|
DEED OF TRUST 9 9 11214 9 Page 5
<br /> (Continued)
<br /> Lender to perfect and continue Lender's security interest in the Personal Property. In addition to recording this Deed of Trust in the
<br /> real properiy records, Lender may, at any time and without further authorizatio� from Trustor, file executed counterparts, copies or
<br /> reproductions of this Deed of Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or
<br /> continuing this security interest. Upon default, Trustor shall assemble the Personal Property in a manner and at a place reasonably
<br /> convenient to Trustor and Lender and make it available to Lender within three (3► days after receipt of written demand from Lender.
<br /> Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which information concerning the security
<br /> interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first
<br /> page of this Deed of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of
<br /> this Deed of Trust:
<br /> Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and deliver, or will cause
<br /> to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded,
<br /> refiled, or rerecorded, as the case may be, at such times and in such offices and places as Le�der may deem appropriate, any and all
<br /> such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of
<br /> further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to
<br /> effectuate, complete, perfect, continue, or preserve (1) Trustor's obligations under the Note, this Deed of Trust, and the Related
<br /> Documents, and (2) the liens and security interests created by this Deed of Trust on the Property, whether now owned or hereafter
<br /> acquired by Trustor. Unless prohibited by law or Lender agrees to the contrary in writing, Trustor shall reimburse Lender for all costs
<br /> and expenses incurred in connection with the matters referred to in this paragraph.
<br /> Attorney-in-Fact. If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name
<br /> of Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for
<br /> the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's
<br /> sole opinion, to accomplish the matters referred to in the preceding paragraph.
<br /> FULL PERFORMANCE. If Trustor pays ail the Indebtedness when due, and otherwise performs all the obligations imposed upon Trustor
<br /> under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to
<br /> Trustor suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the
<br /> Personal Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable law.
<br /> EVENTS OF DEFAULT. At Lender's option, Trustor will be in default under this Deed of Trust if any of the following happen:
<br /> Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br /> Break Other Promises. Trustor breaks any promise made to Le�der or fails to perform promptly at the time and strictly in the manner
<br /> provided in this Deed of Trust or in any agreement related to this Deed of Trust.
<br /> Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note
<br /> or in any of the Related Documents. If such a failure is curable and if Trustor has not been given a notice of a breach of the same
<br /> provision of this Deed of Trust within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred)
<br /> if Trustor, after Lender sends written�otice demandirg cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if the
<br /> cure requires more than fifteen (15) days, immediately initiates steps sufficient to cure the failure and thereafter continues and
<br /> completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or
<br /> insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> False Statements. Any representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed of
<br /> Trust, the Note, or the Related Documents is 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 full force and etfect (including failure
<br /> of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
<br /> Death or Insolvency. The death of Trustor, the insolvency of Trustor, the appointment of a receiver for any part of Trustor's property,
<br /> any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
<br /> bankruptcy or insolvency laws by or against Trustor.
<br /> Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Trustor's property in
<br /> which Lender has a lien. This includes taking of, garnishing of or levying on Trustor's accounts with Lender. However, if Trustor
<br /> disputes in good faith whether the claim on which the taking of the Property is based is valid or reasonable, and if Trustor gives
<br /> Lender written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then
<br /> this default provision will not apply.
<br /> Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not
<br /> remedied within any grace period provided therein, including without limitation any agreement concer�ing any indebtedness or other
<br /> obligation of Trustor to Lender, whether existing now or later.
<br /> Events Affecting Guarentor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation
<br /> party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or
<br /> revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness .
<br /> Existing Indebtedness. The payment of any installment of principal or any interest on the Existing Indebtedness is not made within the
<br /> time required by the promissory note evidencing such indebtedness, or a default occurs under the instrument securing such
<br /> indebtedness and is not cured during any applicable grace period in such instrument, or any suit or other action is commenced to
<br /> foreclose any existing lien on the Property.
<br /> RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender
<br /> ;
<br />
|