|
D�ED OF TRUST
<br />Loan No: 9012373�� ;; • k (Contlnued) 2 O 1 O O��,g ,� Page 5
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br />Other Defaults. Borrower or Trustor fails tp comply with or to perform any other term, pbligativn, covenant or condition contained in
<br />this Deed 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 pther agreement between Lender and Borrpwer or Trustor.
<br />Compliance Default. Failure to comply with any other term, obligation, covenant or condition contafned in this Deed of 7rust, tha 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 for taxes or
<br />insurance, or any qther payment necessary to prevent filing of or to etfect discharge of any lien.
<br />False St�tements. Any warranty, representation or statement made or furnished ta Lender by Borrower or Trustor vr on Borrower's or
<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 ar misleading at any time thereafter.
<br />Dafective Collateralization. 7his Deed af Trust or any of the Related Dacuments ceases to be in full forca and effect (including failure
<br />of any collateral document to create a valid and perfected security intarest or lien) at any time and for any reason.
<br />Insolvency. The dissolution or termination of Borrower's or 7rustor's existence as a going buxiness, the insolvency of Borrower or
<br />Trustor, the appointment of a receiver for any part of 8orrower's pr Trustor's property, any assignment for the benefit of creditors,
<br />any type of creditor workaut, or the commencement of any proceeding under any bankruptcy or insolvency laws by ar against
<br />Borrower nr Trustor.
<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 Bqrrower or Trustor or by any governmental agency against any property
<br />securing the Indebtedness. This includes a gamishment of any of Borrower's or Trustar's accounts, including depasit accounts, with
<br />Lender. However, this Event of Default shall not apply if there is a gaad faith dispute by Borrower or Trustor as to the validity or
<br />reasonableness of the claim which is the basis of the creditor ar fprteiture proceeding and if Bprrpwer or Trustor gives Lander written
<br />notice of the creditor or forfeiture proceeding and deposits with Lender monias or a surety bond for the creditor or forfeiture
<br />proceading, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.
<br />Breach of Other Agreement. Any breach by Borrower or Trustor under the terms of any othsr agreement between Borrower or
<br />Trustor and Lender that is not remedied within any grace pariod provided therein, including without limitation any agreement
<br />concerning any indebtedness or other obligation of Borrpwer or Trustor to Lender, whether existing now or latar,
<br />Events Affecting Guarantor. Any pf the preceding events occurs with respect to any guarantar, endorser, surety, or accommqdation
<br />party of any of the Indebtedness or any guarantar, endorser, surety, or accommodation party dies or becomes inepmpetent, or
<br />revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
<br />Adverse Change. A material adverse change accurs in Borrower's or Trustor's financial condition, or Lender believes the prospect of
<br />payment or performance of ihe 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 Trustar has not been given a notice nf e breach of [he
<br />same provision of this Deed of 7rust within the preceding twelve (12) months, it may be cured if 7rustor, after Lender sends written
<br />notice to Borrpwer demanding cure of such default: (1) cures the default within fiftesn (15) days; or (2) if the cure requires more
<br />than fifteen (15) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the dafault
<br />and thereafter continues and camplstes all reasonable and necessary stsps suffioient to produce compliance as soon as reasonably
<br />practical.
<br />RIGHTS AND REMEDIES ON D�FAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender
<br />may exercise any ane or mare af the following rights and remedies:
<br />Acceleration Upan pefault; Additiona) �temedies. If any Event of Default occurs as par 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 />(a) Either in person or by agent, with or without bringing any action or procesding, or by a receiver appointed by a court and
<br />without regard to the adaquacy of its security, enter upon and take possession of the Property, or any part thereof, in its
<br />own nama ar in the name of Trustee, and do any acts which it deems nacessary or desirable to preserve tha value,
<br />marketability or rentability of the Property, ar part of the Property or interest in the Property; increase the income frqm the
<br />Property ar protect the security of the Property; and, with or without teking ppssession of the Property, sue far or otherwise
<br />collect the rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less costs and
<br />axpenses of operation and collection attorneys' fees, tp any indebtedness secured by tMis Deed of Trust, all in such order as
<br />Lender may determine. The entering upon and taking possessivn of the Property, the collection af such rents, issues and
<br />profits, and the application thereof shall not cure or waivs any default or notice of default under this Deed of 7rust ar
<br />invalidate any act done in response to such default or pursuant to such notice of default; and, notwithstending the
<br />continuance in passessipn of the Property or the collection, recsipt and application of rents, issues or profits, Trustee or
<br />Lender shall be entitled to exercise every right pravidad for in the Note or the Relatad Documents or by law upon th�
<br />occurrence of any event of default, including the right to exercise the powar vf sale;
<br />(6) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically �nfprce any of the
<br />covenants hereof; and
<br />(c) Deliver to 7rustee a written declaration of default and demand for sale and a written natice of default and electivn to
<br />cause Trustor's interest in the f'roperty ta be sold, which nptice Trustee shall cause to be duly filed for record in the
<br />appropriate offices of the County in which the Property is located; and
<br />
|