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. 99 111630
<br /> t1. L'�NDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS. Grantor shall irrxnediately provide Lender with written notice of any actual or
<br /> threatened action,suit,or other proceeding affecting the Property. Grarnor hereby appoirrts Lender as its attomey-in-fact to cormience,intervene in,and
<br /> ' defend such actions,suits,or other legal proceedings and to comproMse or serile any daim or controversy pertaining thereto. Lender shall not be liable to
<br /> Grantor for any actlon,error,mistake,omission or delay pertaining to the actions described in this paragraph or any damages resulting therefrom. Nothing
<br /> corrtained herein will prevent Lender from taldng the actions described in this paragraph in its own name.
<br /> 12 INDEMNIFICATION. Lender shall not assume or be responsible for the perfomiance of any of Grantor's obligations with respect to the Property under
<br /> any arcumstances. GraMor shall irrmediately provide Lender with written notice of and indermify and hold Lender and its shareholders,directors,officers,
<br /> employees and agerrts harmless from all daims, damages, liabilities (including attomeys'fees and legal expenses),causes of action,actions, 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 altemative, Lender shall be entitled 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 foredosure of this Deed of Trust. '
<br /> 13. TAXES AND ASSESSMENTS. GraMOr shall pay all taxes and assessmerrts relating to Property when due and irrmadfately provide Lender evidence
<br /> of paymern of same. Upon the request of Lender,Grarrtor 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 ihere is no defauR, these amounts shall be applied to the paymerrt of ta�ces,
<br /> assessmertts and insurance as required on the Property. In the everrt of defauft,Lender shall have the right,at its sole option,to apply the funds so held to
<br /> pay any taxes or against ihe Obligations. My funds applied may,at Lender's option,be applied in reverse order of the due date thereof.
<br /> 14. INSPECTION OF PROPERTY, BOOK3,RECORDS AND REPORTS. Grantor shall allow Lender or its agerrts to examine and inspect the Property
<br /> and examine,lnspect and make copies of Grantor's books and reoords pertaining to the Properry from time to time. Grarrtor shall provide any assistance
<br /> required by Lender for these purposes. All of the signatures and infomration corrtained in Grarrior's books and records shail be genuine,true,axurate and
<br /> complete in all respects. Grarrtor shall note the existence of Lender's benefiaal irrterest in its books and records pertaining to the Property. Additionally,
<br /> Grarnor shall report,in a form satisfactory to Lender,such infotmation as Lender may reguest regarding Grantor's financial condition or the Property. The
<br /> information shall be for such periods,shall reflect Grarnor's records at such time,and shall be rendered with such frequency as Lender may designale. All
<br /> inforrration fumished by Grantor to Lender shall be true,accurate and complete in all respects,and signed by Grarnor if Lender requests.
<br /> 1S. ESTOPPEL CERTIFICATES. Within ten(10)days after any request by Lender,Grarrtor shall deliver to Lender,or any intended transferee of Lender's
<br /> rigMs with respect to the Obligations, a signed and adviowledged statemerrt specifying(a)the outstanding balance on the Obligations;and(b)whether
<br /> Grarnor possesses any daims,defenses,set-offs or counterdaims with respect to the Obligations and,if so,the nature of such claims,defenses,set-offs or
<br /> cournerdaims. Grantor will be condusfvely bound by any representation that Lender may make to the intended transferee with respect to these matters in
<br /> the everrt that Grantor fails to provide the requested statement in a timely manner.
