|
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200606282
<br />
<br />Page 3
<br />
<br />interest af Trustee ar Lender under this Deed af Trust, Trustar shall defend the actian at Trustar's expense. Trustar may be the
<br />naminal party in such praceeding, but Lender shall be entitled to. participate in the praceeding and to. be represented in the praceeding
<br />by caunsel af Lender's awn chaice, and Trustar will deliver, ar cause to. be delivered, to. Lender such instruments as Lender may
<br />request fram time to. time to. permit such participatian.
<br />
<br />Compliance With Laws. Trustar warrants that the Praperty and Trustar's use af the Praperty camplies with all existing applicable
<br />laws, ardinances, and regulatians af gavernmental autharities.
<br />
<br />Survival o.f Promises. All pramises, agreements, and statements Trustar has made in this Deed af Trust shall survive the executian
<br />and delivery af this Deed af Trust, shall be cantinuing in nature and shall remain in full force and effect until such time as Trustar's
<br />Indebtedness is paid in full.
<br />
<br />CONDEMNATION. The fallawing pravisians relating to. candemnatian praceedings are a part af this Deed af Trust:
<br />
<br />Proceedings. If any praceeding in candemnatian is filed, Trustar shall promptly natify Lender in writing, and Trustar shall promptly
<br />take such steps as may be necessary to. defend the actian and abtain the award. Trustar may be the naminal party in such
<br />proceeding, but Lender shall be entitled to. participate in the praceeding and to. be represented in the praceeding by caunsel af its awn
<br />chaice, and Trustar will deliver ar cause to. be delivered to. Lender such instruments and dacumentatian as may be requested by
<br />Lender fram time to. time to. permit such participatian.
<br />
<br />Application o.f Net Proceeds'- If all ar any part af the Praperty is candemned by eminent damain praceedings ar by any praceeding ar
<br />purchase in lieu af candemnatian, Lender may at its electian require that all ar any partian af the net proceeds af the award be applied
<br />to. the Indebtedness ar the repair ar restaratian af the Praperty. The net praceeds af the award shall mean the award after payment af
<br />all reasanable casts, expenses, and attarneys' fees incurred by Trustee ar Lender in cannectian with the candemnatian.
<br />
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The fallawing pravisians relating to. gavernmental
<br />taxes, fees and charges are a part af this Deed af Trust:
<br />
<br />Current Taxes, Fees and Charges. Upan request by Lender, Trustar shall execute such dacuments in additian to. this Deed af Trust
<br />and take whatever ather actian is requested by Lender to. perfect and cantinue Lender's lien an the Real Praperty. Trustar shall
<br />reimburse Lender far all taxes, as described belaw, tagether with all expenses incurred in recarding, perfecting ar cantinuing this Deed
<br />af Trust, including withaut limitatian all taxes, fees, dacumentary stamps, and ather charges far recarding or registering this Deed af
<br />Trust.
<br />
<br />Taxes. The fallawing shall canstitute taxes to. which this sectian applies: (1) a specific tax upan this type af Deed af Trust ar upan
<br />all ar any part af the Indebtedness secured by this Deed af Trust; (2) a specific tax an Trustar which Trustar is autharized ar
<br />required to. deduct fram payments an the Indebtedness secured by this type af Deed af Trust; (3) a tax an this type af Deed af Trust
<br />chargeable against the Lender ar the halder af the Nate; and (4) a specific tax an all ar any partian af the Indebtedness ar an
<br />payments af principal and interest made by Trustar.
<br />
<br />Subsequent Taxes. If any tax to. which this sectian applies is enacted subsequent to. the date af this Deed af Trust, this event shall
<br />have the same effect as an Event af Default, and Lender may exercise any ar all af its available remedies far an Event af Default as
<br />pravided belaw unless Trustar either (1) pays the tax befare it becames delinquent, ar (2) cantests the tax as pravided abave in the
<br />Taxes and Liens sectian and de pas its with Lender cash ar a sufficient carparate surety band ar ather security satisfactary to. Lender.
<br />
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The fallawing provisians relating to. this Deed af Trust as a security agreement are a
<br />part af this Deed af Trust:
<br />
<br />Security Agreement. This instrument shall canstitute a Security Agreement to. the extent any af the Property canstitutes fixtures, and
<br />Lender shall have all af the rights af a secured party under the Unifarm Cammercial Cade as amended from time to. time.
