HomeMy WebLinkAbout17ARTICLE 2
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Section 2.1 Grant. To secure the full and timely payment of the
Indebtedness and the frill and timely performance of the Obligations, Grantor
GRANTS, BARGAINS, SELLS and CONVEYS the Mortgaged Property to Trustee,
(subject, however, to the Permitted Encumbrances), TO HAVE ARID TO HOLD IN
TRUST, WITH POWER OF SALE, and Grantor does hereby bind :lscIC its successors
and assigns to WARRAN' AND FOREVER DEFEND the title to the Mortgaged
Property unto Trustee.
ARTICLE 3
W 4RRAMTC£S,�{EPRx�EYTA�ONS AND COVENANTS
ap Grantor warrants, represents and covenants to Beneficiary as follows:
CD CDSection 3.1 Title to Mortgaged Prop3/3y and i iem o£ this
C) Instrument. Crrantor owns ncc Mortgaged Property free and clear of any liens, claims
O Cy or interests, except the Permitted Encumbrances. This Deed of Trust creates valid,
O enforceable second priority liens and security interests against the Mortgaged Property.
X The Land and Impromnitnts are not used principally for agricultural or farming
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purposes.
Section 3.2 Sond Liea Status.
(a) Grantor shall preserve and protect the second lien and security
interest status of this Deed of Trust and the other Loan Documents. If any lien or
security interest other than the Permitted Encumbrances is asserted against the
Mortgaged Property, Grantor stall promptly, and nt its expense, (a) give Beneficiary a
detailed written notice of such lien or security interest (including origin, amount and
other terms), and (b) pay the underlying claim in full or take such other action so as to
cause it to he released or contest the same in compliance with the requirements of the
Loan Agreement (including the requirement of providing a bond or other security
satisfactory to Beneficiary).
(b) if the holden of the Senior Note and the Junior Note are diNerent
Fersons and shall not be in agreement on the exercise of approval rights, or of
enforcement of the Loan Agreement (exclusive of enforcement of any deed of trust or
assignment of rents and leases which is solely in favor of the respective hold -
Sensor Note and the Junior Note), or on satisfactiorof conditimis to advances
determination of the holder of the Serior Note shall control.
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