|
<br />.' ~,~~,~ / /.<,
<br />,
<br />
<br />200803068
<br />
<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
<br />Lender, and if appropriate, cause to be recorded, such further mortgages, assignments, assignments of leases 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 of attorney 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 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 Grantor for the benefit of 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) Lender deems itself insecure for any reason 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 Lender. All abstracts of title, title insurance, tax histories, surveys, and other documents pertaining to
<br />the Indebtedness will remain in Lender's possession until the Indebtedness is paid in full.
<br />!N THE EVE~JT OF THE SALE OF THIS PR.OPERTY UNDER THE PRCCEDURE FOR FORECLOSullL 8F
<br />A SECURITY INSTRUMENT BY ADVERTISEMENT, AS PROVIDED BY APPLICABLE LAW, OR IN THE
<br />EVENT LENDER EXERCISES ITS RIGHTS UNDER THE ASSIGNMENT OF LEASES AND RENTS, THE
<br />LENDER SHALL PROVIDE ALL STATUTORILY REQUIRED NOTICES OF SALE AND NOTICES OF
<br />JUDICIAL HEARINGS BEFORE LENDER EXERCISES ANY OF ITS RIGHTS UNDER THIS
<br />INSTRUMENT.
<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 charges of the sale, including attorneys' fees, 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 />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 />NO WAIVER. No delay or failure of Lender to exercise any rii~ht;renledy,Cpower or privilege hereunder shall
<br />affect that right, remedy, power or privilege nor shall any single or partial exercise thereof preclude the exercise of
<br />any right, remedy, power or privilege. No Lender delay or failure to demand strict adherence to the terms of this
<br />Security Instrument shall be deemed to constitute a course of conduct inconsistent with Lender's right at any time,
<br />before or after an event of default, to demand strict adherence to the terms of this Security Instrument and the
<br />Related Documents.
<br />
<br />SUBSTITUTE TRUSTEE. Lender, at its option, may from time to time remove Trustee and appoint a successor
<br />trustee to any Trustee appointed hereunder by an instrument recorded in the county in which this Security
<br />Instrument is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title,
<br />power and duties conferred upon Trustee herein and by applicable law.
<br />
<br />ill ~004-~007 COI'l'Tight Compliance Systems, Inc. 68E7-IA55 - 2008.02.240
<br />Commercial Real Estate Security Instrument - DlA007
<br />
<br />Pago4of6
<br />
<br />www.compliancesystems.com
<br />800-968-85~~ - Fax 616-956-1868
<br />
|