DESCRIBES SUCH PROPERTY IN ANY OTHER MANNER LENDER OR TRUSTEE
SO CHOOSES, INCLUDING, WITHOUT LIMITATION, DESCRIBING SUCH PROPERTY AS "ALL
ASSETS, WHETHER NOW OWNED OR HEREAFTER ACQUIRED" OR "ALL PERSONAL PROPERTY,
WHETHER NOW OWNED OR HEREAFTER ACQUIRE".
BORROWER GRANTS TO LENDER AN
IRREVOCABLE POWER OF ATTORNEY COUPLED WITH AN INTEREST FOR THE PURPOSE OF
PROTECTING, PERFECTING, PRESERVING AND REALIZING UPON THE INTERESTS GRANTED
PURSUANT TO THIS SECURITY INSTRUMENT AND TO EFFECT THE INTENT HEREOF, ALL AS
FULLY AND EFFECTUALLY AS BORROWER MIGHT OR COULD DO; AND BORROWER HEREBY
RATIFIES ALL THAT LENDER SHALL LAWFULLY DO OR CAUSE TO BE DONE BY VIRTUE
HEREOF.
UPON RECEIPT OF AN AFFIDAVIT OF AN OFFICER OF LENDER AS TO THE LOSS,
THEFT, DESTRUCTION OR MUTILATION OF THE NOTE OR ANY OTHER LOAN DOCUMENT WHICH IS
NOT OF PUBLIC RECORD, AND, IN THE CASE OF ANY SUCH MUTILATION, UPON SURRENDER
AND CANCELLATION OF SUCH NOTE OR OTHER APPLICABLE LOAN DOCUMENT, BORROWER WILL
ISSUE, IN LIEU THEREOF, A REPLACEMENT NOTE OR OTHER APPLICABLE LOAN DOCUMENT,
DATED THE DATE OF SUCH LOST, STOLEN, DESTROYED OR
38
MUTILATED NOTE OR OTHER LOAN DOCUMENT IN THE SAME PRINCIPAL AMOUNT THEREOF AND
OTHERWISE OF LIKE TENOR.
SECTION 2.04.
RECORDING OF SECURITY INSTRUMENT, ETC.
BORROWER FORTHWITH UPON
THE EXECUTION AND DELIVERY OF THIS SECURITY INSTRUMENT AND THEREAFTER, FROM TIME
TO TIME, WILL CAUSE THIS SECURITY INSTRUMENT, AND ANY SECURITY INSTRUMENT
CREATING A LIEN OR SECURITY INTEREST OR EVIDENCING THE LIEN HEREOF UPON THE
PROPERTY AND EACH INSTRUMENT OF FURTHER ASSURANCE TO BE FILED, REGISTERED OR
RECORDED IN SUCH MANNER AND IN SUCH PLACES AS MAY BE REQUIRED BY ANY PRESENT OR
FUTURE LAW IN ORDER TO PUBLISH NOTICE OF AND FULLY PROTECT THE LIEN OR SECURITY
INTEREST HEREOF UPON, AND THE INTEREST OF LENDER IN, THE PROPERTY.
BORROWER
WILL PAY ALL FILING, REGISTRATION OR RECORDING FEES, AND ALL EXPENSES INCIDENT
TO THE PREPARATION, EXECUTION AND ACKNOWLEDGMENT OF THIS SECURITY INSTRUMENT,
ANY MORTGAGE OR DEED OF TRUST, AS APPLICABLE, SUPPLEMENTAL HERETO, ANY SECURITY
INSTRUMENT WITH RESPECT TO THE PROPERTY AND ANY INSTRUMENT OF FURTHER ASSURANCE,
AND ALL FEDERAL, STATE, COUNTY AND MUNICIPAL, TAXES, DUTIES, IMPOSTS,
ASSESSMENTS AND CHARGES ARISING OUT OF OR IN CONNECTION WITH THE EXECUTION AND
DELIVERY OF THIS SECURITY INSTRUMENT, ANY MORTGAGE OR DEED OF TRUST, AS
APPLICABLE, SUPPLEMENTAL HERETO, ANY SECURITY INSTRUMENT WITH RESPECT TO THE
PROPERTY OR ANY INSTRUMENT OF FURTHER ASSURANCE, EXCEPT WHERE PROHIBITED BY LAW
TO DO SO, IN WHICH EVENT LENDER MAY DECLARE THE DEBT TO BE IMMEDIATELY DUE AND
PAYABLE.
BORROWER SHALL HOLD HARMLESS AND INDEMNIFY LENDER AND TRUSTEE, AND
THEIR SUCCESSORS AND ASSIGNS, AGAINST ANY LIABILITY INCURRED AS A RESULT OF THE
IMPOSITION OF ANY TAX ON THE MAKING AND RECORDING OF THIS SECURITY INSTRUMENT.
SECTION 2.05.
REPRESENTATIONS, WARRANTIES AND COVENANTS RELATING TO THE
PROPERTY.
BORROWER REPRESENTS AND WARRANTS TO AND COVENANTS WITH LENDER WITH
RESPECT TO THE PROPERTY AS FOLLOWS:
(A)
LIEN PRIORITY.
THIS SECURITY INSTRUMENT IS A VALID AND
ENFORCEABLE FIRST LIEN ON THE PROPERTY, FREE AND CLEAR OF