|
00000000000000235 200213111
<br />DEED OF TRUST
<br />Loan No: NEW (Continued) Page 5
<br />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
<br />Truster and at Trustor's expense. For such purposes, Truster hereby irrevocably appoints Lender as Trustor's attorney -in -fact for the
<br />purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, In Lender's sole
<br />opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Borrower pays all the Indebtedness when due, and otherwise performs all the obligations Imposed upon Truster under
<br />this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Truster suitable
<br />statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any
<br />reconveyance fee required by law shall be paid by Truster, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the fallowing, at Lender's option, shall constitute an Event of Default under this Deed of Trust
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness
<br />Other Defaults. Borrower or Truster fails to comply with or to perform any other term, obligation, covenant or ondltion contained In this
<br />Deed of Trust or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in
<br />any ether agreement between Lender and Borrower or Truster.
<br />Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note or in
<br />any of the Related Documents. If such a failure is curable and if Borrower or Truster has net been given a notice of a breach of the same
<br />provision of this Deed of Trust within the preceding twelve 112) months, it may be c u red land no Event of Default will have occurred) If
<br />Borrower or Truster, after Lender sends written notice demanding cure of such failure: (a) cures the failure within fifteen it 5) days; or (b)
<br />if the cue requires more than fifteen (15) days, immediately initiates steps sufficient to cure the failure and thereafter continues and
<br />completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />Default on Other Payments. Failure of Truster within the time required by this Deed of Trust to make any payment for taxes or insurance,
<br />or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />Default in Favor of Third Parties. Should Borrower or any Truster default under any loan, extension of credit, security agreement, purchase
<br />or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Trustor's property or
<br />Borrower's or any Trustor's ability to repay the Indebtedness or perform their respective obligations under this Deed of Trust or any of the
<br />Related Documents.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Truster or on Borrower's or
<br />Trustor's behalf under this Deed of Trust or the Related Documents is false or misleading in any material respect, either now or at the time
<br />made or furnished or becomes false or misleading at any time thereafter.
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including failure of
<br />any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The dissolution of Trustor's (regardless of whether election to continue Is made), any member withdraws from the
<br />limited liability company, or any other termination of Borrower's or Trustor'a existence as a going business or the death of any member, the
<br />solvency of Borrower or Truster, the appointment of a receiver for any part of Borrower's or Truster, a property, any assignment for the
<br />benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or Insolvency laws by or
<br />against Borrower or Truster.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help,
<br />repossession or any other method, by any creditor of Borrower or Truster or by any governmental agency against any property securing the
<br />Indebtedness. This includes a garnishment of any of Borrower's or Trustor'a accounts, including deposit accounts, with Lender. However,
<br />this Event of Default shall not apply if there is a good faith dispute by Borrower or Truster as to the validity or reasonableness of the claim
<br />which is the basis of the creditor or forfeiture proceeding and if Borrower or Truster gives Lender written notice of the creditor or forfeiture
<br />proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender,
<br />in its sole discretion, as being an adequate reserve or bond for the dispute.
<br />Breach of Other Agreement. Any breach by Borrower or Truster under the terms of any other agreement between Borrower or Truster and
<br />Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any
<br />indebtedness or other obligation of Borrower or Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
<br />of any of the Indebtedness or any guarantor, endorser, surety, o modation party dies or becomes incompetent, or revokes or
<br />disputes the validity of, or liability under, any Guaranty of the Indebtedness,
<br />Adverse Change. A material adverse change occurs in Borrower's or Trustor's financial condition, or Lender believes the prospect of
<br />payment or performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender may
<br />exercise any one or more of the fallowing rights and remedies:
<br />Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and a n election to make
<br />expenditures or to take action to perform an obligation of Trusmr under this Deed of Trust after Trustor's failure to perform, shall not
<br />affect Lender's right to declare a default and exercise its remedies.
<br />Accelerate Indebtedness. Lender shall have the right at its option without notice to Borrower or Trusmr to declare the entire Indebtedness
<br />immediately due and payable, including any prepayment penalty which Borrower would be required to pay.
<br />Foreclosure. With respect to all or any part of the Real Property, the Trustee shall have the right to foreclose by notice and sale, and
<br />
|