|
•~ ~ ' ~ ; ~ , ~ r ~ ~ • DEED OF TRUST ~+ ry
<br />Loan No: 101234410 ~Colltlnued) 2 ~ 1 Q ~ V 5 9/ Page 5
<br />the Related Documents, and 12- the liens and security interests created by this Deed of Trust as first and prior liens on the Property,
<br />whether now owned or hereafter acquired by Trustnr. Unless prohibited by law or Lender agrees to the contrary in writing, Trustor
<br />shall reimburse Lender for all costs 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 purposes, Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for
<br />the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's
<br />sale opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Borrower and Trustor pay all the Indebtedness, including without limitation all future advances, when duo, end
<br />Trustor otherwise performs all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a
<br />request for full reconveyance and shall execute and deliver to Trustor suitable statements of termination of any financing statement on file
<br />evidencing Lender's security interest in the Rents and the Personal Property. Any reconveyance fee required by law shall be paid by
<br />Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Deed of Trust:
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br />Other Defaults. Borrower or Trustor fails to comply with or to perform any other term, obligation, covenant or condition contained in
<br />this Dead of Trust or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition
<br />contained in any other agreement between Lender and Borrower or Trustor.
<br />Compliance Default. 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 />Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment far taxes nr
<br />insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Trustor or nn Borrower's nr
<br />Trustor's behalf under this Deed of Trust or the Related Documents is false or misleading in any material respect, either now or at the
<br />time made or furnished or becomes false or misleading at any time thereafter.
<br />Defective Collateralization. This Deed of Trust or any of the. Related Documents ceases to be in full force and effect (including failure
<br />of any collateral document to create a valid and perfected security interest or lien) at any time ahd for any reason.
<br />Death or Insolvency. The death of Borrower or Trustnr, the insolvency of Borrower or Trustor, the appointment of a receiver for any
<br />part of Borrower's or Trustor's property, any assignment for the benefit of creditors, any type of creditor workout, or the
<br />commencement of any proceeding under eny bankruptcy or insolvency laws by or against Borrower or Trustnr,
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
<br />repossession or any other method, by any creditor of Borrower or Trustnr or by any governmental agency against any property
<br />securing the Indebtedness. This includes a garnishment of any of Borrower's or Trustor's accounts, including deposit aceeunts, with
<br />Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower or Trustnr as to the validity or
<br />reasonableness of the claim which is the basis of the creditor ar forfeiture proceeding and if Borrower or Trustnr gives Lender written
<br />notice of the creditor or forfeiture proceeding and deppsits with Lender monies or a surety bond for the creditor or forfeiture
<br />proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or band for the dispute.
<br />Breach of Other Agreement. Any breach by Borrower or Trustnr under the terms of any other agreement between Borrower or
<br />Trustor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement
<br />concerning any indebtedness or other obligation of Borrower or Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation
<br />party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies nr becomes incompetent, or
<br />revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
<br />Adverse Change. A material adverse change occurs in Borrower's or 7rustor's financial condition, or Lender believes the prospect of
<br />payment or performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Right to Cure. If any default, other than a default in payment is curable and if Trustnr has not been given a notice of a breach of the
<br />same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured if Trustor, after Lender sends written
<br />notice to Borrower demanding cure of such default: 11- cures the default within fifteen (15) days; or 121 if the cure requires more
<br />than fifteen (15) days, immediately initiates steps which Lender deems in Lender's sole discretion to 6e sufficient to cure the default
<br />and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably
<br />practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender
<br />may exercise any one or more of the following rights and remedies:
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby,
<br />Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become
<br />due and payable without any presentment, demand, protest or notice of any kind. Thereafter, Lender may:
<br />la- Either in person or by agent, with nr without bringing any action or proceeding, or by a receiver appointed by a court and
<br />without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, in its
<br />own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value,
<br />marketability or rentability of the Property, or part of the Property nr interest in the Property; increase the income from the
<br />Property or protect the security of the Property; and, with or without taking possession of the Property, sue for or otherwise
<br />
|