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99 109348
<br /> (c) All applicable laws and regulations, induding,without limitation, the Americans whh Disabilities Act, 42 U.S.C. Section 12101 et seq. (and all
<br /> regulations promulgated thereunder)and all zoning and building laws and regulations relating to the Property by virtue of any federal,state or municipal
<br /> authority wfth jurisdiction over the Property, presently are and shall be observed and complied whh in all material respects,and all rights, licenses,
<br /> pemits, and certificates of occupancy(induding but not limited to zoning variances,special exceptions for nonconforming uses,and final inspection
<br /> approvals), whether temporary or permanent, which are material to the use and oxupancy of the Property, presently are and shall be obtained,
<br /> preserved and,where necessary,renewed;
<br /> (d) Grarnor has the right and is duly authorized to execute and perfoRn 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 agreement which may be binding on Grantor at any time;
<br /> (e) No action or prxeeding is or shall be pending or threatened which might materially affect the Property;and
<br /> (� Grantor has not violated and shall not violate any statute,regulation,ordinance,rule of law,corrtract or other agreemern(induding,but not limhed to,
<br /> those goveming Hazardous Materials)which migM materially affect the Property or Lender's rigMs or interest in the Property pursuarn to this Deed of
<br /> Trust.
<br /> 3. PRIOR DEEDS OF TRUST. Grantor represents and warrants that there 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 perfortn in a timely manner. If there are any prior deeds of trust then
<br /> Grantor agrees to pay all amourrts owed,and perform all obligations required,under such deeds of trust and the indebtedness secured thereby and further
<br /> agrees that a defauft under any prior deed of trust shall be a default under this Deed of Trust and shall errtitle Lender to all rigMs and remedies contained
<br /> herein or in the Obligatfons to which Lender would be ernhled in the event of any other default.
<br /> 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN GRANTORS OR BORROWERS. In the event of a sale,conveyance, 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 beneflaal
<br /> irrterest in Borrower or Grantor(if Borrower or Grantor 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 prinapal balance of the Obligations plus aaxued imerest thereon irtYr�ediately due and
<br /> payable. At Lender's request,Grantor or Borrower,as the case may be,shall fumish a complete statement setting forth all of its stockholders,members,or
<br /> partners,as appropriate,and the extern of their respective ownersh�p inter�sts.
<br /> 5. ASSIGNMENT OF RENTS. In consideratfon of the Obligations,which are secured by this Deed of Trust, Grantor absolutely assigns to Lender all
<br /> Grarrtor's estate, rigM, title, irrterest, daim and demand now owned or hereaRer acquired in all existing and future leases of the Property (induding
<br /> extensions,renewals and subleases),all agreemerrts for use and occupancy of the Property(all such leases and agreemerns whether written or oral,are
<br /> hereaiter referred to as the"Leases"),and all�uaranties of lessees' perfomrance under the Leases,together with the irmiediate and continuing rigM to
<br /> collect and receive all of the rents,income,receipts,revenues,issues,profits and other income of any nature now or hereafter due(including any income of
<br /> any nature coming due du�ing any redemption period)under the Leases or ftom or arising out of the Property induding Mnimum rents,additional rents,
<br /> peroentage rents, parldng or common area mairrtenance comributions, tax and insurance contributions, deficiency rents, liquidated damages following
<br /> default in any Lease, all proceeds payable under any policy of insurance covering loss of rents resulting from untenarnability caused by destruction or
<br /> darnage to the Property, all proceeds payable as a resuft of a lessee's exercise of an option to purchase the Property, all proceeds derived from the
<br /> termination or rejection of any Lease in a banlwptcy or other insolvency proceeding,and all proceeds from any rigMs and daims of any kind which Grantor
<br /> may have againsi any lessee under the Leases or any oxupants of the Property(all of the above are hereafter collectively referred to as ihe"Rents"). This
<br /> assi�nment is subject to the rigM,power and authority gfven to the Lender to collecl and apply the Rents. This assignment is recorded in accordance with
<br /> applicxble state law;the lien created by this assignmeM is irrtended to be specc:ific, perfected,and choate upon the recording of this Deed of Trust,all as
<br /> provided by applicable state law as amended from time to time. As long as there is no defauh under the Obligations or this Deed of Trust, Lender grarns
<br /> Grantor a revocable license to collect all ReMs from the Leases when due and to use such proceeds in Grantor's business operaiions. However,Lender
<br /> may at any time require Grarnor to deposit all ReMs irno an accourrt maiMained by Grantor or Lender at Lender's insthution. Upon defauR in the paymerrt
<br /> of,or in the perfomiance of,any of the Obligations,Lender may at its option take possession of the Property and have,hold,manage,lease and operate the
<br /> Property on terms and for a period of time that Lender deems proper. Lender may proceed to collect and receive all Rents from the property,and Lender
<br /> shall have full power to make alterations,renovations,repairs or replacements to the Property as Lender may deem proper. Lender may apply all Rents in
<br /> Lender's sole discretion to paymerrt of the Obligations or to the paymern of the cost of such alterations,renovations, repairs and replacements and any
<br /> expenses inadent to taldng and retaining possession of the Property periodically and the managemenf and operation of the Property. Lender may keep the
<br /> Property properly insured and may discharge any taxes,charges,daims,assessmerrts and other liens which may aaxue. The expense and cost of these
<br /> actions may be paid from the Rerrts received,and any unpaid amouMs shall be added to the prinapal of the Obligations. These amounts,together with
<br /> other costs,shall become parl 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 mairrtain the Property in good condition.
