|
20081010&' a+ `,a Y r', _
<br />r 2� 5
<br />27. COLLECTION COSTS. To the extent permitted by law, Grantor agrees to pay Lenders reasonable fees and costs, including, but not limited,
<br />fees and costs of attorneys and other agents (including without limitation paralegals, clerks and consultants), whether or not such attorney or agdnt is
<br />an employee of Lender, which are incurred by Lender In collecting any amount due or enforcing any right or remedy under this Deed of Trust,
<br />whether or not suit Is brought, including, but not limited to, all fees and costs incurred on appeal, in bankruptcy, and for post- judgment collection
<br />actions.
<br />28. PARTIAL RELEASE. Lender may release Its Interest In a portion of the Property by executing and recording one or more Partial Deed of
<br />Heconveyance without affecting Its interest in the remaining portion of the Property. Nothing herein shall be deemed to obligate Lender to release
<br />any of Its Interest in the Property (except as required under Paragraph 37), nor shall Lender be obligated to release any part of the Property if Grantor
<br />Is In default under this Deed of Trust. The lien and security interest created by the Deed of Trust remain in effect with respect to that portion of the
<br />property, as defined in the Deed of Trust, that is not the subject of this or any Partial Deed of Reconveyance.
<br />29. MODIFICATION AND WAIVER. The modification or waiver of any of Grantor's Obligations or Lender's rights under this Deed of Trust must be
<br />contained in a writing signed by Lender. Lender may perform any of Borrower's or Grantor's Obligations, delay or fall to exercise any of Its rights or
<br />accept payments from Grantor or anyone other than Grantor without causing a waiver of those Obligations or rights. A waiver on one occasion shall
<br />not constitute a waiver on any other occasion. Grantor's Obligations under this .Deed of Trust shall not be affected if Lender amends, compromises,
<br />exchanges, fails to exercise, impairs or releases any of the Obligations belonging to any Grantor, Borrower or third party or any of Its rights against
<br />any Grantor, Borrower or third parry or any of the Property. Lenders failure to insist upon strict performance of any of the Obligations shall not be
<br />deemed a waiver, and Lender shall have the right at any time thereafter to Insist upon strict perforrnance.
<br />30. SUBSTITUTE TRUSTEE. In case of the death, Inability , refusal to act or absence of the Trustee from the state where the Property Is located or in
<br />case the holder of the Obligations shall desire for any reason to remove the Trustee or any substitute trustee as trustee hereunder and to appoint a
<br />new trustee in his place and stead, the holder of the Obligations is hereby granted full power to appoint In writing a substitute trustee for said Trustee,
<br />and the substitute trustee shall, when appointed, become successor to all rights of Trustee hereunder and the same shall become vested in him for
<br />the purposes and objects of this Deed of Trust with all the power, duties and obligations herein conferred on the Trustee.
<br />31. SUCCESSORS AND ASSIGNS. This Deed of Trust shall be binding upon and inure to the benefit of Grantor and Lender and their respective
<br />successors, assigns, trustees, receivers, administrators, personal representatives, legatees and devisees.
<br />32. NOTICES. Except as otherwise required by law, any notice or other communication to be provided under this Deed of Trust shall be In writing
<br />and sent to the parties at the addresses described In this Deed of Trust or such other address as the parties may designate in writing from time to
<br />time. Any such notice so given and sent by first class mall, postage prepaid, shall be deemed given the earner of three (3) days after such notice is
<br />sent or when received by the person to whom such notice Is being given.
<br />33. SEVERABILITY. Whenever possible, each provision of this Deed of Trust shall be Interpreted so as to be effective and valid under applicable
<br />state law. If any provision of this Deed of Trust violates the law or is unenforceable, the rest of this Deed of Trust shall continue to be valid and
<br />enforceable.
<br />34. APPLICABLE LAW. This Deed of Trust shall be governed by the laws of the state where the Property Is located. Unless applicable law provides
<br />otherwise, Grantor consents to the jurisdiction and venue of any court selected by Lender, In Its sole discretion, located in that state.
