|
<br />Loan No: 807159
<br />
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200700125
<br />
<br />Page 3
<br />
<br />Trust. and (b) Trustor has the full right, power, ilnd authority to execute and deliver this Deed of Trust to Lender.
<br />
<br />Defense of Title. Suhject to the exception in the paril(Jrilph flhove, Trustor warmnts and will forever defend the title to tbe Property
<br />a(lflinst the lawful clilims of all persons. In the event any ilction or proceeding is commenced that questions Trustor's title or Ihf!
<br />intemst of Trustee or Lender under this Deed of Trust, Trustor shilll defend the action at Trustor's expense. Trustor mflY be the
<br />nominal pllrty in such proceeding, but Lender shnll be entitled to participate in the proceeding and to be repmsented in the proceeoing
<br />by counsel of Lender's own choice, and Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may
<br />request from time to time to permit such pllrticip:Jtion.
<br />
<br />Compliance With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with all existin(J applicahle
<br />laws, oroinances, and regulations of governmental authorities.
<br />
<br />Survival of Promises. All promises, agreements, and statements Trustor hilS made in this Deed of Trust shall survive the execution
<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 bf! sf!condary and inferior to an existing lien. Trustor
<br />expre8sly covenants and allrees to pay, or see to the payment of, the Existing Indebtedne8s and to prevent any default on such
<br />indf!btf!dness, any default under the instruments evidencing such indebtedness, or any default under any security documents for such
<br />indebtf!dnf!ss.
<br />
<br />No Mooification. Trustor shall not f!nter into any agref!ment with the holder of any mortgagf!, deed of trust. or othnr sf!curity
<br />agreement which hilS priority over this Dewl of Trust by which that agreement is rnodifif!d, amf!ndf!d, extf!ndf!d, or rnnnwnd without
<br />the prior written conSf!nt of Lendf!r. Trustor shllll neithnr mqUf!st nor accept any fUlllrf! Ildvances under any such security ilgreement
<br />without the prior written consent of Lnnder.
<br />
<br />CONDEMNATION. TIlf! following provisions rf!lrllin(J to condemnation proceedings are a part of this Def!d of Trust
<br />
<br />Proceedings. If any procepding in coodemnnt.ion is filed, Trustor shall promptly notify Lend"" in writing, and Trustor Slllll1 promptly
<br />take such stnps flS may be necf!ssary to df!fend I.he action and obtain the award. Trustor may be the nominal party in such
<br />proceeding, but Lf!ndf!r shall b!) f!ntitl!)rI 10 pArticipalf! in Ihf! proceeding find to bf! mpmsf!ntwJ in ttw proceeding by counsel of its own
<br />choice, and Trustor will deliver or cause to be delivered to Lenoer such instruments and documentation as may be requestf!d by
<br />Lendm from time to time to permit such participation.
<br />
<br />Application of Net Proceeds. If all or any pilrt of the Property is conoemned by eminent domain proceedings or by any proceeding or
<br />purchase in lieu of condemnation, Lender may at its election require thilt all or ilny portion of the net proceeds of the award bf! appli!1d
<br />to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the aWArd aft!)r payment of
<br />all reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lender in connection with thn condnmnation.
<br />
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental
<br />taxes, fees and 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 Dend of Trust
<br />and take whatever other action is requested by Lender to perfect and continue Lender'S lien on the Real Property. Trustor shall
<br />reimburse Lender for all taxes, as described below, together with illl expenses incurred in recording, pmfecting or continuing this Deed
<br />of Trust, including without limitation all taxes, fees, documentary stamps, and other charges for recordin(J or If!(Jisterin(J this Deed of
<br />Trust.
<br />
<br />Taxes. Thf! following shall constitute tllxes to which this sf!ction applif!s: (1) a spf!cific tax upon this type 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 authoriled or
<br />required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this typn of Deod of Trust
<br />chilrgeable against the Lender or the holder of the Note; and (4) a specific tax on all or nny portion of th!) Indnbtedness or on
<br />payments of principal and interest made by Trustor.
<br />
<br />Subsequent Taxes. If any tllX to which this section ilPplies is enacted suhsequent to the date of this Deed of Trust. this ev!)nt shall
<br />hilve thn same effnct ilS Iln Event of Default, and Lender milY exercise any or all of its available remedies for an Event of Df!fllult ilS
<br />provided below unless Trustor either (1) PilYS the tax hefore it becomes delinquent, or (2) contests the tax ns provided abovn in the
<br />Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or ollwr s!)curity slltisfactory to Lender.
