|
��-18-1999 DEED OF TRUST 9 9 1 i i �7 8 Page 4
<br /> Loan No 1044478 (Continued)
<br /> part of the Indebtedness secured by this Deed of Trust; (b)a specific tax on Tnistor which Trustor is authorized or required to deduct irom
<br /> payments on the Indebtedness secured by this type of Deed ot Tn�sN, (c)a tax on this lype of Deed of Trust chergeable apeinst the Lender or
<br /> the holder of the Note; and (d) a speafic tax on all or any porUon M the Indebtedness or on payments of prindpal and interest made by
<br /> Trustor.
<br /> Subsequent Ttnces. If any tax to which this section applies is enacted subsequent to the date of thi�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 Defauft as
<br /> provided below unless Trustor either (a)pays the tax before R becomes delinquent,or (b)contesis.the tax as provided above in the Taxes and
<br /> Liens section and deposiis with Lender cash or a sufficient corporate sureiy bond or other securiy satisfactory to Lender.
<br /> SECURITY AGREEMENT;FINANCING STATEMENTS. The foilowing provisions relating to this Deed of Trust as a security agrseme�nt are a part of
<br /> this Dsed of Trust.
<br /> Security Ayreement. This instrument shall constitute a security agreement to the extent any of the Property consHtutes foctures or other
<br /> personal property, and Lender shall heve 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 statemenis and take whatever other action is requested by Lender
<br /> to perfect and conHnue Lenders security interesf in the ReMs and Personal Property. In addiHon to recordirp this Deed of Trust in the real
<br /> property records, Lender may,at any time and without further authorization irom Trustor,file executed counterparts,copies or reproduciions of
<br /> this Deed of Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfectlng or continuing this securiiy
<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 thres(3)days affer receipt of written demand irom Lender.
<br /> Addresses. 7he mailing addresses of Trustor(debtor)and Lendar (secured pariy), from wF�ch fnforrtwtlon conc�ninp the security interest
<br /> granted by this Dbed of Trust may be obtained(each as required by the Uniform Commercial Code),are as stated on the fi►st page of this Deed
<br /> of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relatiny to further assurances and attorne�-in-fact are a part of this
<br /> Deed of Trust.
<br /> Further Assurances. At any tlme,and irom time to time, upon request of Lender,Trustor will make,execute and deliver, or wiN cause to be
<br /> made, executed or delivered, to Lender or to Lender's desipnee, and when requested by Lender, ca�e to be flled, recorded, refiled, or
<br /> rerecorded,as the case may be,at such tirnes and in such oi�Ces and places as Lender may deem appropriate,any and aA such mortgages,
<br /> deeds of trust,security deeds,security agreemenis,flnandng statements,continuation statements,i�utruments of fu�ther assurance,certificates,
<br /> and other dxumenls as may, in the sole opinion of Lender,be necessary or desirable in order to effectuate,complete, perfect,contlnue, or
<br /> pra5erve (a)the ob8gedons of Trustor under the Note,this Deed of Trust,and the Related Dxumenis,and (b)the liens and security interests
<br /> created by this Deed of Trust on the Property,whether now owned or hereafter�quired by Trustor. Unless proF�ited by law or aqreed to the
<br /> contrary by Lender in writinp,TruStor shall reimburse Lender for aN costs and e�enses incurred in connecdon with the matters referred to in
<br /> this paragraph.
<br /> Attomey-in-Fact. If Trustw fails to do any of the thinps re(erred to in the prooedinq paragraph, Lender may do so for and in the name of
<br /> Trustor and at Trustor's expense. For such purpases,Trustor hereby irrevocably eppants Lender as Trustor's attorney-in-fact for the purpose
<br /> of making, executing, delivering, filing, recordinq, and darp all other things as may be necessary or desirable, in Lender's sde opinion,to
<br /> accomplish the matters referred to in the preceding paragraph.
<br /> FU1 PERFORMANCE. If Trustor pays all the Indebtedness when due,and oth�wise 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 Personel Property. Any
<br /> reconveyar�ce fee required by Iaw shall be paid by Trustor,if permitted by epplicable law.
<br /> DEFAULT. Each of the foilowing,at the option of Lender,shall constitute an event of defautt("Event of Defauli'�under this Deed of Trust:
<br /> Default on Indebtedness. Failure of Trustor to meke arry peymeM when due o�the Indebtedness.
