|
DEED OF TRUST 2 010 Q 9 S i G pa
<br />Loan No: 123610 � (Continued) ge 3
<br />such expensas will become a part of the Indebtedness and, at Lender's option, will (A) 6e paya6le on demand; (B) be added to the
<br />balance of the Note and be appbrtioned among and 6e payable with any installment payments to become due during either (1 � the term of
<br />any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a belloon payment which will be due and
<br />payable at the Note's maturity. The Deed of Trust also will secure payment of these amounts. Such right shall be in addition to all other
<br />rights and remedies to which Lender may be entitled upon Default.
<br />WARRANTY; DEFENSE QF TITLE. The fnllowing prpvisions relating to ownership of the Property are a part of this Deed of Trust:
<br />Ti#le. Trustor warrants that: (e) 7rustor holds good and marketable title of record to the Property in fee simple, free and clear of all
<br />liens and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final
<br />title opinion issued in favor of, and accepted 6y, Lender in connection with this Deed af Trust, snd (b) Trustor has the full right,
<br />power, and authority to executa and deliver this Deed of Trust to Lender,
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend th� title to the Property
<br />against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Trustor's title ar the
<br />interest of 7rustee or Lender under this Deed of Trust, Trustor shall defend the action at Trustor's expense. Trustor may be tha
<br />nominal party in such proceeding, but Lander shall be entitled to participate in the proceeding and to be represented in the proceeding
<br />6y counsel of Lender's own choice, and Trus#or will dsliver, or cause to be delivered, to Lender such instruments as Lender may
<br />request from time to time to permit such participation.
<br />Complianca With Laws. Trustor warrants that the Property and Trustor's use of the Property complies with all existing applicahla
<br />laws, ordinances, and regulations of govemmental authoritias.
<br />Survival af Representations and Warranties. All representations, warranties, and agreements made 6y Trustor in this peed of Trust
<br />shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain in full force and effect
<br />until such time as 7rustor's Inde6tedness shall be paid in full.
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed 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 o6tain the award. Trustnr may be 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 af its own
<br />choice, and Trustor will daliver or cause to be delivered to Lender such instruments and documentation as mey be raquested by
<br />Lender from time to #ime ta permit such participatian.
<br />Application df Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceading or
<br />purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds nf tha award be applied
<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 casts, expenses, and attorneys" fees incurred by Trustee or Lender in connection with the condemnatian.
<br />IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental
<br />taxes, fees and charges are a part of this Deed of Trust:
<br />Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents in eddition ta this peed of 7rust
<br />and take whatever other action is requestad by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall
<br />reimburse Lender for all taxes, as described below, tagether with all expenses incurred in recording, perfecting or contin�ing this Deed
<br />of Trust, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of
<br />7rust.
<br />Taxes. The follnwing shall constitute taxes 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 an Trustor which Trustor is authorized or
<br />required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; 13) a tax on this type of �eed of Trust
<br />chargeable against the Lender or the holder of the Note; and 14) a specific tax on all or any portion of tha Indabtedness or on
<br />payments of principal and interest made by Trustor.
<br />Su6saquant 7axes. If any tax to which this section applies is enacted subsequent to the date of this Deed of 7rust, this event shall
<br />have the same effect as an Event of Default, and Lender may exercise any or all of its availa6le remedies for an Event of pefault as
<br />provided below unless Trustor either (1) pays the tax qefore it becomes delinquent, or (2) contests the tax as provided above in tha
<br />Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
<br />SECURITY AGREEMENT; FINANCING STAT�M�N75. The following provisions relating to this Deed of Trust as a security agraement are a
<br />part of this Deed of Trust:
<br />Seeurity Agreament. 7his instrument shall constitute a Security Agreement to the extent any of the Property oonstitutes fixtures, and
<br />Lender shall have all of the rights of a secured party under the Uniform Commercial Cpde as amended from time to time.
<br />5ecurity Intarest. Upon request by Lender, Trustor shall take whatever action is requested by Lender to perfect and continue Lender's
<br />security interest in the Rents and Personal Property. In addition to renording this Deed ot Trust in the real property records, Lender
<br />may, at any time and withaut further authorization from Trustor, file executed counterparts, copies or reprnductions of this bead of
<br />Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security
<br />interest. Upon defeult, Trustor shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shell
<br />assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Trustor and Lender
<br />and make it available to Lender within three (3) days after receipt of written demand from Lender to tha extent permitted by applicable
<br />law.
<br />Addresses. The mailing addresses af 7rustor (debtor) and Lender (secured party) from which information concerning the security
<br />interest granted by this Deed of Trust may bs abtainad (each as required by the Uniform Commercial Code) are as stated on the first
<br />page of this Deed of Trust.
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fac# are a part of
<br />this Deed of Trust:
<br />Further Assurances. At any time, and frnm time to tima, upon request of Lender, Trustor will make, execute and deliver, or will ceuse
<br />to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded,
<br />refiled, ar rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all
<br />such mortgages, daeds af trust, security deeds, security agreements, financing statements, continuation statements, instruments of
<br />further assurance, certificates, and other documents as may, in tha sole opinion of Lender, be necessary or desirable in order to
<br />effectuate, complete, perfect, continue, or preserve (1) Trustor's obligations under the Note, this Desd of Trust, and the Related
<br />Documents, and (2) tha liens and security interests created by this Deed of Trust as first and prior liens on the Proper#y, whather
<br />now owned or hereafter acquired by Trustor. Unless prohibited by law or Lender agrees to the contrary in writing, Trustor shall
<br />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, Trustpr hereby irrevocably appoints Lender as Trustor's attorney-in-fact for
<br />the purpose of making, executing, delivering, filing, recording, and doing ell other things as may be necessary or desirable, in Lender's
<br />sble opinion, to accamplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Trustor pays sll the Indebtedness, including without limitation all future advances, when due, and otherwise
<br />performs all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full
<br />reconveyance and shall execute and deliver to Trustor suitable statements nf tarmination of any financing statement on file evidencing
<br />Lender's sacurity interest in the Rents and the Personal Property. Any reconveyance fee required by law shall 6e paid 6y Trustor, if
<br />permitted by applicable law.
<br />EV�NTS OF bEFAUL7. Each of the follawing, at Lender's option, shail constituta an Event of Default under this Deed of Trust:
<br />Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br />�� �
<br />
|