|
� � -�
<br />Loan No: 107246947
<br />the preceding paragraph.
<br />DEED OF TRUST
<br />(Continued) 2► 0110 � 7 7 7 Page 6
<br />FULL PERFORMANCE. If Borrower and Trustor pay all the Indebtedness when due, and Trustor otherwise performs all
<br />the obligations imposed upon Trustor under thia Deed of Trust, Lender shall execute and deliver to Trustee a request for
<br />full reconveyance end shell execute and 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 peid by Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shell constltute en Event of Defeult under this Deed
<br />of Trust:
<br />Payment Defauk. Borrower fails to make any payment when due under the Indebtedness.
<br />Other Defeults. Borrower or Trustor fails to comply with or to perform eny other term, obligation, covenant or
<br />condition contained in this Deed of Trust or in eny of the Related Documents or to comply with or to pefform 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 fn this
<br />Deed of Trust, the Note or in any of the Related Documents.
<br />Default on Other Paymenta. Fa(lure 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 />False Statements. Any warranty, representetion or statement made or furnished to Lender by Borrower or Trustor
<br />or on Borrower's or Trustor's behelf under this Deed of Trust or the Related Documents is false or misleading in
<br />any material respect, either now or at the time mede or furnished or becomes felse or misleading at any time
<br />thereafter.
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and
<br />effect (includ(ng failure of any collateral document to create a valid and perfected security interest or lien) at eny
<br />time and for any reason.
<br />Death or Insolvency. The death of Borrower or Trustor, the insolvency of Borrower or Trustor, the appointment of
<br />a receiver for any part of Borrower's or Trustor's property, any assignment for the benefit of creditors, any type of
<br />creditor workout, or the commencement of eny proceeding under any bankruptcy or insolvency lews by or against
<br />Borrower or Trustor.
<br />Credkor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicfal
<br />proceeding, self-help, repossession or any other method, by eny creditor of Borrower or Trustor or by any
<br />governmental agency against any property securing the Indebtedness. This inciudes a garnishment of any of
<br />Borrower's or Trustor's accounts, including deposit accounts, with Lender. However, this Event of Defeult 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 ff Borrower or Trustor gives Lender written notice of
<br />the creditor or forfeiture proceeding end deposits with Lender monfes or a surety bond for the creditor or forfeiture
<br />proceeding, in an amount 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 remedied within any grace period provided therein, including without
<br />Iimitation any agreement concerning any indebtedness or other obligation of Borrower or Trustor to Lender,
<br />whether existing now or later.
<br />Events Affecting Guarentor. 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 perty
<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 Trustor's financial condition, or Lender
<br />believes the prospect of payment or perFormence of the Indebtedness is impaired.
<br />Insecurtty. Lender in good faith believes itself insecure.
<br />Existing Indebtedness. The payment of any installment of principel or any interest on the Existing Indebtedness is
<br />not made within the time required by the promissory note evidencing such indebtedness, or a defeult occurs under
<br />the instrument securing such indebtedness and is not cured during eny appliceble grace period in such instrument,
<br />or any suit or other action is commenced to foreclose any existing lien on the Properry.
<br />Right to Cure. If any default, other than a default in payment is curabie and if Trustor has not been given a 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 Borrower demanding cure of such default: il ) cures the defeult
<br />within fifteen (15) days; or (2) if the cure requires more than fifteen (15) deys, immedietely initiates steps which
<br />Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter cantinues and
<br />completes all reasonable end necessary steps sufficient to produce compliance as soon es reasonebly practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If en Event of Defeult occurs under this Deed of Trust, at any time thereafter,
<br />
|