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241104315
<br />not in default, Grantor may receive, collect and enjoy all Rents accruing from the Property, but not more than one
<br />month in advance of the due date. Lender may also require Grantor, tenant and any other user of the Property to
<br />make payrnents of Rents directly to Lender. However, by receiving any such payments, Lender is not, and shall not
<br />be considered, an agent for a�y party or entity. Any amounts collected may, at Lender's sole discretion, be applied
<br />to protect Lender's interest in the Property, including but not limited to the payment of taxes and insurance
<br />premiums and to the Indebtedness. At Lender's sole discretion, all leases, subleases and licenses must first be
<br />approved by Lender.
<br />CONDEMNATION. 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 or any other
<br />action. Further, Lender shall be permitted to participate or intervene in any of the above described proceedings in
<br />any manner it sball at its sole discretion deternune. Lender is hereby given full power, right and authority to
<br />receive aud 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 payments due under the Indebtedness or change the amount of
<br />such payments.
<br />GRANTOR'S ASSURAI�TCES. 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 agreements, 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 secarity interest created by this Security Instrument.
<br />ATTORNEY-IN-FACT. Grantor appo:ints 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 Documents, including those
<br />obligations mentioned in the preceding paragraph, Lender as attorney-in-fact may fulfill the obligations without
<br />notice to Grantor. This power of attorney shall not be affected by the disability of the Grantor.
<br />EVENTS OF DEFAULT. The following events shall constitute default under this Security Instrument (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 Instnxment or a default under any of
<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, bankruptcy 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 fmancial condition, ownership or management of Grantor or
<br />any person obligated on the Indebtedness; or
<br />(g) Lender deems itself insecure fvr any reason,whatsoever.
<br />REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default, Lender may, without demand or
<br />notice, pay any or all taaces, 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 taac 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 />weXe furnished to it, and procure title reports covering the Properly, 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 ritle or title insurance shall become the
<br />properly of L,ender. All abstracts of title, title insurance, tax histories, surveys, and other documents pertaining to
<br />the Indebtedness will remain in Lender's possession unril the Indebtedness is paid in full.
<br />IN THE EVENT OF THE SALE OF THIS PROPERTY UNDER THE PROCEDURE FOR FORECLOSURE OF
<br />A SECURITY 1NSTRUMENT BY ADVERTISEMENT, AS PROVIDED BY APPLICABLE LAW, OR IN THE
<br />EVENT LENDER EXERCISES ITS RIGHTS UNDER THE ASSIGNMENT OF LEASE5 AND RENTS, THE
<br />LENDER SHALL PROVIDE ALL STATUTORILY REQUIRED NOTICES OF SALE AND NOTICES OF
<br />NDICIAL HEARINGS BEFORE LENDER EXERCISES ANY OF ITS RIGHTS UNDER THIS
<br />INSTRUMENT.
<br />Upon the occurrence of an Event of Default, Lender may, without notice unless required by law, and at its option,
<br />declare the entire Indebtedne'ss due and payable, as it may elect, regardless of the date or dates of maturity thereof
<br />and, if pernutted by state law, is authorized and empowered to 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 conveyance 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 payrnent of the
<br />Trustee's fees actually incurred; 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 or persons
<br />legally entitled thereto. Tha recitals in the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements made in it. If Lender chooses to invoke the power of sale, I.ender or Trustee will provide notice af sale
<br />pursuant to applicable law. Any such sale or a sale made pursuant to a judgnnent or a decree for the foreclosure
<br />hereof may, at the option of Lender, be made en masse. The commencement of proceedings to foreclose this
<br />Security Tnstrument in any manner authorized by law shall be deemed as exercise of the above option.
<br />� 2004-2010 Compliance Systems, Inc. F947-F$04 - 2010.05365
<br />Commercial Construction Security Instrument = DIA007 Pege 3 of5 www.compliencesystems.com
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