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03-19-1998 DEED OF TRUST � Page 4
<br /> Loan No 682195 (Continued) � 98••�(1'!Z919
<br /> Taxes. The Joilowing shall constiiute taxes to which this section appties: (a)a specific tax upon this type of Deed oi Trust or upon all or any
<br /> part of the indebtedness secured by this Deed of Trust; (b)a speciHc tax on Trustor which Trustor is authorized or required to deduct trom
<br /> payments on the Indebtedness secured by this type of Deed of Trust; (c)a tex on this type of Deed of Trust chargeable against the Lender or
<br /> the holder of the Note; and (d) a specific tax on atl or any portion of the Indebtedness or on payments of p�fncipal and interest made by
<br /> Trustor.
<br /> Subsequent Taxes. If any iax to which this sectlon applies is enacted subsequent to the date of this Deed of Trust,this event shall have the
<br /> same effect as an Event of Default(as defined below),and Lender may exercise any or ali of its available remedies}or.an Event of Default as
<br /> provided below unless Trustor either (a)pays the tax before it becomes delinquent,or (b)contests the tax as provided above in the Ta�ces and
<br /> Uens secNon and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory 1o,Lender.
<br /> SECURITY AGREEMENT;FINANCING STATEMENTS. The foliowing provisions relating to this Deed of Trust as a security agreement are a part of
<br /> this Deed of Trust.
<br /> Securlty Aqreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other
<br /> personal property, and Lender shali have all of the rights of a secured party under the Uniform Commercial Code as amended from Hme to
<br /> time.
<br /> Secunty Interest. Upon requesi by Lender,Trustor shali execute 8nancing statements and take whatever other actlon is requested by Lender
<br /> to perfect and conHnue Lender's security interest in the Rents and Personal Property. In addiNon to recording thfs Deed of Trust in the real
<br /> property records,Lender may,at any time and without further euthorization from Trustor,81e executed counterparts,copies or reproductlons of
<br /> this Deed of T►ust as a flnancing statement. Trustor shall reimburse Lender for all expenses incuned in perfecting or conNnuing this secu�ity
<br /> interest. Upon default,Trustw shell assemble the Personal Property in a manner and at a place reasonably convenient to Trustor end Lender
<br /> and make it available to Lender within three(3)days after receipt of wriften demantl irom Lender.
<br /> Addresses. The mafiing addresses of Trustor(debtor) and lender (secured party), irom which information concernin9 the securiiy interest
<br /> granted by this Deed of Trust may be obtafned(each as required by the Uniform Commercfal Code),are as stated on the first page of this Deed
<br /> of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The fotlowing provisions relating to further assurances and attorney-in-fact are a pa�t of this
<br /> Deed of Trust.
<br /> Further Assurances. At any time, and from time to time, upon request of Lender,Trustor will make, execuie and deliver, or will cause to be
<br /> made, execuied or delivered, lo Lender or io Lender's designee, and when requested by Lender, cause to be filed, recorded, reflled, or
<br /> rerecorded,as the case may be,at such times and in such offices and places as Lender may deem appropriate,any and all such mortgages,
<br /> deeds of trust,security deeds,security agreemenls,flnancing statements,continuation statements,instrumenis of further assurance,certificates,
<br /> and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
<br /> preserve (a)the obligations of Trustw under the Note,this Deed of Trust,and the Related Documents,and (b)the liens and security interests
<br /> created by this Deed of Trust on the Property,whether now owned or hereafter acquired by Trustor. Unless prohibited by law or agreed to the
<br /> contrary by Lender in writing,Trustor shall refmburse Lender for all costs and expenses incurred in connection wiih the matters referred to in
<br /> this paragraph.
<br /> Attorney-In-Fect. It Trustor fails to do any of the thfngs referred io in the preceding paragraph, Lender may do so for and In the name of
<br /> Trustor and at Truslor's expense. For such purposes,Trustor hereby inevocably appoints Lender as Trustor's attorney-in-fact for the purpose
<br /> of making, execuiing, delivering, filing, recording, and doing all oiher things as may be necessary or desirable, in Lender's sole opinion, to
<br /> accomplish the matters referred 10 in the preceding paragraph.
