|
� � DEED OF TRUST �
<br />Loan No: 11089083 (Continued) � Q 1� O s s�� Page 4
<br />Security lnterest. Upon request by Lender, Trustor shall take whatevar action is requested by Lender to perfect
<br />and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Deed of
<br />Trust in the real property records, Lender may, at any tirile and without further authorization from Trustor, file
<br />executed counterparts, copies or reproductions of this Deed of Trust as e financing statement. Trustor shall
<br />reimburse Lender for aIl expenses incurred in perfecting or continuing this security interest. Upon default, Trustor
<br />shall not remove, sever or detach the Personal Property from the Property. Upon default, Trustor shall assemble
<br />any Personal Property not affixed to the Property in a manner and at a place reasonably convanient to Trustor and
<br />Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the
<br />extent permitted by applicable law.
<br />Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which informetion
<br />concerning the security interest granted by this Deed of Trust may be obteined (each as required by the Uniform
<br />Commercial Code) are as stated on the first page of this Deed af Trust.
<br />FURTHER ASSURANCES; ATTORIVEY-IN-FACT. The following provisions relating to further assurances and
<br />attorney-in-fect are a part of this Deed of Trust:
<br />Further Assurenoes. At any tirrie, and from time to.time, upon request of Lende,r, Trustor will make, execute and
<br />deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested by
<br />Lender, cause to be filed, recorded, refiled, or rerecorded, as the case may be, at such times and in such offices
<br />and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security
<br />agreements, financing statements, continuation statements, instruments of further assurance, certificates, and
<br />other documents as may, in the sole opinion of Lender, be necessary or desirable in order to affectuate, complete,
<br />perfect, continue, or preserve (1) Borrower's and Trustor's obligations under the Note, this Deed of Trust, and
<br />the Related Documents, and (2) the liens and security interests created by this Deed of Trust 8s first and prior
<br />liens on the Property, whether now owned or hereafter acquired by Trustor. Unless prohibited by law or Lender
<br />agrees to the contrary in writing, Trustor shall reimburse Lender for all costs and expenses incurred in connection
<br />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
<br />for and in the name of Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints
<br />Lender as Trustor's attorney-in-fact for the purpose of making, exacuting, delivering, filing,. recording, and doing all
<br />other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the metters referred to in
<br />the preceding paragraph.
<br />FULL PERFORMANCE. If Borrower and Trustor pay all the Indebtedness when due, and Trustor otherwisa performs all
<br />the obligations imposed upon Trustor under this Deed of Trust, Lender shell execute and deliver to Trustee a request for
<br />full reconveyance and shall execute end deliver to Trustor suitable statements of termination of any financing statement
<br />on file evidencing Lender's security interest in the Rents and the Personal Property. Any reconveyance fee required by
<br />law shall be paid by Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Deed
<br />of Trust:
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br />Other Defaults. Barrower or Trustor feils to comply with or to perform any other term, obligation, covenant or
<br />condition contained 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 other 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 Dbcuments.
<br />Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment
<br />for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />Default in Favor of Third Parties. Should Borrower or any Grantor default under any loan, extension of credit,
<br />security agreement, purchase or sales egreement, or any other agreement, in favor of any other creditor or person
<br />that may materially affect any of Borrower's or any Grantor's property or Borrower's ability to repay the
<br />Indebtedness or Borrower's or Grantor's ability to perform their respective obligations under this Deed of Trust or
<br />any of the Related Documents.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Trustor
<br />or on Borrower's or Trustor's behalf u�der this Deed of 7rust or the Related Documents is false or misleading in
<br />any meterial respect, either now or at the time made or furnished or becomes false or misleading at eriy time
<br />thereafter.
<br />befective Collaterelization. This Deed of Trust or any of the Related Documents ceases ta 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 />time and for any reason.
<br />Insoivency. The dissolution or termination af Borrower's ar Trustor's existence as a going business, the insolvency
<br />of Borrower or Trustor, the appointment of a receiver for any part of Borrower's or Trustor's property, any
<br />assignment for the benefit of creditors, any type of creditor workout, or the cammencement of any proceeding
<br />under any bankruptcy or insolvency Iaws by or against Borrower or Trustor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whather by judicial
<br />proceeding, self-help, repossession or any other method, by any creditor of Borrower or Trustor or by any
<br />governmental agency against any property securing the Indebtedness. This includes a garnishment of any of
<br />Borrower's or Trustor's accounts, including deposit accounts, with Lender. Wowever, this Event of Default shell
<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 creditor or forfeiture proceeaing and deposits with Lender monies or a surety bond for the creditor or forfeiture
<br />proceeding, in an amount determined by Lender, in its sole discretion, as being an adequete 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 remedied within any grace period provided therein, including without
<br />limitation any agreement concerning any indebtedness or other obligation of Borrower or Trustor to Lender,
<br />whether existing now or later.
<br />Events Affecting Guarantar. Any of the preceding events occurs with respect to any guarantor, 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 change occurs in Borrower's or TrustoPs financial condition, . 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 />
|