|
�2-23-1999 DEED OF TRUST g g 1 � � 16 3 Page 4
<br /> Loan No 1064120 (Continued)
<br /> Lender. T�ustor shall neither request nor accept any future advanc�.s under any such security agrsement without the prior written co�eM of
<br /> Lender.
<br /> CONDEMNATION. The following provisions relaHng to condemnation proceedings are a part of this Deed of Trust.
<br /> AppliCaUon o� Net Proceeds. If alt or any part of the Properiy is condemned by eminent domain procesdinps or by any proceadinp or
<br /> purchase in lieu of condemnaHon,Lender may at its election require that all or any portion of the net proceeds of the award be appNed to the
<br /> Indebtedness or the repair or restoration of the Property, The r�t proceeds of the award shall mean the award affer payment of aN re4sonnbla
<br /> costs,expenses,and attorneys'fees incuRed by Trustee or Lender in connectlon with the condemnatlon.
<br /> Proceedinps. If any proceeding in condemnaHon is filed,Trustor shail promptly notly Lender in writing,and Trustor shall prompdy teke auch
<br /> steps as may be necessery to defend the action and obtain the award. Trustor may be the nominal party in such proceedinp,but Lender shaN
<br /> be enHtled to participate in the proceedinp and to be represented in the proceediny by counsel of its own choice,and Trustor w�l deHver or
<br /> cause to be delivered to Lender such instruments as may be requested by H irom Hme to time to permit such participadon.
<br /> IMPOSITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORItIES. The following provisions relaHnp to yovernmentel taxes,
<br /> fees and charges are a part of this Deed of Trust:
<br /> Current Taxes,Fees and Charyes. Upon request by Lender,Trustor shall execute such documents in additlon to this Deed of Trust and take
<br /> whatever other actlon is requested by Lender to perfect and continue Lender's tien on the Real Property. Trustor shall reimburse Lender for aN
<br /> taxes, as described below, together with all expensa5 incurred in recording, perfecting or conHnuing this Deed of Trust, includinp wfthout
<br /> limffadon all taxes,fees,dxumentary stamps,and other charyes for recording or registering this Deed of Trust.
<br /> Tmces. The followin�shatl constitute taxes to which this secHon appl7es: (a)a specific tax upon this type of Dsed of Trust or upon aN a any
<br /> part of the Indebtedness secured by this Deed of Trust; (b)a specific tex on Trustw which Trustor is authorized or required to deduct from
<br /> paymenis on the Indebtedness secured by this type of Desd of Trust; (c)a tax on thls type of Deed of Trust charyeable against the Lender or
<br /> the hdder of the Note; and (d) a speciflc tax on all or any portion of the Indebtedness or on paymenis of principal and interest made by
<br /> Trustor.
<br /> Subsequent Texes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust,fhis event shall have the
<br /> same effect as an Event of Default(as de8ned below),and Lender may exercise any or all of its available remedies for an Event of Default es
<br /> provided below untess Trustor either (a)pays the tex before it becomes delinquent,or (b)contests the tax as provided above in the Taxes and
<br /> Liens section and deposits with Lender cash or a su(ficient corporate surety bond or other security satisfactory to Lender.
<br /> SECURITY AGREEMENT;FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part oi
<br /> ihis Deed of Trust.
<br /> Sscu�ity Aprssment. This instrument shall constitute a security agreement to the extent any of the Property conslHutas flxtures or other
<br /> personal property, and Lender shall have all of the righis of a secured party under the Uniform Commercial Code as amended trom tlme to
<br /> Nme.
<br /> Securliy Interest. Upon requast by Lender,Trustor shall execute flnancing statements and teke whetever other acHon Is requa�ted by Lender
<br /> to perfect and conHnue Lender's security interest in the Rents and Personal Properiy. In addi6on to recording this Deed o(Trust in the real
<br /> property records,Lender may,at any tlme and without turther authorizatlon irom Trustor,81e executed counterpa�ts,copies or reproducUona of
<br /> this Deed of Trust as a flnancing statement. Trustor shall reimburse Lender for all e�enses incurred In perfecting or continulnq this security
<br /> interest. Upon defaulf,Trustor shall assemble the Personal Property in a manner and at a place reasonably convenient to Trustor and Lender
<br /> and make it availabie to Lender within thrse(3)deys efter receipt of written demand from Lender.
<br /> Addresses. The maiiing addresses of Trustor(debtor) and Lender (secured party), irom which InformaHon concerning the security interest
<br /> granted by this Deed of Trust may be obtained(each as required by the Uniform Commercial Code),are as stated on the first pape of tF�is Deed
<br /> of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
<br /> Deed of Trust.
