|
200315018
<br />Lender to protect the security of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all
<br />present and future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect,
<br />absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all
<br />other docuents that secure the Note or otherwise executed in connection therewith, including without limitation guarantees, security
<br />agreements and assignments of leases and rents, shall be referred tar herein as the "Loan Instruments ".
<br />Trustor covenants and agrees with Lender as follows:
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property, and warrants that the lien
<br />created hereby is a first and prior lien on the Property, except for liens and encumbrances set forth by Trustor in writing and
<br />delivered to Lender before execution of this Deed of Trust, and the execution and delivery of this Deed of Trust does not violate any
<br />contract or other obligation to which Trustor is subject.
<br />3. Taxes, Assessments. To pay before delinquency all taxes, special assessments and all other charges against the Property
<br />now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire, hazards included within the term "extended coverage ", and
<br />such other hazards as Lender may require, in amounts and with companies acceptable to Lender, naming Lender as an additional
<br />named insured, with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and
<br />compromise, all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness
<br />secured hereby and in such order as Lender may determine, (ii) to the Trustor to be used for the repair or restoration,of the Property
<br />or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured
<br />hereby before such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due
<br />date of any payments under the Note, or cure any default thereunder or hereunder.
<br />5. Escrow. Upon written demand by Lender, Trustor shall pay to Lender, in such manner as Lender may designate, sufficient
<br />sums to enable Lender to pay as they become due one or more of the following: (i) all taxes, assessments and other charges against
<br />the Property, (ii) the premiums on the property insurance required hereunder, and (iii) the premiums on any mortgage insurance
<br />required by Lender.
<br />6. Maintenance, Repairs and Compliance with Laws. Trustor shall keep the Property in good condition and repair; shall
<br />promptly repair, or replace any improvement which may be damaged or destroyed; shall not commit or permit any waste or
<br />deterioration of the Property; shall not remove, demolish or substantially alter any of the improvements on the Property; shall not
<br />commit, suffer or permit any act to be done in or upon the Property in violation of any law, ordinance, or regulation; and shall pay and
<br />promptly discharge at Trustor's cost and expense all liens, encumbrances and charges levied, imposed or assessed against the
<br />Property or any part thereof.
<br />7. Eminent Domain. Lender is hereby assigned all compensation, awards, damages and other payments or relief (hereinafter
<br />"Proceeds ") in connection with condemnation or other taking of the Property or part thereof, or for conveyance in lieu of
<br />condemnation. Lender shall be entitled at its option to commence, appear in and prosecute in its own name any action or
<br />proceedings, and shall also be entitled to make any compromise or settlement in connection with such taking or damage. In the
<br />event any portion of the Property is so taken or damaged, Lender shall have the option, in its sole and absolute discretion, to apply
<br />all such Proceeds, after deducting therefrom all costs and expenses incurred by it in connection with such Proceeds, upon any
<br />indebtedness secured hereby and in such order as Lender may determine, or to apply all such Proceeds, after such deductions, to
<br />the restoration of the Property upon such conditions as Lender may determine. Any application of Proceeds to indebtedness shall
<br />not extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder. Any unapplied
<br />funds shall be paid to Trustor.
<br />8. Performance by Lender. Upon the occurrence of an Event of Default hereunder, or if any act is taken or legal proceeding
<br />commenced which materially affects Lender's interest in the Property, Lender may in its own discretion, but without obligation to do
<br />so, and without notice to or demand upon Trustor and without releasing Trustor from any obligation, do any act which Trustor has
<br />agreed but fails to do and may also do any other act it deems necessary to protect the security hereof. Trustor shall, immediately
<br />upon demand therefor by Lender, pay to Lender all costs and expenses incurred and sums expended by Lender in connection with
<br />the exercise by Lender of the foregoing rights, together with interest thereon at the default rate provided in the Note, which shall be
<br />added to the indebtedness secured hereby. Lender shall not incur any liability because of anything it may do or omit to do
<br />hereunder.
