|
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200803647
<br />
<br />Page 3
<br />
<br />balance of the Note and be apportioned among and ba payable with any Installment payment. to becoma due during either (1) the term of
<br />eny epplicable In.urance policy; or (2) the remaining, term of the Nota; or IC) be treated es e balloon payment which will be due and
<br />payable at the Note'. maturity. The Deed of Tru.t also will secure payment of these amounts. Such right shall be In addition to all other
<br />rights .nd remedies to which Lender may be .ntitled upon Def.ult.
<br />
<br />WARRANTY; DEFENSE OF TITLE. The following provisions'reletlng to ownership of the Property ere a p.rt of this De.d of Trust:
<br />
<br />Title. Trustor warr.nts that: (a) Trustor holds good .nd m.rketable title of record to the Property In fee simple. free and clear of all
<br />liens and encumbrances other than thosa set forth in the Real Property dascrlptlon Or in any title insurance policy. title reporl, or final
<br />title opinion Issued In favor of, and accepted by. Lender in connection with this Deed of Trust. and (b) Trustor h.. the full right.
<br />power, .nd authority to execute and dellvar thl. Deed of Trust to Lender.
<br />
<br />Defense of me, Subject to the exception In the psragraph abova. TrUstor warrants and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event any ection or proceeding Is commenced that questlona Trustor's title or the
<br />interest of Trustee or Lander under this Deed of Trust. Trustor shall defend the action at Trustor's expensa. Tru.tor may be the
<br />nominal party in such proceeding. but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding
<br />by counsel of Lender's own choice. end Trustor will deUver. or cause to be delivered, to Lender such Instruments as Lender may
<br />request from time to time to permit such participation.
<br />
<br />Compliance With Laws. Trustor warrants that the Property and Trustor'. use of the Property complies with all existing applicable
<br />laws. ordinances, and raguletlon. of governmental authorities.
<br />
<br />Survival of Repre.entatlons and Warranties, All represantation., warranties. and agreements made by Trustor in this Deed of Trust
<br />shall .urvlve the execution and delivery of this Daad of Trust. shall be continuing In nature, and shall remain in full force end effect
<br />until such time es Borrower'. Indebtadnass .h.1I be p.ld In full.
<br />
<br />CONDEMNATION. The following provlalons relating to condemn.tlon proceedings are e p.rt of thia Deed of Tru.t:
<br />
<br />Proceedings. If any prOceeding in condemn.tlon Is filed, Trustor sh.1I promptly notify Lender in writing. and Trustor sh.1I promptly
<br />t.ke such .t.p. .s may be necessary to d.fend the .otion and obtain the ew.rd. Trustor may be the nomin.1 p.rty in such
<br />proceeding. but Lender shall be entitled to p.rticipate in the proce.ding' and to be represented In the proceeding by ooun.el of its own
<br />choice. and Trustor will deliver or c.use to be delivered to Lend.r such instruments .nd documentation as may b. requested by
<br />L.nd.r from time to time to permit such partlcip.tlon,
<br />
<br />Applic.tion of Net Proceeds. If.1I or .ny P.rt of the Property Is condemned by eminent dcm.ln proceedings or by any proceeding or
<br />purch.se In lieu of condemn.tion, Lend.r m.y at its election require that all or any portion of the net proceeds of the .w.rd be appli.d
<br />to the Indebt.dness or the repair or restoration of the Proparty, The net proceeds of the .w.rd shall me.n the eward after payment of
<br />.11 r.ssonable costs, expen.es. and ettorn.ys' fees incurred by Trustee or Lender in connection with the condemnetlon.
<br />
<br />IMPDSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAL AUTHORmes. The following provision. releting to governmental
<br />tax.S. fe.s and ch.rges are a part of this Deed of Trust:
<br />
<br />Curr~nt Taxas, Fees iiJnd Charge:.. Upon request by Lender, Tn.lstor shall execute sUGh documents in addition to this Dssd of. Trust
<br />and t.ke whatever other .ctlon is reque.ted by Lend.r to perfect and continue Lender's lien on the Re.1 Prop.rty. Trustor .h.11
<br />r.imburse Lender for .11 taxes. as described below. together with all expen.es incurred in recording. perfecting or continuing this Oeed
<br />of Trust, inGluding withouflimitation all taxes, fees, documentary stamps, and other charges for recording or registering this "Deed of
<br />Tru.t.
<br />
<br />Texes. The following shell constitute t.xes to which this .ection .pplies; (1) a specific t.x upon this type of Deed of Trust or upon
<br />.11 or any p.rt of the Indebtednes. aecured by this Oeed of Trust; (21 . specific t.x on Borrower which Borrower Is authorized or
<br />required to deduct from payments on' the Indebt.dness secured by this type of Deed of Trust; (3) . t.x on this type of Deed of Trust
<br />charg..ble .g.ln.t the Lender or the holder of the Note;.nd (4) . speCifiC tax on all or any portion of the Indebtedness or on
<br />peyments of princip.1 and Interest mede by Borrower.
