|
DEED OF TRUST
<br />Loan No: 1517069 200204124 (Continued)
<br />Page 2
<br />Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to
<br />attend to Lender's interests and to inspect the Real Property for purposes of Trustor's compliance with the terms and conditions of this Deed
<br />of Trust.
<br />Compliance with Governmental Requirements. Trustor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
<br />in effect, of all governmental authorities applicable to the use or occupancy of the Property, Including without limitation, the Americans With
<br />Disabilities Act. Trustor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
<br />Including appropriate appeals, so long as Trustor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion,
<br />Lender's interests in the Property are not jeopardized. Lender may require Trustor to post adequate security or a surety bond, reasonably
<br />satisfactory to Lender, to protect Lender's interest.
<br />Duty to Protect. Trustor agrees neither to abandon or leave unattended the Property. Trustor shall do all other acts, in addition to those
<br />acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
<br />Property.
<br />Compliance with Lease. Trustor will pay all rents and will strictly observe and perform on a timely basis all other terms, covenants, and
<br />conditions of the Lease. Trustor will Indemnify and hold Lender harmless against all losses, liabilities, actions, suits, proceedings, costs
<br />including attorneys' fees claims, demands, and damages whatsoever which may be incurred by reason of Trustor's failure to pay rents or
<br />strictly observe or perform under the Lease.
<br />Other Agreements Relating to the Lease. Trustor further agrees (1) not to surrender, terminate, or cancel the Lease, and (2) not to
<br />modify, change, supplement, alter, or amend the Lease, either orally or in writing, without Lender's prior written consent. Any attempt by
<br />Trustor to do any of the foregoing without Lender's prior written consent will be void and of no force and effect. At Lender's option, TrUetor
<br />will deposit with Lender as further security all original documents relating to the Lease and the leasehold interest in the Property. Unless
<br />Trustor is in breach or default of any of the terms contained in this Deed of Trust, Lender will have no right to cancel, modify, change,
<br />supplement, alter or amend the leasehold interest. No estate in the Property, whether fee title to the leasehold premises, the leasehold
<br />estate, or any subleasehold estate, will merge without Lender express written consent; rather these estates will remain separate and distinct,
<br />even if there is a union of these estates in the landlord, Trustor, or a third party who purchases or otherwise acquires the estates. Trustor
<br />further agrees that if Trustor acquires all or a portion of the fee simple title, or any other leasehold or subleasehold title to the Property, that
<br />title will, at Lender's option, immediately become subject to the terms of this Deed of Trust, and Trustor will execute, deliver and record all
<br />documents necessary or appropriate to assure that such titre is secured by this Deed of Trust.
<br />Notices Relating to the Lease. Trustor will promptly notify Lender in writing:
<br />(1) if Trustor is in default in the performance or observance of any of the terms, covenants, or conditions which Trustor is to perform or
<br />observe under the Lease;
<br />(2) if any event occurs which would constitute a default under the Lease;
<br />(3) if any notice of default is given to Trustor by the landlord under the Lease;
<br />(4) if, pursuant to the Lease, any proceeds received for the Property are deposited with someone other than Lender, whether received
<br />from any insurance on the Property or from the taking of any or all of the Property by eminent domain; and
<br />(5) If any arbitration or appraisal proceedings are requested or instituted pursuant to the Lease.
<br />Truslor agrees to provide Lender promptly with a copy of all written materials relating to any of the above and to provide Lender with such
<br />other information as Lender may reasonably request. Trustor agrees that promptly after the execution and delivery of this Deed of Trust,
<br />Trustor will notify the landlord under the Lease in writing of the execution and delivery of this Deed of Trust and of the name and address of
<br />Lender and will deliver a copy of this Deed of Trust to the landlord.
<br />Option to Cure Lease Default. Upon Lender's receipt of any written notice of Trustor's default under the Lease, Lender may, at Lender's
<br />option, cure such default, even though Trustor, or any party on behalf of Trustor, questions or denies the existence of such default or the
<br />nature of the default. Trustor expressly grants to Lender the absolute and Immediate right to enter upon the Property to such extent and as
<br />often as Lender in it sole discretion deems necessary or desirable in order to prevent or cure any such default by Trustor.
<br />TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
<br />Payment. Trustor shall pay when due (and In all events prior to delinquency) all taxes, special taxes, assessments, charges (including water
<br />and sewer), fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done on or for
<br />services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority over or equal to the
<br />interest of Lender under this Deed of Trust, except for the lien of taxes and assessments not due, except for the Existing Indebtedness
<br />referred to below, and except as otherwise provided in this Deed of Trust.
<br />Right to Contest. Trustor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation
<br />to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or Is filed as a result of nonpayment, Trustor shall within
<br />fifteen (15) days after the lien arises or, If a lien is filed, within fifteen (15) days after Trustor has notice of the filing, secure the discharge of the
<br />lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an
<br />amount sufficient to discharge the lien plus any costs and attorneys' fees, or other charges that could accrue as a result of a foreclosure or
<br />sale under the lien. In any contest, Trustor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against
<br />the Property. Trustor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
<br />Evidence of Payment. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
<br />authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the
<br />Property.
<br />Notice of Construction. Trustor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
<br />any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work,
<br />services, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and
<br />will pay the cost of such improvements.
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br />Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
<br />a fair value basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of
<br />any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Trustor shall also procure and maintain comprehensive
<br />general liability insurance in such coverage amounts as Lender may request with Trustee and Lender being named as additional Insureds In
<br />such liability insurance policies. Additionally, Trustor shall maintain such other insurance, including but not limited to hazard, business
<br />interruption, and boiler insurance, as Lender may reasonably require. Policies shall be written In form, amounts, coverages and basis
<br />reasonably acceptable to Lender and Issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of
<br />Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations
<br />that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. Each insurance policy also
<br />shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of
<br />Trustor or any other person. The Real Property is or will be located In an area designated by the Director of the Federal Emergency
<br />Management Agency as a special flood hazard area. Trustor agrees to obtain and maintain Federal Flood Insurance, if available, for the full
<br />unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the
<br />National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if
<br />Trustor falls to do so within fifteen (15) days of the casualty. Whether or not Lender's security Is impaired, Lender may, at Lender's election,
<br />receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting
<br />the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall
<br />repair or replace the damaged or destroyed Improvements In a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such
<br />expenditure, pay or reimburse Trustor from tho Oroceeds for the reasonable cost of repair or restoration if Trustor is not in default under this
<br />Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the
<br />
|