|
99 10950�
<br /> 11.�LEN�ER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall irtrr�ediately provide Lender whh written notice of any actual or
<br /> ahreatened action,suit,or other proceeding affecting the Property. Grantor hereby appoints Lender as its attomey-in-fact to corm�ence,iMervene in,and
<br /> defend such actions,suits,or other legal proceedings and to compromise or settle any daim or carrtroversy pertaining thereto. Lender shall not be liable to
<br /> Grantor for any action,error,mistake,omission or delay pertaining to the actions described in this paragraph or any darnages resulting therefrom. Nothing
<br /> coMained herein will preverrt 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 performance of any of Grantor's obligations whh respect to the Property under
<br /> any arcumstances. Grarrtor shall irm�ediately provide Lender with written notice of and indermify and hold Lender and its shareholders,directors,offfcers,
<br /> employees and agerrts hamiless from all dalms,damages, liabilities(induding attomeys'fees and legal expenses), causes of aclion, actfons, suhs and
<br /> other legal proceedings(cumulatively"Claims")pertaining to the Property(induding,but not limited to,those involving Hazardous Materials). Grantor,upon
<br /> the request of Lender,shall hire legal counsel to defend Lender from such Claims,and pay the attomeys'fees,legal expenses and other costs incurred in
<br /> connection therewith. In the attemative, Lender shall be ernitled to emploY its own legal counsel to defend such Claims at Grantor's cost. Grantor's
<br /> obligation to indemnity Lender under this paragraph shall survive the temrnation,release or foredosu�e of this Deed of Trust.
<br /> 13. TAXES AND ASSESSMENTS. Grarnor shall pay all taxes and assessmerns relating to Property when due and irrrr�ediately provide Lender evidence
<br /> of paymerrt of same. Upon the request of Lender,Grantor shall deposit wfth Lender each morrth one-twelflh (1/12) of the estimated annual insurance
<br /> premum, taxes and assessmerits pertaining to the Property. So long as there is no default,these amoums shall be applied to the payment of taxes,
<br /> assessments and insurance as required on the Property. In the everrt of defauR.Lender shall have the ri�t,at its sole option,to apply the funds so held to
<br /> pay any taxas or against the Obligations. My funds applied may,at Lender's option,be applied in reverse order of the due date thereof.
<br /> 14. INSPECTION OF PROPERTY,BOOKS,RECORDS AND REPORTS. Grarrtor shall allow Lender or ils agerns to examine and inspect the Property
<br /> and examine,inspect and make copies of Grarnor's books and records pertaining to the Property from time to time. Grantor shall provide any assistance
<br /> required by Lender for these purp�ses. All of the signatures and information contained in Grantor's books and records shall be genuine,true,axurate and
<br /> complete in all respects. Grantor shall note the existence of Lender's beneficial interest in its books and records pertaining to the Property. Additlonally,
<br /> Grantor shall report,in a form satisfactory to Lender,such information as Lender may request regarding Grantor's financiai condition or the Property. The
<br /> information shall be for such periods,shall reflect Grantor's records at such time,and shall be rendered with such frequency as Lender may designate. All
<br /> infomration fumished by Grantor to Lender shall be true,aocxuate and complete in all respects,and signed by Grarrtor if Lender requests.
<br /> 15. ESTOPPEL CERTIFICATES. Within ten(10)days after any request by Lender,Grarnor shall deliver to Lender,or any irrtended transferee of Lender's
<br /> rigMs with respect to the Obligations, a signed and admowledged statement specifying(a)the outstanding balance on the Obligations;�nd(b)whether
<br /> Grantor possesses any daims,defenses,set-offs or counterdaims with respect to the Obligations and,if so,the nature of such daims,defenses,set-offs or
<br /> courrterdaims. Grantor wfll be condusively bound by any represerrtation that Lender may make to the intended transferee with respect to these matters in
<br /> the event that Grantor fails to provide the requested statement in a timely manner.
