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<br /> /8. TAHES�10 dS8E9SklEN1S. OfetltOr Ct3�1 p8y aii f5�ce5 n��d ei5896���ii"v�ei�i ifa.:,::s8 Q:"Oi�tfy Y[�'�n du9 end�mmediately orovtQe LenQer i--',.--�- ,-, :,.`�_._:,. � .__
<br /> oviQOnae o1 pay�+�on101 aame Upon tho roquast of Lontlor,(irantor snctl aepo��t with Lender eaCh month one-Mrelftti(1/12)Gf tho o�t�matod nnnupl f , _�
<br /> , �n9uranw prom�um,ttueo nnd ansessmonta partasrnng to tho Pra�eriy 8o iong as thera�s no Oe�ault theso nmounts ahal!be app�ied to tne peymsnt , , _
<br /> � -yr tazes.a�^,e�monts and msurnnso a9 raquired on tha Property. in tne svsnt of Cofautt,L.alfd�f GhNI h8v9 th8 rlg�t.8t itS 6010 bptl0n.t0 9�p�y 1118 ' t —
<br /> ; funds so notd w pay any taxes or agamst tfie Obligations. My tunds appl�etl may.at Lertdar s option,te appt�ed in reverse arder ot the due dato .� f
<br /> � thereof. : .
<br /> � 18. IH8pEL'TION OF PROPcRTY. BOOtC3, RECOR08 AldD REPORT9. f3rantor ehall allow LenCer or its ageMS to auamtne and inspect t�e � , --
<br /> � Property and examine,inspcct and meke copies of C3raMOr's bocks and reCOrds peRaining to the Property irom Uma to t�me. Grantor shail provide 9; .�..,
<br /> .! any gsgistance requirod Dy Lender tor thase purposes. AU of ths signeturos and inforcnation conte�ned in Qsa�tor's books and records shall be
<br /> •� genuins,true,accu�ate and camplete in all respacta. Grantor shal� nate the e�stenco of Lender's be�efiaal interest in ita books and records � �
<br /> pertaining to the Property. Additionaiiy.Grantor shail report,in a torm saUafactory ta l.ender,sucrt mtormation as Lander may request regarding
<br /> � Gr2MOPs financial condiUon or the Property. The infortnation shall bo for such periods,sfiell reflect Grantcr's records at such time,and shatl be •s.. � ,
<br /> rendered with such hequency as L.endar may designate. Atl inTorma�an tumtshed by G�ar+tnr to tsnder sha16 be true.accivate and complete in all � C
<br /> � respects.and signed by Grantor if Lender requesta. ,
<br /> 17. E3TOPPEL CERT�F[CA7ES. Within ten (10)days after any►request by Lendet.Grantor sria11 dalivar to Lender.or any intended transferae of ��- - . - . _ .. ..__ _?F':
<br />�'�.� Lender's flghts with resPect to the Obligations,a signed and acknowledged statament spacifying(a)tlie outstanding balance on the C�tigaUons:and i . . _�
<br /> (b)whether Orantor possesses anY cfa�ms,defensea,se4ofis er eounterciaims with respect to the Obligations and,'rf so.the rtature af�aich daims.
<br /> detensas.set-0Ns or oouMerdalms. Grantor will be eondusivaty bound by any representation that Lender may matce to the irtten�c-�d tra.^sforea w�th �.
<br /> respe�t tp these mattars in the event that Orantor fails to provtde the requested statement in a tlmeiy manner.
<br /> t8. EVEN1'S OF DEFAULT.An Event ot DefauH shalt occur under this Oeed of Trust and tfie Tn�stee's perrer shatl @eccrr,o operativa�n the evertt that t, .
<br /> • Gramnr.eottov�er or any guaranwr of the ODiigatlons: ' • �
<br /> (a) fails to pay any Obligation ta Lr,��r wheA due; '. ; •� • • �
<br /> (�� fa;�a to perform arry Obiiga�3n�b�aches any wartanty or covenent to lsnder coMalned in this Daed of Trust or any other preserrt or tuwre . .
