|
DEED OF TRUST 200911157
<br />Loan No: 206052 (Continued) Page 3
<br />date of the policy. Truster shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value
<br />replacement cost of the Property.
<br />LENDER'S EXPENDITURES. If any actlon or proceeding is commenced that would materially affect Lenders interest in the Property or if Truster
<br />fails to comply with any provision of this Dead of Trust or any Related Documents, including but not limited to Trustor's failure to comply with any
<br />obligation to maintain Existing Indebtedness in good standing as required below, or to discharge or pay when due any amounts Truster is
<br />required to discharge or pay under this Dead of Trust or any Related Documents, Lender on Trustor's behalf may (but shall not be obligated to)
<br />take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances
<br />and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining and preserving the Property. All such
<br />expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or
<br />paid by Lender to the data of repayment by Truster. All such expenses will became a pad of the Indebtedness and, at Lenders option, will (A)
<br />be payable on demand; (B) be added to the balance of Me Note and be apportioned among and be payable with any installment payments to
<br />become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon
<br />payment which will be due and payable at the Note's maturity. The Deed of Trust also will secure payment of these amounts. Such right shall be
<br />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. Truster warrants that: (a) Truster 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 the Existing Indebtedness section below or in any title
<br />insurance policy, title report, or final the opinion issued in favor of and accepted by, Lender in connection with this Deed of Trust, and (b)
<br />Trustor has the full right, power, and authority to execute and deliver this Dead of Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Truster warrants and will forever defend the title to the Property against
<br />the lawful claims of all persons. In the event any when or proceeding is commenced that questions Trustor's title or Me interest of Trustee or
<br />Lender under this Dead of Trust, Truster 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 named of Lender's own cndice, and
<br />Trustor will deliver, or cause to be delivered, W Lentler such instruments as Lender may request from time to time to permit such
<br />participation.
<br />Compliance With Laws. 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 Representation, and Warranties. Al representations, warranties, and agreements made by Trustor in this Deed of Trust shall
<br />survive the execution and delivery of this Dead of Trust, shall be continuing in nature, and shall remain in full force and effect until such time
<br />as Borrower's Indebtedness shall be paid in full.
<br />EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Deed of Trust:
<br />Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Trustor expressly
<br />covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such indebtedness, any
<br />default under the instruments evidencing such indebtedness, or any default under any security documents for such indebtedness.
<br />No Modification. Trustor shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security agreement
<br />which has priority over this Deetl of Trust by which that agreement is modified, amended, extendod, or renewetl without the their written
<br />consent of Lender. Trustor shall neither request nor swept any future advances under any such security agreement without the prior written
<br />consent of Lender.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and Truster shall promptly take such
<br />steps as may be necessary to defend the action and obtain the award. Truster may be the nominal party in such proceeding, but Lender
<br />shall be entitled to participate in the prweeding 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 Me 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 following provisions relating to governmental taxes,
<br />fees and charges are a pan 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 Lenders lien on the Real Property. Trustor shall reimburse Lender
<br />for all taxes, as described below, together with at expenses incurred in recording, perfecting or continuing this Deed of Trust, inclutliril
<br />without limitation all texas, fees, documentary stamps, and other charges for recording or registering this Deed of Trust.
<br />Taxes. The following shall constitute faxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon all or any
<br />pan of the Indebtedness secured by this Dead 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 on this type of Deed of Trust chargeable against the
<br />Lender or the holder of the Note; and (6) 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 b which this section applies is enacted subsequent to the data of this Deed of Trust, this event shall have the
<br />same effect as an Event at Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below
<br />unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the W as provided above in Me 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 pan
<br />of this Dead 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 Cade as amended from time to time.
<br />Security Interest. Upon request by Lender, Truster 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 mat property records, Lender may, at any time and without further authorization from Truster, file executed counterparts, copies or
<br />reproductions of this Dead of Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or
<br />continuing this security interest. Upon default, Truster shall not remove, sever or detach the Personal Property from the Property. Upon
<br />default, Trustor shall assemble any Personal Property not affixed to Me Property in a manner and at a place reasonably convenient to Trustar
<br />and Lender and make it available to Larder within three (3) days after receipt of written demand from Lender to Me extent permittetl by
<br />applk:ade law.
<br />Addresses. The mailing addresses of Truster (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 Me Uniform Commercial Code) are as stated on the first page of this
<br />Dead of Trust.
<br />FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to fuller assurances and attomey -in -fact are a part of this
<br />Dead 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, M Lender or to Lenders designee, and when requested by Lender, cause to be filed, recorded, rolled, or
<br />rerecorded, as the case (clay b §, at In times and in such offices and places as Lender may deem appropriate, any and all such ax rtgages,
<br />deeds of trust, security dak6' =ri*' jgr lid' ts, financing statements, continuation statements, instruments of further assurance,
<br />
|