to Lender instead of to
<br /> Lender and Grarnor. Lender shall have the right, at its sole option, to apply such monies toward ihe Obligations or toward the cost of rebuflding and
<br /> restoring the Property. Any amounts may at Lender's oplion be applied in ihe inverse order of the due dates ihereof.
<br /> 9. ZONING AND PRIVATE COVENANTS. Grantor shall noi initiate or consent to any change in the zoning provisions or private covenants affecting the
<br /> use of the Property without Lender's prior written consent. If Grantor's use of the Property becomes a nonconforming use under any zoning provision.
<br /> Grantor shall not Cause or pemit such use to be discontinued or abandoned without the prior written consent of Lender. Grantor will irtYr�ediately provide
<br /> Lender with written notice of any proposed changes to the zoning provisions or private covenants affecting the Property.
<br /> 10. CONDEMNATION. Grantor shall imrnediately provide Lender with written notice of any actual or threatened condemnation or eminern domein
<br /> proceedng pertaining to the Property. All monies payable to Grantor(rom such condemnation or taking are hereby assigned to Lender and shall be applied
<br /> first to the payment of l.ender's attomeys'fees,legal expenses and other costs(induding appraisal fees)in connection with the condermation or eminent
<br /> domaln proceedings and ihen,at ihe option of Lender,to the payment of the Obligations or the restoration or repair of the Property.
<br />� NEDOTB Rev.1?A7
<br />
|