200203182 - Laserfiche WebLink

Browse

200203182 Ic) All applicable laws and regulations, including, without limitation, the Americans with Disabilities Act, 42 U.S.C. Section 12101 at seq. land all regulations promulgated thereunder) and all zoning and building laws and regulations relating to the Property by virtue of any federal, atata o iclpal authority with jurisdiction over the Property, presently are and shell be observed and complied with in all material respects, and all rights licenses, permits, and certificates of occupancy including but not limited to zoning variances, special exceptions for mens,entappor, pse, .and final Inspection approvals), whether temporary or permanent, which an: material to the use and orcupancy of the Property, presently are and shall be obtained, preserved and where necessary, renewed; out Grantor has the fight and is duly authorized to execute and perform Its Obligations under this Deed of Trust and these actions do not antl shall not conflict with the provisions of any statute, regulation, ordinance, rule of law, contract or other agreement which may be binding on Grantor at any time; (e) No action or proceeding is' or shall be pend'lIiU or throamned which might materially affect the Property; and (fl Grantor has not vblatetl and shall not violate any statute, regulation, ordinance, rule of law, contract or other agreement Iincleding, but not limited to, Muse guvanding Hazardous Materials) which might materially affect the Property or Lender's rights or interest in the Property pursuant to this Dead of Trust. 3. PRIOR DEEDS OF TRUST. Grantor represents and warrants that there are no prior deeds of trust affecting any part of the Propery except as set forth on Schedule EI attached to this Good of Trust, which Grantor agrees to pay and perform in a timely manner, If there are any prior needs of trust than Grantor agrees to pay 911 amounts owed, and perform ell obligations required, under seen deeds of trust and the Iadobtedne ss eacdrod it today and further agrees fifth a default under any prior deed of trust shall be a default under this Deed of Trust and shall eodde Lender to all rights and remedies Cautioned herein or In the Obligations to which Lender would be entitled in the event of any other default. 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN GRANTORS OR BORROWERS. In the event of a sale, conveyance, lease, ontract for deed or transfer to any person of all or any part of the real property described In Schedule A. or any Interest therein, or of all or any beneficial interest in Borrower or Grantor (It Borrower or Grantor Is net o needful person or persons but is a corporation, limped Ilablllty company, partnership, bust, or other legal entityl, Lender may, at Its option declare the outstanding principal balance of the Obligations plus accrued interest thereon immediately due and payable. At Lender's request, Grantor or Borrower, as the case may be, shall furnish a complete statement setting forth all of its stockholders, members, or partners, as appropriate, and the extent of their respective ownership Interests. 5. ASSIGNMENT OF RENTS. In consideration of the Obligations, which are secured by this Dead of Trust, Grantor absolutely assigns to Lender all Grantor's estate, right, title, interest, claim and demand now owned or hereafter acquired in all existing and future leases of the Property (including extensions, renewals and subleases), all agreements for use and occupancy of the Property tall such leases and agreements whether written or oral, are hereafter retorted to as the "Leases'), and all guaranties of lessees' performance under the Leases, together with the immediate and continuing right to collect and race Ne all of the rents, income, receipts, revenues, issues, profits and other income of any nature now Or hereafter due lincluding any income of any nature coming due during any redemption period) under the Leases or from or arising cut of the Property including minimum rants, additional rents, percentage rents, parking or common area maintenance contributions, tax and Insurance oma butions, deficiency rents, liquidated damages following default in any Lease, all proceeds payable under any policy of insurance covering loss of rants resulting Irom crogreutabih y caused by destruction or damage to the Properly, all proceeds payable as a result of a lessee's oxeroise of an option m purchase the Property, all proceeds derived from the termination or reaction of any Lease in a bankruptcy or other insolvency proceeding, and all proceeds from any rights and claims of any kind which Grantor may have against any lessee under the Leases or any an spools of the Property fall of the above are hereafter do buUVely referred le os the "Rents "I. This assignment is 6Object 1. the right, prnver and authority ,yr, to the Lender to collect and apply the Rents. This assignment Is recorded In accordance with applicable state law; the lien created by this assignment is intended to be operate, perfected, and crude upon the recording of this Deed of Trust, all as provided by applicable state law a ended from time to time. As long as there is o default under the Obligations or this Dead of Trust, Lender grants Grantor a revocable as to collect all Rents from the Leases when due and to a such proceeds in Grantor's business operations. However, Lender may at any time require Grantor to deposit all Rents into an account maintained by Grantor or Lender at Lender's institution. Upon default