<br />
<br />Subsequent Taxes. If .ny tax to which this section .pplles is enaot.d ,ubsequ.nt to the d.te of thl. Deed of Trust. this .vent shall
<br />h.ve the ..me effeCt .s an Event of Defeult, snd Lender mey exerci.e any or .11 of Its evailable remedi.s for en Event of O.f.ult as
<br />provld.d below \lnless Tru.tor either (1) pays the t.x before it become. delinquent, or (2) contests the tax as provid.d .bove in the
<br />T.xes .nd Li.n. .ection and d.posits with Lender c.sh or . .ufflclent corporate surety bond or other security s.ti.fectory to Lender,
<br />
<br />SECURITY AGREEMENT: FINANCING STATEMENTS. The following provl.lons relating to this Deed of Trust as a security .greement are.
<br />part of this Deed of Trust:
<br />
<br />S.curity Agreement. This instrument sh.1I constitute a S.ourlty Agreement to the extent any of the Property constitutes fixtures, .nd
<br />Lender shall h.ve .11 of the rights of a secured. party under the Uniform Commerciel Code .s am.nd.d from time to time.
<br />
<br />Security Intereat. Upon request by L.nd.r. Trustor shall take whatever action Is requ.sted by Lend.r to perfect .nd Continue Lender's
<br />security Interest in the Rents and Peraon.1 Property. In edditlon to recording this Deed of Trust in the re.1 property records. Lender
<br />may, at any timB and without further authorization from T,rustor, fila executed countarparts, copies or reproductions of this Deed of
<br />Truet ae . financing stetement. Trustor, shsll reimburse Lender for all expenaes incurred in perfecting or continuing this security
<br />interest. Upon defeult. Truator shall not remove, sever or detach the Person.1 Property from the Property. Upon defeult. Trustor sh.1I
<br />assemble any Personal Property not effixed to the Property in . manner end et . place reasonebly convenient to Trustor and Lender
<br />snd make it evellable to Lender within three (3) deys after receipt of written dem.nd from Lender to the .xtent permitted by 'ppllc.ble
<br />I.w.
<br />
<br />Addresses. The m.lllng .ddresses of Trustor (debtor) and Lend.r ls.cured party) from which Informetion concerning the security
<br />interest granted by this Deed of Trust m.y be obt.ined le.ch as required by the Uniform Commerci.1 Codel are .s st.ted on the first
<br />p.ge of thla Deed of Trust.
<br />
<br />FURTHER ASSURANCES: ATTORNEY-IN-FACT. The following provi.ions rel.tlng to further .ssur.nce. and .ttorn.y-In-fact are a part of
<br />this Deed of Trust:
<br />
<br />Further A..urenca.. At .ny time, .nd from time to time. upon r.quest of Lender. Trustor will meke. execute .nd d.liver, or will c.use
<br />to be m.de. executed or delivered, to Lender or to Lender's de.lgnee. snd when reque.ted by Lender. cause to be flied, recorded,
<br />refll.d. or rerecorded. as the c.s. m.y be, at such tlmee .nd In such offices .nd pl.ces e. Lender may de.m 'ppropri.te. .ny .nd .11
<br />such mortgages, deeds of trust, security deeds, security Bgreements. financing statements, continuation statements, instruments of
<br />further .s.ursnce. certificete., and other docum.nts as m.y. In the sole opinion of Lender, be necess.ry or desirable in order to
<br />effectuate. complet.. perfect. continue. or preserve (1) Borrower's .nd Truator's obligstion. under the Note, this Deed of Trust. .nd
<br />the Rel.ted Document., .nd (2) the lien. and security Interests cre.ted by this Deed of Trust .e first and prior liens on the Property.
<br />whether now owned or hereafter acquired by Trustor. Unless prohibited by I.w or L.nd.r .grees to the contr.ry in Writing. Tru.tor
<br />sh.1I reimburse Lender for all cost. and expens.s incurred In connection with the m.tt.rs referred to In this p.r.graph.
<br />
<br />Attorney-in-Fact. If Trustor f.lls to do any of the things referred to In the preceding peragraph. Lender mey do so for and In the name
<br />of Tru.tor .nd .t Trustor's .xpenee. For such purpo.... Trustor hereby irrevoc.bly .ppoints Lender .. Trustor's attorney,ln-fect for
<br />the purpose of making. executing. delivering, filing, recording, and doing .11 other things .s may be necesaary or desirable. In Lender's
<br />.01. opinion, to accomplish the mstters referred to In the preceding par.gr.ph.
<br />
<br />FULL PERFORMANCE. If Borrower .nd Trustor pay .11 the Indebtedne.., InCluding without IImlt.tlon .11 future .dvance.. when du.. and
<br />Trustor otherwise performs all the obligations Imposed upon Trustor under this Dead of Trust, Lender shall execute and deliver to Trustee e
<br />reque.t for full reconvey.nce and shall execute .nd deliver to Trustor .ult.ble stat.m.nts of terminetion of any fln.ncing stetement on file
<br />evidenoing Lender's security interest in the Rents and the Personal Property. Any reconvey.nce fee required bv law shall be p.id by
<br />Trustor. If permitted by applic.ble I.w.
<br />
<br />EVENTS OF DEFAULT. Each of the following, .t Lender'. option, sh.1I cOnstitute.n Event of Def.ult under this Deed of Tru.t:
<br />
<br />Paym.nt Default. Borrower fails to make any paym.nt when due under the Indebtedness.
<br />
|