<br />35. NO THIRD -PARTY RIGHTS. No person Is or shall be a thlyd -party beneficiary of any provision of this Deed of Trust. All provisions of this Deed of
<br />Trust in favor of Lender are intended solely for the benefit of Lender, and no third parry shall be entitled to assume or expect that Lender will waive or
<br />consent to the modification of any provision of this Deed of Trust, In Lenders sole discretion.
<br />36. PRESERVATION OF LIABILITY AND PRIORITY. Without affecting the liability of Borrower, Grantor, or any guarantor of the Obligations, or any
<br />other person (except a person expressly released In writing) for the paymont and performance of the Obligations, and without affecting the rights of
<br />Lender with respect to any Property not expressly released In writing, and without impairing In any way the priority of this Deed of Trust over the
<br />interest of any person acquired or first evidenced by recording subsequent to the recording of this Deed of Trust, Lender may, either before or after
<br />the maturity of the Obligations, and without notice or consent: release any person liable for payment or performance of all or any part of the
<br />Obligations; make any agreement altering the terms of payment or performance of all or any part of the Obligations; exercise or refrain from
<br />exercising or waive any right or remedy that Lender may have under this Deed of Trust; accept additional security of any kind for any of the
<br />Obligations; or release or otherwise deal with any real or personal property securing the Obligations. Any person acquiring or recording evidence of
<br />any interest of any nature in the Property shall be deemed, by acquiring such Interest or recording any evidence thereof, to have consented to all or
<br />any such actions by Lender.
<br />37. DEFEASANCE. Upon the payment and performance in full of all of the Obligations, Lender will execute and deliver to Grantor those documents
<br />that may be required to release this Deed of Trust of record. Grantor shall be responsible to pay any costs of recordation.
<br />38. CONSTRUCTION LOAN. U This Deed of Trust Is a construction mortgage under the Uniform Commercial Code, to secure an obligation
<br />incurred for the construction of an improvement on land, including the acquisition costs of land. This Deed of Trust secures a construction loan, and
<br />It will be subject to the terms of a construction loan agreement between Grantor and Lender. Any materials, equipment or supplies used or intended
<br />for use in the construction, development, or operation of the Property, whether stored on or off the Property, shall also be subject to the lien of this
<br />Deed of Trust.
<br />39. WAIVER OF HOMESTEAD AND OTHER EXEMPTIONS. Grantor hereby waives all homestead and other exemptions in the Property to which
<br />Grantor would otherwise be entitled under any applicable law.
<br />40. MISCELLANEOUS. Grantor and Lender agree that time Is of the essence. Grantor waives presentment, demand for payment, notice of dishonor
<br />and protest except as required byy law. All references to Grantor in this Deed of Trust shall include all persons signing below. If there is more than one
<br />Grantor, their Obligations shall be joint and several. This Deed of Trust represents the complete integrated understanding between Grantor and
<br />Lender pertaining to the terms and conditions hereof.
<br />41. JURY TRIAL WAIVER. LENDER AND GRANTOR HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY CIVIL ACTION ARISING OUT OF,
<br />OR BASED UPON, THIS DEED OF TRUST.
<br />42. ADDITIONAL TERMS:
<br />Grantor acknowledges that Grantor has read, understands, and agrees to the terms and conditions of this Deed of Trust, and acknowledges receipt of
<br />an exact copy of same.
<br />Datedthls 14th day of November, 2008
<br />GRANTOR: EL R al tate, L. C/.) GRANTOR:
<br />lrIR�� /ll1If111UfIi►I1 'J'I'lr
<br />ste Member
<br />._. 8 •:
<br />GRANTOR:
<br />GRANTOR:
<br />GRANTOR:
<br />GRANTOR:
<br />LPNE611 D 0 John H. Harland Co. (9/10198) (800) 037.3768 Page 4 o1 5
<br />
|