|
- DEED OF TRUST r~
<br />Loan No: 101221651 (Continued) ,G ~ ~ ;~ ~ ~ ,~, 7 ~ Page 4
<br />to the Indebtedness pr the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment pf
<br />all reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lendar in connection with the condemnation.
<br />IMPOSITION QF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental
<br />taxes, fees and charges are a part of this Deed of Trust:
<br />Current Taxes. Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to this Deed of Trust
<br />and take whatever other action is requested by Lender to perfect and continua Lender's lien an the Real Property. Trustor shall
<br />reimburse Lender for all taxes, as described below, together with all expanses incurred in recording, perfecting or continuing this Deed
<br />of Trust, including without limitation all texas, Pass, documentary stamps, and other charges for recording or registering this Deed of
<br />Trust.
<br />Taxes. The following shall constitute taxes to which this section applies: 111 a specific tax upon this type of Deed of Trust or upon
<br />all ar any part of the Indebtedness secured by this Deed of Trust; 121 a specific tax on Trustor which Truster is authorized ar
<br />required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust
<br />chargeable against the Lender or the holder of the Note; and 14) a specific tax an all or any portion of the Indebtedness or on
<br />payments of principal and interest made by Trustor.
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent td the date of this Deed of Trust, this event shall
<br />have the same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as
<br />_ provided. below unless Trustor either 111 pays the tax before it becomes delinquent, ar (2) contests the tax as provided above in the
<br />__ _
<br />Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory #o Lender.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The Following provisions relating to this Deed of Trust as a security agreement are a
<br />part of this Peed of Trust:
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
<br />Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
<br />Security Interest. Upon request by Lender, Trustor shall take whatever action is requested by Lender to perfect and continue Lender's
<br />security interest in the Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any
<br />time and without further authorization from Trustor, file executed counterparts, copies or reproductions of this Deed of Trust as a
<br />financing statement. Trustar shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon
<br />default, Trustor shall net remove, sever or detach the Personal Property from the Property. Upon default, Truster shall assemble any
<br />Personal Property net atfixed to the Property in a manner and at a place reasonably convenient to Trustor and Lender and make it
<br />available to Lender within three 13) days after receipt of written demand from Lender to the extant permitted by applicable law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which information concerning the security
<br />interest granted by this Desd of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first
<br />page of this Deed of Trust.
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of
<br />this Deed of Trust:
<br />Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and deliver, or will cause
<br />to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, retarded,
<br />refilsd, pr rerecorded, as the case may be, at such times and in such offices and places as Lendar may deem appropriate, any and all
<br />such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of
<br />further assurance, certificates, and other documents as may, in the sale opinion of Lender, be necessary or desirable in order to
<br />effectuate, complete, perfect, continue, or preserve (1) Trustpr's obligations under the Nate, this Deed of Trust, and the Related
<br />Documents, and (2) the liens and security interests created by this Deed of Trust on the Property, whether now owned or hereafter
<br />acquired by Trustor. Unless prohibited by law pr Lender agrees to the contrary in writing, Trustor shall reimburse Lender for all costs
<br />and expenses incurred in connection with the matters referred to in this paragraph.
<br />Attorney-in-Fact. If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name
<br />of Trustor and at Trustor's expense. For such {,urposes, Trostor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for
<br />the purpose of making, executing, delivering, filing, recnrding, and doing all other things as may be necessary or desirable, in Lender's
<br />sole opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Trustor pays all the Indebtedness, including without limitation all future advances, when due, and otherwise
<br />performs all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full
<br />reconveyance and shall execute and deliver to Trustor suitable statements of termination of any financing statement on file evidencing
<br />Lender's security interest in the Rants and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor, it
<br />permitted by applicable law.
<br />EVENTS OF DEFAULT. At Lender's option, Trustor will be in default under this Deed of Trust if any of the following happen:
<br />Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br />Break Other Promises. Trustor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner
<br />provided in this Deed of Trust or in any agreement related to this Deed of Trust.
<br />Compliance Detault. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note
<br />or in any of the Related Documents.
<br />Detault on Other Payments. Failure of Trustar within the time required by this Deed of Trust to make any payment for taxes or
<br />insurance, or any other payment necessary to prevent filing of or to affect discharge of any lien.
<br />False Statements. Any representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed of
<br />Trust or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
<br />
|