<br /> 1B. DEFAULT. Grantor shall be in defaufl under this Deed of Trust and the Trustee's power shall become operative in the eveM that Grarrtor,Borrower or
<br /> any guararnor 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 covenaM to Lender cornained in this Deed of Trust or any other present or future
<br /> agreement;
<br /> (c) destroys,loses or damages the Property in any material respect or subjects the Property to seizure,confiscation,or condermation;
<br /> (d) seeks to revoke,terminaie or otherwise limit its liability under any guaranty to Lender;
<br /> (e) dies, becomes legally incompetent, is dissolved or terminated,becomes insoNent,makes an assignment for the benefit of creditors,fails to pay
<br /> debts as they become due,files a petition under the federal banlwptcy laws,has an involurnary petition in banlwptcy filed in which Granior,Borrower
<br /> or any guarantor is named,or has property taken under any writ or process 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 GraMor or Borrower to assume or undertake any Obligation without the written consent of Lender;or
<br /> (h) causes Lender to deem ilself insecure due to a significaM dedine in the value of the Property;or if Lender,in good faith,for any reason,believes
<br /> that the prospect of paymern or performance is impaired.
<br /> 17. RIGHTS OF LENDER ON DEFAULT. If there is a default under this Deed of Trust, Lender shall be errtitled to exerase one or more of the following
<br /> remedies without notice or demand(except as required by law):
<br /> (a) to dedare the Obligations irtYnediately due and payable in full;
<br /> (b) to collect the outstanding Obligations whh or without resoning to judicial process;
<br /> (c) to require Grantor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably
<br /> conveniern to Grarrtor 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 /> appoirn a receiver without bond, without first bringing suit on the Obligations and without othervvise meeting any statutory conditions regarding
<br /> receivers,it being irnended that Lender shall have this corrtractual rigM to appoint a receiver;
<br /> (e) to employ a managing agent of the Property and let the same,efther in Trustee's own name,in the name of Lender or in the name of Grarnor,and
<br /> receNe the rerrts,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 expediern by Lender to protect the security of this Deed of Trust or to cure any default other than
<br /> payment of irnerest or principal on the Obligations;
<br /> (g) to foredose this Deed of Trust judicially 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 law;
<br /> (h) to set-off Grantor's Obligations against any amounts owed Grarrtor by Lender induding, but not limited to, monies, instrumerrts, and deposit
<br /> axouMs maiMained with Lender or any curreMly existing or future affiliate of Lender;and
<br /> (i)to exerdse all other rights available to Lender under any other written agreemern or applicable law.
<br /> Lender's rigMs are cumulative and may be exercised 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 prejudgmem rert�edy in an action against Grantor, GraMor 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 amcunt which may be provided for in this Deed of Trust,second,to payment of the Obligations secured hereby,third,to the paymeM of junior
<br /> trust deeds,mcrtgages,or other Ilenholders,and the balance,if any,to the person or persons legally entitled thereto. The property or any part thereof may
<br /> be sold in one parcel,or in such parcels,manner or order as Lender in its sole discretion may elect,and one or more exerases of the power herein granted
<br /> shall not extinguish or exhaust the power unless the errtire 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 irnerest in the Property by exercise of the power of
<br /> sale herein contained,Lender shall notify Trustee in the manner then required by law.
<br /> Upon receipt of such noiice of Lender and at the direction of Lender,Trustee shall cause to be recorded,published and delivered such notices of defauft
<br /> and notices of sale as may then be required by law and by this Deed ot Trust. Trustee shall,oniy at the direction of Lender and withoui demand on Grantor,
<br /> after such time as may then be required by law and after recordation of such notioe of defauft artd after notice of sale having been given as required by law,
<br /> sell the Property at the time and place of sale fixed by it in such notice of sale,either as whole or in separate lots or parcels or items as Lender shall deem
<br /> expedient,and in such order as ft 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 otherv►rise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof its good and suffiaent deed or deeds
<br /> conveying the property so sold, but without any covenam or warranty, express or implied. The recitals in such deed of any matters or facts shall be
<br /> condusive proof of the truthfulness thereof. My person,including,without limitation,Grarrtor,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. REQUEST FOR NOTICES: Grarnw requests that a copy of any notice of default 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 81ed by each such person.
<br /> NEDOTC Rev.1Z97 Pape 3 of 6
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