|
99 ilOS71
<br /> �11. LENDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall irmiediately provide Lender with wririen notice of any actual or
<br /> threatened action,suit,or other proceeding affecting the Property. Grantor hereby appoints Lender as its attomey-in-fact to comrnence,intervene in,and
<br /> defend such actions,suits,or other legal proceedings and to compromise or settle any daim or controversy 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 damages resufting therefrom. Nothing
<br /> contained herein will prevem Lender from talting the actions described in this paragraph in its own name.
<br /> 12 INDEMNIFICATION. Lender shall not assume or be responsible for ihe pertorrrnance of any of Grantor's obligations with respect to the Property under
<br /> any arcumstances. Grarrtor shall irrmediately provide Lender with written notice of and indermify and hold Lender and its shareholders,directors,officers,
<br /> employees and agents harmless from all daims, damages, liabilities(including attomeys' fees and legal expenses), causes of action, actions, sufts and
<br /> other legal proceedings(cumulatively"Claims")pertaining to the Property(induding,but not limited to,those involving Hazardous Materials). Gramor,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 cosis incurred in
<br /> connection therewith. In the altemative, Lender shall be eMitled to employ its own legal counsel to defend such Claims at Grantor's cost. Grantor's
<br /> obligation to indermify Lender under this paragraph shall survive the termination,release or foreclosure of this Deed of Trust.
<br /> 13. TAXES AND ASSESSMENTS. Grantor shall pay all taxes and assessments relating to Property when due and irrmediately provide Lender evidence
<br /> of payment of same. Upon the request of Lender, Grantor shall deposit with Lender each month one-twelfth (1/12) of the estimated annual insurance
<br /> premium, taxes and assessmeMs pertaining to the Property. So long as there is no defauft, these amourrts shall be applied to the payment of taxes,
<br /> assessmeMs and insurance as required on the Property. In the event of default,Lender shall have the rigM,at its sole option,to apply the funds so held to
<br /> pay any taxes or against the Obligaiions. Any 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. Grantor shall allow Lender or its agents to examine and inspect the Property
<br /> and examine,inspect and make copies of Grantor's books and records pertaining to the Property from time to time. Grantor shall provide any assistance
<br /> required by Lender for ihese purposes. All of the signatures and information contained in Grantor's books and records shall be genuine,true,accurate and
<br /> complete in all respects. Grantor shall note the existence of Lender's benefiaal interest in its books and records pertaining to the Property. Additionally,
<br /> Grarrtor shall report,in a form satisfactory to Lender,such information as Lender may request regarding Grarrtor's finanaal condition or the Property. The
<br /> information shall be for such periods,shall reflect Gramor's records at such time,and shall be rendered with such frequency as Lender may designate. All
<br /> information fumished by Grantor to Lender shall be true,accurate and complete in all respecls,and signed by Grantor if Lender requests.
<br /> 15. ESTOPPE�CERTIFICATES. Wtthin ten(10)days after any request by Lender,Grantor shall deliver to Lender,or any intended transferee of Lender's
<br /> rigMs with respect to ihe Obligations,a signed and acknowledged statement specifying(a)the outstanding balance on the Obligations;and(b)whether
<br /> Grarrtor possesses any daims,defenses,set-offs or cournerdaims with respect to the Obligations and,if so,the nature of such claims,defenses,set-offs or
<br /> counterdaims. Grantor will be condusively bound by any representation that Lender may nralce to the intended transferee with respect to these matters in
<br /> the everrt that Grantor fails to provide the requested statemerrt in a timely manner.
<br /> 16. DEFAULT. Grantor shall be in defauft under ihis 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) fails to pay any Obligation to Lender when due;
<br /> (b) fails to perform any Obligation or breaches any warranty or covenant to Lender contained in this Deed of Trust or any other presem or future
<br /> agreement;
<br /> (c) destroys,loses or damages the Property in any material respect or subjects the Property to seizure,confiscation,or condemnation;
<br /> (d) seeks to revoke,terminate or otherwise limit its liability under any guaranty to Lender;
<br /> (e) dies,becomes legally incompetent,is dissoNed or terminated, becomes insolvent,makes an assignment for the benefit of creditors,fails to pay
<br /> debts as they become due,files a petition under the federal bankruptcy laws,has an involuntary petition in banlwptcy filed in which Grarrtor,Borrower
<br /> or any guarantor is named,or has properry taken under any writ or process of court;
<br /> (� allows goods to be used,transported or stored on the Property,ihe possession,transportation,or use of which,is illegal;
<br /> (g) allows any party other than Grarrtor or Borrower to assume or undertake any Obligation without the written consent 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 prospecl of payment or perfomiance 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 required by law):
<br /> (a) to dedare the Obligations immediately due and payable in full;
<br /> (b) to collect the 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 ai-$place reasonably
<br /> convenient to Grantor and Lender;
<br /> (d) to enter upon and take possession of the Property without applying for or obtaining the appointment of a receiver and, at Lender's option, to
<br /> appoint a receiver without bond, without first bringing suh on the Obligations and without otherwise meeting any statutory conditions regarding
<br /> receivers,it being irnended that Lender shall have this contractual right to appoirn a receiver;
<br /> (e) to employ a managing agerrt of the Properry and let the same,either in Trustee's own name,in the name of Lender or in the name of Grantor,and
<br /> receive the renis,incomes,issues and profits of the Property and apply the same,after payment of all necessary charges and expenses,on account of
<br /> the Obligations;
<br /> (� to pay any sums in any form or manner deemed expedierrt by Lender to protect the security of this Deed of Trust or to cure any default other than
<br /> payment of irtterest or prinapal on the Obligations;
<br /> (g) to foreclose this Deed of Trust judiaally or nonjudicially and to direct the sale of ihe property through exerase of the power of sale as referenced in
<br /> paragraph 20 hereof in acocordance with applicable law;
<br /> (h) to set-off Grantor's Obligations against any amounts owed Grantor by Lender including, but not limited to, monies, instruments, and deposit
<br /> accounts mairrtained with Lender or any currerrtly existing or future affiliate of Lender;and
<br /> (i)to exercise all other rigMs available to Lender under any other written agreemerrt or applicable Iaw.
<br /> Lender's rigMs are cumulative and may be exerased together, separately, and in any order. In the event that Lender institutes an action seeking the
<br /> recovery of any of the Property by way of a prejudgment rerr�edy in an action against Grantor, Grantor waives the posting of any bond which might
<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 exercising the power of sale and of the sale, induding the 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 payment 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,manner or order as Lsnder in fts sole discretion may elect,and one or more exerases of the power herein granted
<br /> shall not extinguish or exhaust the power unless the entire 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 sell Grantor's irrterest in the Property by exercise of the power of
<br /> sale herein coMained,Lender shall notNy Trustee in the manner then required by law.
<br /> Upon receipt of such notice of Lender and a1 the direction of Lender,Trustee shall cause to be recorded,published and delivered such notices of default
<br /> and notioes 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 demand on Grantor,
<br /> after such time as may then be required by Iaw and afler recordation of such notice of default and after notice of sale having been given as required by law,
<br /> sell the Properry 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 items as Lender shall deem
<br /> expediern,and in such order as it 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 othervvise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof its good and sumcient deed or deeds
<br /> cornreying the property so sold, but without any covenant or warrarny, express or implied. The reatals in such deed of any matters or facts shall be
<br /> condusive proof of the truthfulness thereof. Any 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. REGIUEST FOR NOTICES: Grarrior requests that a copy of any notice of defautt 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 /> i
<br /> NEDOTC Rev.1297 Pape 3 d 6
<br />
|