|
DEED OF TRUST
<br />Loan No: 776382 . . . . . . (Continued) 200301018 Page 5
<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 />[o be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded,
<br />filed, or rerecorded, as the case may be, at such times and in such offices and places as Lender 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 Ili Borrower's and Trustor's obligations under the Note, this Deed of Trust, and
<br />the Related Documents, and (2) the liens and security interests created by this Deed of Trust as first and prior liens on the Property,
<br />whether now owned or hereafter acquired by Truster. Unless prohibited by law or Lender agrees to the contrary in writing, Trustor
<br />shall reimburse Lender for all costs 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 Truster 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 Borrower pays all the Indebtedness, including without limitation all future advances, when due, and otherwise
<br />performs all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full
<br />veyance and shall execute and deliver to Trustor, suitable statements of termination of any financing statement on file evidencing
<br />Lender urity interest in the Rents and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor, If
<br />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 Defauk. Borrower fails to make any payment when due under the Indebtedness.
<br />Break Other Promises. Borrower or Trustor breaks any promise made to Lender or fails to perform promptly at the time and strictly In
<br />the manner 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 Borrower or Trustor has not been given a notice of a breach of
<br />the same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured land no Event of Default will have
<br />mauned) if Borrower or Trusts , after Lender sends written notice demanding cure of such failure: (a) cures the failure within ten
<br />(10) days; or lb) if the cure requires more than ten 1101 days, immediately initiates steps sufficient to cure the failure and thereafter
<br />continues and 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 />insurence, 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 Borrower or Trustor or on Borrower's or Trustor's
<br />behalf under this Deed of Trust or the Related Documents is false or misleading in any material respect, either now or at the time
<br />made or furnished.
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (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 />Insolvency. The dissolution or termination of the Trust, the Insolvency of Borrower or Trustor, the appointment of a er for any
<br />part of Borrower's or Trster's property, any assignment for the benefit of creditors, any type of creditor workout, or the
<br />commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower or Trustor.
<br />Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Borrower's or Toaster's
<br />property in which Lender has a lien. This includes taking of, garnishing of or levying on Borrower's or Trustor's accounts with Lentler.
<br />However, it Borrower or Trustor disputes in good faith whether the claim on which the taking of the Property is based is valid or
<br />reasonable, and if Borrower or Trustor gives Lender written notice of the claim and furnishes Lender with monies or a surety bond
<br />satisfactory to Lender to satisfy the claim, then this default provision will not apply.
<br />Breach of Other Agreement. Any breach by Borrower or Trustor under the terms of any other agreement between Borrower or
<br />Trustor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement
<br />concerning any indebtedness or other obligation of Borrower or Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events o 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, o
<br />yokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at its option`
<br />may, but shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in
<br />a manner satisfactory to Lender, and, in doing so, cure any Event of Default.
<br />Insecurity. Lender in good faith believes itself insecure.
<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 o under the Instruments ring 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 />Right to Cure. If such a failure Is curable and If Borrower or Trustor has not been given a notice of a breach of the same provision of
<br />this Deed of Trust within the preceding twelve H 2) months, it may be cured land no Event of Default will have occurred) if Borrower
<br />or Trustor, after Lender sends written notice demanding cure of such failure: la) cures the failure within ten (10) days; or Ran if the
<br />cure requires more than ten 110) days, immediately initiates steps sufficient to cure the failure and thereafter continues and completes
<br />all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />
|