|
<br />. ,
<br />
<br />loan No: 372055053
<br />
<br />DEED OF TRUST
<br />( Continued)
<br />
<br />200607991
<br />
<br />Page 3
<br />
<br />.,,-,-~~'~_."-'-'~-_'_'-
<br />
<br />. . ~_.__.~-~
<br />-_.-.__."'_..,--"'---~"',.-,,--'-_..._-_..-_.."-_..".,_..,"~".,~._-
<br />
<br />any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise
<br />would have had.
<br />
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownfJfship of the PropfJfty are a part of this Deed of Trust:
<br />
<br />Title_ Trustor warrants that: (a) Trustor holds good and marketahle title of record to the Property in fee simple, free and clear of all
<br />liens and encumbrances other than those set forth in the Real Property description or in the Existing Indebtednesll section below or in
<br />any title insurance policy, title report, or final title opinion issued in favor of. and accepted hy, Lender in connection with this Deed of
<br />Trust. and (b) Trustor has the full right, power, and authority to execute and deliver this Deed of Trust to Lender.
<br />
<br />Defense of Title. Suhject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's title or the
<br />interest of Trustee or Lender under this Deed of Trust. Trustor shall defend the action at Trustor's expense- Trustor mAY hn the
<br />nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to he represented in the proceeding
<br />by counsel of L.ender's own choice, and Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender milY
<br />request from tinle to time to permit such participation.
<br />
<br />Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Proporty complies with all existing applicahle
<br />laws, ordinances, and regulations of governmental authorities.
<br />
<br />Survival of Promises. All promises, agreements, And stlltements Trustor has made in this De8d of Trullt shall survive the eX8cution
<br />and delivery of this Deed of Trust, shall be continuing in nature and shall remain in full force and effect until such time as Trustor's
<br />Indebtedness is paid in full.
<br />
<br />EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Deed of Trust:
<br />
<br />Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Trustor
<br />expressly covenants And agrees to pay, or see to the payment of, the Existing Indebtedness And to prevent any default on such
<br />indebtedness, any default under the instruments evidencing such indebtedness, or any default under any security documents for such
<br />indebtedness.
<br />
<br />No Modification. Trustor shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security
<br />agreement which has priority over this Deed of Trust by which that agreement is modified, amended, extended, or renewed without
<br />the prior written consent of Lender. Trustor shall neither request nor accept any future advances under any such security Ilgreement
<br />without the prior written consent of Lender.
<br />
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br />
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and Trustor shall promptly
<br />take such steps as may be neceSSAry to defend the action and obtain the aware!. Trustor may be the nominal party in SUGh
<br />proceeding, but l.ender shall be entitled to participate in the proce8ding and to be represented in the proceeding by counsel of its own
<br />choice, and Trustor will deliver or cause to be delivered to Lender such instruments and documentation as may be requested hy
<br />Lender from time to time to permit such participation.
<br />
<br />Application of Net Proceeds. If all or IIny pllrt of the Property is condemned by eminent domain proceedings or by Ilny proceeding or
<br />purchase in lieu of condemnation, Lender mllY at its election require that all or any portion of the net proceeds of the award be applipd
<br />to the Indebtedness or the repair or restoration of the Property. The net proceeds of the IIward shall mean the Award after payment of
<br />all rellsonllhle costs, expenses, and attorneys' fees incurred by Trust8e or Lender in connection with the condemnation.
<br />
<br />IMPOSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions mlating to governmentlll
<br />taxes, fees 11m! charges are a part of this Deed of Trust:
<br />
<br />Current Taxes. Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to this Deed of Trust
<br />and trke whatever other action is requested by Londer to perfect and continue Lender's lien on the Real Property_Trustor shall
<br />reimburse Lender for 1111 taxes, as described below, togother with all expenses incurred in recording, perfecting or continuing this Deed
<br />of Trust, including without limitlltion all taxes, fees, documentary stamps, and other charges for recording or registering this neod of
<br />Trust.
<br />
<br />Taxes. The following shall constitute taxes to which this section IIpplies: (1) a specific tax upon this typ8 of Deed of Trust or upon
<br />all or any part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Trustor which Trustor is lIuthorized or
<br />required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tllX on this type of Deed of Trust
<br />chargeable against the Lender or the holder of the Credit Agreement; and (4) a specific tax on all or IIny portion of the Indebtedness
<br />or on payments of principlIl and interest made by 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
<br />have the same effect as an Event of Default, and Lender may exercise any or all of its availablo remedies for An Fvent of Defllult as
<br />provided helow unless Trustor either (1) pays the tax before it hocomes dnlinquent, or (2) contests the tax as provided above in the
<br />Taxes and Liens 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 IIgreement are a
<br />part of this Deed of Trust:
<br />
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitut8s fixtures, and
<br />Lender 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 whlltever 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
<br />time and without further authorization from Trustor, file executed counterparts, copies or reproductions of this Deed of Trust as a
<br />financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security intorest. Upon
<br />default, Trustor shall not rernovo, sever or detllch the Personal Property from the Property. Upon default. Trustor shall assemble any
<br />Personal Property not affixed to the Property in II manner and at a place reasonably convenient to Trustor and Lender and mnke it
<br />aVllilable to Lender within three (3) days after receipt of written dpmand from l.ender to the extent permitted by applicable law.
<br />
<br />Addresses. The mailing addressps of Trustor (debtor) and Lender (secured party) from which information Goncernin<j the socurity
<br />interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Co(8) am as stated on the first
<br />page of this Deed of Trust.
<br />
<br />FURTHER ASSURANCES; ATTORNEY -IN-FACT. The following provisions rnlating to further assurances and attorney-in-fact are a part of
<br />this 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 clluse
<br />to be made, executed or delivered, to Lender or to Lender'S dpsignee, and when requested by Lender, cause to be filed, recorded,
<br />refiled, or rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriato, any and all
<br />such mortgag8s, deeds of trust, security deeds, security Agreements, financing statements, continUAtion statements, instruments of
<br />further assurllnce, certificates, and other documents as may, in th8 sole opinion of Lender, be necessary or desirable in order to
<br />effectuate, complete, perfect, continue, or preserve (1) Trustor's obligations under the Credit Agreement. this Deed of Trust, and
<br />the Related Documents, and (2) the liens and security interests created by this Deed of Trust on the Property. whether now owned
<br />or hereafter acquired by Trustor. Unless prohibited by law or Lender agrees to the contrary in writing. Trustor shall reimburse Lender
<br />for all costs and expenses incurred in connection with the 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
<br />of Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fllct for
<br />the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender'S
<br />sole opinion, to accomplish the matters referred to in the preceding paragraph.
<br />
<br />FULL PERFORMANCE. If Trustor pays all the Indebtedness when due, terminates the credit line account, and otherwise performs all the
<br />
<br />; ~
<br />
|