|
� ._ -.—
<br /> 11. LENDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grarnor shall irmiediately provide Lender with wririen notice of any actual or
<br /> ihreatened actton,suit,or other proceeding affecting the Properry. Grarrtor hereby appoints Lender as Ns attomey-in-fact to corm�ence,intervene in,and
<br /> defend such actions,suits,or other legal proceedings and to compromise or settle any claim or controversy pertaining thereto. Lender shall not be tiable to
<br /> ' G►antor for any action,error,misteke,omission or delay pertaining to the actions described in this paragraph or any damages resulting therefrom. Nothing
<br /> comained herein will prevent Lender from taking the actions described in this paragraph in its own name. �
<br /> 12 INDEMNIFICATION. Lender shall not assume or be responsible for the perforrrrdnce of any of Grantor's obligations with respect to the Property under �
<br /> any circumstances. Grarrior shall irtmediately provide Lender with written notice of and indermify and hold Lender and its shareholders,�rectors,offioers,
<br /> employees and agents ham�less from all daims,darnages, liabilfties(including attomeys'fees and legal expenses), causes of actfon, actiona, suits and �,
<br /> other legal procee�i�gs(cumulatively"Claims'�pertaining to the Property(including,but not limited to,Mose invoMng Hazardous Materials). Grantor,upon �
<br /> the request of Lender,shali hire legal counsel to defend Lender from such Claims,and pay the attomeys'fees,legal expenses and other costs incuRed in
<br /> connection therewith. In the altemative, Lender shall be errtitled to employ its own legal counsel to defend such Clafms at Grarnor's cost. Grantor's CC
<br /> obAgation to indemnify Lender under this paragraph shail survive the termination,release or foredosure of this Deed of Trust. Z�
<br /> 13. TAXES AND ASSESSMENTS. Grarnor shall pay all taxes and assessments relating to Properry when due and irmiediately provide Lender evidence 0
<br /> of payment of same. Upon ihe request of Lender,Grarnor shall deposN wNh Lender each mornh one-twelfth (1/12) of the estimated annual insurance
<br /> premium,taxes and assessments pertaining to the Properry. So long as there is no defauft, these amounts shall be applied to the paymem of taxes,
<br /> assessments and insurance as requlred on the Property. In the event of defauft,Lender shall have the right,at its sole option,to apply the(unds so held to
<br /> pay any taxes or against the Obligations. Any funds applied may,at Lender's option,be applied in reverse order of the due date thereof.
<br /> 14. INSPECTiON OF PROPERTY,BOOK3,RECORDS AND REPORTS. Grantor shall allow Lender or its agents to examine and inspect the Property
<br /> and examine,inspect and make copes of Gramor's books and records pertaining to the Property from time to time. Grantor shall provide any asaistance
<br /> required by Lender for these purposes. Alt of ihe signatures and information corrtained in Grarnor's books and records shall be genuine,true,axurate and
<br /> complete i�all respects. Grantor shall note the existence of Lender's beneficial interest in its books and records pertaining to the Property. Additionally,
<br /> Grantor shall report,in a form satisfactory to Lender,such infomiation as Lender may request regarding Grantor's flnancial�ndition or the Property. The
<br /> iniamation shall be for such periods,shall reflect Grarrtor's records at such time,and shall be rendered with such frequency as Lender may designate. Alt
<br /> information fumished by Grantor to Lender shall be true,accurate and complete in all respects,and signed by Grantor if Lender requests.
<br /> 15. ESTOPPEL CERTIFICATES. Within ten(10)days after any request by Lender,Grantor shall deliver to Lender,or any intended transferee of Lender'a
<br /> rigMs wfth respect to the Obligations, a sig»ed and adviowledged stateme�t specifying(a)the outstanding balance on the Obligations;and(b)whether
<br /> Grarna possesses any daims,defenses,set-offs or cournerdaims wfth respect to the Obligations and,if so,the nature of such daims,defenaes,aet-offa ot
<br /> oournen�aims. Grarnw wili be co�dusively bound by any representation that Lender may rt�ake to the imended transferee wfth respect to these mattera in
<br /> the event that Grarrnor fails to provide the requested statemem in a timely manner.
<br /> 16. DEFAULT. Grantor shall be in defaufl under this Deed of Trust and the Trustee's power shall become operative in the event that Grantor,Borrower or
<br /> any guarantor of the Obligations:
<br /> (a) feils to pay any Obligation to Lender when due;
<br /> (b) fails to perform any Obligation or breaches any warrarny or covenant to Lender cornained in this Deed of Trust or any other presem or future
<br /> �M:
<br /> (c) destroys,loses or damages the Property in any materiai respect or subjects the Property to seizure,confiscatfon,or condermation;
<br /> (cn seeks to revake,temiinate or othervvise Iimit its liabilfty under any guaranty to Lender,
<br /> (e) dles,becomes legally incompeteM,is�ssolved or temrnated,becomes insolvent,makes an assignment for the bene�t of cre�tors,fails to pay
<br /> debds as they beoome due,flles a petition under the federal banlwptcy taws,has an involuntary petition in bankru�cy flled in which Grantor,Borrower
<br /> or any guarardor is named,or has property taken under any writ or process of court;
<br /> (f) allows goods to be used,lranspoAed or stored on ihe Property,the possessfon,transportation,or use of which,is illegal;
<br /> (g) allows any party other than Grantor or Borrower to assume or undertake any Obligation without the written conseM of Lender:or
<br /> (h) causes Lender to deem itself insecure due to a significant dedine in the value of the Property;or if Lender,in good faith,for any reason,believes
<br /> that the prospect of payment or performance is impaired.
