|
Loan No: 101240848
<br />DEED OF TRUST 2 a�. �� 3 3 0�
<br />(Continued)
<br />CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Deed of Trust:
<br />Page 4
<br />Proceedings. if any proceeding in condemnation is filed, Trustor shall promptly notify Lender in wrlting, and Trustor shall promptiy
<br />take such steps as may be necessary to defend the action end obtain the eward. Trustor mey be the nominal party in such
<br />proceeding, but Lender shall be entltled 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 tnstruments and documentation as mey be requested by
<br />Lender from time to time to permit such participation.
<br />Appiicatlon of Net Proceeds. If all or any part of the Proparty is condemned by eminent domain proceedings or by any proceeding or
<br />purchase in lieu of condemnetion, 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 proceeds of the awerd shall mean the awerd efter payment of
<br />all reasonable costs, expenses, and attorneys' fees incur�ed by Trustea or Lender in connection with the condemnation.
<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 to this Deed of Truet
<br />and teke whatever other action is requested by Lender to perfiect and continue Lender's lien on the Reel Property. Trustor shall
<br />reimburse Lender for all taxes, as described below, together with all expe�ses incurrad in recording, perfecting or continuing thia Deed
<br />of Trust, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering thia Deed of
<br />Trust.
<br />Taxes. The following shall constitute taxes to which this section applies: (1) e specific tax upon this type of Deed of Trust or upon
<br />all or any part of the Indebtedness secured by this Deed of 7rust; (2) e specific tax on Trustor which Trustor is authori2ed or
<br />required to deduct from payments on the Indebtedness secured by this type of qeed of Trust; (3) a tax on this type af Deed of Trust
<br />chargeable against the Lender or the holder of the Note; and (4) a specific tex on all or any portlon of the Indebtedness or on
<br />payments of principal and interest made by Trustor.
<br />Subsequent Taxes. If any tax to which this section applies is enected subsequent to the dete of this Daed 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 en Event of Default as
<br />provided below unless 7rustor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above tn the
<br />Taxes and Liens sectlon and deposits with Lender cash or a sufficient corporate surety bond or other security sat(sfactory to Lender.
<br />SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are e
<br />part of this Deed of Trust:
<br />Security Agreement. This instrument shall constitute e Security Agreement to the extent any of the Property constitutes flxtures, and
<br />Lender shall have all of the rtghts of e secured perty under the Uniform Commercial Code as amended from tfine to time.
<br />Security Interest. Upan request by Lender, Trustor shell take whatevar 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
<br />time and without further euthorization from Trustor, flle executed counterparts, copies or reproduct(ans of this Deed of Trust es e
<br />finencing statement. Trustor shall reimburse Lender for all expenses incurred in perfacting or continuing this aecurity interest. Upon
<br />default, Trustor shail not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall essemble eny
<br />Personal Property not affixed to the Property in a manner and at a place reesonably convenient to Trustor end Lender and make tt
<br />available to Lender within three (3) days efter receipt of written demand from Lander to the extent permitted by applicable law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which informetion concerning the security
<br />interest grented by this Deed of Trust may be obtained (each as required by the Uniform Commerctal Code) are es stated on the first
<br />page of this Dead of Trust.
<br />FURTHER ASSURANCES; ATTORNEY-IN-FACT. The fol{owing provisions relating to fiurther assurances and attorney-in-fact ere e part of
<br />thts Deed of Trust:
<br />Further Assurences. At any time, and from time to ttme, upon request of Lender, Trustor will make, executa and dal(ve�, or will ceuse
<br />to be made, executed or delivered, to Lender or to Lender's desfgnee, end when requested by Lender, cause to be filed, recorded,
<br />refiled, or rerecorded, as the case may be, at such times end in such offices and places as Lender may deem appropriate, eny and all
<br />such mortgeges, deeds of trust, security deeds, secur(ty agreements, financing statementa, contlnuation statements, tnstruments of
<br />further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to
<br />effectuate, complete, perfect, conttnue, or p�eserve (1) Trustor's obligetions under the Note, this Deed of Trust, and the Related
<br />Documents, and i2) the liens and security Interests created by this Deed of Trust es first and prior liens on the Property, whethar
<br />now owned or hereafter acquired by Trustor. Unless prohibited by lew or Lender agrees to the contrery in writing, Trustor shall
<br />reimburse Lender for aii costs and expenses lncurred in cannection with the matters referred to in tfiis paragraph.
<br />Attorney-In-Fact. If Trustor fails to do any of the things referred to tn tha preceding peragraph, Lender may do so for and in the name
<br />of Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocebly appoints Lender as Truator's attorney-in-fact for
<br />the purpose of making, executing, delivering, fiting, recording, end doing all other things as mey be necessary or desirable, in Lender's
<br />sole opinion, to accomplish the matters reterred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Trustor pays ell the Indebtedness when due, and otherwise performs all the obligations imposed upon Trustor
<br />under this Deed of Trust, Lender shall execute end deliver to Trustee a request for full reconveyence and shell execute and deliver to
<br />Trustor suitable statements of terminatton of any financing statement on ffle evidencing Lender's security interest in the Rents and the
<br />Personel Property. Any reconveyance fee required by law shall be paid by Trustor, lf permitted by applicable law.
<br />DEFAULT. At Lender's option, Trustor will be in default under this Deed af Trust if any of the following happen:
<br />Fraud or Material Misrepresentation. Trustor commits fraud or material misrepresentation in connection wtth the terms of the Note.
<br />Payment Defeult. Trustor fails to meet the repayment terms of the Note for any outstanding balance.
<br />
|