|
20110874�
<br />DEED OF TRUST
<br />Loan No: 0428844947 (COntlnUed) Page 2
<br />REVOLVING LINE OF CREDIT. This Dead of Trust s�cures th� Indebtedness includfng, without Ilmitatlon, a revolving
<br />Iine of credit, which obllgates Lender to make advances to Borrower so long as Borrower complies with all the terms of
<br />the Note.
<br />Trustor presenUy assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, tiUe, and
<br />interest in and to atl present and future leases of the Property and all Rents from the Property. In addition, Trustor
<br />grants to Lender a UnNortn Commeraal Code security interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND
<br />PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF
<br />ANY AND ALL OBLIGATIONS UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON
<br />THE FOLLOWINO TERMS:
<br />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: (a) this Deed of Trust is executed at
<br />BorrowePs request and not at the request of Lender, (b) Trustor has the full power, right, and authority to enter into
<br />this Deed of Trust and to hypothecate the Property; (c) the provisions of this Deed of Trust do not conflict with, or
<br />result in a default under any agreement or other instrument binding upon Trustor and do not result in a violation of any
<br />law, regulation, court decree or order applicable to Trustor; (d) Trustor has established adequate means of obtaining
<br />from Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no
<br />representation to Trustor about Borrower (including without limitation the crediiworthiness of Borrower).
<br />TRUSTOR'S WAIVER3. Trustor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency"
<br />law, or any other law which may prevent Lender from bringing any action against Trustor, including a Gaim for
<br />deficiency to the extent Lender is othervvise entitled to a claim for deficiency, before or after LendePs commencement
<br />or completion of any foreclosure action, either judicially or by exercise of a power of sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower and Trustor shall pay to
<br />Lender all Indebtedness secured by this Deed of Trust as it becomes due, and Borrower and Trustor shall strictly
<br />perform all their respective obligations under the Note, this Deed of Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that BorrowePs and Trustor's
<br />possession and use of the Property shall be govemed by the following provisions:
<br />Poasesslon and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and
<br />control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />Duty to Malntaln. Trustor shall maintain the Property in tenantable condition and prompUy perform all repairs,
<br />replecements, and maintenance necessary to preserve its value.
<br />Compllance Wtth Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of
<br />Trustor's ownership of the Property, there has been no use, generetlon, manufacture, storage, treatment, disposat,
<br />release or threatened release of any Hazardous Substance by any person on, under, about or from the Property;
<br />(2) Trustor has no knowledge of, or reason to believe that there has been, except as previously disdosed to and
<br />acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
<br />generation, manufaature, storage, treatment, disposal, release or threatened release of any Hazardous Substance
<br />on, under, about or from the Property by any prior owners or occupants of the Praperty, or (c) any actual or
<br />threatened litigation or Gaims of any kind by any person relating to such matters; and (3) Except as previously
<br />disc�osed to and adcnowledged by Lender in wriUng, (a) neither Trustor nor any tenant, contractor, agent or other
<br />authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
<br />Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with
<br />all applicable federal, state, and local laws, regulations and ordinances, including without timitation all
<br />Environmentat Laws. Trustor authorizes Lender and its agents to enter upon the Property to make such
<br />inspectfons and tests, at Trustor's expense, as Lender may deem appropriate to detertnine compliance of the
<br />Property with this section of the Deed of Trust Any inspections or tests made by Lender shall be for Lender's
<br />purposes only and shall not be construed to create any responsibility or tiabiliry on the part of Lender to Trustor or
<br />to any other person. The representations and warranties contained herein are based an Trustor's due dilieence in
<br />investigating the Property for Hazardous Substances. Trustor hereby (1) releases and waives any future clafms
<br />against Lender for indemn'ity or conVibution in the event Trustor becomes liable for cleanup or other costs under
<br />any such laws; and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses,
<br />liabilities, damages, penalties, and expenses which Lender may directly or indirecUy sustain or suffer resulting from
<br />a breach of this section of the Deed of Trust or as a consequence of any use, genera6on, manufacture, storage,
<br />disposal, release or threatened release occurring prior to Trustors ownership or interest in the Property, whether or
<br />not the same was or should have been known to Trustor. The provisions of this section of the Deed of Trust,
<br />including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the satisfaction
<br />and reconveyan� of the lian of this Deed of Trust and shall not be affected by LendePs acquisition of any interest
<br />in the Property, whether by foreclosure or othervvise.
<br />Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer eny
<br />stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the
<br />foregoing, Trustor will not remove, or grant to any other party the right to remove, any timber, minerals (including
<br />oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent.
<br />
|