|
12-06-1999 DEED OF TRUST Paye 4
<br /> Loan No 1051705 (Continued) 9 9 1 1 16 s.�.
<br /> SECURITY AGREEMENT;FINANCING STATEMENTS. The foNowing provisions relating to this Deed of Trust as a security agreement are a part of
<br /> this Deed of Trust.
<br /> Securlty Apreement. This instrument shaN constltute a sectxity agreement to the extent any of the Property constltufes flxtures or other
<br /> personal property, and L'ender shaU have aA of the righls �a securod party under the Uniform Commerciel Code as amended trom�ms to
<br /> time.
<br /> Securlty Inlerest. Upon request by Lender,Trustor shaq�xxecute flnancinp statements and take whatever other actlon is requested by l.ender
<br /> to perfect and contlnue Lender's securiy interest in the Renis and Personal Property. In additlon to recording this Deed of Trust in the real
<br /> property records,Lender mey,at any time and without furtF�er aWhoriiation irom Trustor,tNe executed counterparts,copies or reproductlo�s of
<br /> this Deed of Trust as a financing statement. Trustor shatl reimburse Lender for aN e�enses incurred in perfecdrp or coMinuirp this security
<br /> interest. Upon defauit,Trustor shaU assemble the Personal Property In a manner and at a place reasonably convenient to Trustor and Lender
<br /> and make it availeble to Lender within tt�ee(3)days alter receipt of written demand irom Lender.
<br /> Addresaes. The mailing addresses of Trustor(debtor) end Lender(secured party), from whlch InformaUon concerning the security iniere5t
<br /> granted by this Deed of Trust may be obtained(each as required by the Uniform Commsrcial Code),are as stated on the Arst pafle of this Deod
<br /> of Tnut.
<br /> FURTHER ASSURANCES;ATTORNEY-IN-FACT. The fdlowinp provisions reladrg to further assurances and attorney-in-fact are a pa�t of this
<br /> Deed of Trust.
<br /> Further Assurtx�ces. At any time,and from Hme to time, upon request of Lender,Trustor wiH make, execute and deliver, or wiN cause to be �
<br /> made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, causs to be Aled, recorded, reMed, or
<br /> rerecorded,as the case may be,at such tlmes and in such offices and pieces as Lender may deem appropriate,any and all such moAgages,
<br /> deeds of Mist,security deeds,securiiy agreements,financiny statemenis,contlnuation statements,instruments of fu�ther assurance,certificates,
<br /> and other documents as may, in the sole opinion of Lender,be necessary or desireble in order to effectuate,complete, perfect,contlnue, or
<br /> preserve (a)the obligatlons of Trustor under the Note,this Deed of Trust,and the Releted Dxuments,and (b)the liens and security interests
<br /> created by this Deed of Trust as first and prior Nens on the Property,whether now owned or herea(ter acquired by Trustor. Unless prohibHed by
<br /> Iaw or agreed to the contrary by Lender in writing,Trustor shall�eimburse Lender for aN costs and expenses incuRed in connectlon with the
<br /> matters referred to fn this paragraph.
<br /> Attorney-In-Fact. If Trustor fails to do any of the thinys referred to in the pre�ding paragraph, Lender rtury do so for and in tha nan�w of
<br /> Trustor and at Trusta's expense. For such purposes,Trustor hereby irrevocably appoints Lender as Trustors attorney-irNact for the purpose
<br /> of making, executinq, delivering, filirp, recordinq, and dang all other things as may be necessary or desirable, in Lenders sole opinion, to
<br /> accomplish the malte►s referred to in the preceding paraqraph.
<br /> FI�L PERFORMANCE. H Trustor pays aN the Indebtedness when due,and otherwise performs aH the obligadons imposed upon Trustor under this
<br /> Deed of Trust, Lsnder ahaq execute and deNver to Trustee a reque.st for fuN reconveyanca and shaH execute and deliver to Tn�stor suitabb
<br /> statements of tenninalion of any financing statement on flie evidencirp Lender's security interest in the Ren1s and the Pe►sonal Property. Arry
<br /> reconveyance fee requrced by lew sheA be paid by Trustor,if permitted by epplicable law.
<br /> DEFAU.T. Each of the foNowing,at the option of Lender,shaN constitute an event of defauN("Event of DefaulC')under this Deed M Tn�st:
<br /> Det�ult on Indebtedness. FaAure of Trustor to make any payment when due on the Inclebtedness.
<br /> Default on Other Payments. FaNure of Trustor within the iime requked by this Deed of Trust to make any payment for taues or insurance,or
<br /> any other payment necessary to prevent flNny of or to effect discharge of any Nen.
<br /> Default M Favor of Thkd Parties. Should Borrower or any Trustor default under any loan,extension of credit,security agreement,purchase or
<br /> sales agreement, or any other agreement, in favor of any other creditor or person thet may materially affect any of Borrower's property or
<br /> Borrower's or any Trustors ability to repay the Loans or perform their respective oblpetions under this Deed of Trust or any ot the Rela�d
<br /> Documents.
