200304338 - Laserfiche WebLink

Browse

DEED OF RUST 200304338 Page without limitation all fazes, tees, documentary stamps, and other charges for recording or registering this Deed of Trust. Taxes. The following shall con fosse 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 Trustor which Truster Is authorized or required to deduct hem payments on Me Indebtedness secured by this type of Deed of Trust; (3) a tax on Mis type of Deed of Trust chargeable against the Lender or Me holder of Me Note; and (4) a specific tax on all or any portion of Me Indebtedness or on Payments of principal and interest made by Trustor. Subsequerk Taxes. If any tax to which Mis section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as art Event of Default , and Lander may exercise any or all of its available remedies for an Event of Default as provided below unless Truster either (1) Pays Me tax before it becomes delinquent, or (2) contests Me fax as provided above in the Taxes and Liens section and deposit with Lender man or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The folowing provisions relating M this Deed of Trust as a security agreement are a part of tls Dead of Trust Security Agreement. This instrument shall constitute a Security Agreement to the extent any of Me Property constitutes futures, and Lender shall have all of the right of a moored party under the Uniform Commercial Code as amended from time to time. Security Interim. Upon request by Lender, Trustor shall execute financing statement and take whatever other action is requested by Lender to pertect and continue Lenders security Interest In Me Rents and Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any time and without further authorization from Trustor, file executed counterparts, copies or reproductions of Mis Deed of Trust as a financing statement. Touter shall reimburse Lender for all expenses Incurred in perfecting or continuing this security interest. Upon default, Trustor shall not remove, sever or detach the Personal Property from Me Property. Upon default, Truster shall assemble any Personal Property not affixed to Me Property in a manner and at a place reasonably convenient W Truster and Lender and make it available to Lender within three (3) days after receipt of written demand from Lentler to Me extent Permitted by applicable law. Addresses. The mailing addresses of Tustor (debtor) and Lender (secured parry) from which information concerning the security Interest granted by this Deed of Trust may be obtained (each as required by Me Uniform Commercial Code) are as stated on Me first page of this Dead of Trust FURTHER ASSURANCES; ATTORNEV4N -FACT. The folbwing provisions related to fuller assurances and aftomey4n -fact are a pad of this Deed of Trust Further Assurances. At any time, and from time to time, upon request of Lender, Truster will make, execute and deliver, or will cause to be made, executetl or delivered, M Lentler or to Lentlers designee, and when requested! by Lender, cause to be filed, recorded refiled or rerecorded, as the case may be, at such times and in such offices and places as Lender may death appropriate, any and all such mortgages, deeds of trust, security deeds, security agreement, financing statements, continuation statement, instrument of further assurance, ceritiicamil, and other document as may, in Me sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Trustors obligations under the Note, this Deed of Trust, and the Related Documents, and (2) Me liens and security interest created by this Deed of Trust as fill and Prior liens om Me Property, whether now Owned or hereafter acquired by Truster. Unless prohibited by law or Lender agrees to the contrary in writing, Truster shall reimburse Lender for all cost and expenses incurred in connection with the matters referral to In this paragraph. Attorney -in -Fact. If Trustor fails to do any of Me things referred to in the preceding paragraph, Lender may do so for and in Me name of Truster and at Tnastors expense. For such purposes, Truster hereby Irrevocably appoints Lender as Trustors attorney -In -tact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lenders sole opinion, to accomplish the matters reteretl to in the precatling paragraph. FULL PERFORMANCE. If Truster pays all the Indebtedness when due, and otherwise Performs all the obligations Imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suitable statements of termination of any fnarcing statement on file evidencing Lender's security interest in the Rent and Me Personal Property. Any mconveyance fee required by law shall tea paid by Trustor, I pannittetl by applicable law. EVENTS OF DEFAULT. Each of the following, at Lenders option, shall constitute an Event of Default under this Deed of Trust: Payment Default. Truster fails to make any payment when due under the Indebtedness. Other Defaults. Tmstor falls to comply with or to perform any other term, obligation, covenant or cone rtlon contained in this Deed of Trust or in any of Me Related Document or M comply wit or to perform any term, obligation, covenant or condition contalnstl in any other agreement between Lender and Trustor. Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Dead of Trust, the Not or in any of Me Related Documents. If such a failure is curable and rt Trustor has net been given a notice of a breach of the same prevision of this Deed of Trust within the preceding twelve (12) months, It may be cured (and no Event of Default will have occurred) i Truster, after Lender sends written notice demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) lt Me cure requires more Man fifteen (15) days, immediately initiates steps sufficient te cure Me failure and thereafter continues and completes all reasonable and necessary steps sufica nt to produce compliance as soon as reasonably practical. Default on Other Payments. Failure of Truster within the time required by this Deed 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. Default In Favor of Third Parties. Should Trustor defauft under any loan, extension of credit security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or Person Mal may materially affect any of Trustors property or Truslors ability to repay the Indebtedness or perform their respective obligations under this Deed of Trust or any of the Related Documents. False Statements. Any warranty, representation or statement made or furnished to Lender by Truslor or on Trustors behalf under this Deed of Trust or Me Related Documents is false or misleading in any material respect, either now or at Me time made or furnished or becomes false or misleading at any time thereafter. Defective Coliateralizetion. This Deed of Trust or any of Me Related Document ceases to be in full fome and effect (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 Trustor, Me appointment of a receiver for any part of Trusters property, any assignment for Me benefit of credaors, any type of creditor workout, or Me commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor. Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Truster or by any governmental agency against any property assuring the Indebtedness. This Includes a garnishment of any of Trusters account, including deposit accounts, with Lender. However, this Event of Default shall not apply lt Mere is a good faith dispute by Truster as to the validity or reasonableness of the claim which is the basis of Me creditor or forfeiture proceeding and it Truster gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for Me cracker or fodellure proceeding, in an amount determines! by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. Brsseh of Other Agreement. Any breach by Truster under the terms of any other agmement between Trustor and Lender that is not remedied within any grace periotl Provided Mersin, including witout limitation any agreement conceming any indebtedness or other oNigaton of Truster to Lender, whether existing row or later. Events Affecting Guarantor. Any of the preceding event occurs with respect Many guarantor, endorser, surety, or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation parry dies or becomes Incompetent, or revokes or disputes Me validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at its option, may, but shall not be required to, permit the guarantor's estate to assume unconditionally Me obligations arising under Me guaranty, in a manner satisfactory to Lender, and in doing so, cure any Event of Default.