|
200305812
<br />DEED OF TRUST
<br />Loan No: 777579 (Continued) Page 4
<br />of these amounts. Such right shall be in addition to all other 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 pad of this Deed of Trust:
<br />Title. Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
<br />encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final file opinion
<br />Issued In favor of, and accepted by, Lender in connection with this Deed of Trust, and (b) Trustor has the full right, power, and authority to
<br />execute and deliver this Dead of Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property against
<br />the lawful claims of all persons. In the event any action or proceeding Is commenced that questions Trustor's title or the interest of Trustee or
<br />Lender under this Dead of Trust, Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding,
<br />but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br />Trustor will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from time to time to permit such
<br />participation.
<br />Compliance With Lewis. Trustor warrants that the Property and Trustor's use of the Property complies with all existing applicable laws,
<br />ordinances, and regulations of governmental authorities.
<br />Survival of Representations and Warranties. All representations, warranties, and agreements made by Trustor in this Deed of Trust shell
<br />survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain In full force and effect until such fime
<br />as Borrower's Indebtedness shell be paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a pad of this Deed of Trust:
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in wining, and Trustor shall promptly take such
<br />steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal parry in such proceeding, but Lender
<br />shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice. and Trustor will
<br />deliver or cause to be delivered to Lender such Instruments and documentation as may be requested by Lender from time to time to permit
<br />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 to the
<br />Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all
<br />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 fallowing provisions relating to governmental taxes,
<br />fees and charges are a pad 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 and
<br />take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender
<br />for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, Including
<br />without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of 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 all or any
<br />pad of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Borrower which Borrower is authorized or required to deduct
<br />from payments on the Indebtedness secured by this type of Dead of Trust; (3) a tax an this type of Dead of Trust chargeable against the
<br />Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest
<br />made by Borrower.
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the
<br />same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below
<br />unless Trustor either (t) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Texas and Liens
<br />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 part
<br />of this Deed of Trust:
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender
<br />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, Trustor 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 Trust in
<br />the real property records, Lender may, at any time and without further authorization from Trustor, file executed counterparts, copies or
<br />reproductions of this Deed of Trust as a financing statement. Trustor shall reimburse Lender for all expenses Incurred in perfecting or
<br />continuing this security interest. Upon default, Trustor shall not remove, sever or detach the Personal Property from the Property. Upon
<br />default, Trustor shall assemble any Personal Property not affixed to the Property In a manner and at a place reasonably convenient to Trustor
<br />and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by
<br />applicable law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which information concerning the security interest
<br />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
<br />Deed of Trust.
<br />FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and altorneytin -fact are a pad of this
<br />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 to be
<br />made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, notion, or
<br />rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
<br />
|