<br /> Grarrtor sha�l not corrmt or pemrt any waste to be comrrtted with respect to the Property. Grantor shall use the Property solely in compliance with
<br /> applicable law and insurance poliaes. Grantar shall not make any atterations, additions or improvements to the Property without Lender's prior written
<br /> consem. Wrthout limiting the foregang,all alterations,additions and imFxouemerrts r,;ade to the Praperty shall be subject to the beneficial irrteresi belonging
<br /> to Lender,shall not be removed without Lender's prior written consent,and shall be made at Grantor's sole expense.
<br /> 7. LOSS OR DAMAGE. Grardor shall bear the emire risk of any loss,theft,destn�ction or damage(cumulatively"Loss or Damage")to the Properly or any
<br /> portion thereof from any cause whatsoever. In the event of any Loss or Damage,Grarnor 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,earthquake, tomado and flre, theft or other casualty to the extent required by Lender. Grantor may obtain insurance on the Property from such
<br /> companies as are acceptable to Lender in hs sole discretion. The insurance policies 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 poliaes shall name Lender as a loss
<br /> payee an prov� that no act or omission of Grantor or any other Qerson shall affect the right of Lender to be paid the insurance proceeds pertaining to the
<br /> loss or damage of the Property. In the everrt Grantor fails to acqwre or maintain insurance,Lender(after providing notice as may be required by law)may
<br /> in hs discretion procure appropriate insurance coverage upon the Property and the insurance cost shall be an advance payable and bearing interest as
<br /> described in the "REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER" paragraph and secured hereby. Grantor shall fumish Lender with
<br /> evidence of insurance indicating the required coverage. Lender may act as attomey-in-fact for Grantor in malting and seriling claims under insurance
<br /> polides,cancelling any policy or endors(ng GraMor's name on any draft or negotiable instrumem drawn by any insurer. All such insurance policies shall be
<br /> irmiediately assigned,pledged and delivered to Lender as further security for the Obligations. In the everrt of loss,Grantor shall irrxnediately give Lender
<br /> written notice and Lender is authorized to make proof of loss. Each insurance company is directed to make payments direclly to Lender instead of to
<br /> Lender and Grantor. Lender shall have the right, at its sole option, to apply such monies toward the Obligations or toward the cost of rebuilding and
<br /> restoring the Property. Any amounts may at Lender's option be applied in the inverse order of the due dates thereof.
<br /> 9. ZONING AND PRIVATE COVENANTS. Graritor shall not initiate or consem to any change in the zoning provisions or private covenants affecting the
<br /> use of the Property without Lender's prior written consent. If Grarrtor's use of the Property bec:omes a nonconfomrng use under any zoning provision,
<br /> Grantor shall not cause or permit such use to be discoritinued or abandoned without the prior written consent of Lender. Grarrtor will irm�ediately provide
<br /> Lender with written notice of any proposed changes to the zoning provisions or private covenants affecting ihe Property.
<br /> 10. CONDEMNATION. Grantor shall frrmediately provide Lender wiih written notice of any actual or threatened condermation or eminerrt domain
<br /> proceeding pertaining to the Property. All monies payable to GraMor from such condermation or taking are hereby assigned to Lender and shall be applied
<br /> fi►st to the paymerrt of Lender's attomeys'fees,legal expenses and other costs(induding appraisal fees)in connection with the condemnation or eminent
<br /> domain proceedings and then,at the option of Lender,to the paymern of the Obligations or the restoration or repair of the Property.
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<br /> NEDOTB Rev.1297
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