|
<br />, '
<br />
<br />,.
<br />I'
<br />
<br />200700642
<br />
<br />applied to protect the Lender's interest in the Property, inc]udingbut not limited to the payment of taxes and
<br />insuranCe premiums and to the Indebtedness. At Lender's sole discretion, all leases, subleases and licenses must
<br />first be approved by Lender.
<br />
<br />CONDEMNA TION. Grantor shall give Lender notice of any action taken or threatened to be taken by private or
<br />public entities to appropriate the Property or any part thereof, through condemnation, eminent domain or any other
<br />action. Further, Lender shall be permitted to participate or intervene in any of the above described proceedings in
<br />any manner it shall at its sole discretion determine. Lender is hereby given full power, right and authority to
<br />receive and receipt for any and all damages awarded as a result of the full or partial taking or appropriation and in
<br />its sole discretion, to apply said awards to the Indebtedness, whether or not then due or otherwise in accordance
<br />with app]icable law. Unless Lender otherwise agrees in writing, any application of proceeds to the Indebtedness
<br />shall not extend or postpone the due date of the payments due under the Indebtedness or change the amount of
<br />such payments.
<br />
<br />GRANTOR'S ASSURANCES. At any time, upon a request of Lender, Grantor will execute and deliver to the
<br />Lender, and if appropriate, cause to be recorded,Sl1ch further mortgages, assignments, assignments oneases and
<br />rents, security agreements, pledges, financing statements, or such other document as Lender may require, in
<br />Lender's sole discretion, to effectuate, complete and to perfect as well as to continue to preserve the Indebtedness,
<br />or the lien or security interest created by this Security Instrument.
<br />
<br />ATTORNEY-IN-FACT. Grantor appoints Lender as attorney-in-fact on behalf of Grantor. If Grantor fails to
<br />fulfill any of Grantor's obligations under this Security Instrument or any Related Documents, including those
<br />obligations mentioned in the preceding paragraph, Lender as attorney-in-fact may fulfill the obligations without
<br />notice to Grantor. This power ofattomey shall not be affected by the disability of the Grantor.
<br />
<br />EVENTS OF DEFAULT. The following events shall constitute default under this Security Instrument (each an
<br />"Event of Default"):
<br />
<br />(a) Failure to make required payments when due under Indebtedness;
<br />(b) Failure to perform or keep any of the covenants of this Security Instrument or a default under any of
<br />the Related Documents;
<br />(c) The making of any oral or written statement or assertion to the Lender that is false or misleading in any
<br />material respect by Grantor or any person obligated on the Indebtedness;
<br />(d) The death, dissolution, insolvency, bankruptcy or receivership proceeding of Grantor or of any person
<br />or entity obligated on the Indebtedness;
<br />(e) Any assignment by the Grantor for the benefit of the Grantor's creditors;
<br />(f) A material adverse change occurs in the financial condition, ownership or management of Grantor or
<br />any person obligated on the Indebtedness; or
<br />(g) The Lender deems itse]( insecure for. any Jea~on whatsoever.
<br />
<br />REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default, Lender may, without demand or
<br />notice, pay any or all taxes, assessments, premiums, and liens required to be paid by Grantor, effect any insurance
<br />provided for herein, make such repairs, cause the abstracts of title or title insurance policy and tax histories of the
<br />Property to be certified to date, or procure new abstracts of title or title insurance and tax histories in case none
<br />were furnished to it, and procure title reports covering the Property, including surveys. The amounts paid for any
<br />such purposes will be added to the Indebtedness and will bear interest at the rate of interest otherwise accruing on
<br />the Indebtedness until paid. In the event of foreclosure, the abstracts of title or title insurance shall become the
<br />property of the Lender. All abstracts of title, title insurance, tax histories, surveys, and other documents pertaining
<br />to the Indebtedness will remain in Lender's possession until the Indebtedness is paid in full.
<br />
<br />IN THE EVENT OF Tl-IE SALE OF THIS PROPERTY UNDER THE PROCEDURE FOR FORECLOSURE OF
<br />A SECURITY INSTRUMENT BY ADVERTISEMENT, AS PROVIDED BY APPLICABLE LA W, OR IN THE
<br />EVENT THE LENDER EXERCISES ITS RIGHTS UNDER THE ASSIGNMENT OF LEASES AND RENTS,
<br />THE GRANTOR HEREBY WAIVES ANY RIGHT TO ANY NOTICE OTHER THAN THAT PROVIDED
<br />FOR SPECIFICALLY BY STATUTE, OR TO ANY JUDICIAL HEARING PRIOR TO SUCH SALE OR
<br />OTHER EXERCISE OF RIGHTS.
<br />
<br />Upon the occurrence of an Event of Default, Lender may, without notice unless required by law, and at its option,
<br />declare the entire Indebtedness due and payable, as it may elect, regardless of the date or dates of maturity thereof
<br />and, if permitted by state law, is authorized and empowered to sell or to cause the Property to be sold at public
<br />auction, and to execute and deliver to the purchaser or purchasers at such sale any deeds of conveyance good and
<br />sufficient at law, pursuant to the statute in such case made and provided, and out of the proceeds of the sale to
<br />retain the sums then due hereunder and all costs and ;:;harges of the sale, including alLorneys' f;;;cs, rendering any
<br />surplus to the party or parties entitled to it. The recitals in the trustee's deed shall be prima facie evidence of the
<br />truth of the statements made in it. If Lender chooses to invoke the power of sale, Lender or Trustee will provide
<br />notice of sale pursuant to applicable law. Any such sale or a sale made pursuant to a judgment or a decree for the
<br />foreclosure hereof may, at the option of Lender, be made en masse. The commencement of proceedings to
<br />foreclose this Mortgage in any manner authorized by law shall be deemed as exercise of the above option.
<br />
<br />Upon the occurrence of an Event of Default, Lender shall immediately be entitled to make application for and
<br />obtain the appointment of a receiver for the Property and of the earnings, income, issue and profits of it, with the
<br />powers as the court making the appointments confers. Grantor hereby irrevocably consents to such appointment
<br />and waives notice of any application therefor.
<br />
<br />Q 2004-2006 Copyright Compliance Systems. Inc. D291 ~ 72fiA - 2006,07,166
<br />
<br />
<br />r~~O~C"1 =1~~~t'.".me:t.:~4:7_=__ ~._-
<br />
<br />Initials
<br />
<br />www, compliancc.syst~n1.'J;: com
<br />_~=~_~:~~"~. .. ~'~O:~9,8'8.?n,..f~~:.&19:.9.~6'J}.681
<br />
<br />P~HI; 3 ofS
<br />
|