<br /> Default on OtherFSayments. Failure of Trustor within the time required by this Deed of Trust to make any payment for ta�ces or insurance,or
<br /> any other payment necessary to prevent fili�q of or to effect discharge of any lien.
<br /> Compliance DefauR. Failure of Tn�stor to compty with any other term, obligatlon,covenant or condiUon contained in this Deed of Trust,the
<br /> Note or in any of the Related Documents.
<br /> False Statemenia Any warranty,representaHon or statement made or furnished to Lender by or on behalf of Trustor under fhis Deed of Tnrst,
<br /> the Note or the Related Dxuments is false or misleading in any material respect,either now or at the time mede or furnished.
<br /> Defective CoIlMerdisation. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including failure of any
<br /> collateral dxuments to creete a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death of Tr�tor, the insdvency of Trustor, the appaMment of a receiver for any part of Trustor's property,any
<br /> assignment for the benetit of credftas, any type of �tor workout, or the commencement of any proc;eediny under any bankruptcy or
<br /> insolvency laws by or ageinst Trustor.
<br /> Forecbsure,Forfelture,etc. Commencement of foredasure or forfeiture proceedings,whether by judicial proceedinQ,self-help,repossession
<br /> o�any other method,by any creditor of Trustor or by any governmentel aqency 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 reasonabler�ess of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding, provided that Trustor gives Lender written noUce of such daim and furnishes raserves or a surely bond for the claim
<br /> satisfactory to Lender. �
<br /> Breach of Other A�reement. Any breach by Trustor under the terms of any other agreement beiween Trustor and Lender that is not remedied
<br /> within any grace period provided therein,including without limitatlon any agreement cor�cerning any indebtedness or other obiipatlon of Trustor
<br /> to Lender,whether e�dsting now or tater.
<br /> Events Affectln�Gue�antor. Any of the preceding evenls occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompete�t, or revokes or disputes the validity of,or IiabNity under,any Guaranty of the Indebtedness. Lender,at its option,
<br /> may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligatlons arisinp under the guaranty in a
<br /> manner satlsfactory to Lender,and,in dang so,cure the Event of Default.
<br /> Ineecu�ly. Lender in good faith deems Mself insecure. ;
<br /> Dtistin�Indebtedness. A default shall occur under any Ezis6ng Indebtedness or under any instrument on the Properiy securing any E�dstlng
<br /> Indebtedness,or commencement of any suit or other action to foreclose any e�asting lien on the Property.
<br /> Ri�ht to Cure. If such a failure is cureble and ff Trustor hes not been qiven 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 DefauR will have occurred) if Trustor, after Lender sends written
<br /> nodce demanding cure of such failure: (a)cures the iaNure within ten(10)days;or (b)ff the cure requires more then ten(10)days,immediately
<br /> inittates steps sufficient to cure the failure and thereatter condnues and completes all reasonable and necessary steps sufficient to produce
<br /> . compliance as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAI�.T. 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 fdlowinp rights and remedies,in addition to any other riyhts or remedies provided by law:
<br /> Acceleratlon upon Default; Additbnd Remedies. If any event of defautt 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 nodce of any kind. Thereafter,lender may: •
<br /> (a) Either in person or by agent,with or without bringing any acdon or proceeding, or by a receiver appointed by a court and wRhout
<br /> regard to the adequacy of ifs security,enter upon and take possession of the Prope�ty,or any part thereof,in its own name or i�the name
<br /> of Trustee,and do any acts which it deems necessary or desirable to preserve the value,ma�Cetability or rentabiNty of the Properly,or part
<br /> of the Property or interest in the Property;increase the income irom the Propery or protect the security of the Prope�ty;and,with or without
<br /> taking possession of the Property,sue for or otherwise cdlect the rents,issu�and profits of the Property, indudiny those past due and
<br /> unpaid,and epply the same,less costs and expenses of operatlon and colleciion,including attorneys'fees,to any indebtedness secured
<br /> by this Deed of Trust,all in such order as Lender may determine. The enteriny upon and takiny possession of the Property,the cdlecrion
<br /> of such rents,issues and profits,and the application thereof shall not cure or waive any default a notice of defauR under this Deed of Trust
<br /> - ' ���� � � � �:� :. ;•,
<br />
|