200209653 - Laserfiche WebLink

Browse

DEED OF TRUST Loan No: 73659 (Continued) Page 3 02096 53 the tawlul carmi of all persons. In the event any action a pmceeding Is commend Mat gtreseens Truslola Ilia or the Interest al Trustee a Lender under this Deed of Trust, Truster shell defend the action at Trig lals expanse. Tresta may be the nominal party In such pmgeadarg, but Lander shall be entitled to participate In the proceeding and to be represented In the proceeding by counsel of Lend Own codes. end Truster will deliver, a cause to be delivered, 10 Lender such instruments as Lander may request hem lime to ers time to permit such participation. Compliance With Laws. Truslor warrants that the Property and Trustees use of the Properly complies with all existing applicable laws, ordinances. and regulations of governmental authorities. Survival df Pmmise3. All promises, agreements. and statements Truster has made In this Dead of Trust shall survive the external and delivery of this Deed of Trust, shall be continuing in nature and shall remain in full force and effect until such time as Trusters Indebtedness is paid In full. CONDEMNATION. The following provisions relating 10 Condemnation proceedings are a part of this Deed of Trust; Proceedings. If any proceeding in condemnation is filed. Truster shall promptly notify Lander In writing, and Truslor shall promptly take such steps as may be necessary to defend the action and obtain the award. Truslor may be the nominal party In such proceeding, but Lander shall he entitled to participate in the proceeding and to be represented in the proceeding by counsel of Its own choice, and Truster will defmor or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to lime to Permit such par:fppGicn. Application of Net Proceeds. It ell or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase m 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 Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expanses, and attorneys' fees Incurred by Trustee or Lender in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions retailing to governments) taxes. fees and charges are a pad of this Deed of Trust: Current Taxes, Fees and Charges. Upon request by Lender. Truster shall execute such documents In addition to this Dead of Trust and take whatever other action Is requested by Lender to perfect and continue Lender's Ilan On the Real Properly. Trustor shall reimburse Lender for all taxes, as described below, together with all expenses incurred In recording, schooling or continuing this Dead of Trust, including without limitation all taxes, fees, documentary samps, and other charges for recording or registering this Dead of Trued - Tues. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed Of Trust or upon all a any pad e' the Indebtedness Secured by this Deed of Trust; (2) a specific tax on Truster which Truster is aW chrad or required to deduct hem payments on the Indebtedness secured by this type of Deed of Trust; (3) a ax on this type of Deed of Trust chargeable against the Lander or the holder of the Note; and (4) a specific lax on all or any pod!on of the IndeLadness or on payments of principal and interest matle by Truster. Subsequent Taxes. If any tax to which this section applies Is enacted subsequent to the date of this Used Of Trust, this event shall have the same effect a an Event of Default, and Lender may exercise any or all of its Available remedies for an Event of Default as provided below unless Truslor either (1) pays the fax before it becomes delinquent, or (2) contests the lax as provided above In the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surely bond or other secudly satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a pad of this Dead of Trust: Security Agreement, This Instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have it of the rights of a secured parry under the Uniform Commercial Corte as amended from time to time. Security Interest. Upon request by Lender, 'Trustor shall execute financing statements and lake whatever other action Is requested by Lender to perfect and continue Lender's security Interest in the Personal Properly. In addition to recording this Dead Of Trust In the real property records, Lender may, at any time and without further authodration from Truster, file executed counterparts, copies or reproductions of this Dead of Trust as a financing statement. Truslor shall relmburse Lender for all expenses Incurred in perfecting or continuing this securlty Interest. Upon default, Truslor shall not remove, sever Or detach the Personal Properly from the Property. Upon default, Truslor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Truster and Lander and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses. The mailing Addresses of Truslor (debtor) and Lender (secured party) From .vhlch Information concerning the secudly Interest granted by this Deed 01 Trust may be obtained (each as required by the !Ji ltorm Commercial Code) are as stated on the first page of this Dead at Trust. FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and attorney-In -fact are a part Of this Deed of Trust: - Further Assurances. At any time, and from time to time, upon request of Lander, Trustor will make, execute and deliver, or will cause to be made, executed or delivered, to Lander or to Lender's designee, and when requested by Lentler, cause to be filed, recorded. refired, or 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, deeds of trust, security deeds, security agreements, financing statements, continuation statements. Instruments of further assurance, certificates, ni i Sher documents as may, In the sole opinion of Lander. be necessary or desirable In order to e:fecluank complete, perfect. continue, Or presarve (1) Trusters obligations under the Nate, this Deed of Trust, and the Related Documents, antl (2) the hens and security Interests created by this Deed of Trust as first and prior (lens on the Property, whether now owned or hereafter acquired by Trustor. Unless prohibited by law or Lender agrees to the contrary In writing, Trustor shall reimburse Lender for all costs and expanses Incurred In connection Wth the matters ramrod to in this paragraph. Attorney -In -Fact. If Truster fails to do any of the things referred to In the preceding paragraph, Lender may do so for and In the name of Trustor and at Trustor's expense. For such purposes, Truslor hereby irrevocably appoints Lender as Truser's altorneyaMaol fa the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, In Lander's sale Opinion, to accomplish the matters referred to in the preceding paragraph FULL PERFORMANCE. If Truslor pays .,I the Indebtedness, Including without Ilmitauon all future advances, when due. and otherwise performs all the obi,al.ns imposed upon Trustor under this Deed qI Trust, Lender shell execute and deliver to Trustee a request for full reconveyance, and shall execute and deliver to Trustor suitable statements of termination of any financing statement on file Midair Lender's security interest in the Rents antl the Personal Property. Any reconveyance fee required by law shall be paid by Truslor, if permitted by applicable law. EVENTS OF DEFAULT. At Lender's option, Truslor will be in default under this Dead of Trust If any of the following happen: Payment Default. Truslor fails to make any payment when due under the Indebtedness. Break Other Promises. Truster breaks any promise made to Lender or fairs to perform promptly at the time and strictly In the manner provided In this Deed of Trust or in any agreement related to this Deed Of Trust. Compliance Default. Failure to comply with any other term, obligation. covenant or condition contained In this Dead of Trust, the Note or In any of the Related Documents. If such a failure is curable and if Truster has not been given a notice of a breach of the same provision of this Dead of Trust within the preceding twelve (12) months, it may be cored (are no Event of Default will have occurred) if Trustor, alter Lender sends written notice demanding cure of such failure: (a) Cures the failure within thirty (30) days: Or (b) If the cure requires more than thirty (30) days, immediately initiates steps sufficient to cure the failure and thereallereontinues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably peclical. Default on Other Payments. Failure Of Trustor within the time required by this Deed of Trust to make any payment far taxes a Mauaram, or any other payment necessary to prevent hung of or to effect discharge of any Gen. Default in Favor of Third Parties. Should Truslor default under any loan, extension of create. security agreement, purchase a Sa105 agreement, or any other agreement, in favor OI any other ind iter er person that may meleriauy affect any Of Trustees property or TrIsoes ability to repay the Indebtedness a Par am their respeclrva obligations under this Dead of Trust air any of the Related Documents.