<br />9. Hazardous Materials. Trustor shall keep the Property in compliance with all applicable laws, ordinances and regulations
<br />relating to industrial hygiene or environmental protection (collectively referred to herein as "Environmental Laws "). Trustor shall
<br />keep the Property free from all substances deemed to be hazardous or toxic under any Environmental Laws (collectively referred to
<br />herein as "Hazardous Materials "). Trustor hereby warrants and represents to Lender that there are no Hazardous Materials on or
<br />under the Property. Trustor hereby agrees to indemnify and hold harmless Lender, its directors, officers, employees and agents, and
<br />any successors to Lender's interest, from and against any and all claims, damages, losses and liabilities arising in connection with
<br />the presence, use, disposal or transport of -any Hazardous Materials on, under, from or about the Property. THE FOREGOING
<br />WARRANTIES AND REPRESENTATIONS, AND TRUSTOR'S OBLIGATIONS PURSUANT TO THE FOREGOING INDEMNITY, SHALL
<br />SURVIVE RECONVEYANCE OF THIS DEED OF TRUST.
<br />10. Assignment of Rents. Trustor hereby assigns to Lender the rents, issues and profits of the Property; provided that Trustor
<br />shall, until the occurrence of an Event of Default hereunder, have the right to collect and retain such rents, issues and profits as they
<br />become due and payable. Upon the occurrence of an Event of Default, Lender may, either in person or by agent, with or without
<br />bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter
<br />upon and take possession of the Property, or any part thereof, in its own name or in the name of the Trustee, and do any acts which it
<br />deems necessary or desirable to preserve the value, marketability or rentability of the Property, or any part thereof or interest therein,
<br />increase the income therefrom or protect the security hereof and, with or without taking possession of the Property, sue for or
<br />otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and
<br />expenses of operation and collection including attorneys' fees, upon any, indebtedness secured hereby, all in such order as Lender
<br />may determine. The entering upon and taking possession of the Property, the collection of such rents,.issues and profits and the
<br />application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done in
<br />response to such default or pursuant to such notice of default and, notwithstanding the continuance in possession of the Property or
<br />the collection, receipt and application of rents, issues or profits, and Trustee and Lender shall be entitled to exercise every right
<br />provided for in any of the Loan Instruments or by law upon occurrence of any Event of Default, including without limitation the right
<br />to exercise the power of sale. Further, Lender's rights and remedies under this paragraph shall be cumulative with, and in no way a
<br />limitation on, Lender's rights and remedies under any assignment of leases and rents recorded against the Property. Lender, Trustee
<br />and the receiver shall be liable to account only for those rents actually received.
<br />11. Events of Default. The following shall constitute an Event of Default under this Deed of Trust:
<br />(a) Failure to pay any installment of principal or interest of any other sum secured hereby when due;
<br />(b) A breach of or default under any provision contained in the Note, this Deed of Trust, any of the Loan Instruments, or any
<br />other lien or encumbrance upon the Property;
<br />(c) A writ of execution or attachment or any similar process shall be entered against Trustor which shall become a lien on
<br />the Property or any portion thereof or interest therein;
<br />(d) There shall be filed by or against Trustor or Borrower an action under any present or future federal, state or other
<br />statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors; or there shall be appointed any trustee,
<br />receiver or liquidator of Trustor or Borrower or of all or any part of the Property, or the rents, issues or profits thereof, or Trustor
<br />or Borrower shall make any general assignment for the benefit of creditors;
<br />(e) The sale, transfer, lease, assignment, conveyance or further encumbrance of all or any part of or any interest in the
<br />Property, either voluntarily or involuntarily, without the express written consent of Lender; provided that Trustor shall be
<br />permitted to execute a lease of the Property that does not contain an option to purchase and the term of which does not exceed
<br />one year;
<br />(f) Abandonment of the Property; or
<br />
|