|
DEED OF TRUST 200303015
<br />Loan No: 1666767 (Continued) Page
<br />balance of the Note and be apportioned among and be payable with any installment payments to become due during either 111 the term of
<br />any applicable insurance policy; or (2) the remaining term of the Note; or ICI be treated as a balloon payment which will be due and
<br />payable at the Note's maturity. The Deed of Trust also will secure payment of these amounts. Such right shall be in addition to all other
<br />rights and remedies to which Lender may be entitled upon Default.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Dead of Trust:
<br />Title. Truster warrants that: (a) Truster holds geed and marketable title of record to the Property in fee simple, free and clear of all
<br />liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final
<br />title opinion issued in favor of, and accepted by, Lender in connection with this Deed of Trust, and (b) Truster has the full right,
<br />power, and authority to execute and deliver this Deed of Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Truster warrants and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Truster's title or the
<br />interest of Trustee or Lender under this Deed of Trust, Truster shall defend the action at Truster 'a expense. Truster may be the
<br />nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding
<br />by counsel of Lender's own choice, and Truster will deliver, or cause to be delivered, to Lender such instruments as Lender may
<br />request from time to time to permit such participation.
<br />Compliance With Laws. Truster warrants that the Property and Truster's use of the Property complies with all existing applicable
<br />laws, ordinances, and regulations of governmental authorities.
<br />Survival of Representation. and Warranties. All representations, warranties, and agreements made by Truster in this Deed of Trust
<br />shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain in full force and effect
<br />until such time as Borrower's Indebtedness shall be paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Dead of Trust:
<br />Proceedings. If any proceeding in condemnation is filed, Truster shall promptly notify Lander in writing, and Trustor shall promptly
<br />take such steps as may be necessary to defend the action and obtain the award. Truster may be the nominal party in such
<br />proceeding, but Lender shall be entitled to participate In the proceeding and to be represented in the proceeding by counsel of its own
<br />choice, and Truster will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by
<br />Lender from time to time to permit such participation.
<br />Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
<br />purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied
<br />to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of
<br />all reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental
<br />taxes, fees and charges are a part of this Deed of Trust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to this Deed of Trust
<br />and take whatever other action is requested by Lentler to perfect and continue Lenders lien on the Real Properly. Truster shall
<br />reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed
<br />of Trust, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Dead of
<br />Trust.
<br />Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon
<br />all or any part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Borrower which Borrower is authorized Or
<br />required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust
<br />chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on
<br />payments Of principal and interest made by Borrower.
<br />Subsequent Taxes. It any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall
<br />have the same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Behalf as
<br />provided below unless Truster either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the
<br />Taxes and Liens section and deposits with Lender cash or a sufficient 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
<br />part of this Dead of Trust:
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
<br />Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
<br />Security Interest. Upon request by Lender, Truster shall execute financing statements and take whatever other action is requested by
<br />Lender to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of
<br />Trust in the real property records, Lender may, at any time and without further authorization from Truster, file executed counterparts,
<br />copies Or reproductions of this Deed of Trust as a financing statement. Truster shall reimburse Lender for all expenses incurred In
<br />perfecting or continuing this security interest. Upon default, Trustor shall not remove, sever or detach the Personal Property from the
<br />Properly. Upon default, Trustor shall assemble any Personal Property not affixed to the Property in a manner and at a place
<br />reasonably convenient to Trustor and Lender and make it available to Lender within three (3) days after receipt of written demand
<br />from Lender to the extent permitted by applicable law.
<br />Addresses. The mailing addresses of Truster (debtor) and Lender (secured party( from which information concerning the security
<br />interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first
<br />page of this Dead Of Trust.
<br />FURTHER ASSURANCES; ATTORNEY -IN -FACT. The fallowing previsions relating to further assurances and attorney -in -tact are a part of
<br />this Dead 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 />to be made, executed or delivered, to Lander or to Lender's designee, and when requested by Lander, cause to be tiled, recorded,
<br />refiled, 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 L) Borrower's and Trustor's obligations under the Note, this Deed of Trust, and
<br />the Related Documents, and (2) the (lens 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 Trustor. 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. It 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 Trustor and at Truster'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 />sale opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Borrower pays all the Indebtedness when due, and Otherwise performs all the obligations imposed upon Trustor
<br />under this Deed of Trust, Lander shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to
<br />Trustor suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the
<br />Personal Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Deed of Trust:
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br />Other Default.. Borrower or Trustor fails to comply with or to perform any other term, obligation, covenant or condition contained in
<br />
|