|
Loan No: 20096362
<br />D{Co � nu ajST 2 0110 0 7 0 2 page 3
<br />shall be entitled to participate in the proceeding and to be represented in the proceeding by counsei of its own choice, and Trustor wili
<br />deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permit
<br />such participation.
<br />Application of Net Prxeeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
<br />purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be appiied to the
<br />Indebtedness or the repair or restoration of the Property. ' The net proceeds of the award shall mean the award aRer payment of all
<br />reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation.
<br />IMPOSITION OF TAXE3, FEES AND CHARGES BY GOVERNMENTAL AUTHORITiES. The following provisions relating to governmental taxes,
<br />fees and charges are a part of this Deed of Trust:
<br />Current Taxes, Fees and Charges. Upon request by 4ender, Trustor shall execute such documents in addition to this Deed of Trust and
<br />take whatever other action is requested by l.ender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender
<br />for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, including
<br />without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust.
<br />Taxes. The fo{lowing shali constitute ta�ces to which this section appiies: (1) a specific tax upon this type of Deed of Trust or upon all or any
<br />part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Trustor which Trustor is authorized or required to deduct from
<br />payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender
<br />or the hoider of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
<br />Trustor. �
<br />Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shail have the
<br />same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Defauit as provided below
<br />unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens
<br />section and deposits with Lender cash or a suificient corporate surety bond or other security satisfactory to Lender.
<br />3ECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a securily agreement are a part
<br />of this Deed of Trust:
<br />Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender
<br />shali have all of the rights of a secured party under the Un'rform Commercial Code as amended from time to time.
<br />Security Interest. Upon request by Lender, Trustor shali take whatever action is requested by Lender to perfect and continue Lender's
<br />security interest in the Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any time
<br />and without further authorization from Trustor, file executed counterparts, copies o� reproductions of this Deed of Trust as a financing
<br />statement. Trustor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon defauft, Trustor
<br />shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shail assemble any Personal Property not
<br />affixed to the Property in a manner and at a piace reasonably convenient to Trustor and Lender and make it available to Lender within three
<br />(3) days after receipt of written demand from Lender to the extent permitted by applicable law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which information concerning the security interest
<br />granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this
<br />Deed of Trust.
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
<br />Deed of Trust:
<br />FuRher Assuranc�. At any time, and from time to time, upon request of Lender, Trustor wiil make, execute and deliver, or will cause to be
<br />made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
<br />rerecorded, as the case may be, at such times and in such offices and piaces as Lender may deem appropriate, any and all such martgages,
<br />deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance,
<br />certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect,
<br />continue, or preserve (1} Trustor's obligations under the Note, this Deed of Trust, and the Related Documents, and {2) the liens and
<br />security interests created by this Deed of Trust as first and prior liens on the Property, whether now owned or hereafter acquired by Trustor.
<br />Unless prohibited by law or Lender agrees to the contrary in writing, Trustor shali reimburse Lender for all costs and expenses incurred in
<br />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 of
<br />Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for the
<br />purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole
<br />opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULI PERFORMANCE. If Trustor pays ail the Indebtedness, including without limitation ali future advances, when due, and otherwise performs
<br />all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for fuil reconveyance and
<br />shali execute and deliver to Trustor suitable statements of termination of any financing statement on file evidencing Lender's security interest in the
<br />Rents and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by appiicable law.
<br />EVENTS OF QEFAULT. At Lender's option, Trustor will be in default under this Deed of Trust if any of the following happen:
<br />Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br />Br�k Other Promises. Trustor breaks any promise made to Lender or tails to pe�form pcomptly at the time and strict4y in the manner
<br />provided in this Dsed of Trust or in any agreement reiated to this Deed of Trust.
<br />Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note or in
<br />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 ta�ces or insurance, or
<br />any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed of Trust
<br />or the Related Documents is false or misleading i� a�y material respect, either now or at the time made or furnished.
<br />Defective Collateralization. This Deed of Trust o� any of the Related Documents ceases to be in full force and effect (inciuding failure of any
<br />collateral document to create a vaAd and perfected security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The death of Trustor, the insolvency of Trustor, the appointment of a receiver for any part of Trustor's property, any
<br />assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br />insolvency laws by or against Trustor.
<br />Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Trustor's property in which
<br />Lender has a lien. This inciudes taking of, garnishing of or levying on Trustor's accounts with Lender. However, if Trustor disputes in good
<br />falth whether the ciaim on which the taking of the Property is based is valid or reasonabie, and if Trustor gives Lender written notice of the
<br />claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the ciaim, then this defautt provision wiii not apply.
<br />Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not
<br />remedied within any grace period provided therein, inciuding without limitation any agreement concerning any indebtedness or other
<br />obligation of Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
<br />of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes
<br />the validity ot, or liability under, any Guaranty of the Indebtedness.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Rlght to Cure. If any default, other than a default in payment is curabie and if Trustor has not been given a notice of a breach of the same
<br />+i�� � � �. �M � �� �.
<br />sa � , ;, ; ,�
<br />
|