<br /> �
<br /> agr�s�enx "..'```rt, � _ __
<br /> ' ; (c) dastroys,loses or damages the ProFarty in arry matgdal respect or subjects the Propetly to seizure,confiscation,or condemnation: � :,; ��`��
<br /> • tC; sseks to revoke,terminsts oc otherwise Iimit its liabiltty under any guaranty to Lender, �:•.; .�
<br /> (f� ;e) C:as,becomes legalty incompetent is dissolve�f or tertninated,becomes Inaolvent,makes en assignme�t for the benefit of credRora,faits to - �-.,�4..�,: ,
<br /> pay�et�ts asthay become due,fiies a petiUon under the fedaral banlauptcyr Iawa has an involuntary petition in bankruptcy filed in wh1ah Granto�, � �sa�+�'^.�
<br /> 9orower or any guarantor ia namarl,or has property taken under any wrlt or pracesa of cour� . �~�
<br /> a�,>,r�.R". . .—
<br /> '� � a1!ows goods to be used,trensported or sWred on the Property,the possession,transportatlon,or usa of which,is iltegal: : •�,,,,.� _��
<br /> '� (g) atiows arry party other than Grarnor or BoROwer to assurte e o r u n dertake arry Qbllgstion without tha vrrftten conserst ot Lenda-:o- , :•,..,.�.;�: ..;;
<br /> i'�) causes Lendar to deam ilself insecure due to a signfflcantdedine in the ve�ue of the Property,or if lsnder,:�good taith,for arry reascn. , ,� '� �F'� ,.;
<br /> beliaves that tha�rasRect of payment or pedortnance is impaired_ . �'.s � ,�
<br /> 19. RIG!!T'S OF LE¢�ID�R ON EVENT OF OEFkULT. Upon the occurcence of an Evartof DefauR under this Oeed of Tn►st.Lender shall be entitie�� i . � .`;�_�:�_'','==_�
<br /> exero:se one or more af 4he follawing remedies without notice or demand(except as requlred by law): % � • ' ���?,;";`•
<br /> (a) to dectare the Obtigatlona immediately due and payabte in full,such acce�eratlon shall be automatic and Immediate it the Event of Deisult is , n� �v:- , : �_ ..;,�
<br /> a fifirtg undar the Bankruptcy Coda: • ��t'F� a�'t ��
<br /> (b) to eollectthe outstandtng Obliga5ons with or wlthout resorting to Judlciel proceas: ' rrs � '�r �^�'
<br /> (c) to require Grantor w dellver and make availahle to Lender any personal property or Chattets cor�stitutlng the Property at a place reasonabty �. ''•:•,,,;;r,'i;�;;'��;t,,:?Y.(..l �
<br /> convenieM to Grenwr and l.ender, '� %':':."°
<br /> .�,.��� (d) to enter upon and take possassion of tho Prop�ty wlthout apply(ng tor or obtslning the appolntmertt of a receiv2r and,at Lender's optc�.:V � ." •��,f��`� " � Jf`�!
<br /> ' " '�v= *� P••�:,_::.±1.i4:•; 1i %���+s'?;'.�.:��,
<br /> appoint a recelver w(thout bond,without flrst brtnging suit on the Obllgations and without otheivdse meeUng any s�toM c�✓'».4.."s r r�:"*7 ��,��� � `�""
<br />.•,.`� receivere,ft baing fntended that lsnder shall have thia Contrac�ual right to appotrn a receiver, ?. :.',+,�/%,�t�';. �.<t:,,.::.�,.�.:,
<br /> . � (e) to employ a man�qfng qqent of the Pcoperty and let the asme,either In Trustee's own name,tn Uia namv at l=-rsder.r+*�-e name af r .;'.�^��'�{''s. �t'`i,t,�i��;°'�•'_°`
<br /> .. ,}._��,���, .��.�_�
<br /> the same,aftor orrt C`atl necessxy charges and r_�,:
<br /> � � (irantor,and receive tha rents,inoomes,Issues end profits of the Proparry and apply P� '• ,
<br /> ,:=t expenses,an accour►t of the Obligatlona; � J�>` �
<br /> (f� to pay any sums In any fortn or manner deemed expedlent by Lsndar to proted tha security of thia Deed ot Trust or to cure any default other _�;� :•�..
<br /> than payment ot Interest or prindpal on the Obligatlons: �� � <� � �
<br /> (g) to toreGose this Deod of Trust ju d i e i a l ty ar non jud4cially and to dlrect the sale of the property through exerclse ot the power of sate es �:
<br /> referoneed in paragraph 20,heretn,In aceardance wfth applieBDle law: an de oslt r :.� !� '
<br /> (h)to set-0ft Grantor's ObIlgaUons agalnst any emounta owed Qtantor by Lender ineluding,but not tlmited to,menles,instruments, d p q g�t
<br /> . • ;. . .�ii
<br /> accounta mainffiIned wtth Leader or any eurtenUy exlsting or tuture affitfate ot Lender,and
<br /> p)to exerclsa all other rfghts avaitabte to Lender under any other wrltten agreemerrt or appltcable law. _� °,-`;:- t�
<br /> xercised to ether,se aratet ,and in any order_ In tho event that Lender Instltutes an aotlon seeklnp "�1,� '
<br /> .� Lender's rlght�are eumutattve and may be e S A Y
<br /> the recovery of any of tho Property by way of a proJud�mont remedy In an actlon apulnst Grantor,(3raMor walvas the posUny of any Cond whlch ; ;�;�. .
