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03-26-1998 DEED OF TRUST 98-- 1(�3023 page 4
<br /> Loan No 684290 (Continued)
<br /> Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
<br /> SECURITY AGREEMENT;FINANCING STATEMENTS. The following provisfons relating to this Deed o}Trust es a security agreement are a part of
<br /> this Deed of Trust.
<br /> Secuhty Agreement. This inshument shall constitute a security agreement to the extent any of the Property constitutes fixtures w other
<br /> personal property, and Lender shall have all of the rights oi a secured party under the Unfform Commercial Code as amended irom time to
<br /> time.
<br /> Security Interest. Upon request by Lender,Trustor shall execute flnancing statements and take whatever other ection is requested by Lender
<br /> to perfect and contlnue Lender's security Interest in the Rents and Personai Property. In addition to recording this Deed of Trust in the real
<br /> property records,Lender may,at any tlme and without further authorization trom Trustor,flle executed counterparts,copies or reproductions of
<br /> this Deed of Trust as a flnancing statement. Trustor shall reimburse Lender for all expenses incurred in pertecting or continuing this secu�ity
<br /> interest. Upon default,Trustor shall assemble the Personal Property in a manner and at a place reasonably convenient to Trustor and Lender
<br /> and make it available to Lender within three(3)days after receipt of w�itten demand from Lender.
<br /> Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party), irom which informaHon concernfng the security interest
<br /> granted by this Deed of Trust may be obtained(each as required by the Uniform Commercial Code),are as stated on the first page of this Deed
<br /> of Trust.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions reladng to further assuranc�s and attorney-in-fact are a pert of this
<br /> Deed of Trust.
<br /> Further Assurances. At any time, and trom Nme to time, upon request of Lender,Trustor wiil make, execute and deliver, or will cause to be
<br /> made, executed or de�ivered, to Lender or to Lender's designee, and when requested by Lender, cause to be flled, recorded, reNled, or
<br /> rerecorded,as the case may be,at such Nmes and in such oiNces and places as Lender may deem appropriate,any and all such mo�tgages,
<br /> deeds of trust,security deeds,securliy agreements,ftnanciny statements,conHnuation statements,instruments of further assurance,c�rtiflcates,
<br /> and other documents as may, in the sole opinion of Lender, be necessary or desirable In order to effectuate, complete, periect, conNnue, or
<br /> preserve (a)the obiigations of Trustor under the Note,this Deed of Trust,and the Fielated Documents,end (b)the Ilens and security interests
<br /> created by this Deed of Trust as flrst and prior Ifens on the Property,whether now owned or hereaffer acquired by Trustor. Uniess prohibited by
<br /> Iaw or agreed to the contrary by Lender in wriiing,Trustor shall reimburse Lender for all costs and expenses incurced in connectlon with the
<br /> matlers referred to fn this paragraph.
<br /> Attorney-in-Fect. If Trustor fails to 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 appoi�ts Lender as Trustor's attorney-in-fact for the purpose
<br /> o( making, executing, delivering, filing, recording, and doing all other things as mey be necessary or desirable, in Lender's sole opinion, to
<br /> accomplish the matters referred to in the preceding paragraph.
<br /> FU1 PERFORMANCE. If Trustor pays all the Indebtedness when due, terminates the Iine of credit, and otherwise performs all ihe obligations
<br /> imposed upon Trustor under this Deed of Trust,Lender shall execute and deliver to Trustee a request for full reconveyance and shall execute and
<br /> deliver to Trustor suitable statements of termination of any Nnencing statement on file evidencing Lender's security interest in the Rents and the
<br /> Personal Property. Any reconveyance fee required by law shall be paid by Trustor,if permitted by applicable Iaw.
<br /> DEFAI�T. Each of the following,at the optlon of Lender,shall constitute an event of default("Event of Default")under thls Deed of Trust:
<br /> Detault on Indebtedness. Failure oi Trustor to make any payment when due on the Indebtedness.
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment fo�taxes or insurance,or
<br /> any other payment necessary to prevent filing of or to effect disch8rge of any lien.
<br /> Compliance Detault. 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 1he Related Documents.
<br /> False Statements. Any warranty,represeniatio�or statement 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 Collaterolization. This Deed ot 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 vatid and perfected security interest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death o}Trustor or the dissolution or termination of Trusior's existence as a going business, ihe insolvency of
<br /> Trustor,the appointment of a receiver for any part of Trustor's property,any assignment for the bene8t of credifors,eny type of creditor workout,
<br /> or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br /> Foreclosure,ForfeNure,efc. 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 governmentai 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 toreclosure or
<br /> forefeiture proceeding, provided that Trustor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim
<br /> satisfactory to Lender.
<br /> Breach ot 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 of Trustor
<br /> to Lender,whether existing now or later.
<br /> Events Aftecting 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, permft the Guarantor's estate to assume unconditionally the obligatfons a►ising under the guaranty In a
<br /> manner satisfactory to Lender,and,in doing so,cure the Event of Default.
<br /> Insecuhty. Lender in good faith deems itself insecure.
<br /> Right to Cure. If such a failure is curable and N Trustor has not been g(ven a notice of a breach of the same provision of this Deed oi Trust
<br /> within the preceding iwelve (12) months, it may be cured (and no Event of Defauit wiii have occurred) if Trustor, aRer Lender sends written
<br /> notice demanding cure of such failure: (a)cures the failure within flffeen (15) days; or (b) if the cure requires more than fifteen (15) days,
<br /> immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable end necessary steps sufflcient to
<br /> produce compUance 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 any one or more of the following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Acceleratlon upon Default; AddNionai Remedies. If any event of default occurs as per the terms of the Note secured hereby, Lender may
<br /> declare ali Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and payable without
<br /> any presentment,demand,protest or notice of any kind. Thereaffer,Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by e recelver eppointed by a court and withoul
<br /> regard to the adequacy of its security,enter upon and take possession ot the Property,or any part thereo},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,marketabiBty or rentabiiity of the Property,or part
<br /> of the Properly or interest in the Property;increase the income irom the Property or protect the security of 1he Property;and,with or wNhout
<br /> taking possession ot the Prope�ty,sue for or otherwfse collect the rents,Issues and proflts o(the Property, inciuding 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 ente�ing upon and taking possession ot the Property,the collection
<br /> of such rents,issues and profits,and the appiication thereof shall not cure or waive any default or notice of default under this Deed of Trust
<br /> or invalidate any act done in response to such default or pursuant to such notice of defautt; and, notwithstanding the conH�uance in
<br /> possession of the Property or ihe collection, receipt and application of rents, issues or pro8ts, Trustee or Lender shall be entitled to
<br /> exercise every right provided for in the Note or the Related Documents or by Iaw upon the occurrence of any event of default,including the
<br /> right to exercise 1he power of sale;
<br /> (b) Commence an action to foreclose this Deed of Trust as a mortgage,appoint a receiver or specifically enforce any of the covenents
<br /> hereof;and
<br /> (c) Deliver to Trustee a written declaration of default and demand for sele and a writlen notice of default and elecHon to cause Trustor's
<br /> interest in the Property to be sold,which notice Trustee shaN cause to be duly�led for record in the appropriate offices of the County in
<br /> which the Property is located;and
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