Res 1986-116 - Laserfiche WebLink

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make up the deficiency. Failure to make the monthly deposit or any supplemental 1eposit, when due or demanded by Corporation, shall be a default under this Deed of Trust. 20. PURPOSE. The Note hereby secured is given for and represents the sum of $308,700.00 cash advanced by Corporation to Grantor, at its special instance and request, and by it used to take up, payoff and discharge certain debts, and in furtherance of its charter powers, and Grantor expressly represents that the officers executing said Note and this Deed of Trust are the quali- fied and acting officers of Grantor and are expressly authorized to execute said Note and this instrument by the resolution of the Board of Directors of Grantor. 21. SECURITY AGREEMENT AND FINANCING STATEMENT. This Deed of Trust is intended to be a security agreement pursuant to the Uniform Commercial Code for any of the items specified as a part of the Property which, under applicable law, may be subject to a security interest pursuant to the Uniform Co~mercial Code and Grantor hereby grants Corporation a security interest in said ite:ns. Grantor agrees that Corporation may file this Deed of Trust or a reproduction thereof in the Real Estate Records or other appropriate index as a financing statement for any of the items specified below as part of the Property. Any reproduction of this Deed of Trust or of any other security ~reement or financing statement shall be sufficient as a financing statement. In addition, Grantor agrees to execute and deliver to Corporation, upon Corporation's request, any financing statement, as well as extensions, renewals, and amendments thereof, and reproduction of this Deed of Trust in such form as the Corporation may require to perfect a security interest with respect to said items. Grantor shall pay all costs of filing such financing statement and any extensions, renewals, amendments, and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements Corporation may reasonably require. Without prior written consent of Corporation, Grantor shall not create or suffer to be created pursuant to the Uniform Commercial Code any other security interest in said items, including any replacements, substitutions, and additions thereto. Upon Grantor's breach of any covenant or agreement of Grantor contained in this Deed of Trust, including the covenants to pay when due all sums secured by this Deed of Trust, Corporation shall have the remedies of a secured party under the Uniform Commercial Code and, at Corporation's option, may also invoke the remedies provided in this Deed of Trust as to such items. In exercising any of said remedies, Corporation may proceed against the real or personal property portion of the Property separately or together and in any order whatsoever, without in any way affecting the availability of Corporation's remedies under the Uniform Co~mercial Code or of the remedies provided by this Deed of Trust. 22. PROPERTY. The Property covered by this Deed of Trust is described or referred to in Exhibit "An attached hereto and incorporated herein. The Property includes all replacements, substitutions, and additions thereto. 23. SECOND LIEN. It is expressly understood and agreed that should Grantor, its successors or assigns, fail to pay any other indebtedness, or any part thereof, principal or interest, as the same shall become due and payable, which may be secured by a prior lien or liens on the Property herein described, the indebtedness hereby secured, at the option of the holder thereof, shall become due and payable. 7.