|
� 201108380
<br /> DEED OF TRUST
<br /> Loan No: 810255 1COntinued) Page 4
<br /> and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and iMerest made by
<br /> Trustor.
<br /> Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of
<br /> TrUSt,this event shall have the same effect as an Event of Default, and Lender may exercise any or all of its
<br /> available remedies for an Event of Defauk as provided below unless Trustor either (1) pays the tax before it
<br /> becomes delinquent,or (2) contests the tax as provided above in the Taxes and Liens section and deposits with
<br /> Lender cash or a sufficient corporate su�ety bond or other security satisfactory to Lender�.
<br /> SECURITY AGREEMENT; FIMANCING STATEMENTS. The following provisions relating m this Deed of Trust as a
<br /> security agreement are a part of this Deed of Trust:
<br /> Sewrity Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property
<br /> consfitutes fixtures,and Lender shall have all of the rights of a secured party under the Uniform Commercial Code
<br /> as amended from time to time.
<br /> Security Interest. Upon request by Lender,Trustor shall take whatever action is requested by Lender to perfect
<br /> and continue Lender's securiiy interest in the Rents and Personal Prope�ty. In addition to recording tliis Deed of
<br /> . Trust in the real property records, Lentler may, at any time and without further auihorization from Trustor, file
<br /> executed counterparts, copies or reproductions ofi this Deed of Trust as a financing statement. Trustor shall
<br /> reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon defiault,Trustor
<br /> shatl 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 convenient to Trustor and
<br /> Lender and make it available to Lender within three(31 days after receipt of written demand from Lender to the
<br /> e�ent permitted by applicable law.
<br /> Addresses. The meiling addresses of Trustor (deb'[or) and Lender (secured party} from which information
<br /> concerning The security interest granted by this Deed of Trust may be obtained (each as required by the Uniform
<br /> Commercial CodeP are as stated on the first page of this Deed of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and
<br /> attorney-in-fact are a part of this Deed of Trust: -
<br /> Further Assurances. At any time,and from time to time,upon request of Lender,Trustor will make,execute and
<br /> deliver,or will cause to be made,executed or delivered,to Le�der or to Lender's designee,and when requested by
<br /> Lentler,cause to be filed,recorded,refiled, or rerecorded,as the case may be,aE 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 /> agree�.ments, financing statements, continuation statemeMS, instruments of further assurence, certificates, and .
<br /> other documents as may,in the sole opinion of Lender,be necessary or desirable in order to effectuate,complete,
<br /> perfect, continue, or preserve (1) Trustor's obligations under the Note, this Deed of Trust, and the Related
<br /> Documents,and (21 the liens and security inte:rests created by this Deed of Trust as firsi and prior liens on the
<br /> Property,whether now owned or hereafter acquired by Trustor. Unless prohibited by law or Lender agrees to the
<br /> contrary in writing, Trustor shall reimburse Lender for all costs and expenses incurred in connection with the
<br /> matters referred to in this paragraph.
<br /> Attorney-io-Fact. If Trustor fails to do a�y of the things referred to in the preceding paragraph,Lender may do so
<br /> for and in the name of Trustor and at Trusto�'s expense. For such purposes,Trustor hereby irrevocably appoints
<br /> Lender as Trustor's attomey-in-fact for the purpose of making,executing,delivering,filing,recording,and doing all
<br /> other things as may be necessary or desirable, in Lender's sole opinion,to accomplish the maYters referred to in
<br /> the preceding paragraph.
<br /> FULL PERFORMANCE. If Trustor pays all the Inde6tedness,including without limitation all future advances,when due,
<br /> � and otherwise performs all the obligations imposed upo�Trustor under this �eed of Trust, Lender shall execute and
<br /> deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suitable statemeMS. of
<br /> �termination of any fi.nancing statement on file evidencing Lender's security interest in the Rents and the Personal
<br /> Property: Any reconveyance fee required by law shall be paid by Twstor,if permitted 6y appticable 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. Trustor fails to make any payment when due under the Indebtedness.
<br /> Other Defaults. Trustor fails to comply with o� to perform any other term, obligation, covenant or condition
<br /> contained in this Deed of Trust or in any of the Relaietl Documents or to comply with or to perform any term,
<br /> obligation,covenant or condition contained in any other agreement between Lender and Trustor.
<br /> Compliance Default. Failure to comply with any other term, obligation, covenant or condilion contained in this
<br /> Deed of Trust,the Note or in any of the Related Documents.
<br /> Defauk 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 /> Deiault in Favor of Third Parties. Should Grantor default under any loan,extension of credit,security agreement,
<br /> purohase or sales agreement,or any other�agreement,in favor of any other cretlitor or person that may materially
<br /> affect any of Grantor's property or Grantor's ability to repay the Indebtedness or Grentor's ability to perform .
<br /> Grantor's obligations under this Deed of Trust or any of the Related Documents.
<br /> False Statements. Any warranty, representation or statement made or furnished to Lender by Trustor or on
<br /> Trustor's behalf under this Deed of Trust or the Related Documents is false or misleading in any material respect,
<br /> either now or at the time made or furnished or becomes false or misleading at any time thereafter.
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and
<br /> effect(including failure of any coliateral document to create a valid and perfected security interest or lien)at any
<br /> time and for any reason. �
<br /> Death or lnsolvency. The death ofi Trustor,the insolvency of Trusmr,the appointment of a receiver for any part of
<br /> Trusior's property, a�y assignment for the benefit of creditors, any type of creditor workout, or the
<br /> commencement ot any proceeding under any bankruptcy or insolvency laws by or agai�st Trustor.
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings;whether by judicial
<br /> proceeding,seff-help;repossession or any other method,by any creditor of Trustor or by any governmental agency
<br /> against any property securing the Indebtedness. This includes a garnishment of any of Trustor's accounts,
<br /> including deposit accounts, with Lender. However,this Event of Default shall not apply if there is a good faith
<br /> dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture
<br /> proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and deposits with
<br /> Lendet monies or a surety bond for the creditor or forfeiture proceeding,in an amount determined by Lender,in iis
<br /> sole discretion,as being an adequate reserve or bond forthe dispute.
<br /> Breach of Other Agreemant. Any breach by Trustor under the terms of any other agreeme�nt between Trustor and
<br /> Lender that is not remedied within any grace period provided therein, i�ncluding without limitation any agreement
<br /> concerning any indetitedness or other o�6ligation of Trustor to Lender,whether existing now or later.
<br />
|