in the payment of, or n the performance of, any of the Obligations, Lender may at its option take possession of the Property and haver hood, menage, lease and operate the Property on terms and for a period of time that Lender deems proper. Lender may proceed to collect and receive all Rents from the property, and Lender shall have full power to make alterations, renovations, repairs or replacements to the Property as Lender may deem proper. Lender may apply all Rents in Lender's sole discretion to PaYbonA of the Obligations or to the payment of the cost Of such scarelinns, renovations, repairs and replacements and any expenses incident to taking and retaining possession of the Property periodically and the management and operation of the Properly. Lender may keep the Property properly insured and may discharge any taxes, ,barges, claim S, a,,,,ecdand and other Aims which may echorm, Tha expo do. and beet of these actions may be paid from the Rents reeelVed, and any unpaid amounts shall be added to the principal of the Obligations. These amounts, together with other posts, shall become part of the Obligations secured by this Dead of Trust. 6. USE AND MAINTENANCE OF PROPERTY. Grantor shall take all actions and make any repairs needed to maintain the Property in good condition. Grantor shall not commit or permit any waste to be committed with respect to the Property. Grantor shall use the Property solely in compliance with applicable law and insurance policies. Grantor shall not make any alterations, additions or improvements to the Property without Lender's prior written consent. Without limiting the foregoing, all alterations, additions and improvements made to the Property shall be subject to the beneficial intereal belonging to Lender, shall not be removed without Lender's prior written consent, and shall be made at Grantor's sole expense. T. LOSS OR DAMAGE. Grantor shall bear the entire risk of any loss, theft, destruction or damage (cumulatively "Loss or Damage') to the Property or any portion tlmreal from any cause whatsoever. In the event of any Loss or Damage. Grantor shad, at the option of Lender, repair the affected Property to its previous condition or pay or cause to be paid to Lender the decrease In the fair market value of the affected Property. 8. INSURANCE, The Property 1111 be kope Insured for is lull insoluble auto, Irepluo,ment cost) agomst all listings including loss or damage used by flood, earthquake, tornado and firs, theft or other casualty to the extent required by Lender- Grantor may obtain Insurance on the Property Irom such c mpanies a s e are acceptable to Lender in Its sold discretion. The insurance policies shall require the in company to provide Lender with at least 30 days' written notice before sock policies are altered or cancelled in any manner. The insurance policies shall ,mmh Lender as a loss Ueye, and provide first no wt or omission of Grantor or any other person shall affect the right of turner to to paid the Insurance proceeds pertaining to the lass or damage of the Property. In the event Grantor fails to acquire or maintain insurance, Lender (after providing notice as may be required by law) may in Its discretion procure appropriate insurance upon the Property and the insurance cost shall be an advance payable and bearing interest as described In the "REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER paragraph and secured hereby Grantor shall furnish Lender with evidence of insurance Indicating the required coverage. Lender may act as attorney -in -fact for Grantor in making and settling claims under insurance policies, cancelling any policy or endorsing Grantor's name on any draft or negotiable instrument drawn by any insurer. All such insurance policies shall be immediately assigned, pledged and delivered to Lender as further security for the Obligations. In the event of loss, Grantor shall immediately give Lender written notice and Lender is mmunfed to make proof of less. Each Insurance ,onspahy Is directed to make payments directly to Lender instead of to Lender and Grantor. I antler shall Nye the right, at Its sole option, to apply such monies toward the Obligations or toward the cost of rebuilding and restoring the Property. Any ampuma may at Lcndm's Optimr by opplled In fire Inverse order of The due dates Omreol. 9. ZONING AND PRIVATE COVENANTS. Grantor shall net initiate or consent to any change in the zoning provisions or privets covenants s affecting the use of the Property without Lender's prior written consent. If Grantor's use of the Property becomes a nonconforming use under any .onion provision, Grantor shall out cause or permit such Use to be discontinued or abandoned without the prior written consent of Lender. Grantor will immediately provide Lender with written notice of any proposed changes to the zoning provisions or private covenants affecting the Property. 10. CONDEMNATION. Grantor shall immediately provide Lender with written notice of any actual or Mroatoned condemnation or eminont contain proceeding pertaining to the Property. All monies payable to Grantor from such condemnation or taking are hereby assigned to Lender and shall be applied first tu the payment of Iantler's attorneys' fees, legal expenses and other costs (Including appraisal foes) In correction with the condennatiou o r a nunent domain proceedings and then, at the option of Lender, to the payment of the Obligations or the restoration or repair of the Property d"iIaPIacv pea Pape 2 of