|
employment of counsel or other necessary or desirable consultants. Trustor shall reimburse
<br />Beneficiary on demand for all costs incurred by Beneficiary in connection with actions which
<br />Beneficiary reasonably deems advisable to protect its interest under the Loan Agreement and all
<br />such amounts shall bear interest at the Agreed Rate following demand and be secured hereby.
<br />2.14. Transfer of Property by Trustor.
<br />Prior to repayment of the Note, Trustor agrees that Trustor shall not sell or transfer the
<br />Security or any interest therein or sell or transfer all or substantially all of the assets of Trustor or
<br />any of them except as may be provided in the Loan Agreement.
<br />2.15. Additional Security.
<br />No other security now existing, or hereafter taken, to secure the Obligations secured
<br />hereby or the liability of any maker, surety guarantor or endorser with respect to such
<br />Obligations, or any of them, shall be impaired or affected by the execution of this Deed of Trust;
<br />and all additional security shall be taken, considered and held as cumulative. The taking of
<br />additional security, execution of partial releases of the Security, or any extension of the time of
<br />payment of the indebtedness shall not diminish the force, effect or lien of this Deed of Trust and
<br />shall not affect or impair the liability of any maker, surety, guarantor or endorser for the payment
<br />of said indebtedness. In the event Beneficiary at any time holds additional security for any of the
<br />Obligations secured hereby, it may enforce the sale thereof or otherwise realize upon the same, at
<br />its option, either before, concurrently, or after a sale is made hereunder.
<br />2.16. Liens.
<br />Trustor shall not cause, incur suffer or permit to exist or become effective any lien,
<br />encumbrance or charge upon all or any part of the Property, the Improvements or any interest
<br />therein other than (a) easements, rights of way, covenants, conditions, restrictions, liens, and
<br />other title limitations approved in writing by Beneficiary prior to the execution of this Deed of
<br />Trust, (b) immaterial easements and rights of way which are required by governmental
<br />authorities as a condition to the use and operation of the Improvements which are approved in
<br />writing by Beneficiary after the execution of this Deed of Trust, and (c) easements, rights of
<br />way, covenants, conditions, restrictions, liens and other title limitations allowed pursuant to
<br />Section 2.3 hereof (the "Permitted Encumbrances"). Trustor shall pay and promptly discharge,
<br />at Trustor's cost and expense, all liens, encumbrances and charges upon the Security, or any part
<br />thereof or interest therein other than the Permitted Encumbrances; provided, that the existence of
<br />any mechanic's, laborer's, materialman's, supplier's or vendor's lien or right thereto shall not
<br />constitute a violation of this Section if payment is not yet due under the contract which is the
<br />foundation thereof. Trustor shall have the right to contest in good faith the validity of any such
<br />lien, encumbrance or charge, provided Trustor shall first deposit with the Beneficiary a bond or
<br />other security reasonably satisfactory to Beneficiary in such amounts as Beneficiary shall
<br />reasonably require, but not more than one hundred fifty percent (150%) of the amount of the
<br />claim or shall post a bond authorized by statute in lieu thereof, and provided further that Trustor
<br />shall thereafter diligently proceed to cause such lien, encumbrance or charge to be removed and
<br />discharged. If Trustor shall fail to remove and discharge any such lien, encumbrance, or charge,
<br />then, in addition to any other right or remedy of Beneficiary, Beneficiary may, but shall not be
<br />11
<br />westview House
<br />City HOME Deed of Two
<br />
|