|
DEED OF TRUST
<br />' Icont�nuedl 2 O 1 U 0 9 8 4 CJ page 3
<br />LEND�R'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if
<br />Trustor fails to comply with any provision of ihis Deed of Trust or any Related �ncuments, including bu[ not limited to Trustor's failurP to
<br />discharge or pay when due any amounts Trustor is required to discharge or pay ursder this Deed of Trust or any Related pocuments, Lender
<br />on Trustor's behalf may (bui shall not be obligated to) take any action thai Lender deems appropriate, including but no# limited to
<br />discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and
<br />paying all costs fpr insuring, maintaining and preserving the Prpperty. All such expenditures incurred or paid by Lender for such purposes
<br />will then bear interest at the rate charged under the Note from the date incurr�d or paid by Lender to the date of repayment by 7rustor. All
<br />such expenses will 6ecome a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the
<br />balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of
<br />any applicable in&urance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon 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 additivn ta all other
<br />rights and remedies tp which Lender may ha enti#lad upan Defsult.
<br />WARRANTY; DEFENSE OF TITL�. The following provisions relating to ownership of the Property are a part of #his D�ed at 7rustr
<br />Title. Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee simple, free and clear of all
<br />liens and encumbrances other than thpse 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 by, Lender in connection with this Deed of Trust, and (�) Trustar has the full right,
<br />power, and authority to execute and deliver this Deed of Trust to Lender.
<br />Defense of Title. Subject to the exception in the peragraph above, Trustpr warrants and will forever defend the title to the Property
<br />against the lawful claims of all persons. In the event any actipn or prpceeding is commenced that questions Trustor's title or the
<br />interest of Trustee or Lender under this Deed of Trust, Trustor shall defend the action at Trustor's expense. Trustor may be the
<br />nominal par[y in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding
<br />by counsel pf Lender's pwn choice, and Trustor will deliver, pr cause to be delivered, to Lender such instruments as Lender may
<br />request frpm time to time to permit such participation.
<br />Compliance With Laws. Trustor warrants thst the Property and Trustor's use of the Prpperty complies with all existing applicable
<br />laws, ordinances, and regulations of governmental authorities.
<br />Survivsl of Representations and Warranties. All representations, warranties, and agreements made by Trustnr in this Deed 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 Bprrower's Indebtedness 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 obtain the award. Trustor may be the nominal party in such
<br />praceeding, 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 Trustor 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 participation.
<br />Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
<br />purchase in lieu of candemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied
<br />to the Indebtedness or the repair or restoration of the Property. The net prpceeds 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 GOVERNMENTAL AUTMORITIES. 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 addition to ihis Deed of Trust
<br />and take whatever other action is requested by Lender ta perfect and continue Lender's lien on the Real Property. Trustor shall
<br />reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed
<br />of Tru5t, inciuding without limitation all taxes, fees, documentary stamps, and other charges fpr recording pr registering this Deed of
<br />Trust.
<br />Taxes. The following shall constitute taxes to which this section epplies: (1) a specific tax upon this type of Deed of Trust or upon
<br />all or any part of the Indebtedness secured by this Daed af Trust; (�) a specific tax on Borrower which Borrower is auihorized or
<br />required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust
<br />chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on
<br />payments of principal and interest made by Bnrrower.
<br />Suhsequent Taxes. If any tax to which this section applies is enacted su6sequsnt 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 Event of Default as
<br />provided below unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the
<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; FINANCIMG STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a
<br />part of this beed of Trust:
<br />Security Agreement. This instrument shall constitute a 5ecurity Agreement to the extent any of the Property constitutes fixtures, and
<br />Lender shall have all of the rights vf a secured party under the Uniform Commercial Code as amended from time to time.
<br />Security Interest. 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 recording this Deed of Trust in the real property records, Lender
<br />may, at any time and without further authorization from Trus[or, file executed counterparts, copies or reproductinns of this beed of
<br />Trust as a financing statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security
<br />interest. Upon default, Trustor shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall
<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 the extent permitted by applicable
<br />Iaw.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which informatinn cnncerning the security
<br />interest granted by this �eed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first
<br />page of this peed of Trust.
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisians relating to further assurances and attorney-in-fact are a part of
<br />this Deed of Trust:
<br />Further Assurances. At any time, and from time to time, upon request of Lender, Trustor will make, execute and deliver, or will cause
<br />to 6e made, executsd or delivered, to L.ender or to Lender's designee, and when requested by Lender, cause tq be filed, recorded,
<br />refiled, or 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, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments ot
<br />further assuranc�, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to
<br />effectuate, ebmplete, perfect, continue, or preserve (1) Borrower's and Trustor's obligations under the Note, this Deed of Trust, and
<br />the Related ❑ocuments, and (2) the liens and security interests created by this Deed of Trust as first and prinr liens on the Property,
<br />whether now owned or hereafter acquired by 7rustor. Unless prohibited by law or Lender agrees to the contrary in writing, Trwstor
<br />shall reimburse Lender for all costs and expenses incurred in connection with the matters referred tp in this psragraph.
<br />Attornay-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, "Crustor here6y 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 />sole 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 due, and
<br />
|