<br /> FULL PERFORMANCE. If Trustor pays all 1he Indebiedness when due,and otherwise performs all the obligations imposed upon Trustor under this
<br /> Deed o( Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and detiver to Trustor suitable
<br /> statements of terminaiion of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any
<br /> reconveyance fee required by Iaw shall be paid by Trustor,if permitted by applicable law.
<br /> DEFAULT. Each of the following,at ihe option of Lender,shall constitute an event of default("Event of Default")under this Deed of Trust:
<br /> Default on Indebtedness. Failure of Trustor to make any payment when due on the Indebledness.
<br /> Default on Other Payments. Failure of Trustor within the iime required by this Deed of Trus1 to make any payment for taxes or insurance, or
<br /> any other payment necessary 10 prevent filing of or to effect discharge of any lien.
<br /> Compllance Default. Failure of Trustor to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the
<br /> Note or in any of the Related Documents.
<br /> False Stafemenis. Any warranty,representation or statement made or furnished 10 Lender by or on behalf of Trustor under this Deed of Trust,
<br /> the Note or the Related Documents is false or misleading in any material respect,eiiher now or at the time made or furnished.
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including failure of any
<br /> collateral documents to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or InsolvenCy. The death of Trustor, the insolvency of Trustor, the appointment of a receiver for any part of Trustor's property, any
<br /> assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankrupicy or
<br /> insolvenCy Iaws by or against Trustor.
<br /> Foreclosure,Forfeiture,etc. Commencement of foreclosure or forfeiture proceedings,whether by judicial proceeding,self-help,repossession
<br /> or any other method,by any creditor of Trustor or by any governmental agency against any of the Property. However,this subsection shall not
<br /> apply in the event of a good faith dispute by Trusto�as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding, provided that Trustor gives�ender written notice of such clafm and furnishes reserves or a surety bond for the claim
<br /> satisfactory to Lender.
<br /> BreaCh of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is noi remedied
<br /> within any grace period provided therein,including without limitation any agreement concerning any indebtedness or other obligation of Trustor
<br /> to Lender,whether exisling now or Iater.
<br /> Events Affecting Guarentor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent, or revokes or disputes 1he validity of, or liability under,any Guaranty of the Indebtedness. Lender,at its option,
<br /> may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a
<br /> manner satisfaclory to Lender,and,in doing so,cure the Event of Default.
<br /> Insecunty. Lender in good faitfi deems itself insecure.
<br /> Existiny Indebtedness. A default shall occur under any Existing Indebtedness or under any instrument on the Property securing any Existing
<br /> Indebtedness,or commencement of any suit or other action to foreclose any existing lien on the Property.
<br /> Right to Cure. If such a failure is curable and if Trustor has not been given a notice of a breach of the same provision of this Deed of Trust
<br /> within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Trustor, after Lender sends written
<br /> notice demanding cure of such failure: (a)cures the failure within ten(10)days;or (b)if the cure requires more than ten(10)days,immediately
<br /> initisies steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce
<br /> compliance as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter,Trustee or Lender,at its option,
<br /> may exercise eny one or more of ihe following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Acceleratlon upon Detault; Additfonal Remedies. If any event of default occurs as per the terms of the Note secured hereby, Lender may
<br /> declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shali ihereupon become due and payable without
<br /> any presentment,demand,protest or notice of any kind. Thereafter,Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and withoui
<br /> regard to the adequacy of its security,enter upon and take possession of the Property,or any part thereof,in ils own name or in ihe name
<br /> o(Trustee,and do any acts which it deems necessary or desirable to preserve the value,markeiability or rentability o(the Property,or part
<br /> of the Prope�ty or interest in the Properiy;increase the income from the Property or p�otect the security of the Property;and,with or without
<br /> taking possession of the Property,sue for or othervvise collect the rents,issue.s and proflts of the Property, induding those past due and
<br /> unpaid,and apply the same,less costs and expenses of opera6on and collection,including attorneys'fees,to any indebtedness secured
<br /> by this Deed of Trust,all in such order as Lender may determine. The entering upon and taking possession of the Property,the coilection
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