|
200500259
<br />Each amount due and owing by Debtor to Secured Party or any Lender pursuant to this
<br />Deed of Trust or any other Loan Document shall, except to the extent otherwise specified in the
<br />document evidencing the indebtedness, bear interest from the date of such expenditure or
<br />payment until paid, at the rate per annum provided in the Notes for interest on past due principal
<br />owed on the Notes; and all such amounts, together with such interest thereon, shall be a part of
<br />the secured indebtedness and shall be secured by this Deed of Trust. The amount and nature of
<br />any such expense and the time when paid shall be fully established by the certificate of Secured
<br />Party or any of Secured Party's officers or agents.
<br />Section 1.5 Secured Indebtedness. The indebtedness referred to in Section 1.4 of this
<br />Deed of Trust, and all renewals, extensions and modifications thereof, and all substitutions
<br />therefor, in whole or in part, are hereinafter sometimes referred to as the "secured indebtedness"
<br />or the "indebtedness secured hereby."
<br />ARTICLE 2
<br />Representations, Warranties and Covenants
<br />Section 2.1 Debtor represents, warrants, and covenants as follows:
<br />(a) Title and Permitted Encumbrances. Debtor has, in Debtor's own right, and
<br />Debtor covenants to maintain, lawful, good and indefeasible title to the Mortgaged Property, free
<br />and clear of all liens, charges, claims, security interests, and encumbrances except for (i) the
<br />matters, if any, set forth in the title commitment (or if no title commitment was delivered, then in
<br />the existing owner's title insurance policy) delivered to Administrative Agent in connection with
<br />the funding of the Loans, which are Permitted Encumbrances only to the extent the same are
<br />valid and subsisting and affect the Mortgaged Property, (ii) the security title and security
<br />interests evidenced by this Deed of Trust and any financing statements in favor of Secured Party,
<br />(iii) statutory liens on the Mortgaged Property for ad valorem taxes and standby fees which are
<br />not yet delinquent, (iv) other encumbrances approved by Secured Party, (v) Permitted Liens and
<br />(vi) other liens, security title and security interests (if any) in favor of Secured Party (the matters
<br />described in the foregoing clauses (i), (ii), (iii), (iv), (v) and (vi) being herein called the
<br />"Permitted Encumbrances "). Debtor, and Debtor's successors and assigns, will warrant and
<br />forever defend title to the Mortgaged Property, subject as aforesaid against the claims and
<br />demands of all Persons claiming or to claim the same or any part thereof by, through or under
<br />Debtor, but not otherwise. Debtor will punctually pay, perform, observe and keep all covenants,
<br />obligations and conditions in or pursuant to any Permitted Encumbrance, except to the extent a
<br />failure to do so would not cause a Materially Adverse Effect, and will not modify or permit
<br />modification of any Permitted Encumbrance without the prior written consent of Secured Party,
<br />which consent shall not be unreasonably withheld with respect to any modification that is
<br />necessary to the development and construction of the Improvements. Inclusion of any matter as
<br />a Permitted Encumbrance does not constitute approval or waiver by Secured Party of any
<br />existing or future violation or other breach thereof by Debtor, by the Mortgaged Property or
<br />otherwise. No part of the Mortgaged Property constitutes all or any part of the homestead of
<br />Debtor. If any right or interest of Secured Party in the Mortgaged Property or any part thereof
<br />shall in the reasonable opinion of Secured Party, be endangered or shall be attacked directly or
<br />indirectly, Secured Party is hereby authorized and empowered to take such steps as in their
<br />reasonable discretion may be proper and necessary for the defense of any such legal proceedings
<br />DEED OF TRUST— Page 5
<br />
|