|
9�9 109936
<br /> 11. LENDER'S RI4HT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shail irtmediately provide Lender with written notbe of any actual a
<br /> threatened aqion,suit,or other proceeding affecting the Property. Grantor hereby appoirds Lender as its attomeyin-fact to commenoe,irrtarvene in,and
<br /> defer�i such�s,sufts,or other legel proceedings and to compromise or settle any claim or corrtroversy pertaining ihereto. Lender ahell not be Itable to
<br /> G�tor for�y�tbn,error,mistak�e,omission or delay pertaining to the actions described In this paragraph or any damagea reauhing thereirom. Nothfng
<br /> cantai�ed herein wi�prevent Lender trom talting the actions descxlbed in this paragraph in its own name.
<br /> 12 WDE�IIFICATION. Lender shall not assume or be responsible for the perto�of any of Grantor's obligationa with re to the Properly unc�r
<br /> any d►cumstanoes. (irantor shall irtrnediately provide Lender with written notice of and indermiy and hold Lender and its ders,cNrectors,ofllar:,
<br /> employeea end ageMs harmtesa from all daims,damages, liabilities(induding ariomeys' fees and legal expenses),cauaes of action,actiona, wita�d
<br /> other legel prooeedinga(curtulatively"Gaims")pertaining to the Properry(induding,but not limtted to,those i�volving Hazardoua Mate�fels�. Cirantor,upon
<br /> the request of Lender,aheN hire legal counsel to defend Lender from such Claims,and pay the attomeys'fees,legal expenses and other oost:inaxred in
<br /> conneqion therewith. In the altemative, Lender shall be entitled to empioy its own legai counsel to defend such Claims at GraMor's cost. CiraMors
<br /> oWigetion to I�dertnNy Lender under this para�aph shall survive the termination,release ot foredosure of this Deed of Trust.
<br /> 13. TAXES AND ASSES8MENT3. Grantor shall pay all taxes and assessments relating to Property when due and imr�ediately provide Lendar eviderx�.s
<br /> of peyment of aame. Upon the request of Lender,Grantor shall deposit with Lender each month one-twelfth (1/12) of the estimated ennual inwrance
<br /> premium,taxes and assessments pertaining to the Properry. So long as there is no defaufl,these arrburrts shatl be applied to the payrnerd of taxes,
<br /> assessmems and insurance as required on the Property. In the evern of default,Lender shaii have the rigM,at its sole option,to apply the funds w held to
<br /> pay any taxes or against the Obifgations. Any iunds appUed may,at Lenders option,be appiied in reverse order of the�e date thereof.
<br /> 14. IN8PECTION OF PROPERTY,BOOKS,RECORDS AND REPORTS. Grarrtor shall allow Lender a its a$erns to examine anci inapect the Property
<br /> and examine,inaped and r�ke oopies of Grantor's books and records pertaining to the Property from time to time. Grarnor shall provide any aasistance
<br /> required by lender for ihese purposes• All of ihe signatures and infomiation coMained in Grantor's books and reco►ds shall be genuine,true,accurate and
<br /> oomplete in aU respeds. GraMor shall noie the e�stence of Lender's benefidal irrterest in its books and reoorda pertaining to the Property. AdditionsMy,
<br /> Grama sF�ll report,in a form satisfactory to Lender,such information as Lender may request regarding Grantor's flnandel condition or tFw Prop�rty, The
<br /> infom�etion shall be for such pe�iods shall reflect GraMor's reoords at such time.and shall be rendered wlth such frequency as Lender may designate. All
<br /> Infwrt�aUon tumished by GraMor to Lender shall be true,acauate and complete in all respeds,and signed by Grantor if Lender requests.
<br /> 16. ESTOPPEL CERTIFICATES. Within ten(10)days after any request by Lender,Grarrtor shall deliver to Lender,or any intended transferoe o(t.ender's
<br /> �gMs whh►esped to the Obligations;a signed and aclviowledged statemeM speci(ying(a)the outstanding balance on the Obdgatbns;and(b)whether
<br /> (3rantor possesses any daims,defenses,set-offs or counterdaims with respect to the Obligatlons and,if so,the nature of such daims,defenses,set-offa or
<br /> counten�eims. Orarnor will be condusively bound by any representation that lender may make to the Irrtended transferee with respect to these mattera in
<br /> the eveM tl�at Grantor faNs to provide the requested statemern in a timely manner.
<br /> 16. DEFAULT. Grentor ahall be fn defauft under this Deed of Trust and the Trustee's power shall become operative in the evern that C3raritor,Borrower or
<br /> arry puaraMor of the Obli�tions:
<br /> (a) fails to pay any Obligation to Lender when due;
<br /> (b) fafls to perfomi any Obligation or breaches any warranty or covenant to Lender cornained in this Deed of Trust or any other present or future
<br /> ��:
<br /> (c) deatroya,loaea or damages the Property in any materiat respect or subjects the Property to seizure,confiscation,or condemnation;
<br /> (cn seeka to revoke,tertHnate or othetwise limit its Uabilit�r under any guaranty to Lender;
<br /> (e) dles,beoomes legally incompetem,(s dissotved or tem�inated,becomes insoNerri,rnakes an assignment for the beneflt of crec�tors,faila to pay
<br /> debts es they become due,81es a petition under the federal bankruptcy laws,has an involurrtary petition in banlavptcy filed in which Ciranta,BorroMrer
<br /> or any guaraMor is named,or has property taken under any writ or process of court;
<br /> (� allaws goods to be used,transported or stored on the Property,the possession,transportation,or use of whfch,is iAegal;
<br /> (g) allows any party other ihan Grantor or Borrower to assume or undertake any Obligation without the written consent of Lender;or
<br /> (h) causes Lender to deem Nseif insecure due to a signinc�nt dedine i�the value of the Property;or if Le�der,in pood faith,for arry reason,bNieves
<br /> that the prospeq of payrr�ent or perfomiance is impaired.