<br /> Furth�Assur�s. At any time,and from tlme to time, upon request of Lender,7rustof wiN meke,execute and deliver, or wiN caus�to bo
<br /> made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be Hled, recorded, reflled, or
<br /> rerecorded,as the case may be,at such tlmes and in such offices and plac�s as Lender may deem appropriate,any and all such mortgapes,
<br /> deeds of trust,security deeds,security agreements,financing statemenis,continuation statements,instrumenis of further assurance,certi}iccates,
<br /> and other documents as may, in the sole optnion of Lender, be nece5sery or desirable in order to effectuate,complete, pertect,contlnue, or
<br /> preserve (a)the obligations of Trustor under the Note,this Desd of Trust,and the Related Documents,and (b)the Nens and security interests
<br /> created by this Deed of Trust on the Properiy,whether now owned or hereafter acquired by Trustor. Unless prohibited by law or agreed to the
<br /> contrary by Lender in writing,Trustor shall reimburse Lender for all costs and expenses incurred in connection with the metters referred to in
<br /> this paragraph.
<br /> Attomey-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 of
<br /> Trustor and at Trustor's expense. For such purposes,Trustor hereby irrevocably appoints Lender as Trustor's attorney�-in-fact for the purpose
<br /> of making, executing, delivering, filing, recording, and dang all other things as may be necessary or desirable, in Lender's sole opiMon, to
<br /> accomplfsh the matters referred to in the preceding paragraph.
<br /> FUl PERFORMANCE. If Trustor pays all the Indebtedness,including without limitation all future advances,when due,terminates the Ane oi credft,
<br /> and otherwise performs all the obligations imposed upon Trustor under this Deed of Trust,Lender shall execute and deliver to Trustee a request for
<br /> full reconveyance and shall execute and deliver to Trustor suitable statements of termination of any financing statement on file evidencinp Lendei's
<br /> secu�ity interest in the Renis and the Personal Property. Any reconveyance fee required by law shali be paid by Trustor,if permilted by applicable
<br /> law.
<br /> DEFAU.T. Each of the followiny,at the option of Lender,shali cons�tute an event of default("Event of DefaulY')under this Deed of Trust:
<br /> Defeult on Indebtedness. Failure of Trustor to make any payment when due on the Indebtedness.
<br /> Default on Other Payments. Failure of Trustor within the�ime required by this Deed of Trust to make any payment for taxes or i�surence,or
<br /> any other payment necessary to prevent flling of or to effect discharge of any lien.
<br /> Compllance Default. Fapure of Trustor to comply with any other term, obligation,covenant or condiHon contained in this Deed of Trust,the
<br /> Note or in any of the Related Dxuments.
<br /> Fdse StMements. Any warranty,representadon or statement made or furnished to Lender by or on behalf of Tn�,stor under this Deed of Trust,
<br /> the Note or the Related Documents is false or misleading in any material respect,either now or at the tlme made or fumished.
<br /> DefecUve Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including failure of any
<br /> collateral documenis 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 or the dissolution or termination of Trustor's e�dstence as a goiny business, the insolvency of
<br /> Trustor,the appantment of a receiver for any part of Trustor's property,any assignment for the beneflt of creditors,any type of cxeditor workout,
<br /> or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br /> Foreclosure,Forfeiture,etc. Commencement of foreclosure or forfeiture proceedinps,whether by judicial proceeding,self-help,repossession
<br /> or any other method,by any creditor of Trustor or by any governmental agency against any of the Property. However,this subsectlon sheU not
<br /> apply in the event of a good faith dispute by Trustor as to the validity or reasonabieness of the claim which is the basis of the foredosure or
<br /> forefeiture proceeding, provided that Trustor gives Lender written nottce of such claim and furnishes reserves or a surety bond for the daim
<br /> satlsfactory to Lender.
<br /> Breach of Other Apreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not remedied
<br /> withln any grace period provided therein,ir�luding without limitation any agreement concerning any indebtedness or other obligadon of Trustor
<br /> to Lender,whether e�dsting now or later.
<br /> Events Affectiny Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent,or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness. Lender,at ils optlon,
<br /> may, but shall not be required to, permit the Guerantor's estate to assume unconditionaily the obiigatlons arising under the guaranty In e
<br /> manner saHsfactory to Lender,and,in dang so,cure the Event of Defauft.
<br /> Inaecurit�r. Lender in good faith deems itself insecure.
<br />
|