OTHER
RIGHT TO PARTICIPATE IN, ANY COLLATERAL SECURITY FOR THE OBLIGATIONS OR ANY
GUARANTY OF THE OBLIGATIONS NOW OR HEREAFTER HELD BY BENEFICIARY.
(E)
TRUSTOR EXPRESSLY WAIVES ALL SURETYSHIP DEFENSES THAT TRUSTOR MAY
HAVE UNDER NEVADA LAW AND THE LAWS OF ANY OTHER STATE.
SECTION 15.3.
INCORPORATED STATUTORY PROVISIONS.
TO THE EXTENT NOT
INCONSISTENT WITH THE OTHER PROVISIONS OF THIS SECURITY INSTRUMENT OR THE OTHER
LOAN DOCUMENTS, THE FOLLOWING COVENANTS, NOS. 1, 2 (FULL REPLACEMENT VALUE), 3,
4 (DEFAULT RATE UNDER NOTE), 5, 6, 7 (A REASONABLE PERCENTAGE), 8 AND 9 OF
NEVADA REVISED STATUES § 107.030 ARE HEREBY ADOPTED AND MADE A PART OF THIS
SECURITY INSTRUMENT.
SECTION 15.4.
GAMING MATTERS.
BENEFICIARY ACKNOWLEDGES THAT TO THE
EXTENT THE EXERCISE OF ITS RIGHTS, REMEDIES AND POWERS HEREUNDER ARE SUBJECT TO
GAMING LAWS, BENEFICIARY SHALL OBTAIN CONSENTS OR APPROVALS AS REQUIRED BY SUCH
GAMING LAWS.
SECTION 15.5.
SECURITY AGREEMENT.
THIS SECURITY INSTRUMENT CONSTITUTES
A SECURITY AGREEMENT AS THAT TERM IS DEFINED IN THE NEVADA UNIFORM COMMERCIAL
CODE, PORTION OF THE COLLATERAL ARE GOODS THAT ARE OR ARE TO BECOME FIXTURES ON
THE LAND DESCRIBED IN EXHIBIT A ATTACHED HERETO.
THIS INSTRUMENT IS INTENDED TO
SERVE AS A FIXTURE FILING AND
29
IS TO BE RECORDED IN THE REAL ESTATE RECORDS OF CLARK COUNTY, NEVADA AND INDEXED
AS BOTH A DEED OF TRUST AND A FIXTURE FILING.
TRUSTOR IS THE OWNER OF A RECORD
INTEREST IN THE LAND DESCRIBED IN EXHIBIT A ATTACHED HERETO.
TRUSTOR IS THE
DEBTOR AND BENEFICIARY IS THE SECURED PARTY.
SECTION 15.6.
FUTURE ADVANCES.
THIS SECURITY INSTRUMENT IS GOVERNED BY
NEVADA REVISED STATUTES SECTIONS ("NRS") 106.300 TO 106.400 AND SECURES FUTURE
ADVANCES AS PROVIDED IN SUCH SECTIONS.
THE MAXIMUM AMOUNT OF "PRINCIPAL" (AS
DEFINED IN NRS SECTION 106.345) SECURED HEREBY (INCLUDING DISBURSEMENTS THAT THE
LENDER MAY, BUT SHALL NOT BE OBLIGATED TO, MAKE UNDER THIS SECURITY INSTRUMENT,
THE LOAN DOCUMENTS OR ANY OTHER DOCUMENT WITH RESPECT THERETO) SHALL NOT EXCEED)
($820,000,000) DOLLARS.
THIS SECURITY INSTRUMENT SHALL BE VALID AND HAVE
PRIORITY TO THE EXTENT OF THE MAXIMUM AMOUNT SECURED HEREBY OVER ALL SUBSEQUENT
LIENS AND ENCUMBRANCES, INCLUDING STATUTORY LIENS, EXCEPTING SOLELY TAXES AND
ASSESSMENTS LEVIED ON THE PROPERTY GIVEN PRIORITY BY LAW.
SECTION 15.7.
ADDITIONAL EVENT OF DEFAULT.
AN EVENT OF DEFAULT SHALL
OCCUR IF TRUSTEE OR ANY OTHER "BORROWER" (AS THAT TERM IS DEFINED IN NRS
106.310, AS AMENDED OR RECODIFIED FROM TIME TO TIME) WHO MAY SEND A NOTICE
PURSUANT TO NRS 106.380(1), AS AMENDED OR RECODIFIED FROM TIME TO TIME, WITH
RESPECT TO THIS SECURITY INSTRUMENT, (I) DELIVERS, SENDS BY MAIL OR OTHERWISE
GIVES, OR PURPORTS TO DELIVER, SEND BY MAIL OR OTHERWISE GIVE TO BENEFICIARY:
(A) ANY NOTICE OF AN ELECTION TO TERMINATE THE OPERATION OF THIS SECURITY
INSTRUMENT AS SECURITY FOR ANY OBLIGATION, INCLUDING, WITHOUT LIMITATION, ANY
OBLIGATION TO REPAY ANY "FUTURE ADVANCE" (AS DEFINED IN NRS 106.320, AS AMENDED
OR RECODIFIED FROM TIME TO TIME), OF "PRINCIPAL" (AS DEFINED IN NRS 106,345, AS
AMENDED OR RECODIFIED FROM TIME TO TIME), OR