<br /> Compliance Default. FaNure of Trustor to comply with any other term, obAgation,covenant or conditlon contained in this Deed of Trust,the
<br /> Note or in any of the Related Documents.
<br /> Fdse Staiemenb. Any warraniy,representation or statement made or furnished to Lender by or on beheH of Trustor under this Deed of Trust,
<br /> the Note or the Related Documents ls false or misleading in any material respect,either now or at the time made or furnished.
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in fuU force and effect(includinp faNure of any
<br /> cdleterel documents to create a valid and per!ected secwity interest or Aen)at any bme and for any reason.
<br /> DeMh or Insolvency. The death of Trustor or the dissolution or termination of Trustor's epstence as a gofng business, the insdvency of
<br /> Trustor,the appointment of a receiver tor any part of Trustor's property,any assignment for the benefit of creditors,any type of creditor workout,
<br /> or the commencement of any proceedinq under any bankruptcy or Insdvency laws by or against Trustar.
<br /> Foreclosure,Forfeiture,eM. CommencemeM of foreclosure or Mrfeiture proceedinqs,whether by judkk;i�al prooeedinp,self-help,repossession
<br /> or any other method,by any creditor of Trustor or by any go�rernrtwntal agency against any of the Property. However,this subsection shaq not
<br /> apply in the event of a good faith dispute by Trusior as to the vaAdity or reesonableness of the claim which is the basis of the foreclos�xs or
<br /> forefeiture proceeding, provided that Trustor gives Lender written noiice of such claim and furnisFies reserves or a surety bond for fhe daim
<br /> satisfactory to Lender.
<br /> Breach of Other Apreement. Any breach by Trustor under the t�ms of any other agreement beiween Trustor and Lender that is not remedied
<br /> within any grece period provided therein,including without NmitaHon any syreement cor�ninp any indebtedness or other obliyation of Trustor
<br /> to Lender,whether existinq now or later. _
<br /> Events Affectin�Guarantor. Any of the preceding events occurs with respect io any Guarantor of any of the Indebtedness or any GuaraMor
<br /> dies or becomes incompetent, or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness. Lender,at its opBon,
<br /> may, but shaq not be requked to, permit the Guarantor's estate to assume unconditionally the obNyatio�u arising under the guaraniy in a
<br /> manner satlsfactory to Lender,and,in dang so,cure the Event of Defautt.
<br /> Advene Chanq�. A material adverse change occurs in Trustor's flnenciel condition, or Lender believes the prospect of payment or
<br /> performance of the indebtedness is Impafred.
<br /> Insecurity. Lender in good faith deems itself insecure.
<br /> Riyht to Cure. If such a failure is curable and if Trustor has not besn given a noti�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 Default wiU ha�re occurred) if Trustor, after Lender sends writ�n
<br /> notice demanding cure of such failure: (a)cures the failuro within fifteen (15) days; or (b) if the cure requires more than fliteen (15) days,
<br /> fmmediately initlates steps sutflcient to cure the failure and thereaRer conNnues and completes all reasonabie and necessary steps sufficient to
<br /> produce compliance as soon as reasonably pracdcal.
<br /> RIGHTS AND REMEDIES ON DEFAILT. Upon the occurrence of any Event of Default and at any tlme thereafter,Trustee or Lender,at iis optlon,
<br /> may exercise any one or more of the following rights and remedies,in addi8on to any other rights or remedies provided by law:
<br /> Accelerotton upon Default; Addittonal Remedks. If any event of defauft 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 notice of any kind. Thereafter,Lender may:
<br /> (a) Either in person or by agent,with or without bringinq any acUon or proceeding, or by a receiver appdnted by a cotut and without
<br /> repard to the adequacy of iis secu►ity,enter upon and take possession of the Property,or any part thereof,in its own name or in the name
<br /> of Trustee,and do any acts which ft deems necessary or desirable to preserve the value,marketabiNy or rentabiUty of the Property,or part
<br /> of the Property or interest in the Property;increase the income from the Properiy or protect the security of the Properly;and,with or without �
<br /> taking possession of the Property,sue for or otherwise cdlect the rents,�sues and profits of the Property, includinp those past due and
<br /> unpaid,and apply the same,less cosls and expenses of operation and cdlection,inciuding ariomeys'fees,to any indebtedness secured
<br /> by this Desd of Trust,aN in such order as Lender may determine. The enterinq upon and takirp possessfon of the Property,the coNecdon
<br /> of such rents,issuas and pro�ts,and the applicatlon thereof shaN not cure or waive any defautt or notice of defautt under this Deed of Trust
<br /> or invafidate any act done in response to such defauft or pursuant to such notice of defautt; and, notwfthstanding the contlnuance in
<br /> possession of the Property or the cdlection, receipt and application of renis, issues or proflls, Trustee or Lender shall be enBtled to
<br /> exercise every right provided for in the Note or the Related Documenis or by law upon the occurrence of any event of default,including the
<br /> right to exercise the power of sale;
<br /> " _ -a .# � �t � ' _, ;
<br />
|