|
; � �, � 20110005G
<br />COND�MNATION. Grantor shall give Lender notice of any action taken or threatened to be taken by private or
<br />public entities to appropriate the Property or any part thereof, through condemnation, eminent domain ar any other
<br />actian. Further, Lender shall be permitted to participate or intervene in ar�y af the above described proceedings in
<br />any manner it shall at its solc discretion determine. Lender is hereby given full power, right and authority to
<br />receive and receipt for any and all damages awarded as a result of the full or partial taking or appropriation and in
<br />its sole discretion, to apply said awards to the Indebtedness, whether or not then due or otherwise in accordance
<br />with applicable law. Unless Lender otherwise agrees in writing, any application of proceeds to the Indebtedness
<br />shall not extend or postpone the due date of the payrnents due under the Indebtedness or change the amaunt of
<br />such payments.
<br />GRANTOR'S ASSURANCES. At any time, upon a request of Lender, Grantor will execute and deliver to
<br />Lender, and if appropriate, cause to be recorded, such further mortgages, assignments, assignments of leases and
<br />rents, security agreernents, pledges, financing statements, or such other document as Lender may require, in
<br />Lender's sole discretion, to effectuate, complete and to perfect as well as to continue to preserve the Indebtedness,
<br />or the lien or security interest created by this Security Insmiment.
<br />ATTORNEY-IN-FACT. Grantor appoints Lender as attorney-in-fact on behalf of Grantor. If Grantor fails to
<br />fulfill any of Grantor's obligations under this Security Instrument or any Related Docurnents, including those
<br />obligations mentianed in the preceding paragraph, Lender as attorney-in-fact may fulfill the obligations without
<br />notice to Grantar. This power of attonney shall not be affected by the disability of the Grantor.
<br />EVENTS OF DEFAULT. The following events shall constitute default under this Security Instiument (each an
<br />"Event of Default"):
<br />(a) Failure to make required payments when due under Indebtedness;
<br />(b) Failure to perform or keep any of the covenants of this Security Instrument or a default under any af
<br />the Related Documents;
<br />(c) The making of any oral or written statement or assertion to Lender that is false or misleading in any
<br />material respect by Grantor or any person obligated on the Indebtedness;
<br />(d) The death, dissolution, insolvency, bankiuptcy or receivership proceeding of Grantor or of any person
<br />or entity obligated on the Indebtedness;
<br />(e) Any assignment by Grantor for the benefit of Grantor's creditors;
<br />(fl A material adverse change occurs in the financial condition, ownership or management of Grantor or
<br />any person obligated on the Indebtedness; or
<br />(g) I,ender deerns itself insecure for any reason whatsoever.
<br />REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default, I.end�r may, without demand or
<br />notice, pay any or all taxes, assessments, premiums, and liens required to be paid by Grantor, effect any insurance
<br />provided for herein, make such repairs, cause the abstracts of title or title insurance policy and tax histories of the
<br />Property to be certified to date, or procure new abstracts of title or title insurance and tax histories in case none
<br />were furnished to it, and procure title reports covering the Property, including surveys. The amounts paid for any
<br />such purposes will be added to the Indebtedness and will bear interest at the rate of interest otherwise accruing on
<br />the Indebtedness until paid. In the event of foreclosure, the abstracts of title or title insurance shall b�come the
<br />property of Lender. All abstracts o£ title, title insurance, tax histories, surveys, and other documents pertaining to
<br />the Indebtedness will remain in Lender's possession until the Indebtedness is paid in full.
<br />IN THE �VENT OF THE SALE OF THIS PROPERTY UNDER THE PROCEDURE FOR FORECLOSURE OF
<br />A SECURITY INSTRUMENT BY ADVERTISEMENT, A5 PROVIDED BY APPLICABLE LAW, OR IN THE
<br />EVENT' LENDEK EXERCISES ITS RIGHTS UNDER THE ASSIGNMENT OF LEASES AND RENTS, THE
<br />LENDER SHALL PROVIDE ALL 5TATUT'ORILY REQUIRED NQTICES OF SALE AND NOTICES OF
<br />7UDICIAL HEARINGS BEFORE LENDER EXERCISES ANY OF ITS RIGHTS UNDER THIS
<br />INSTRLTMENT.
<br />Upon the accurrence of an�vent of Default, Lendcr may, withaut notice unless required by law, and at its aption,
<br />declare the entire Indebtedness due and payable, as it may elect, regardless of tha date or dates of maturity thereof
<br />and, if pernutted by state law, is authorized and empowered ta cause the Properiy to be sold at public auction, and
<br />to execute and deliver to the purchaser or purchasers at such sale any deeds of canveyance good and sufficient at
<br />law, pursuant to the statute in such case made and provided. The Trustee shall apply the proceeds of the Trustee's
<br />sale, first, to the costs and expenses of exercising the power of sale and of the sale, including the payment of the
<br />Trustee's fees actually incurted; second, to payment of the obligation secured by the trust deed; third, to the
<br />payment of junior trust deeds, mortgages, or other lienholders and the balance, if any, to the person ar persons
<br />legally entitled thereto. The recitals in the Trustee's deed shall be prima facie evidence af the truth of the
<br />statements made in it. If Lender chooses to invoke the power of sale, I,ender or 1'rustee will provide notice of sale
<br />pursuant to applicable law. Any such sale or a sale made pursuant to a judgment or a decree for the foreclosure
<br />hereof may, at the option of Lender, be xnade en masse. The cammencement of proceedings ta foreclose this
<br />Security Instrument in any manner authorized by law shall be deemed as exercise of the above option.
<br />Upon the occurrence of an Event of Default, L.ender shall immediately be entitled ta make applicatian for and
<br />obtain the appointment of a receiver for the Property and of the earnings, income, issue and profits of it, with the
<br />powers as the court making the appointments confers. Grantor hereby irrevocably consents to such appointrnant
<br />and waives notice of any application therefor.
<br />NO WAIVER. No delay or failure of Lender to exercise any right, remedy, power or privilege hereunder shall
<br />affect that right, remcdy, power or privilege nor shall any single or partial exercise thereof preclude the exercise of
<br />any right, remedy, power or privilege. No �ender delay or failure to demand strict adherence to the terms of this
<br />� 2004-2010 Compliance Systema, Inc. F947-SAEe - 2010.05365
<br />Commercial Etea� Estate Security Instrumcnt - DL4007 Page 3 of 5 www.eompliancesystems.com
<br />
|