<br /> 17. RIGHTS OF LENDER ON DEFAULT. If there is a default under this Deed of Trust,Lender shall be entitled to exercise one or more of the following
<br /> remedies wNhout notice or demand(except as required by law):
<br /> (a) to dedare the Obligations irrmediately due and payable in(ull;
<br /> (b) to cotlect the outstanding Obligations wilh or without resorting to judicial process;
<br /> (c) to require Grantor to delber and make available to Lender any personal property or Chattels oonstftuting the Properry at a place teasonabiy
<br /> convenfent to Grantor and Lender;
<br /> (d) to enter upon and teke possession of the Property without applying for or obtaining the appointmerrt of a receiver and, at Lender's oplion, to
<br /> appoirn a recehrer without bond, without first bringing suit on the Obligations and without otherwise meeting any atatutory conditions regar�ing
<br /> reoeivers,H being intended that Lender shall have ihis corrtractual right to appoint a re�iver;
<br /> (e) to employ=+a managing agent of the Property and let the same,either in Trustee's own name,in the name of Lender or in the name of G►antor,and
<br /> receive the rerns,fncomes,issues and proHts of the Property and apply the same,after payment of ali necessary charges and expenses,on account of
<br /> the Obligatforis:
<br /> (fl to pey any�sums in any form or menner deemed expediern by Lender to protect ihe security of this Deed of Trust or to cure any default other than
<br /> payment of irnerest or prinapai on the Obligations;
<br /> (g) to bredose this Deed of Trust judiaally or nonjudidally and to direct the sale of the property through exercise of the power of sale as referenced in
<br /> paragraph 20 hereof in aoocordance with applicable law;
<br /> (h) to set-off Grantor's Obligations against any amounts owed Grantor by Lender induding, but not limited ro, monies, instruments, and deposit
<br /> aocourns meintained wBh Lender or any currernly existing or future af�liate of Lender;and
<br /> (i)to exeroise all other rights available to Lender under any other written agreement or applicable law.
<br /> Lender's ris�hts are curnulalive and may be exerdsed together, separately, and in any order. In the event that Lender institutes an action seeldng the
<br /> recovery oi any of the Properry by way of a prejudgment remedy in an action against Grantor, Grantor waives the posting of any bond which migM
<br /> otherwise be required. Lender or Lender's designee may purchase the Property at any sale. Proceeds of any Trustee's sale hereunder shall be applied
<br /> first,to the costs and expenses of exeroising the power of sale and of the sale,induding ihe payment of the Trustee's fees actually incurred and not to
<br /> exceed the amount which may be provided for in this Deed of Trust,second,to payment of the Obligations secured hereby,third,to the payrt�ent of junior
<br /> trust deeds,morlgages,or other lienholders,and the balance,if any,to the person or persons legally entitled thereto. The property or any part thereof may
<br /> be sold in one parcel,a in sucF►parcels,menner or order as Lender in its sole discretion may elect,and one or more exerdses of the power herein grarned
<br /> shall not extinguish or exhaust the power untess the entire property is sold or the obligations are paid in full.
<br /> 18. TRUSTEE'S EXERCISE OF POVUER OF SALE ON DEFAULT: If Lender elects to sell Grantor's interest in the Property by exerdse of the power of
<br /> sale herein contal�ed,Lender shall notify Trustee in the manner then required by law.
<br /> Upon receipt of such notioe of Lender and at the direction of Lender,Trustee shall cause to be recorded,pudished and delivered such notices of defaull
<br /> and notices of sale as mey ihen be required by law and by this Deed of Tnist. Trustee shall,only at the direction of Lender and without demand on Grantor,
<br /> afler such time as may then be required by law and after recordation of such notice of default and aRer notice of sale having been given as required by law,
<br /> sell the Propert�at the time and place of sale flxed by it in such notice of sale,either as whole or in separate lots or parcels or Nems as Lender shall deem
<br /> expedient,and in such order as ft may determine,at public auction to the highest bidder for cash in lawful money of the United States payable at the time of
<br /> sale,or as otherwise mey then be required by law. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds
<br /> conveying the p►operly so sold, but wfthout any covenarn or wananty, express or irrplied. The reatals in such deed of any matters or facts shall be
<br /> condusive proof of the tMhfulness thereof. My person,induding,wiihout limitation,Grantor,Trustee or Lender,may purchase at such sale. Trustee may
<br /> in ihe manner provided by Iaw postpone sale of all w any portion of the Property.
<br /> 19. REOUEST FOR NOTICES: Grantor requests that a copy of any notice of default and a copy of any notice of sale hereunder be mailed to each person
<br /> who is a party hereto at the address of such person set forth herein at the same time and in the same manner required as though a separate request thereof
<br /> had been flled by each such person.
<br />
|