<br /> 16. DEFAULT. Grantor shall be in default under this Deed of Trust and the Trustee's power shall become operative in the event that Grarrtor,Borrower or
<br /> any guarantor of the Obligations:
<br /> (a) fails to pay any Obligation to Lender when due;
<br /> (b) fails to perform any Obligallon or breaches any warranty or covenarn to Lender corrtained in this Deed of Trust or any other present or future
<br /> agreement;
<br /> (c) destroys,loses or darnapes the Property in any material respect or subjects the Property to seizure,conflscation,or condermation;
<br /> (d) seeks to revoke,terminate or othervvise limit its liability under any guararny to Lender;
<br /> (e) dies,beoomes legally incompeterrt,is dlssoNed or terminated,becomes insoNent,makes an assignmerrt for the beneftt of aeditors,fails to pay
<br /> debts as they become due,files a petition under the federal banlwptcy Iaws,has an irnoluntary petftion in baniwptcy filed in which Grarrtor,Borrower
<br /> or any guarantor is named,or has property taken under any writ or prooess of court;
<br /> (� allows goods to be used,transported or stored on the Property,the possession,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 conserrt of Lender;or
<br /> (h) causes Lender to deem itself insecure due to a significant decline in the value of the Property;or if Lender,in good falth,for any reason,believes
<br /> that the prospect of paymerrt or perfomian�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 without notice or demand(except as requi�ed by Iaw):
<br /> (a) to dedare the Obligations imrnediately due and payable in full;
<br /> (b) to collect ihe outstanding Obligations with or without resorting to judiaal process;
<br /> (c) to require Grantor to deliver and make available to Lender any personal property or Chattels constituting the Property at a plaoe reasonably
<br /> convenierrt to Grantor and Lender;
<br /> (d) to errter upon and take possession of the Property without applying for or obtaining the appoirrtment of a receiver and, at Lender's option,to
<br /> appoint a receiver without bond, whhout first bringing suit on the Obligations and without otherwise rneeting any statutory conditions regarding
<br /> receivers,it being irrtended that Lender shall have this corrtractual rigM to appoirn a receiver;
<br /> (e) to employ a managing agerrt of the Properry and let the same,either in Tn�stee's own name,in the name of Lender or in the name of Grantor,and
<br /> reoeive the reMs,incomes,issues and profits of the Property and apply the same,after paymern of all necessary charges and expenses,on accourrt of
<br /> the Obligations;
<br /> (� to pay any sums in any form or menner deemed expedierrt by Lender to protect the security of this Deed of Trust or to cure any defauft other than
<br /> paymertt of irderest or prindpal on the Obligations;
<br /> (g) to bredose this Deed of Trust judiaally or nonjudiaally and to direct the sale of the property through exercise of the power of sale as referenced in
<br /> paragraph 20 hereof in acccordance with applicable Iaw;
<br /> (h) to set-off Grantor's Obligations against any amounts owed Grantor by Lender including, but not limited to, monies, instruments, and deposft
<br /> accouMs mairrtained with Lender or any currerrtly existing or future affiliate of Le�der;and
<br /> (i)to exercise all other rights available to Lender under any other written agreemeM or applicable law.
<br /> Lender's ri�ts are cumulative and may be exerdsed together, separately, and in any order. In the everrt that Lender institutes an action seeldng the
<br /> recovery o any of the Property by way of a prejudgmerrt remedy in an action against Grarrtor, Grarrtor waives the posting of any bond which mi�ht
<br /> otherwise be required. Lender or Lender's designee may purchase the Property at any sale. Proceeds of any Tnistee's sale hereunder shall be applied
<br /> first,to the costs and expenses of exerasing the power of sale and of the sale, induding the paymem 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 paymeM of the Obligations secured hereby,third,to the paymerrt of junior
<br /> trust deeds,mortgages,or other lienholders,and the balance,if any,to the person or persons legally errtitled thereto. The property or any part thereof may
<br /> be sold in one parcel,or in such parcels,menner or order as Lender in its sole discretlon may elect,and one or more exerdses of the power herein grarrted
<br /> shall not extinguish or exhaust the power unless the entire property is sold or the obligations are paid in full.
<br /> 1& TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT: If Lender elects to sell Grantor's imerest in the Property by exerdse of the power of
<br /> sale herein cflrrtained,Lender shall notiry Tn�stee in the menner then required by Iaw.
<br /> Upon receipt of such notice of Lender and at the direction of Lender,Trustee shall cause to be recorded,published and delivered such notices of default
<br /> and notices of sale as may then be required by law and by this Deed of Trust. Trustee shall,only at the direction of Lender and without demend on Grarrtor,
<br /> after such time as may then be rec�ired by taw and after reoordation of such notice of defauft and after notice of sale having been given as required by law,
<br /> sell the Property at the time and place of sale flxed by ft in such notice of sale,either as whole or in separate lots or parcels or items as Lender shall deem
<br /> expediern,and in such order as it may deiermine,at pubiic auction to the highest bidder for cash in lawful money of the Unfted States payable ai the time of
<br /> sale, or as otherwise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof its good and suffiaent deed or deeds
<br /> corneying the property so sold, but wfthout any covenant or warranty, express or implied. The reatals in such deed of any metters or facts shall be
<br /> conclusive proof of the truthfulness thereof. My person,induding,without limitation,Grantor,Trustee or Lender,may purchase at such sale. Trustee may
<br /> in the manner provided by law postpone sale of all or any portion of the Property.
<br /> 19. RE�UEST FOR NOTICES: Grentor requests that a copy of any notice of defauft and a copy of any notice of sale hereunder be meiled 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 filed by each such person.
<br /> NEOOTC Rev.12197 Pape 3 d 8
<br />
|