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200505595 permitted by law, pay any tax imposed as a result of any such law within the statutory period or within fifteen (15) days after demand by Beneficiary, whichever is less. 14. No Credits on Account of the Debt. Grantor will not claim or demand or be entitled to any credit or credits on account of the Debt for any part of the Taxes assessed against the Trust Property or any part thereof and no deduction shall otherwise be made or claimed from the taxable value of the Trust Property, or any part thereof, by reason of this Deed of Trust or the Debt. 15. Documentary Stamps. If at any time the United States of America, any state thereof, or any governmental subdivision of any such state, shall require revenue or other stamps to be affixed to the Note or this Deed of Trust, Grantor will pay for the same, with interest and penalties thereon, if any. 15. Performance of Other Agreements. Grantor shall observe and perform each and every term to be observed or performed by Grantor pursuant to the terms of any agreement or recorded instrument affecting or pertaining to the Trust Property. 17. No Mechanics' Liens. There are no outstanding accounts payable, mechanics' liens, or rights to claim a mechanics' lien in favor of any materialman, laborer, or any other person or entity in connection with labor or materials furnished to or performed on any portion of the Premises; no work has been performed or is in progress nor have materials been supplied to the Premises or agreements entered into for work to be performed or materials to be supplied to the Premises prior to the date hereof, which will not have been fully paid for on or before the date hereof or which might provide the basis for the filing of such liens against the Premises or any portion thereof; Grantor shall be responsible for any and all claims for mechanics' liens and accounts payable that have arisen or may subsequently arise due to agreements entered into for and/or any work performed on, or materials supplied to the Premises prior to the date hereof; Grantor has made no contract or arrangement of any kind the performance of which by the other party thereto would give rise to a lien on the Premises; and Grantor shall and does hereby agree to defend, indemnify and forever hold Beneficiary and Beneficiary's assignees and designees harmless from and against any and all such mechanics' lien claims, accounts payable or other commitments relating to the Premises. 1.8. Events of Default. The Debt shall become due at the option of Beneficiary upon the occurrence of any one or more of the following events (herein collectively referred to as "Events of Default "): (a) if an Event of Default, as defined in the Security Agreement, shall occur; (b) if any sum due under the Note is not paid when due and such failure continues for five (5) days after the giving of notice by Beneficiary to Grantor of such failure or this Deed of Trust or any other of the Loan Documents is not paid when due and such failure continues for ten (10) days after the giving of notice by Beneficiary to Grantor of such failure; CLT 837349v1 9