|
0�-30-1998 DEED OF TRUST Page 4
<br /> Loan No 638692 (Continued) 98— 1�j1�89
<br /> part of the Indebtedness secured by this Deed of Trusi; (b)a specific tex on Trustor which Trustor is authorized or requfred to deduct hom
<br /> • payments on the Indebtedness secured by this type of Dsed of Trust; (c)a tax on this type of Deed of Trust chargeable against the Lender or
<br /> the holder of the Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest 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 Trust,this event shall have the
<br /> same effect as an Event o(Default(as defined below),and lender may exercise any or all of its available remedies for en Event of DefauN as
<br /> provided be�ow unless Trustor either (a)pays the tax betore it becomes delinquent,or (b)contests the tax as provided above in the Taxes and
<br /> Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfectory to Lender.
<br /> SECURITY AGREEMENT;FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a secu�ity agreement are a part of
<br /> this Deed of Trust.
<br /> Securlty Apreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other
<br /> personal property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from dme to
<br /> time.
<br /> Security Interest. Upon request by Lender,Trustor shall execute flnancing statements and take whatever other action is requested by Lender
<br /> to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording thfs Oeed of Trust in the real
<br /> property records, Lender may,at any time and without further autho�izatfon from Trustor,flle executed counterparts,coples or reproductions of
<br /> ihis Deed of Trust as a flnancing statement. Trusior shall reimburse Lender for all expenses incuned in perfecting or conHnuing this security
<br /> interest. Upon default,Trustor shall assemble the Personal Property in a manner and at a place reasonably convenlent to Trustor and Lender
<br /> and make it available to Lender within three(3)days after receipt of written demand from Lender.
<br /> Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party), from which information concerning the security interest
<br /> granted by this Deed of Trust may be obtained(each as required by the Uniform Commercial Code),are as staied on the first page of this Deed
<br /> of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
<br /> Deed of Trus1.
<br /> Further Assurances. At any time, and from time to time, upon request of Lender,Trusior wfll make, execule and delfver, or will cause to be
<br /> made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be flled, 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 o(trust,security deeds,security agreements,financing statements,continuation statements,instruments of further assurance,certificates,
<br /> and other documents as may, in 1he sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
<br /> preserve (a)the obligations of Trustor 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 Properfy,whether now owned or hereafter acquired by Trusior. Unless prohibited by law or agreed to the
<br /> contrary by Lender in writing, Trustor shall reimburse Lender for all costs and expenses incurred in connection wiih the matters referred 10 in
<br /> this paragraph.
<br /> Attorney-in-Fact. If Trustor fails fo do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
<br /> Trustor and at Trustor's expense. For such purposes,Trustor hereby irrevocably appoints Lender as Trustor's attorney-in-fact for the purpose
<br /> of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
<br /> accomplish the matters referred to in the preceding paragraph.
<br /> FULL PERFORMANCE. If Trustor pays all ihe Indebtedness when due,and otherwise performs all the obligations imposed upon Trustor under this
<br /> Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Trustor suitable
<br /> statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any
<br /> reconveyance fee required by law shall be paid by Trustor,if permifted by applicable law.
<br /> DEFAULT. Each of the following,at the option of Lender,shall constitute an event of default("Event of DefaulY')under this Deed of Trust:
<br /> Default on Indebtedness. Failure of Trustor to make any payment when due on ihe Indebtedness.
<br /> Detault on Other Payments. Failure of Trustor wiihin the time required by this Deed of Trust to make any payment for taxes or insurance,or
<br /> any other payment necessary to preveni filing of or to effect discharge of any lien.
<br /> Compliance Default. Failure of Trusior 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 Statements. Any warranty, represeniation or staiement made or furnished to 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,either 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 interesl 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 ot creditors, any type of creditor woricout, or the commencement of any proceeding under any bankruptcy or
<br /> insolvency laws 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 Trustor as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding, provided that Trustor gives Lender wriflen notice of such claim 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 not remedied
<br /> within any grace period provided therein,including without limitation any agreement concerning any indebtedness or other obligation ot Trustor
<br /> to Lender,whether existing now or later.
<br /> Events Affecting Guarantor. 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 the 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 satisfactory to Lender,and,in doing so,cure the Event of Default.
<br /> Insecurity. Lender in good faith deems itself insecure.
<br /> Existing 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 noi been given a notice of a breach of the same provisfon of this Deed of Trust
<br /> within the preceding twelve (12) months, ii may be cured (and no Event of Default will have occurred) i(Trustor, afler 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 /> initiates steps sufficient to cure the failure and ihereaffer 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 fime thereafter,Trustee or Lender,at its option,
<br /> may exercise any one or more of the following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Acceleratlon upon Defaulh Additional Remedies. I(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 shall ihereupon become due and payable without
<br /> any presentment,demand,protest or notice of any kind. ThereaRer,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 cou�t and without
<br /> regard to the adequacy of its security,enter upon and take possession of the Property,or any part thereof,in its own name or in the name
<br /> of Trustee,and do any acts which it deems necessary or desirable to preserve the value,markelability or rentability of the Property,or part
<br /> of the Property or interest in the Property;increase the income from the Property or protect the security of the Property;and,with or without
<br /> taking possession of the Property,sue for or otherwise collect the rents,issues and profits of the P�operty, including those past due and
<br /> unpaid,and apply the same,less costs and expenses of operation 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 ot the Property,the collection
<br /> of such rents,issues and profits,and the application thereof shall not cure or waive any default or notice of defaul• Dse�of Trust
<br /> ,���� ..�
<br /> .{ aAwr�.�
<br />
|