|
! i
<br />DEED OF TRUST 2 010 0'7 2 8 2
<br />Loan No: 808315 (Continued) Page 3
<br />
<br />Trust, and (b) Truster has the full right, power, and authority to execute and deliver this Deed of Trust to Lender.
<br />Defense of Tftle. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event any action or proceeding is corrrrnenced that gt.lestinns Trustor's title or the
<br />interest of Trustee or Lender under this Deed of Trust, Trustor shall defend rite artier, at Trustnr's expense. -Trustor may rte the
<br />nominal party in sur•.h proceeding, but Lender shall be er,tilled to participate in the proceeding and w he represented in the proceeding
<br />by r•.nunsel of Lender's own choice, and '1Yustor will deliver, or cause to be delivered, a Lender such instruments as Lender may
<br />request from time to time to permit such participation.
<br />Compliance With Laws. Trustor warrants that the Property and Trustgr's use of the Property romplies with all existing applicable
<br />laws, ordinances, and regulations of governmental authorities.
<br />Survival of Promises. All promises, agreements, and statements Trustor has made in this Deed of Trust shall survive the execution
<br />and delivery of this Deed of Trust, shall be continuing in nature and shall remain in full force and effer,t unfit such time as Trustor's
<br />Indebtedness is paid in full.
<br />EXISTING INDEBTEDNESS. The following provisions ronccrning Existing Indebtedness are a part of this Deed of Trust:
<br />Existing Lien. The lien of this Deed of trust securing the Indebtedness rnay be seronrlary and inferior to an existing lion. Trustor
<br />expressly covenants and agrees to pay, or srte to the payrY,ent of, the Existing Indebtedness and to prevent any default on such
<br />indebtedness, any default under the instruments evidencing such indr~btedness, or any default under any security documents for such
<br />indebtedness.
<br />Nq Modification. Trustor shall ru)t enter into any agreement with the holder of any mortgage, deed of trust, or other security
<br />agreement which has priority over this Deed of Trust by which that agreement is modified, amrtnded, extended, or renewed without
<br />the prior written consent of Lender. Trustor shall neither request nor ac:rept any future advances under any such security agreement
<br />without the prior written consent of Lt~nder.
<br />CONDEMNATION. The following provisions relating Lq condemnation proceedings are a part of this ^eerl of Trust:
<br />Proceedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and Trustor shall promptly
<br />take such steps as may be necessary to defend the action and obtain the award. "Trustor rnay he It,e nominal party in sut•.h
<br />proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the prngending by counsel of its own
<br />choice, and Trustor will deliver or cause to be delivered to Lender sur;h instruments and documentation as may he requested by
<br />Lender from time to time to permit such {,artiripatign.
<br />Appticatign of Net Proceeds. If all nr any part qF the Property is condemned by eminent dnrnain prncnetdinys or by ar,y proceeding or
<br />purchase in lieu of condemnation, Lender may at its election require that all or.any portion of the net proceeds of the award be apf.,lied
<br />to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of
<br />all reasonable costs, expenses, and attorneys' fees inaurctd by Trustee or Lender in connect.ior, with lhq condemnation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to yoverrtrnentel
<br />texas, foes and charges are a part of this Deed of T"rust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in addition t:n this Deed of Trust
<br />ar,d take whatever other action is requested by Lender to pt~rfert and continue Lender's lien on the heal Property. Trustor shall
<br />reimburse Lender for all texas, as described below, Urgelher with all expenses incurred in recording, perfecting qr r•.ont.inuiny this Ueed
<br />of Trust, including without limitation all taxes, fP,P.S, documentary stamps, and other charges for recording or registering this Deed of
<br />Trust.
<br />Taxes. The following shall constitute taxers to which this section, applies: (1) a specific tax upon this type of Deed of -Trust or upon
<br />all or any part of the Indebtedness secured by this Deed of Trust; (21 a specific tax on `truster which Trustor is authorized qr
<br />required to deduct from payments nn the Indebtedness secured by this type of Doted of Trust; (3) a tax on this type of Deed of Trust
<br />chargeable against the Lender or the holder of the Note; :tnd In) a specific tax on all or any portion of the Indehtedrtess or nn
<br />payments of principal and interest made by f roster.