<br /> mlght otherwlss be requtrod. Lendet or Lender's des gnee may purchas�the Property at any sato. Proeesda ot any Trustee's aal�htnundsr •.,,� �
<br /> st+a�t be apABed flrat,to the coate and oxpenses o}exerclslnp the power of sale and ot ths sals,Including the payment of the Truste0'a teas .., �I���.���::
<br /> actualty Inaned and not to excead the amount whleh may be provldad tor In thts Oeed of T�uat.cecond,to payment ot the Obllpatlons seeured �,,,;. .,•
<br /> heroby,1hlyd,to the paymant ot junlor truat deeds,mortga9es,ar other Ilenholdera,and ths bstance,It any.to the petcon or peraona(egatty ,- � �.r.�'• -. •
<br /> � entttted thereto. The Property or any part thereof may ba sold In one paral,or In such parcela manner or order as Lender In lts eole dleaoUon _�.
<br /> may elect,and one or maro exercise9 of ttie power heroin granted eAall not extingulsh or exhaust the power uNess the entlre Property is sold or ,,,�,_"'�'�
<br /> ths ogllgatlons are pald in fi,ll. . ' '�ri.=..-_=
<br /> 2p,TppgTEE�$�RCISE OF PaWER OF SALE ON CEFAULT.Upon default by Bonower In payment of any Ob1lpaUons securotl hereb�,Lender .. '��'4°;�-:,,
<br /> ` may de c tara a l l eu m s,s e c u r e d h ere b y,immediate l y due arM pa y a ble and sha11 cause to be filed o}rocord a written notice o!defautt end e ectlon to �;.��
<br /> .1+ sell the PtopeRy. After tfie lapse of such time as then may be requlred by law toltowing recordaUon of such nottce o!defautt,and notke o f sale : :� � ,�}` �
<br /> � hoving been 8iven as then required by law,Trustee,without demand on Cirantor,aha0 sell such Property,either as a whote or(n separate parcels,and .` ��-,
<br /> , In such order as it or lsnder may determine,at publio aucUon to the hlghest btdder. Trwtee may postpone the sale ot all or any portlon of the '�''�'`
<br /> .«,.c.;�` ��••,��--.
<br /> � Property by publlo ennouncemertt at the time and p�ace ot sale,and irom time to time thereatter may poatpone the sale by publio announoemont at - . r,
<br /> • the Ume and place fixed by the preceding postponament. Trustee shatl dellver to such purchaser its deed convoying the property,or portton thereot, �����-
<br /> � so sold,but without any eovenant or warraMy,exptess or Implied. The reeitals In such deed of any matters of iset or otherwise,shall bA oonctustve , , �,
<br /> ° praof of the truthtulness thereof. Any porson,including Granwr,Trustee or Lender,may purchase at sueh sate. . • � �iR:,
<br /> ' persan w�cE e aFp�Arty h�o�at the a d e�of s ch personpsetforth he el�n at the same time and n t e sam manner requ d os though a separate • _ � .�:.. �
<br /> � :��
<br /> request thereof had bean filee by each such person. �""�`'��`
<br /> 22 SECURfiY 1[�"�J'r3£ST UNDER THE UNIFOFtM GDMMERCIAL CODE ThIs Oaed of Trust shall be considere�a flnancing statement end a „�_,
<br /> � i Tixture fiflng Gursuant'o tt�e provisions of the Unlform Commerclal Code(as adoptad In the state whare the real property is located)covering flxturo9. � •
<br /> ` ctiattels,and artleles of personal propErty now owned or hereafter attached to or to be used In conneetion with the Properry Wgether with any and all ,
<br /> F replacements thereot and additions thereto(the'Chattels�,and Grantor hereby grants Lender a security inferest in such Chattels. The debtor is the •
<br /> ; Granwt described abova. The secured party Is the Lender described above. Upon demand,Grantor shall make,oxecute and detiver such security �
<br /> - � agreements(as such tertn is deflned in sald Undorm Commercfal Code)as Lender at any Ume may deem nacessay or praper or requlred to grant to
<br /> Lender a perfected seourity intorest In the Chariels,and upon Orantor's iaiture to do so.Lentler Is authorized to slgn arry such agreement as the agam
<br /> of drantnr. (3rantor heroby authorizes Lendar to iite flnancing statements(as such t�rm is defined in said Uniform Commercial Code)wlth respect to
<br /> the Chattels,at any tlme,wlthout the slgnature of Grantor. Orantor wlll,nowever,et eny tlme upon request ot Lentler,slgn such flnaneing atatements.
