200300882 - Laserfiche WebLink

Browse

DEED OF TRUST Loan No: 28878 200300882 (Continued) Page Compliance With Lows. Trustor warrant that the Property and Trustor's use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Promises, Ad promises, agreements, and statements Truster has made in this Dead of Trust shall survive the execution and delivery of this Dead of Trust, shall be continuing in nature and shall remain In full force and affect until such time as Trustors Indebtedness is paid In full. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust: Proceedings. If any proceeding in condemnation is filed, Truster shall promptly fairly Lander in writing, and Truster shall promptly take such steps as may be necessary to defend the action and obtain the award. Truster may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Truster will deliver or cause to be delivered to Lender such instrument and documentation as may be requested by Lender from time to time to permit such participation. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lander may at it election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees Incurred by Trustee or Lander in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, Pass and charges are a part of this Dead of Trust: Current Taxes, Fees and Charges. Upon request by Lander, Truster shall execute such documents in addition to this Dead of Trust and take whatever other action is requested by Lender to perfect and continue Lenders lien on the Real Property. Truster shall reimburse Lander for all taxes, as described below, together with all expenses incurred In recording, perfecting or continuing this Deed of Trust, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Dead of Trust. Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon all or any part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Truster which Truster is authorized or required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Dead of Trust chargeable against the Lender or the holder of the Note; and (4) a specific lax on all or any portion of the Indebtedness or on payment of principal and interest made by Truster. Subsequent Tues. If any ex to which this section applies is enacted subsequent to the data of this Deed of Trust, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of it available remedies for an Event of Default as provided below unless Truster either (1) pays the tax before it becomes delinquent, or (2) contest the tax as provided above in the Texas and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lander. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of this Deed of Trust: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have all of the right of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Lender, Truster shall execute financing statements and take whatever other action Is requested by Lender to perfect and continue Lender's security interest in the Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any time and without further authormflon from Truster, file executed counterparts, copies or reproductions of this Dead of Trust as a financing statement. Truster shall reimburse Lender for all expenses Incurred in perfecting or continuing this security interest. Upon default, Truster shall not remove, sever or detach the Personal Property from the Property. Upon default, Truster shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Truster and Lender and make it avedable to Lender within three (3) days after recall of written demand from Lander to the extent permitted by applicable law. Addresses. The mailing addresses of Truster (debtor) and Lender (secured party) from which information concerning the security interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Dead of Trust. FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and attorney -in -fact are a pad of this Deed of Trust: Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and deliver, or will cause to be made, executed or delivered, to Lander or to Lenders designee, and when requested by Lender, cause to be filed, recorded, raided, or rerecorded, as the case may be, at such times and in such offices and places as Lander may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreement, financing statement, continuation statement, instruments of further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable In order to effectuate, complete, perfect, continue, or preserve (1) Trustor's obligations under the Note, this Deed of Trust, and the Related Documents, and (2) the liens and security interests created by this Deed of Trust as first and prior liens on the Property, whether new owned or hereafter acquired by Truster. Unless prohibited by law or Lender agrees to the contrary In writing, Truster shall reimburse Lander for all cost and expenses incurred in connection with the matters referred to in this paragraph. ANOmey -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 Truster and at Trustor's expense. For such purposes, Truster hereby irrevocably appoints Lender as Trustor's atiorneytio -fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sale opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Truster pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Truster under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Truster suitable statements of termination of any financing statement on file evidencing Lender's security, interest in the Rent and the Personal Property. Any reconveyance fee required by law shall be paid by Truster, if permitted by applicable law. EVENTS OF DEFAULT. At Lender's option, Truster will be in default under this Dead of Trust if any of the following happen: Payment Default. Truster fails to make any payment when due under the Indebtedness. Break Other Promises. Truster breaks any promise made to Lender or falls to perform promptly at the time and strictly in the manner provided in this Dead of Trust or in any agreement related to this Deed of Trust. Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note or in any of the Related Document. If such a failure Is curable and If Trustor has not been given a notice of a breach of the same provision of this Dead of Trust within the preceding twelve (12) months, It may be cured (and no Event of Default will have occurred) if Truster, after Lender sends written notice demanding cure of such failure: (a) cures the failure within twenty (20) days; or (b) If the cure requires more than twenty (20) days, Immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. Default on Other Payments. Failure of Truster within the time required by this Dead of Trust to make any payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien. False Statements. Any representation or statement made or furnished to Lender by Trustor or on Truster's behalf under this Deed of Trust or the Related Document is false or misleading in any material respect, either now or at the time made or furnished. Defective Collateralleatlon. This Dead of Trust or any of the Related Documents ceases to be in full force and affect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. Death or Insolvency. The death of Truster, the insolvency of Truster, the appointment of a receiver for any pad of Trustor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Truster.