Agenda Package - 10-1-12 Reg. Meeting

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U83 things as may be required by law in order fully to protect the security and all tights of the Beneficiary under this Deed of Trust. The Purchaser shall not cause or permit the lien of this Deed of Trust to be impaired in any way. Section 2. Grant and Release of Easements If' no Event of Default under this Deed of Trust shall have occurred and shall continue to exist. the Purchaser may at any time or times grant easements, licenses, rights of way and other rights or privileges in the nature of easements with respect to any part of the Mortgaged Property, and the Purchaser may release existing interests, easements, licenses, rights of way and other rights or privileges with or without consideration, and the Beneficiary agrees that they shall execute and deliver and shall cause, request or direct the Deed of Trust Trustee to execute and deliver any instrument necessary or appropriate to grant or release any such interest, easement, license, right of way or other right or privilege but only upon receipt of (a) a copy of the instrument of grant or release, (b) a written application signed by an authorized representative of the Purchaser requesting such instrument and (c) a certificate executed by an authorized representative of the Purchaser stating that the grant or release (i) is not detrimental to the proper conduct of the operations of the Purchaser at the Mortgaged Property and (ii) will not impair the effective use of or interfere with the operations of the Purchaser at the Mortgaged Property and will not diminish the value of the security under this Deed of Trust in contravention of the provisions hereof. Section 3. Default; Remedies of the Deed of' Trust Trustee and Beneficiary Upon Default (a) If any of the following events shall occur: (i) default in any payment under the Agreement or default in any of the other terms or conditions of the Agreement secured hereby and the expiration of any applicable grace or notice periods provided thereby; (ii) failure by the Purchaser to observe and perform any warranty, covenant, condition or agreement on the part of the Purchaser under this Deed of Trust other than Section 6 hereof for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied is given to the Purchaser by the Beneficiary unless the Beneficiary shall agree in writing to an extension of such time prior to its expiration; provided, however, that if'the failure stated in the notice cannot be reasonably corrected within the applicable period, and if corrective action is instituted by the Purchaser within the applicable period, the Purchaser shall have such additional period of time to correct the failure as shall be necessary, so long as such correction is diligently pursued; (iii) any lien, charge or encumbrance prior to or affecting the validity of this Deed of Trust is found to exist, other than Permitted Encumbrances, or proceedings are instituted to enforce any lien, charge or encumbrance against any of said Mortgaged Property and such lien, charge or encumbrance would be prior to the lien of this Deed of Trust; then and in any of such events (hereinafter referred to as an "Event of Default "), all payments under the Agreement shall, at the option of the Beneficiary, become at once due and payable, regardless of the maturity date or other due date thereof. 4