<br /> 17. RKiHTS OF LENDER ON DEFAULT. If there is a defauh under this Deed of Trust,Lender shali be ernftled to exerdae one or more of the following
<br /> remedes without notice or demend(except as required by law):
<br /> (a) to dedare ihe Oblfgations inxnediately due and payable in full;
<br /> (b) to cdlect ihe outatanding Obligations with or wfthout resorUng to judiaal process;
<br /> (c) to roquire C3�auitor to delhrer and make available to Lender any personal property or Chattels eonsUtuting the Property at a plaos ressonably
<br /> cornerdent to GraMor and Lende►:
<br /> (� tc enter upo�and take possession of the Property wilhout applying for or obtaining the appoirrtment of a reoeiver and, at Lendar'a option,to
<br /> appc{nt a raoefver wilhout bond, without flrst bringing suit on the Obligatbns and without othervvise meeting any statutory oondidons regarding
<br /> reoeivers,fl being intended that Lender shall have this contractual rigM to appoirrt a reoeiver;
<br /> (e) ro ertploy a menaging agent of the Property and let the aame,either in Trustee's own name,in ihe name of Lender a in the narre of(3►arrtor,and
<br /> receive the rents,incomes,issues and proflts of the Property and apply the same,afler paymem of all neoesaary chargea end expenses.on accourrt of
<br /> the obligations;
<br /> (� to pey amr sums in any form or manner deemed expedient by Lender to protect the security of thfs Deed of Truat or to cure any default othsr than
<br /> paymeM of hdereal or principal on the Obligations;
<br /> (g) to foredose 1Ms Deed of Trust judicially or nonjudidally and to direct the sale of ihe property through exerase of the power of sale aa referenced in
<br /> paragraph 20 hereof in ac000►danoe with applicable law;
<br /> (h) to set-off Crardor's Obligations against any amourrts owed Grarnor by lender induding, but not limited to, monies, InaVuments, and deposil
<br /> accouMa rnaiMained with Lender or any currerrtly exisifng or future affiliate of Lender;and
<br /> (i)to exercise all other tigMs available to Lender under any other written agreement or applicable Iaw.
<br /> Lendsr's�s are cumulatNe and may be exerdsed together, separately, and in any wder. In the event that Lender instilutes an edion seeking the
<br /> recovery o arry of the PropeAy by way of a prejudgn�errt remedy in an action against Grantor, Grantor waives the posting of any bond which
<br /> ctherwise be required. Lender or Lender's designee may purchase the Property at any sale. Proceeds of any Tn�stee's sale hereunder shall be
<br /> flrst,to the costs and expenses of exeroising the power of sale and of the sale,induding the paymerrt of the Trustee's fees actually fncurred and not to
<br /> exceed the anwunt whk�h may be provided for in this Deed of Trust,second,to paymern of the Obilgetions secured hereby,thfrd,to the paymern of junior
<br /> trust desds,mortgegea.or other lienholders.and the balance,if any.to the person or persons legatly ernitled thereto. The property or any parl Ther.of may
<br /> be sold In one peroel,or in sudi percels,menner or order as Lender in its sole discretion may elect,and one or mae exerdses of the power herein granted
<br /> shaq not ext�guiah or exhaust ihe power unless the e�tire property is sold or the obligations are paid in full.
<br /> 18. TRUSTEE'S EXERCISE OF POWER OF SALE ON DEFAULT: If Lender elects to seil Grarnors imerest in the Properly by exerdae ot the power of
<br /> sale F�ein contairwd,l„ender ahaN noUfy Trustee in the manner then required by law.
<br /> Upon receipt of such notice of Lender and at the�rection of Lender,Trustee shall cause to be recorded,pubitshed and delivered such noticea of defauM
<br /> and notfces of aale as may ihen be required by law and by this Deed of Trust. Trustee shall,only at the direction of Lender and without demend on C3�amor.
<br /> atter such tlme as mey then be required by law and after recordation of such notice of defauR and after notice of sale having been given as required by law,
<br /> aed ihe Prope�ty at the time and place of sale flxed by it in such notice of sale,eNher as whole or in seperate lots or pa►cels or items aa Lendar=hall deem
<br /> e ,and 1n such order as tt may detemiine,at public auction to the highest bidder for cash in lawiul money ot the UnBed Statespsyable at Uie Urt�e o(
<br /> e,or tas othervviae may then be required by law. Trustee shall delfver to such purchaser or purchasers thereof Ns good and su(fleient deed or dssda
<br /> convey�g theproperty so sold, but without any covenarrt or waRaMy, express or i m p li e d. The r e c i t a ls in su c h d e e d o f any mattera or facts shall be
<br /> conduah►e proof of ihe lruthiulness thereof. Any person,induding,without limitation,Grarrtor,Trustee or Lender,may purchase at such aele. Trustee may
<br /> in the manner provided by law postpone sale of all or any portion of the Properry.
<br /> 19. RECUE8T FOR NOTICE8: Grantor requests that a copy of any notice of default and a copy of any notice of sale hereunder be mefled to each ps►aon
<br /> who Is a peAy hereto ffi the address of such person set forth herein at the same time and in the same manner required as though a separate request Ihersof
<br /> had been flled by each s�x�person.
<br />� - - --
<br />
|