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200411880
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Last modified
10/16/2011 11:59:06 PM
Creation date
10/21/2005 6:27:37 AM
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DEEDS
Inst Number
200411880
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200411880 <br />respect of the occupancy, use or possession thereof. At Beneficiary's option, Beneficiary <br />will enter into a contract, at Grantor's reasonable expense, with a tax service firm who <br />will provide to Beneficiary on or about the same times each year, receipts evidencing the <br />payment of all such taxes, assessments, levies, fees and other public charges imposed <br />upon or assessed against the Trust Property. <br />(b) In the event of the passage of any state, Federal, municipal or other <br />governmental law, order, rule or regulation subsequent to the date hereof (i) deducting <br />from the value of real property for the purpose of taxation any lien or encumbrance <br />thereon or in any manner changing or modifying the laws now in force governing the <br />taxation of this Deed of Trust or debts secured by mortgages (other than laws governing <br />income, franchise and similar taxes generally) or the manner of collecting taxes thereon <br />and (ii) imposing a tax to be paid by Beneficiary, either directly or indirectly, on this <br />Deed of Trust, the indebtedness secured hereby or any of the Loan Documents or to <br />require an amount of taxes to be withheld or deducted from any payments of interest <br />and /or principal made in respect thereof, Grantor will promptly notify Beneficiary of <br />such event. In such event Grantor shall (i) agree to enter into such further documents or <br />instruments as may be reasonably necessary or desirable to obligate Grantor to make any <br />applicable additional payments and (ii) Grantor shall make such additional payments. If <br />Grantor is not permitted by law to do that which is required by the preceding sentence, <br />Beneficiary shall be entitled to exercise any or all of its rights and remedies under the <br />Loan Documents including the right to accelerate the Obligations. <br />(c) At any time that an Event of Default shall occur hereunder, or if <br />required by any law applicable to Grantor or to Beneficiary, Beneficiary shall have the <br />right to direct Grantor to make an initial deposit on account of real estate taxes and <br />assessments, insurance premiums and common area charges, levied against or payable in <br />respect of the Trust Property in advance and thereafter semiannually, each such deposit to <br />be equal to one -half of any such annual charges estimated by Beneficiary in order to <br />accumulate with Beneficiary sufficient funds to pay such taxes, assessments, insurance <br />premiums and charges. <br />SECTION 1.04. PaMent of Closing Costs. Grantor shall pay all costs in <br />connection with, relating to or arising out of the preparation, execution and recording of <br />this Deed of Trust, including title company premiums and charges, inspection costs, <br />survey costs, recording fees and taxes, attorneys', engineers', appraisers' and consultants' <br />fees and disbursements and all other similar expenses of every kind. <br />SECTION 1.05. Plans; Alterations and Waste; Repairs (a) No <br />Improvements will be materially altered or demolished or removed in whole or in part by <br />Grantor or any Operator except in connection with Capital Expenditures permitted by <br />Section 7.13 of the Credit Agreement. Grantor will not erect any additions to the existing <br />Improvements or other structures on the Premises which will materially interfere with the <br />Truckstop operation conducted thereon on the date hereof, without the prior written <br />consent of Beneficiary. Grantor will not commit any waste on the Trust Property or <br />make any alteration to, or change in the use of, the Trust Property which will diminish the <br />fair market value thereof or materially increase any ordinary fire or other hazard arising <br />6 <br />[[NYC0RP:2455 832v1 ]] <br />If <br />
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