SHALL CONSTITUTE A PORTION OF THE DEBT AND SHALL BE SECURED BY THIS
SECURITY INSTRUMENT.
(I)
THE INTERESTS AND RIGHTS OF LENDER UNDER
THE LOAN DOCUMENTS SHALL NOT BE IMPAIRED BY ANY INDULGENCE, INCLUDING (I) ANY
RENEWAL, EXTENSION OR MODIFICATION WHICH LENDER MAY GRANT WITH RESPECT TO ANY OF
THE DEBT, (II) ANY SURRENDER, COMPROMISE, RELEASE, RENEWAL, EXTENSION, EXCHANGE
OR SUBSTITUTION WHICH LENDER MAY GRANT WITH RESPECT TO THE PROPERTY OR ANY
PORTION THEREOF OR (III) ANY RELEASE OR INDULGENCE GRANTED TO ANY MAKER,
ENDORSER, GUARANTOR OR SURETY OF ANY OF THE DEBT.
11.
RIGHT OF ENTRY.
IN ADDITION TO ANY OTHER
RIGHTS OR REMEDIES GRANTED UNDER THIS SECURITY INSTRUMENT, LENDER AND ITS AGENTS
SHALL HAVE THE RIGHT TO ENTER AND INSPECT THE PROPERTY AT ANY REASONABLE TIME
DURING THE TERM OF THIS SECURITY INSTRUMENT.
THE COST OF SUCH INSPECTIONS OR
AUDITS SHALL BE BORNE BY BORROWER SHOULD LENDER DETERMINE THAT AN EVENT OF
DEFAULT EXISTS, INCLUDING THE COST OF ALL FOLLOW UP OR ADDITIONAL INVESTIGATIONS
OR INQUIRIES DEEMED REASONABLY NECESSARY BY LENDER.
THE COST OF SUCH
INSPECTIONS, IF NOT PAID FOR BY BORROWER FOLLOWING DEMAND, MAY BE ADDED TO THE
PRINCIPAL BALANCE OF THE SUMS DUE UNDER THE NOTE AND THIS SECURITY INSTRUMENT
AND SHALL BEAR INTEREST THEREAFTER UNTIL PAID AT THE DEFAULT RATE.
12.
SECURITY AGREEMENT.
(A)
THIS SECURITY INSTRUMENT IS BOTH A REAL
PROPERTY DEED OF TRUST AND A "SECURITY AGREEMENT" WITHIN THE MEANING OF THE
UCC.
THE PROPERTY INCLUDES BOTH REAL AND PERSONAL PROPERTY AND ALL OTHER RIGHTS
AND INTERESTS, WHETHER TANGIBLE OR INTANGIBLE IN NATURE, OF BORROWER IN THE
PROPERTY.
BORROWER BY EXECUTING AND DELIVERING THIS SECURITY INSTRUMENT HAS
GRANTED AND HEREBY GRANTS TO LENDER, AS SECURITY FOR THE DEBT, A SECURITY
INTEREST IN THE PROPERTY TO THE FULL EXTENT THAT THE PROPERTY MAY BE SUBJECT TO
THE UCC (SUCH PORTION OF THE PROPERTY SO SUBJECT TO THE UCC BEING CALLED IN THIS
PARAGRAPH THE "COLLATERAL").
THIS SECURITY INSTRUMENT SHALL ALSO CONSTITUTE A
"FIXTURE FILING" FOR THE PURPOSES OF THE UCC AND IS TO BE FILED FOR RECORD IN
THE REAL ESTATE RECORDS WHERE ANY PART OF THE PROPERTY (INCLUDING SAID FIXTURES)
IS SITUATED.
AS SUCH, THIS SECURITY INSTRUMENT COVERS ALL ITEMS OF THE
COLLATERAL THAT ARE OR ARE TO BECOME FIXTURES.
INFORMATION CONCERNING THE
SECURITY INTEREST HEREIN GRANTED MAY BE OBTAINED FROM THE PARTIES AT THE
ADDRESSES OF THE PARTIES SET FORTH IN THE FIRST PARAGRAPH OF THIS SECURITY
INSTRUMENT.
IF AN EVENT OF DEFAULT SHALL OCCUR, LENDER, IN ADDITION TO ANY
OTHER RIGHTS AND REMEDIES WHICH IT MAY HAVE, SHALL HAVE AND MAY EXERCISE
IMMEDIATELY AND WITHOUT DEMAND, ANY AND ALL RIGHTS AND REMEDIES GRANTED TO A
SECURED PARTY UPON DEFAULT UNDER THE UCC, INCLUDING, WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, THE RIGHT TO TAKE POSSESSION OF THE COLLATERAL OR
ANY PART THEREOF, AND TO TAKE SUCH OTHER MEASURES AS LENDER MAY DEEM NECESSARY
FOR THE CARE, PROTECTION AND PRESERVATION OF THE COLLATERAL.
UPON REQUEST OR
DEMAND OF LENDER, BORROWER SHALL AT