|
DEED OF TRUST � 0�.10 6 3�. �
<br />Loan No: 101244358 (Colltinued) Page 6
<br />FULL PERFORMANCE. If Borrower and Trustor pay all the Indebtedness, including without limitation all future
<br />advances, when due, and Trustor otherwise performs all the obligations imposed upon Trustor under this Deed of Trust,
<br />Lender shall execute and deliver to 7rustea a raquest for full reconveyance snd shall execute and deliver to Trustor
<br />suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents
<br />and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable
<br />law.
<br />EVENTS OF DEFAULT. Each of the following, et Lender's option, shell constitute an Event of Default under this Deed
<br />of Trust:
<br />Payment Defauk. Borrower fails to make any payment when due under the Indebtedness.
<br />Other Defauhs. Borrower or Trustor fails to comply with or to perform eny other term, obligation, covenant or
<br />condition containad in this Deed of Trust or in any of the Related Documents or to comply with or to perform any
<br />term, obligation, covenant or condition contained in any ather agreement between Lender and Borrower or Trustor.
<br />Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this
<br />Deed of Trust, the Note or in any of the Related Documents.
<br />Default on Other Payments. Failure of Trustor within the time required by this Deed of 7rust to make any payment
<br />for taxes or insurance, or any other payment necessary to prevent ftling of or to effect discharge of any {ien.
<br />False Statements. Any warranty, representation or statement made ar furnished to Lendar by Borrower or Trustor
<br />or on Borrower's or Trustor's behalf under this Deed of Trust or the Related Documents is false or misleading in
<br />eny material respect, either now or at the time made or furnished or becomes false or misleading at any time
<br />thereafter.
<br />Defecdve Collateralization. This Deed of 7rust or any of the Related Documents ceases to be in full force and
<br />effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any
<br />tima and for any reason.
<br />Death or lnsolvency. The dissolution of Trustor's (regardless of whether election to continue is made), any
<br />member withdraws from the limited liability company, or any other termination of Borrower's or Trustor's existence
<br />as a going business or the death of any member, the insolvency of Borrower or Trustor, the appointment of a
<br />receiver for any part of Borrower's or Trustor's proparty, any assignment far the benefit of creditors, any type of
<br />creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
<br />Borrower or Trustor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or eny other method, by any creditor of Borrower or Trustor or by eny
<br />governmental egency against any property securing the Indebtedness. This includes a garnishment of any of
<br />Borrower's or Tr�stot's accounts, including deposit accounts, with Lender. However, this Event of Default shall
<br />not apply if there is a good faith dispute by Borrower or Trustor as to the validity or reasonableness of the claim
<br />which is the basis of the creditor or forfeiture proceeding and if Borrower or Trustor gives Lender written notice of
<br />the craditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture
<br />proceeding, in an amaunt determined by Lender, in its sole discretion, as being an adequate reserve or bond for the
<br />dispute.
<br />Breach of Other Agreement. Any breach by Borrower or Trustor under the terms of any other agreement between
<br />Borrower or Trustor and Lender that is not ramadiad within any grace period provided therein, including witfiout
<br />limitation any agreement concerning any indebtedness or ather obligation of Borrower or Trustor to Lender,
<br />whether existing now or later.
<br />Everrts Affecting Guarantor. Any of the preceding events occurs with respect to any guarentor, endorser, surety,
<br />or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A material adverse ohange occurs in Borrower's or Trustor`s finencial conditlon, or Lender
<br />believes the prospect of payment or performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Right to Cure. If any default, other than a default in payment is curable and it Trustor hes not been given e notice
<br />of a breach of the same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured if
<br />Trustor, after Lender sends written notice to Borrawar demanding cure of such defeult: (1) cures the default
<br />within fifteen (1b) days; or (2) if the cure requires more than fifteen (15) days, immediately initiates steps which
<br />Lender deems in Lender's sole discretion to be sufficient to cure the default end thereafter continues and
<br />completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably prectical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thareafter,
<br />Trustee or Lender may exercise any one or more ot the following rights and remedies:
<br />Acceleration Upon Default; Addttional Remedies. If any Event of Default occurs as per the terms of the Note
<br />secured hereby, Lender may declare all Indebtedness secured by this Deed of 7rust to be due and payable end
<br />0
<br />
|