|
<br />Loan No: 101208073
<br />
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200600062
<br />
<br />Page 4
<br />
<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 Lender's lien on the Real Properly. Trustor shall reimburse Lender
<br />for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, including
<br />without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust.
<br />
<br />Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon all or any
<br />part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Trustor which Trustor is authorized or required to deduct from
<br />payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender
<br />or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br />Trustor.
<br />
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the
<br />same effect as an Event of 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 tax as provided above in the Taxes and Liens
<br />section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
<br />
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part
<br />of this Deed of Trust:
<br />
<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 Code as amended from time to time.
<br />
<br />Security Interest. Upon request by Lender, Trustor shall take whatever action is requested by Lender to perfect and continue Lender's
<br />security interest in the Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any time
<br />and without further authorization from Trustor, file executed counterparts, copies or reproductions of this Deed of Trust as a financing
<br />statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Trustor
<br />shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble any Personal Property not
<br />affixed to the Property in a manner and at a place reasonably convenient to Trustor and Lender and make it available to Lender within three
<br />(3) days after receipt of written demand from Lender to the extent permitted by applicable law.
<br />
<br />Addresses. The mailing addresses of Trustor (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 the Uniform Commercial Code) are as stated on the first page of this
<br />Deed of Trust.
<br />
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
<br />Deed of Trust:
<br />
<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, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
<br />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,
<br />deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance,
<br />certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect,
<br />continue, or preserve (1) .Trustor's obligations under the Note, this Deed of Trust, and the Related Documents, and (2) the liens and
<br />security interests created by this Deed of Trust on the Property, whether now owned or hereafter acquired by Trustor. Unless prohibited by
<br />law or Lender agrees to the contrary in writing, Trustor shall reimburse Lender for all costs and expenses incurred in connection with the
<br />matters referred to in this paragraph.
<br />
<br />Attorney-in-Fact. If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
<br />Trustor and at Trustor's expense. For such purposes, Trustor 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 />
<br />FULL PERFORMANCE. If Trustor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Trustor under
<br />this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor 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 Trustor, if permitted by applicable law.
<br />
<br />DEFAULT. At Le:1d8r':; option, TJUstor will be in c.:efault undel this Deed -of Trusti! a:ny of the follcwing happen:
<br />
<br />Fraud or Material Misrepresentation. Trustor commits fraud or material misrepresentation in connection with the terms of the Note.
<br />
<br />Payment Default. Trustor fails to meet the repayment terms of the Note for any outstanding balance.
<br />
<br />Other Defaults. Trustor's act or failure to act adversely affects Lender's security interest in the Property, or any right of Lender's in such
<br />security.
<br />
<br />Right to Cure. If any default, other than a default in payment is curable and if Trustor has not been given a notice of a breach of the same
<br />provision of this Deed of Trust within the preceding twelve (12) months, it may be cured if Trustor, after receiving written notice from Lender
<br />demanding cure of such default: (1) cures the default within ten (10) days; or (2) if the cure requires more than ten (10) days, immediately
<br />initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all
<br />reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />
<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 anyone or more of the following rights and remedies:
<br />
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby, Lender
<br />may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and
<br />payable without any presentment, demand, protest or notice of any kind. Thereafter, Lender may:
<br />
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and
<br />
|