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200704125
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200704125
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Last modified
5/22/2007 10:49:45 AM
Creation date
5/22/2007 10:49:43 AM
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DEEDS
Inst Number
200704125
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<br />200704125 <br /> <br />prohibited by law so to do. Grantor shall hold harmless and indemnify Beneficiary and Trustee <br />and its successors and assigns, against any liability incurred by reason of the imposition of any <br />tax on the making and recording of this Deed of Trust. <br /> <br />15. Reporting Requirements. Grantor agrees to give prompt notice to Beneficiary of the <br />insolvency or bankruptcy filing of Grantor. <br /> <br />16. Events of Default. The term "Event of Default" as used herein shall mean the occurrence <br />or happening, at any time and from time to time, of an Event of Default under the Loan <br />Agreement as a result of which Beneficiary may, pursuant to the Loan Agreement, exercise its <br />rights and remedies against Grantor and/or the Trust Property. Grantor acknowledges and agrees <br />that this Deed of Trust shall be cross-collateralized and cross-defaulted with any and all other <br />mortgages, assignments of leases and rents, security agreements and fixture filings executed by <br />Grantor or any affiliate thereof to secure the Loan pursuant to the terms of the Loan Agreement. <br /> <br />17. Late Payment Charge. If any installment of the Obligations is not paid on the date on <br />which it is due, Grantor shall pay to Beneficiary upon demand an amount equal to the lesser of <br />five percent (5%) of such unpaid portion of the Obligations or the maximum amount permitted <br />by applicable law, to defray the expense incurred by Beneficiary in handling and processing such <br />delinquent payment and to compensate Beneficiary for the loss of the use of such delinquent <br />payment, and such amount shall be secured by this Deed of Trust. <br /> <br />18. Right to Cure Defaults. Upon the occurrence of any Event of Default, Beneficiary or <br />Trustee may, but without any obligation to do so and without notice to or demand on Grantor and <br />without releasing Grantor from any obligation hereunder, make or do the same in such manner <br />and to such extent as Beneficiary and Trustee may deem necessary to protect the security hereof. <br />Each of Beneficiary and Trustee is authorized to enter upon the Trust Property for such purposes <br />or appear in, defend, or bring any action or proceeding to protect its interest in the Trust Property <br />or to foreclose this Deed of Trust or collect the Obligations, and the cost and expense thereof <br />(including reasonable attorneys' fees to the extent permitted by law), with interest at the Default <br />Rate for the period after notice from Beneficiary or Trustee that such cost or expense was <br />incurred to the date of payment to Beneficiary or Trustee, shall constitute a portion of the <br />Obligations, shall be secured by this Deed of Trust and shall be due and payable to Beneficiary <br />or Trustee upon demand therefor. <br /> <br />19. Remedies. <br /> <br />19.1. Upon the occurrence of any Event of Default, the Trustee, upon the <br />request of the Beneficiary may take such action, without notice or demand, as it <br />deems advisable to protect and enforce its rights against Grantor and in and to the <br />Trust Property, by Beneficiary itself or otherwise, including, but not limited to, <br />the following actions, each of which may be pursued concurrently or otherwise, at <br />such time and in such order as Beneficiary may determine, in its sole discretion, <br />subject to the provisions of Article 42, without impairing or otherwise affecting <br />the other rights and remedies of Beneficiary: <br /> <br />10 <br />
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