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<br />87- ®- 103276 �
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<br />nm ,•r: r wry• 1,. .,. ... ...w .,. h,•. �'trr .nr .., , n: b„ _ .. n
<br />nr pus,•,' ,n . ud nhnut�`•th • Improvement,' which ,. nec.•ssn r.• rn 't'.te
<br />.,late And comfortable use And occupuucy of the Improvements for all
<br />purposes for which they are intended and such other goods and chattels
<br />and personal property owned by Trustor as are ever to be used or
<br />furnished in operating the Improvements, or the activities conducted
<br />therein, and all renewals or replacements thereof or substitutions
<br />therefore, whether or not the same shall be attached to the
<br />Improvements in any manner, and all building materials and equipment
<br />hereafter situate on or about the Real Estate or the Improvements. The -
<br />foregoing security interest shall also cover Trustor's leasehold interest
<br />in any of the foregoing items which are leased by Trustor. Trustor
<br />shall, from time to time, upon request of Beneficiary, provide -
<br />Beneficiary with a current inventory of all of the personal property in
<br />which the Beneficiary is granted a security Interest hereunder, in such
<br />detail as Beneficiary may require. Trustor covenants that the
<br />Improvements will constantly be equipped with such quantity and quality
<br />of personal property as shall be reasonably required to fully equip the
<br />Improvements as an operating, first -class sixty -two (62) room economy
<br />motel. Items of personal property whieh become worn out, absolute or _
<br />otherwise no longer available in satisfaction of the foregoing requirement
<br />shall be promptly replaced by Trustor.
<br />16. Security Agreement: This Deed of Trust constitutes a
<br />security agreement e�-tween Trustor and Beneficiary with respect to All
<br />personal property in which Beneficinry is rrnnted A security interest
<br />hereunder, and, cumulative of all other rights and remedies of
<br />Beneficiary hereunder, Beneftrinry shall have all of the rights and
<br />remedies of a socurctl party under the ':ehrm kn Uniform Commercial
<br />Code. Trustne hercbv age ,n ccecute anti deliver on demand and
<br />hereby irrev,w -nhle cn t:'urr ,n,! ,ppnints Beneficiary the
<br />attornev-ln -fact of Tru =mr e , arcute , n I .',-liver and• if appropriate•
<br />to file with the apl— printe filing officer or officers such security
<br />agreements, finne,'for �I nt.-rvnta. continuation statements or other
<br />Instruments as Itenrfictary mnv request or require in order to impose,
<br />perfect or rnntinn.- the rerfertion of the lien or security interest created
<br />hereby. Upon the occurrence of arty default hereunder not cured within
<br />anv applicable grace period. Beneficinry shall have the right to cause
<br />anv of such property which is personal property and subject to security
<br />Interest of Bene9ctAry hereunder to be sold in one of public or private
<br />mica as permitted by applicable law, including at a sale held in
<br />renjunction with the sale of such property by Trustee, as provided for
<br />In this Dred of Trust. and Beneficiary shall further have all rights and
<br />rrmedleA, whether at law In equity or by statute, as are available to
<br />securod creditors under applicable law. Any such disposition may be
<br />conducted by an employee or agent of Beneficiary or Trustee. Expenses
<br />of retaking• holding, preparing for sale, selling or the like shall be
<br />born by Trustor and shaU include Beneficiary's and Trustee's fees and
<br />Ieral expenses. Beneficiary shall have the right to enter upon the Real
<br />Estate and the Improvements or any other real property or any personal
<br />property which is the subject of the security interest granted herein as
<br />located to take possession of, assemble and collect such personal
<br />property or to render it unusable, or Trustor, upon demand of
<br />Beneficiary, shall assemble such personal property and make it available
<br />to Beneficiary at a place deemed reasonably convenient to Beneficiary.
<br />If notice is required by law, Beneficiary shall give Trustor at least five
<br />(S) days' prior written notice of the time and place of any public sale or
<br />other disposition of such property or of the time of or after which any
<br />private sale or other intended disposition is to be made. and, if such
<br />notice is sent to Trustor, as the same is provided for the mailing of
<br />notices herein, it is hereby deemed that such notice shall be And is
<br />reasonable notice to Trustor. Any sale made pursuant to the provisions
<br />of this paragraph shall be deemed to have been a public sale conducted
<br />in a reasonably commercial manner if held contemporaneously with the
<br />sale under the power of sale granted in this Deed of Trust upon giving
<br />the same notice with respect to the sale of the personal property
<br />hereunder as is required with respect to the sale under the power of
<br />ante given the Trustee under this Deed of Trust.
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