<br /> � Grentor w1ll pay all flling tees for the fiting of such finanNng statements and for the refiling thereof at the Umes raqulred,In the opinion of Lender,by . _
<br /> S seld Unfform Cammerclal Code. ff the lien of thls Deed of Trust be subJect to any security agreement covering the Chattets,then ln the eveM at any _
<br /> deffiult undet thls Deed of Trust,aIl the rlght,tltle and Interest of Orantor In and to any nnd etl of the Chattets Is hereby asslgned w Lender,togetiier ---
<br /> . ', wlth the benefit of any deposlts or payments now or hereafter made thereof by Gtantor or tha predecessors or successors in tiUo of Ciruntor in the
<br /> Property.
<br />' �. 23. REIMBUASEMEPIT OF ANtOl1NTS fl(PEHDEO BY LENDEB. Lender,at lender's optlon,may expend funds pnctuding attorneys'fees and legal ' . `
<br /> expenses)to peAorm any act required to be taken by Cirantor or to axercise aey rlght or remedy of Lender under this Oeed of Trust. Upon demand, . . �:y_`:
<br /> 3 Grantor shall immediatety rolmtrurse Lender for all such amounts expended by Lender together wlth interest thereon at the lower of tho highest rate
<br /> doscrlbod in any Obligation or the highest rate attowod by Iaw from the date ot payment until the date oi retmbursement. These sums shall be • �_
<br /> included in the deflni+ion of Obtiga:ana herein and shalt be secured by the beneflcial interest gre�'ed harein. If tho Obllgations are paid after the _
<br /> beginning of publication of notice c!sale.as hereln provlded,or in the event Lender sha�l,at iis s::a optian,permi�Grantor to pay any part ot tho �
<br /> Obligations after the heginning o'publication of notics of sale.as herein proviCe�.than,Grantor sr.&I pay on demand alI oxpenses incurred by the �
<br /> " Trustee and Ler.Cor in connection wr.h saltl publiCa�:�+,inctuding reasoneble at!c^�'fi'fees to the at'omeys for:.�'rustee and tor the Lender.and a . �::
<br /> reasonable fee t�:ae�•::s:se,and:�s Deed of Trust shall be sowrily tor all such carrs�ses and fees. � ,_ •
<br /> �. I 24. A9PUCATit911 GF PAYi'AEttT.'S. kll payments made by or cn f�half oi Grantor may 6e apF'�C a�ainst the amounts paid ty Lender pncluding ' � . . �
<br /> � z;°�rnoys'tees and lagal expens°s �connect�on wlth the exorci5�of its righls or remedios deseryed m this Deed of Trust and^�c�to the payment ! . .
<br /> o��^•E remaining Obligations m��^°��er order Lender chaoses. i � • �
<br /> ' 25. PO{IUER OF ATTbANEY. Grantor hereby appoints Lender as its attorney-in4aet to endorse Grarttor's namo on all instruments and other . �.
<br /> j documents pertaining to the Obligations or Desd of Trust. In addition,Lender shali bg entilled,but not required.to pertorm any action or execute any .
<br /> t.
<br /> document required to be taken or exocuted by Grantor under this Oeed of Trust. Lender's peAormance o}such aCtion or execution of sucfi _ �
<br /> 1 documents sbatl not reueva Gramor trom any Obtigation or cura any Getauit�nder tA:s�ad o!T:.:�. :'!!p�•te�3 of 32!O!!!9/d2Sr{jbg�1�r.thic Roed of _ ._ ^y
<br /> Trust are coupled wilh an interest and are irrevocable.
<br /> I 28. SU�ROGATtON OF LENDER. Lender shall be subrogated to the rigMS of the holder of any previous lien,secunty interest or encumbrance : .
<br /> � discharged vrith tunds advanced by Lender regardless of whether these liens.security interests or other encumbrances have been released o}record-
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<br /> -� �PNE57 7C � FormAt�on Tecnrroiog�os.ur_ f5;2i96) 180019J7.3799 Pego 3 of 5 ;
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