<br />
<br />S.ec!lritylnterest. Upan request by Lender, Tru.star shIlll.J~ke_\i!lh~teveL~ction is requested by Lender to. perfect.and continue ..Lander's
<br />security interest in the Personal Praperty. In additian to. recarding this Deed af Trust in the real praperty recards, Lender may, at any
<br />time and withaut further autharizatian fram Trustar, file executed caunterparts, capies ar repraductians af this Deed af Trust as a
<br />financing statement. Trustar shall reimburse Lender far all expenses incurred in perfecting ar cantinuing this security interest. Upan
<br />default, Trustar shall nat remave, sever ar detach the Persanal Praperty fram the Praperty. Upon default, Trustor shall assemble any
<br />Persanal Praperty not affixed to. the Praperty in a manner and at a place reasanably canvenient to. Trustar and Lender and make it
<br />available to. Lender within three (3) days after receipt af written demand fram Lender to. the extent permitted by applicable law.
<br />
<br />Addresses. The mailing addresses af Trustar (debtar) and Lender (secured party) from which infarmatian cancerning the security
<br />interest granted by this Deed af Trust may be abtained (each as required by the Unifarm Cammercial Cade) are as stated on the first
<br />page af this Deed af Trust.
<br />
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The fallawing pravisians relating to. further assurances and attarney-in-fact are a part of
<br />this Deed of Trust:
<br />
<br />Further Assurances. At any time, and fram time to. time, upan request af Lender, Trustor will make, execute and deliver, ar will cause
<br />to. be made, executed ar delivered, to. Lender ar to. Lender's designee, and when requested by Lender, cause to. be filed, recarded,
<br />refiled, ar rerecarded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all
<br />such martgages, deeds af trust, security deeds, security agreements, financing statements, cantinuatian statements, instruments af
<br />further assurance, certificates, and ather dacuments as may, in the sale apinian af Lender, be necessary ar desirable in arder to.
<br />effectuate, camplete, perfect, cantinue, ar preserve (1) Trustar's abligatians under the Note, this Deed of Trust, and the Related
<br />Dacuments, and (2) the liens and security interests created by this Deed of Trust as first and priar liens an the Praperty, whether
<br />naw awned or hereafter acquired by Trustar. Unless prahibited by law ar Lender agrees to. the cantrary in writing, Trustar shall
<br />reimburse Lender far all casts and expenses incurred in cannectian with the matters referred to. in this paragraph.
<br />
<br />Atto.rney-in-Fact. If Trustar fails to. do. any af the things referred to. in the preceding paragraph, Lender may do. sa far and in the name
<br />af Trustar and at Trustar's expense. For such purpases, Trustor hereby irrevocably appoints Lender as Trustar's attarney-in-fact far
<br />the purpase af making, executing, delivering, filing, recarding, and daing all ather things as may be necessary or desirable, in Lender's
<br />sale apinian, to. accamplish the matters referred to. in the preceding paragraph.
<br />
<br />FULL PERFORMANCE. If Trustar pays all the Indebtedness, including withaut limitatian all future advances. when due, and atherwise
<br />perfarms all the abligatians impased upan Trustar under this Deed af Trust, Lender shall execute and deliver to. Trustee a request far full
<br />recanveyance and shall execute and deliver to. Trustar suitable statements af terminatian af any financing statement an file evidencing
<br />Lender's security interest in the Rents and the Persanal Praperty. Any recanveyance fee required by law shall be paid by Trustar, if
<br />permitted by applicable law.
<br />
<br />EVENTS OF DEFAULT. At Lender's aptian, Trustar will be in default under this Deed af Trust if any af the fallawing happen:
<br />
<br />Payment Default. Trustor fails to. make any payment when due under the Indebtedness.
<br />
<br />Break Other Pro.mises. Trustar breaks any pramise made to. Lender ar fails to. perfarm pramptly at the time and strictly in the manner
<br />pravided in this Deed af Trust ar in any agreement related to. this Deed af Trust.
<br />
<br />Campllance Default. Failure to. camply with any ather term, abligatian, cavenant ar canditian cantained in this Deed af Trust, the Nate
<br />ar in any af the Related Dacuments.
<br />
<br />Default an Other Payments. Failure af Trustar within the time required by this Deed af Trust to. make any payment far taxes ar
<br />insurance, ar any ather payment necessary to. prevent filing af ar to. effect discharge af any lien.
<br />
<br />Default in Favar af Third Parties. Shauld Trustar default under any laan, extensian af credit, security agreement, purchase ar sales
<br />agreement, ar any ather agreement, in favar af any ather creditar ar persan that may materially affect any af Trustar's praperty ar
<br />Trustar's ability to. repay the Indebtedness ar perfarm their respective abligatians under this Deed af Trust ar any af the Related
<br />Dacuments.
<br />
<br />False Statements. Any representatian ar statement made ar furnished to. Lender by Trustar ar an Trustar's behalf under this Deed af
<br />Trust ar the Related Dacuments is false ar misleading in any material respect, either naw ar at the time made ar furnished.
<br />
|