<br />
<br />SECURITY AGREEMENT: FINANCING STATEMENTS. The following provisions relilting to this Deed of Trust as n security aqtl)!JInent Are a
<br />part of this Deed of Trust:
<br />
<br />Security Agreement. This instrument shall constitute a Security Aqrenment to the extent any of the Property conslitutf!s fixtulf!s, Ilnd
<br />Lender shall have all of the rights of a secured party under the Uniform Commercial Codf! as amf!nded from time to time.
<br />
<br />Security Interest. Upon request by Lender, Trustor shall take whatever action is requested by Lendf!r to perfnct and continue Lender's
<br />security interest in the Personal Property. In addition to recordin9 this Deed of Trust in the real proporty records, Lender may, at any
<br />time and without further authorilation from Trustor, file executed counterpflrts, copins or reproductions of this Deed of Trust as a
<br />financing statement. Trustor shllll reimburSf! Lf!nder for all f!xpensf!s inClJlmd in perf!)cting or continuing this security interest. Upon
<br />default, Trustor shall not remove, Sf!ver or detach the Pf!rsonal Propf!rty from th!) Property. Upon default, Trustor shall assemblf! any
<br />Personal Property not affixf!d to the Property in a mllnnf!r and at fl plllcf! If!asonllbly convenient to Trustor and Lender and makf! it
<br />available to Lender within thrf!e (3) days aftnr If!ceipt of writtnn dnmand from Lender to the extent permitted by applicllble law.
<br />
<br />Addresses. The mailing addresses of Trustor (df!btor) and Lender (securf!d pmly) from which information concerning the security
<br />interest granted by this Deed of Trust may be obtained (each as rnlluired hy the Uniform Commercial Code) are as stated on the first
<br />page of this Deed of Trust.
<br />
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attornf!yin-fact are a part of
<br />this Deed of Trust:
<br />
<br />Further Assurances. At any time, and from time to timf!, upon request of Lender, Trustor will make, eXf!cutf! and dnlivf!r, or will cause
<br />1.0 be made, f!xecuted or dnlivored, to Lf!ndm or to Lnnder's designee, and when requested by Lf!nder, cause to be filed, recorded,
<br />refilf!d, or mrf!cordf!d, as the case may be, at such times and in such offices and places as Lf!nder milY deem appropriate, any anrl all
<br />such mort(Jages, deeds of trust, security deeds, security allreernents, firHHlcing statements, continuation statements, instrumnnts of
<br />further assurance, certificates, and other documf!nts as mllY, in the solo opinion of Lender, be necessary or dnsirablo in order to
<br />effectuate, complete, perfect. continue, or preservo (1) Trustor's obligiltions under the Note, this D!)ed of Trust, and the Related
<br />Documents, and (2) the liens anrl Sf!curity intemsts cmated by this Deed of Trust as first and prior linns on the Property, whether
<br />now owned or hf!realter acquirwl by Trustor. Unless prohibit!1d by law or Lender agrf!ns to thn contrilry in writing, Trustor shall
<br />rf!imburSf! Lf!ndf!r for all costs ilnd nxpenses incurred in connection with the mnttms rf!forred to in this parilgraph_
<br />
<br />Attorney-in-Fact. If Trustor fails to do ;my of the things referred to in the precf!ding para(JIllph, Lnnder may do so for and in t1lf! nllme
<br />01 Truslor and :Jt Trustor's expense. For such purposes, Trustor hereby irmvocably ilPpoints Lender as Trustor's attorney irdilct for
<br />ttw purposo of mnking, executing, delivering, filing, mcording, and doin(J all other things as may be neCf!ssary or dnsirable, in Lender's
<br />sole ol1inion, to accornplish the maltf!rs mff!rred to in the preceding paragraph.
<br />
<br />FULL PERFORMANCE. If Trustor pays illl the Indebtedness when dllf!, And othnrwise performs all the obliglltions imposed upon Trustor
<br />under this Deed of Trust, Lender sball eXf!cutf! Ilnd dnliver to Trustee a request for full reconvnyance and shall execute and delivm to
<br />Trustor suitable statements of tmminntion of any financing statement on file evidencing Lendnr's security interest in the Rents Ilnd the
<br />PPrsOlHlI Property. Any mconvnYilnce fee required by law shall be pilid by Trustor, if pf!rrnitted by applicable law_
<br />
<br />EVENTS OF DEFAULT. At Lender's option, Trustor will be in default under this Deed of Trust if any of the following happen:
<br />
<br />Payment Default. Trustor fails to make any pllym!)nt when du!) under the Indebtedness.
<br />
<br />Break Other Promises. Trustor breaks any promise made to Lender or fails to perform promptly at the tim!) Ilnd strictly in the manner
<br />
|