|
os-02-1999 DEED OF TRUST g 3 10 9 ��s Page 4
<br /> Loan No 963173 (Continued)
<br /> payments on the Indebtedness secured by this type of Deed of Trust; (c)a tax on this type of Deed of Trust chargeable against the Lender or
<br /> the holder of the Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br /> Trustor.
<br /> Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust,this event shall have the
<br /> same effect as an Event of Default(as defined below),and Lender may exercise any or all of its available remedies for an Event of Default as
<br /> provided below unless Trustor either (a)pays the tax before it becomes delinquent,or (b)contests the tax as provided above in the Taxes and
<br /> Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. :
<br /> SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of
<br /> this Deed of Trust.
<br /> Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other
<br /> personal property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to :
<br /> time.
<br /> Security Interest. Upon request by Lender,Trustor shall execute financing statements and take whatever other action is requested by Lender
<br /> to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of Trust in the real
<br /> property records, Lender may,at any time and without further suthorization from Trustor,file executed counterparts,copies or reproductions of
<br /> this Deed of Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security :
<br /> interest. Upon default,Trustor shall assemble the Personal Property in a manner and at a place reasonably Convenient to Trustor and Lender :
<br /> and make it available to Lender within three(3)days after receipt of written demand from Lender. :
<br /> Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party), from which information conceming the security interest :
<br /> granted by this Deed of Trust may be obtained(each as required by the Uniform Commercial Code),are as stated on the first page of this Deed :
<br /> of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
<br /> Deed of Trust.
<br /> Further Assurances. At any time, and from time to time, upon request of Lender,Trustor will make, execute and deliver, or will cause to be
<br /> made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or :
<br /> rerecorded, as the case may be,at such times and in such offices and places as Lender may deem appropriate,any and all such mo�tgages,
<br /> deeds of trust,security deeds,security agreements,financing statements,continuation statements,instruments of further assurance,certificates, :
<br /> and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
<br /> preserve (a)the obligations of Trustor under the Note,this Deed of Trust,and the Related Documents,and (b)the liens and security interests
<br /> created by this Deed of Trust on the Property,whether now owned or hereafter acquired by Trustor. Unless prohibited by Iaw or agreed to the :
<br /> contrary by Lender in writing, Trustor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in
<br /> this paragraph. :
<br /> Attorney-in-Facl. If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
<br /> Trustor and at Trustor's expense. For such purposes,Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for the purpose
<br /> of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to :
<br /> accomplish the matters referred to in the preceding paragraph.
<br /> FULL PERFORMANCE. If Trustor pays all the Indebtedness when due,and otherwise performs all the obligations imposed upon Trustor under this :
<br /> Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suitable
<br /> statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any :
<br /> reconveyance fee required by law shall be paid by Trustor,if permitted by applicable law.
<br /> DEFAULT. Each of the following,at the option of Lender,shall constitute an event of default("Event of Default")under this Deed of Trush
<br /> Default on Indebtedness. Failure of Trustor to make any payment when due on the Indebtedness. :
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or insurance, or
<br /> any other payment necessary to prevent flling of or to effect discharge of any lien. :
<br /> Compliance Default. Failure of Trustor to comply with any other term, obligation, covenant or condition contained in this Deed of Trust,the
<br /> Note or in any of the Related Documents. :
<br /> False Statements. Any warranty,representation or statement made or furnished to Lender by or on behalf of Trustor under ihis Deed ot Trust,
<br /> the Note or the Related Documents is false or misleading in any material respect,either now or at the time made or furnished. :
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including failure of any
<br /> collateral documents to create a valid and perfected security interest or lien)at any time and for any reason. :
<br /> Death or Insolvency. The death of Trustor, the insolvency of Trustor, the appointment of a receiver for any part of Trustor's property, any
<br /> assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br /> insolvency laws by or against Trustor. :
<br /> Foreclosure,Forteiture,eta Commencement of foreclosure or forfeiture proceedings,whether by judicial proceeding,self-help,repossession
<br /> or any other method,by any creditor of Trustor or by any governmental agency against any of the Property. However,this subsection shall not
<br /> apply in the event of a good faith dispute by Trustor as to the validity or reasonabieness of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding, provided that Trustor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim
<br /> satisfactory to Lender. :
<br /> Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not remedied
<br /> within any grace period provided therein,including without limitation any agreement concerning any indebtedness or other obligBtion of Trustor
<br /> to Lender,whether existing now or later. :
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent, or revokes or disputes the validity of, or liability under,any Guaranty of the Indebtedness. Lender,at its opNon,
<br /> may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations a�ising under the guaranty in a
<br /> manner satisfactory to Lender,and,in doing so,cure the Event of Default.
<br /> Insecurity. Lender in good faith deems itself insecure. :
<br /> Enisting Indebtedness. A default shal� occur under any Existing Indebtedness or under any instrument on the Property securing any Existing
<br /> Indebtedness,or commencement of any suit or other action to foreclose any existing lien on the Property. :
<br /> Right to Cure. If such a failure is curable and if Trustor has not been given a notice of a breach of the same provision of this Deed of Trust
<br /> within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) ff Trustor, after Lender sends written
<br /> notice demanding cure of such failure: (a)cures the failure within ten(10)days;or (b)if the cure requires more than ten(10)days,immediately
<br /> initiates steps su�cient to cure the failure and thereafter continues and compietes all reasonable and necessary steps sufficient to produce
<br /> compliance as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter,Trustee or Lender,at its option,
<br /> may exercise any one or more of the following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Acceleration upon Default; Additional Remedies. If any event of default occurs as per the terms of the Note secured hereby,Lender may
<br /> declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and payable without
<br /> any presentment,demand,protest or notice of any kind. Thereafter,Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without
<br /> regard to the adequacy of its security,enter upon and take possession of the Property,or any part thereof,in its own name or in the name
<br /> of Trustee,and do any acts which it deems necessary or desirable to preserve the value,marketability or rentabiliiy of the Property,or part
<br /> of the Property or interest in the Property;increase the income from the Property or protect the security of the Property;and,with or without
<br /> taking possession of the Property,sue for or otherwise collect the rents, issues and profits of the Property, including those past due and
<br /> unpaid,and apply the same,less costs and expenses of operation and collection,includinp attorneys'fees,to any Indebtedness secured
<br /> by this Deed of Trust,all in such order as Lender may determine. The entering upon and takin�possession of the Properfy,the collection
<br /> ot such rents,issues and profits,and the application thereof shall not cure or waive any default or notice of default under thls Deed of Trust
<br /> or invalidate any act done in response to such default or pursuant to such notice of default; and, notwithstandin� tha oontinuance in
<br /> ,` . • . �_
<br />
|