|
,,
<br />Loan No: 101235847
<br />DE Co O n ed ST � Q 1 0 0 0 4 2 1 page 4
<br />liens and encum6rances other than those set forth in the Real Property description or in the Existing Indabtedness sectinn below or in
<br />any title insurance policy, title report, or final title opinion issued in favor of, and accspted by, Lender in connection with this �eed of
<br />Trust, and (b) 7rustor has the full right, pnwer, and authority to execute and deliver this Deed of Trust to l.ender.
<br />Defense of 7itle. Subject to the exception in tha paragraph above, Trustor warrants and will forever defend the title to the Property
<br />against tha lawful claims of all persons. In the event any action or proceeding is commencad that questians Trustor's title or the
<br />interest of Trustee or Lender under this Deed of Trust, Trustnr shall defend the actinn at Trustor's expense. Trustor may be the
<br />nominal party in such proceeding, but Lender shall ba entitled to participete in the proceeding and to be represented in the proceeding
<br />by counsel of Lender's own chpice, and Trustor will deliver, or cause to be delivered, to Lender such instruments as Lender may
<br />request from time to time to permit such participation.
<br />Compliance With Laws. Trustar warrants that the Property and Trustor's use of the Property camplias with all existing applicable
<br />laws, ordinances, and reguletions of governmental authorities.
<br />Survival of Representations end Werranties. All representations, warranties, and agreements made by Trustnr in this Deed of Trust
<br />shall survive the executian and delivery of this Deed of Trust, shall be continuing in neture, and shell remain in full force and effect
<br />until such time as Borrower's Indebtedness shall be paid in Full.
<br />�XISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Deed of Trust:
<br />Existing Lien. The lien qf this of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Trustor
<br />expressly covenants and agrees to pay, or sae to the payment of, the Existing Indebtedness and to prevent any default on sucl'r
<br />indebtedness, any default under the fnstruments evidencing such indebtedness, or any default under any security documents fpr such
<br />indebtedness.
<br />No Modification. Trustor shall npt 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 agreamsnt is modifisd, amended, extended, or renewed without
<br />the prinr written consent of Lender. 1`rustor shall neithar raquest nor accept any future advances under any such security agreament
<br />without the prior written consent of lender.
<br />CQNDEMNATION. The following provisions relating ta condemnation proceedings are a part of this Deed of Trust:
<br />Proceedings. If any proceeding in condemnatian is filed, Trustor shall promptly notify Lender in writing, and Trustor shall promptly
<br />take such steps as may be necassary to defend the action and obtain the award. Trustor may 6e the nominal party in such
<br />proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own
<br />choice, and Trustpr will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by
<br />Lender from time to time to permit such participatinn.
<br />Applicatian af Net Proceeds. If all or any part of the Proparty is condemned by eminent domain proceedings or by any proceeding or
<br />purchase in lieu of condemnation, Lender may et its alsction require that all or any portion of the net proceeds of ths award be applied
<br />to the Inde6Yedness or the repair or restara#ion of the Property. The net proceeds of the award shall mean the award after payment of
<br />all reasonable costs, expenses, and attorneys' fees incurred by 7rustee or Lender in connection with the condemnation.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENl'AL AUTMORITIES. The fpllowing provisions relating to governmental
<br />taxes, fees and charges are e part of this Deed af Trust:
<br />Current taxes, �ees and Charges. Upon request by Lender, Trustor shall execute such documents in addition to this Deed of Trust
<br />and take whatever ather action is requested by Lender to perfect and cantinue Lender's lien an the Real Property. Trustor shall
<br />reimburse Lender for all taxes, as described belvw, togather with all expenses incurred in recording, perfecting or nontinuing this Deed
<br />of Trust, including without limitation all texes, fees, documentary stamps, and other charges for recording or registering this Deed of
<br />Trust.
<br />Taxes. 7he following shall constitute taxes to which this section applies: (1) a apecific tax upon this type of �eed of Trust or upon
<br />all or any part of the Indebtedness secured by this Deed of Trust; (2) a spacific tax on Borrower which Borrower is authorized or
<br />required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type af Deed of Trust
<br />chargeable against the Lender or #he holder of the Note; and (4) a specific tax on all or any pprtion pf the Indebtedness or on
<br />payments nf principal and interest made by Borrower.
<br />Subsequent Taxas. If any tax to which this section applies is enacted subsequent to #he 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 �vent of Default as
<br />provided below unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the tex as provided above in the
<br />1`axes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactary to Lender.
<br />SECURII"Y AGREEMENT; FINANC�NG STATEMENT5. l'he following provisipns relsting to this Deed of Trust as a security agreement are a
<br />p8rt of this Deed of Trust:
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, snd
<br />Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
<br />5ecurity Interest. Upon request by Lender, Trustor shall take whatever action is requested by Lender ta perfect and continue Lender's
<br />security interest in the Rents and Personal Property. In addition to recording this Daed nf Trust in the real property records, Lendee
<br />may, at any tima and without further autharization from 7rustor, file executad counterparts, copies or reproductions of this Deed af
<br />Trust as a financing statement. 7rustor shall reimburse Lendsr for ell expenses incurred in perfecting or continuing this security
<br />interest. Upon default, Trustor shall nnt rempve, sever or detach the Personal Property from the Property. Upon default, Trustor shall
<br />assemble any Personal Property nqt affixed to the Property in a manner and at a place reasansbiy convenient to Trustor and Lender
<br />and make it evailable to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable
<br />law.
<br />Addrasses. The mailing addresses of Trustor (de�tpr) and Lender (secured party) from which information conceming the security
<br />
|