|
.�
<br />" :
<br />� Loan No� 7�01237797
<br />DEED OF TRUST
<br />(continuedl 2 011 Q U 3�? 0 Page 2
<br />Property; (c) the provisions of this Deed of Trust do not conflict with, or result in a defaul# under any agreement or othar instrument
<br />binding upon Trustar and do not result in a violation of any law, regulation, court decree or order applicable to 7rustor; (d) Trustor has
<br />esta6lished adequete means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e)
<br />Lender has made no representation to Trustor about Borrower (including without limitation the creditwarthiness of Borrowerl.
<br />TRUS70R'S WAIVERS. Trustor waives all rights or defenses arising by reason of eny "one action" or "'anti-deficiency" law, or any other
<br />law which may prevent Lender from bringing any action against Trustor, including a claim for deficiency to the extent Lender is otherwise
<br />entitled to a claim for deficiency, before nr after Lender's commencement or completion af any fareclosure action, either judicially or by
<br />exercise of a power of sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower and Trustor shall pay to Lender all
<br />Indebtedness secured by this beed of Trust as it becomes due, and Borrower and Trustor shall strictly perform all their respective
<br />obligations under tha Nvte, this Deed of Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of
<br />the Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1 � remain in possession and control of the Property;
<br />(2) use, operate ar manage the Property; and (3) cnllect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership
<br />of #he Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance by any person on, under, about or from the Property; (2) 7rustvr has na knowledge of, or reason to believe
<br />that there has been, except as previously disclosed to and acknowledged by Lendar in writing, (a) any breach or violation of any
<br />Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous 5ubstance on, under, about or from the Property by any prior owners ar occupants of the Property, or (c► any actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and
<br />acknowledged by Lender in writing, (a) neither Trustor nor any tenant, contractor, agent or other authorized user of the Property
<br />shall use, generate, manufacture, stare, treat, dispose of or release any Hazardous Substance an, under, about or from the Property;
<br />and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and
<br />ordinances, including without limitation all Environmental Laws. Trustor authorizes Lender and its agents to enter upon the Property
<br />to make such inspections and tests, at Trustor's expense, as Lender may deem appropriate to determine compliance of the Property
<br />with this section of the Deed of Trust. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
<br />construed to create any responsibility or liability an the part of Lender to Trustor or to any o[her person. The representations and
<br />warranties contained herein are based on Trustor's due diligence in investigating the Property for Hazardaus Su6stances. Trustor
<br />hereby (1) releases and weives any future claims against Lender for indemnity or contri6ution in the event Trustor becomes liable for
<br />cleanup or other oasts under any such laws; and (2) agrees to indemnify, defend, and hold harmless Lender against any and all
<br />claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a
<br />breach of this section of the Deed of 7rust or as a consequence of any use, generation, manufacture, storage, disposal, relsase or
<br />threatened release occurring prior to Trustor's ownership or interest in the Property, whather or not the same was or should have
<br />6een known to Trustor. The provisions of this section of the peed of Trust, including the o6ligation to indemnify and defend, shall
<br />survive the payment of the Indebtedness and the setisfaction and reconveyance of the lien of this Deed of Trust and shall not be
<br />affected by Lender's acquisition of any interest in the Property, whether py foreclosure or otherwise.
<br />Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on
<br />or to the Property or any portion nf the Property. Without limiting the generality of the toregoing, Trustor will not remove, or grant to
<br />any other party the right to remove, any tim6er, minerals (including oil and gas►, coal, clay, scoria, soil, gravel or rock products
<br />without Lender's prior written consent.
<br />Removal of Improvements. Trustor shall no# demolish or remove any Improvements from the Real Property without Lender's prior
<br />written consent. As a condition to the removal of any Improvements, Lender may require Trustor to make arrangements satisfactary
<br />to Lender to replace such Improvements with Improvemants of at least equal value.
<br />Lender's Right to Enter. Lender and Lander's agents and representatives may enter upon the Real Property at all reasonable times to
<br />attend to Lender's interests and to inspect the Real Property for purposes of Trustor's compliance with the terms and conditions of
<br />this Deed of Trust.
<br />Compliance with Governmental Raquirements. Trustor shall promptly comply with all laws, ordinances, and regulations, now or
<br />hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property, including withput limitation, the
<br />Americans With Disabilitiss Act. Trustor may contest in good faith any such law, nrdinance, or regulation and withhold compliance
<br />during any proceeding, including appropriate appeals, so long as Trustor has notified Lender in writing prior to doing so and so Inng as,
<br />in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require 7rustor to post adequate security
<br />or a surety bond, reasonably satisfactory to Lender, to protect Lendar's interest.
<br />Duty to Protect. Trustor agrees neither to abandan or leave unattended the Property. Trustor shall do all other acts, in addition to
<br />those acts set farth above in this section, which from the character and use of the Property are reasonably necessary to protect and
<br />preserve the Property.
<br />DUE pN SALE - CONSENT BY L�NpER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
<br />beed of Trust upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the
<br />Real Property. A"sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal,
<br />beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract
<br />for deed, leasehold inter�st with a term greater than three (3) years, lease-option contract, or by sale, assignment, nr transfer of any
<br />beneficial interest in or to any land trust holding title to the Real Property, or by any nther method of conveyance of an interest in the Real
<br />
|