|
20110892�
<br />9. DiTE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the
<br />Secured Debt to be immediaiely due and payable upon the creation of, transfer or sale of all or any part of the
<br />Property. This right is subject to the restrictions imposed by federal law (12 C:F.R. 591), as applica.ble: This
<br />covenant sha11 run with the Property and shall rema.in in effect until the Secured Debt is paid in full and this
<br />Securiry Instrument is released.
<br />10. PROPERI'Y CONDITION, ALTERATIONS AND IN5PECTION. Trustor will keep the Property in good
<br />condition and make all repairs that are rea.sona.bly necessa.ry. Trustor shall not commit or a(low any waste,
<br />impairment, or deterioration of the Property. Trustor will keep the Property free of noxious weeds and
<br />grasses. Trustor agrees tha.t the nature of the occupancy a.nd use will not substantially change without
<br />Beneficiary's prior wiitten consent. Trustor will not permit any change in any license, restrictive covenant ot
<br />easement without Beneficiary's prior written consent. Trustor will notify Beneficiary of all demands,
<br />proceedings, claims, and actions against Trustor, and of any loss or damage to the Property.
<br />Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for
<br />the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an
<br />inspection specifying a reasona.ble purpose for the inspection. Any inspection of the Properry shall be entirely
<br />for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection.
<br />11. AUTHORITY TO PERFORM. If Trustor fails to perform any dury or any of the covena.nts conta.ined in
<br />this Securiry Instrument, Beneficia.ry ma.y, without notice, perform or cause them to be performed. Trustor
<br />appoints Beneficiary as attomey in fact to sign Trustor's name or pay any amount necessary for perfo�►ance.
<br />Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's fa.ilure
<br />to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or
<br />this Securiry Instrument. If any construction on the Property is discontinued or not carried on in a reasona.ble
<br />manner, Beneficiary may take a11 steps necessary to protect Beneficia.ry's securiry interest in the Property,
<br />including completion of the construction.
<br />12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to Trustee, in
<br />trust for the benefit of Beneficiary as additional securiry all the right, title and interest in the following (all
<br />refened to as Property): existing or future lea.ses, subleases, licenses, guaranties and any other written or
<br />verbal agreements for the use and occupa.ncy of the Property, including any eactensions, renewals,
<br />modif'ications or replacements (a11 referred to a.s Lea.ses); and rents, issues and profits (all referred to as
<br />Rents). In the event a.ny item listed a.s Leases or Rents is determined to be personal property, this Assigmnent
<br />will also be regarded as a securiry agreement. Trustor will promptly provide Beneficiary with copies of the
<br />Leases and will certify these Leases are true a.nd conect copies. The existing Leases will be provided on
<br />execution of the Assignment, and a11 future Leases and any other information with respect to these Leases will
<br />be provided immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so
<br />lon�. as Ttustor is nai tn default. . � . . _ ..
<br />Upon default, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents with
<br />a.ny other funds. Trustor agrees that this Securiry Instrument is immediately effective belween Trustor and
<br />Beneficiary and effective as to third parties on the recording of tlus Assigmnent. As long as this Assigmnent
<br />is in effect, Trustor warrants and represents that no default exists under the Leases, and the parties subject to
<br />the Leases have not violated any applicable law on leases, licenses and landlords a.nd tenants.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UN1T DEVELOPMENT5. Trustor agrees to comply
<br />with the provisions of any lease if this Securiry Instrument is on a leasehold. If the Property includes a unit in
<br />a condominium or a planned unit development, Trustor will perform a11 of Trustor's duties under the
<br />covena.nts, by-laws, or regulations of the condominium or pla.nned unit development.
<br />14. DEFAULT. Trustor will be in default if any pa.rty obligaxed on the Secured Debt fails to maT�e payment when
<br />due. Trustor will be in default if a breach occurs under the terms of this Securiry Instrument or any other
<br />document executed for the purpose of creaxing, securing or guarantying the Secured Debt. A good faith belief
<br />by Beneficiary that Beneficiary at any time is insecure with respect to any persoa or entiry obligated on the
<br />Secured Debt or that the prospect of any payment or the value of the Property is impaired sha11 also constitute
<br />an event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficia.ry to provide
<br />Trustor with notice of the right to cure or other notices and ma.y esta.blish time schedules for foreclosure
<br />actions. Subject to these limitations, if any, Beneficiary ma.y acceleraxe the Secured Debt and foreclose this
<br />Security Instrument in a manner provided by law if Trustor is in default. .
<br />At the option of Beneficiary, all or any pa.rt of the agreed fees and charges, accrued interest and principal
<br />shall become immediately due and payable, after giving notice if required by law, upon the occunence of a
<br />default or anytime thereafter. In addition, Beneficiary sha11 be entitled to a11 the remedies provided by law,
<br />the terms of the Secured Debt, this Securiry Instrument and any related documents, including without
<br />limitaxion, the power to sell the Property.
<br />Security Instrumerrt-Cormumer-NE RE-DT-NE 7/7/2011
<br />VMP� Bankere SystemsT� VMP-C1861N� (1107).00
<br />Wolters Kluwer Financial Services OO 1994, 2011 Page 3 of'6
<br />
|