SECURITY AGREEMENTS; LOCATIONS OF PLACES OF BUSINESS AND
CHIEF EXECUTIVE OFFICE.
TRUSTOR SHALL NOT CHANGE ITS NAME, IDENTITY (INCLUDING
ITS TRADE NAME OR NAMES), STRUCTURE OR LOCATION (DETERMINED AS PROVIDED IN
SECTION 9-307 OF THE UCC) IN ANY MANNER, AND SHALL NOT BECOME BOUND, AS PROVIDED
IN SECTION 9-203(D) OF THE UCC, BY A SECURITY AGREEMENT ENTERED INTO BY ANOTHER
PERSON, IN EACH CASE UNLESS IT SHALL HAVE GIVEN BENEFICIARY NOT LESS THAN 30
DAYS' PRIOR NOTICE THEREOF.
TRUSTOR SHALL NOT IN ANY EVENT CHANGE THE LOCATION
OF ITS PLACE OR PLACES OF BUSINESS, ITS CHIEF EXECUTIVE OFFICE OR ANY COLLATERAL
OR ITS NAME, IDENTITY, STRUCTURE OR LOCATION (DETERMINED AS PROVIDED IN SECTION
9-307 OF THE UCC), OR BECOME BOUND, AS PROVIDED IN SECTION 9-203(D) OF THE UCC,
BY A SECURITY AGREEMENT ENTERED INTO BY ANOTHER PERSON, IF SUCH CHANGE WOULD
CAUSE THE SECURITY INTERESTS IN ANY COLLATERAL TO LAPSE OR CEASE TO BE PERFECTED
UNLESS TRUSTOR HAS TAKEN ON OR BEFORE THE DATE OF LAPSE ALL ACTIONS NECESSARY TO
ENSURE THAT THE SECURITY INTERESTS IN THE COLLATERAL DOES NOT LAPSE OR CEASE TO
BE PERFECTED.
SECTION 3.6.
TITLE.
TRUSTOR HAS GOOD, MARKETABLE AND INSURABLE FEE
SIMPLE TITLE TO THE REAL PROPERTY COMPRISING PART OF THE PROPERTY, AND TRUSTOR
IS THE BENEFICIAL OWNER OF AND HAS GOOD TITLE TO THE BALANCE OF SUCH PROPERTY,
IN EACH CASE FREE AND CLEAR OF ALL LIENS WHATSOEVER EXCEPT PERMITTED
ENCUMBRANCES.
THE PERMITTED ENCUMBRANCES IN THE AGGREGATE DO NOT MATERIALLY AND
ADVERSELY AFFECT THE VALUE, OPERATION OR USE OF THE PROPERTY.
OTHER THAN THIS
SECURITY INSTRUMENT, FINANCING STATEMENTS OR OTHER SIMILAR OR EQUIVALENT
DOCUMENTS OR INSTRUMENTS WITH RESPECT TO THE SECURITY INTERESTS PURPORTED TO BE
GRANTED HEREBY (THE "SECURITY INTERESTS") AND PERMITTED ENCUMBRANCES, NO
FINANCING STATEMENT, DEED OF TRUST, SECURITY AGREEMENT OR SIMILAR OR EQUIVALENT
DOCUMENT OR INSTRUMENT COVERING ALL OR ANY PART OF THE COLLATERAL IS ON FILE OR
OF RECORD IN ANY JURISDICTION IN WHICH SUCH FILING OR RECORDING WOULD BE
EFFECTIVE TO PERFECT A LIEN ON SUCH COLLATERAL.
THE COLLATERAL IS NOT IN THE
POSSESSION OR CONTROL OF ANY PERSON ASSERTING ANY CLAIM THERETO OR SECURITY
INTEREST THEREIN, EXCEPT THAT BENEFICIARY OR ITS NOMINEE, CUSTODIAN OR A
SECURITIES INTERMEDIARY ACTING ON ITS BEHALF MAY HAVE POSSESSION AND/OR CONTROL
OF THE COLLATERAL AS CONTEMPLATED HEREBY.
THIS SECURITY INSTRUMENT, WHEN
PROPERLY RECORDED IN THE APPROPRIATE RECORDS, WILL CREATE (A) A VALID, PERFECTED
FIRST PRIORITY LIEN ON THE PROPERTY, SUBJECT ONLY TO PERMITTED ENCUMBRANCES AND
(B) A VALID PERFECTED FIRST PRIORITY SECURITY INTEREST IN AND TO, AND A VALID
PERFECTED FIRST PRIORITY COLLATERAL ASSIGNMENT OF, ALL COLLATERAL, ALL IN
ACCORDANCE WITH THE TERMS HEREOF AND THEREOF, IN EACH CASE SUBJECT ONLY TO ANY
APPLICABLE PERMITTED ENCUMBRANCES.
THERE ARE NO CLAIMS FOR PAYMENT FOR WORK,
LABOR OR MATERIALS AFFECTING THE PROPERTY WHICH ARE PAST DUE AND ARE OR MAY
BECOME A LIEN PRIOR TO, OR OF EQUAL PRIORITY WITH, THE LIENS CREATED BY THIS
SECURITY INSTRUMENT UNLESS SUCH CLAIMS FOR PAYMENTS ARE BEING CONTESTED IN