<br />Subsequent Taxes. I( any tax to which this section a{:,plies is enacted subsequent to the date of this Deed of Trust, this event shall
<br />have the same effect as an Event of Default, and Lender rnay exercise any or all of its available remedies for an Event of Default as
<br />provided below unless Trustor either (1) pays the tax before it hernmes delinquent, or (7_) contests the tax as provided above in tfte
<br />1"axes and k.iens section and deposits with Lender cash or a suffir,ient corporate surety bond or other security satisfactory to Under.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Dried of -Trust as a security agreement era a
<br />part of this Deed of Trust:
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Pro{.ierty constitutes fixtures, and
<br />Lender shall have all of the rights of a secured party tinder the Uniform Cornmerrial (:ode as amended from time to tirnct.
<br />Security Interest. Upon request by kender, TI'UStgr stlall take WhatEVP.r aCtlnn IS requesle(1 by I_enfer t0 perfer•.t and continue Lender's
<br />security interest in the Personal Property. In addition to recording this 17eed of Trust in the real property records, Lender rnay, at any
<br />time and without further authorization from Trustor, file executed counter{tarts, copies or reproductions of this Deed of l oast as a
<br />financing statement. Trustor shall reimburse Lender fqr all expenses incurred in perfecting or continuing this ser•,ur'ify interest. Upon
<br />default, Trustor shall not remove, sever or detach the Personal Property from the Property, Upon default, Trustor shall assemble any
<br />Personal Property not affixed 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 131 days after receipt of written demand from Lender to the extent permitted by applicable law.
<br />Addresses. The mailing addresses of Trustor (dehtgr) and Lender (secured party) from whir.,h inforrnalion concerning the security
<br />interest granted by this Daed of Trust rnay be obtained (each as required by the Uniform Cornrnrtrcial Code) are as stated on the first
<br />page of this Deed of Trust.
<br />FURTHER ASSURANCES; AT70RNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a earl of
<br />this Denrl of Trust:
<br />Further Assurances. At any time, and from time to time, upon request: of Lender, Truster 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 filr_d, recorded,
<br />refiled, or rerecorded, as the case may be, at such times and in such offices and places as Lander may deem appropriate, any and all
<br />such mortgages, deeds of trust, security deeds, security ayreernents, financing statements, continuation statements, insfrurnertts of
<br />further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to
<br />effectuate, complete, perfect, continue, or preserve 111 Trustnr's obligations under the Note, this Deed of Trust, and the Related
<br />bocuments, and 121 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 or Lender agrgrts to the contrary in writing, 7"roster 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 f:hings referred to in the preceding paragraph, Lender rnay do so for and in the Warne
<br />of Trustor and at Trustor's expense. For such purposes, Tntstor hereby irrevocably appoints Lender as Trustor's attorney in fact fqr
<br />the purpose of making, executing, delivering, filing, recording, and doing all other things as may he necessary or desirable, in Lender's
<br />sale opinion, t.o acrornplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Trustor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Trustor
<br />under this Deed qF Trust, Lender shall execute and deliver to Trustnn a request for full reconveyanr•,e and shall execute and deliver to
<br />Trustor suitable statements of termination of any finanr•.ing statement on file evidencing Lender's security interest in the Rents and the
<br />Personal Property. Any reconveyanr,e fee required by law shall be paid by Trustor, if pnnnitted by applicable law.
<br />EVENTS OF DEFAULT. At Lender's option, Truster will ha in default under this Deed of Trust if any of the following happen
<br />Payment Default. Trustor fails to make arty payment when due under the Indebtedness.
<br />Break ether Promises. Trustor breaks any promise made tq Lender or fails to perform promptly at the time acrd strictly in the mariner
<br />M
<br />
|