|
��.°' ��`: �!' 'n e! `'� .` DEED OF TRUST 2 01 �. 0 3 4 0 G
<br />Loan No: 701240035 (Continued) Page 5
<br />sole opinion, to accomplish the matters referred to in the preceding paregraph.
<br />FULL PERFORMANCE. If Trustor peys all the Indebtedness when due, end otherwise performs eli the obligations impased upon Trustor
<br />under this Deed of Trust, Lender shell execute and deliver to Trustee a request for full reconveyance end shall execute and deliver to
<br />Trustor suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents end the
<br />Peraonel Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the following, et Lender's option, shall constitute an Event of Default under this Deed of Trust:
<br />Peyment Defeuit. Trustor fails to make any peyment when due under the Indebtedness.
<br />Other Defaults. Trustor fefls to comply with or to perform any other term, obligetion, covenant or condition conteined in this Deed of
<br />Trust or fn any of the Related Documents or to comply with or to perform any term, obligetion, covenent or condition contained in any
<br />other agreement between Lender end Trustor.
<br />Compliance Defeult. Failure to comply with any other term, obligation, covenent or conditfon contained in this Deed of Trust, the IVote
<br />or in any of the Reteted Documents.
<br />Default on Other Paymen�. Feilure of Trustor within the time required by this Deed of Trust to make any payment for taxes or
<br />insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />False Stataments. Any warranty, representation or statement made or furnished to Lender by Trustor or on Trustor's behelf under this
<br />Deed of Trust or the Releted Documents is false or misteading in any material respect, either now or et the time made or furnished or
<br />becomes false or misleading at any time thereafter.
<br />Defecttve Collaterallzation. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including faflure
<br />of eny collaterel document to create a valid and perfected security interest or Ifen) at eny 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,
<br />any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
<br />bankruptcy or insolvency lews by or ageinst Trustor.
<br />Creditor or Forfeitu�e P�oceedings. Commencement of foreclosure or forfeiture proceedings, whether by Judicial proceeding, self-help,
<br />repossession or any other method, by any creditor of Trustor or by any governmental agency against any property securing the
<br />Indebtedness. This includes a garnishment of any of Trustor's accounts, including deposit accounts, with Lender. However, this
<br />Event of Default shall not apply if there is a good faith dispute by Trustor as ta the validity or reasonebleness of the cleim which is the
<br />basis of the creditor or forfaiture proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and
<br />deposits with Lender monies or e surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole
<br />discretion, as being an adequete reserve or bond for the dispute.
<br />Breach of Other Agreement. Any breach by Trustor under the terms of any other egreement between Trustor and Lender that is not
<br />remedied within eny grece period provided therein, including without limitation any agreement concerning any indebtedness or other
<br />obligation of Trustor to Lender, whether existing now or later.
<br />Even� Affecdng Guararrtor. Any of the preceding eventa occurs with respect to any guarantor, endorser, surety, or accommodation
<br />party of eny of the Indebtedness or eny guarentor, endorser, surety, or accommodation party dies or becomes incompetent, or
<br />revokes or disputea the velidity of, or liability under, any Guaranty of the Indebtednesa.
<br />Adverse Change. A meteriel adverse change occurs in Trustor's financial conditlon, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith befleves itself insecure.
<br />Existing Indebtedness. The payment of any installment of principal or eny interest on the Existing Indebtedness is not made within the
<br />time required by the promtssory note evidencing such indebtedness, or a default occurs under the instrument securing such
<br />indebtedness and is not cured during any applicable grace period in auch instrument, or any suit or other action (s commenced to
<br />foreclose eny existing lien on the Property.
<br />Right to Cure. If any default, other than a defeult in payment is curable and if Trustor has not been given a notice of a breach of the
<br />same provision of this Deed of Trust within the preceding twelve (12) months, It may be cured if Trustor, after Lender sends written
<br />notice to Trustor demanding cure of such default: (11 cures the default within fifteen (15) days; or (2) if the cure requfres more than
<br />fifteen (15) days, immedlately initietes steps which Lender deems in Lender's sole discretlon to be sufficient to cure the default end
<br />thereafter continues end completes all reasonable and necessary steps sufficient to produce compliance es soon es reasonebly
<br />precticat.
<br />RIQHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender
<br />may exercise any one or more of the following rights end remedies:
<br />Acceleration Upon Dafault; Addttional Ramedias. If any Event of Default occurs as per the terms of the Note secured hereby,
<br />Lender may declare all Indebtedness secured by this Deed of Truat to be due and payable and the same shall thereupon become
<br />due and peyable without eny presentment, demand, protest or notice of eny kind. Thereafter, Lender may:
<br />(e) Either in person or by agent, with or without bringing any ection or proceeding, or by e receiver appointed by a court and
<br />without regard to the adequacy of Its security, enter upon and take possession of the Property, or any part thereof, in its
<br />own neme or in the name of Trustee, end do any acts which It deems necessary or desirable to preserve the value,
<br />marketability or rentability of the Property, or part of the Property or interest in the Property; increase the income from the
<br />Property or protect the security of the Property; and, with or without taking possessfon of the Property, sue for or otherwise
<br />collect the renta, issues and profits of the Property, including thoae past due and unpaid, end epply the same, leas costs and
<br />expenses of operation and collection attorneys' fees, to eny indebtedness secured by this Deed of Trust, all In such order as
<br />Lender may determine. The entering upon and teking possession of the Property, the coltection of such rents, issues end
<br />
|