|
200410247
<br />As long as this Assignment is in effect, Grantor warrants and represents that no default exists under tho Leases, and
<br />the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants.
<br />Grantor, at its sole cast and expense, will keep, observe and perform, and require all other parties to the Leases to
<br />comply with the Losses and any applicable law.
<br />If Grantor or any party to the Lease defaults or fails to observe any applicable law, Grantor will promptly notify Lender.
<br />If Grantor neglects or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's
<br />option, enforce compliance. Grantor will not sublet, modify, extend, anneal, or otherwise alter the Leases, or accept
<br />the surrender of the Property covered by the Leases (unless the Losses so require) without Lender's consent. Grantor
<br />will not assign, compromise, subordinate or encumber the Leases and Rents without I tender's prior written consent.
<br />Lender does not assume or become liable for the Property's nrainlenonce, depreciation, or other losses or damages
<br />when Lender acts to manage, protect or preserve the Property, except for losses and damages due to Lender's gross
<br />negligence or intentional torts. Otherwise, Grantor will indemnify Lender and hold I_enter harmless for all liability, lass
<br />or damage that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under
<br />The Leases.
<br />15. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit
<br />development, Truster will perform all of Tmslur's duties under the covenants, by -laws, ar regulations of the
<br />condenriniunt or planned unit development.
<br />16. DEFAULT. I rustor will be in default if any Of the following occur.
<br />A. Any party obligated an the Secured Debt fails to make payment when due;
<br />B. A breach of any term or covenant in this Dead at I rust, any prior mortgage or any cunstructiou loan agreement,
<br />security agreement or any other document evidencing, guarantying, securing or otherwise relating to the
<br />Secured Debt;
<br />C, The making or furnishing of any verbal or written representation, statement or warranty to Beneficiary that is
<br />false or incorrect in any material respect by Trustor or any person or entity obligated an the Scoured Debt;
<br />D. The death, dissolution, appointment of a receiver for, or application of any debtor relief law to, Trustor or any
<br />person or entity obligated on the Severed Debt,
<br />E. A good faith belief by Beneficiary at any time that Beneficiary is insecure with respect to any person or entity
<br />obligated on the Secured Debt or that the prospect of any payment is impaired or the Property is impaired:
<br />F. A material adverse change in Truster's business including ownership, management, and financial conditions,
<br />which Beneficiary in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or
<br />G. Any loan procaeds are used for a purpose that will contribute to excessive erosion of highly s ar le land or to
<br />the conversion of wetlands in produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940,
<br />Subpart G, Exhibit M.
<br />17. REMEDIES ON DEFAULT. In some instances, federal and stale law will require Beneficiary to provide Truster with
<br />notice of the right to cure, mediation nations or other notices and may establish time schedules for foreclosure actions.
<br />Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Deed of Trust in a
<br />manner provided by law if this I rustor is in default.
<br />At the option of Beneficiary, all Or any part of the agreed fees and charges, accrued interest and principal shall becurne
<br />immediately due and payable, after giving cause if required by law, upon the occurrence of a default ar anytime
<br />thereafter. In addition, Beneficiary shall he entitled in all the remedies provided by law, the Evidence of Debt. other
<br />evidences of debt, this Deed of Trust and any related documents including without limitation, the power to sell the
<br />Property.
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary,
<br />advertise and boll the Property as a whale or in Separate parcels at public auction to the higliost bidder for cash and
<br />convey absolute title free and clear of all right, title and intarest of Truster at such time and place as Trustee
<br />designates. Trustee shall give notice of sale including the time, terms and place of Sale and a description of the
<br />picperty to be sold as required by the applicable law in effect at the tune of the proposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and daliver a dead to the
<br />Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and roses, shall pay
<br />to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and
<br />interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor, Beneficiary
<br />may purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth
<br />therein.
<br />All remedies are distinct, cmnulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law
<br />or equity, whether sxpraasly set forth or not. The acceptance by Beneficiary of any sum in payment or partial payment
<br />on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not
<br />constitute a waiver of Beneficiary's right to require full and complete cure of any existing default. By not exercising
<br />any remedy on Truster's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if
<br />it continues or happens again.
<br />18. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law,
<br />Truster agrees to pay all of Beneficiary's expenses If Truster breaches any covenant in this Dead of Irust- humor will
<br />also pay on demand all of Beneficiary's expenses incurred in collecting, insuring, preserving or protecting the Property
<br />or in any inventories, audits, inspections or other examination by Beneficiary in respect to the Propurtµ Trustor agrees
<br />to pay all costs and expenses incurred by Beneficiary In enforcing or otenting Benefiriary's rights and remedies under
<br />this Lend of Trust, including, but not limited to, atterneys' fees, ou� sts, and other legal expenses. Once the
<br />lea= a �r ar
<br />F�o2t o+ssa, zSor a- 1-1v -n.,. .., s.. na�a, on 1— uco ass as rn llrNa
<br />
|