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Document Preview Deed of Trust and Security Agreement |
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Title: |
Deed of Trust and Security Agreement |
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Entities: |
Cornerstone Realty Income Trust Inc.; First Union National Bank; Kilpatrick Stockton |
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Date: |
2001 |
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Size: |
Preview shows 12KB of 293KB total |
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Price: |
$92 |
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ID: |
#871707 |
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Start of Preview |
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PREPARED BY AND UPON RECORDATION RETURN TO:
Kilpatrick Stockton LLP
301 South College Street, Suite 3500
Charlotte, North Carolina 28202-6001
Attention: John Nicholas Suhr, Jr., Esq.
Tax Map Parcel # _______________________
Loan No.: 26-5950685 Tradewinds Apartments
Newport News, VA
================================================================================
CRIT-VA III, INC.,
as Grantor
to
TRSTE, INC.,
as Trustee
For the benefit of
FIRST UNION NATIONAL BANK,
as Beneficiary
---------------------------
DEED OF TRUST AND SECURITY AGREEMENT
---------------------------
Date: June 20, 2001
================================================================================
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
ARTICLE I. COVENANTS OF GRANTOR .............................................. 5
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1.1 Warranties of Grantor ........................................... 5
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1.2 Defense of Title ................................................ 9
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1.3 Performance of Obligations ...................................... 9
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1.4 Insurance ....................................................... 9
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1.5 Payment of Taxes ................................................ 12
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1.6 Tax and Insurance Impound Account ............................... 13
---------------------------------
1.7 Intentionally Deleted ........................................... 14
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1.8 Replacement Reserve ............................................. 14
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1.9 Casualty and Condemnation ....................................... 17
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1.10 Construction Liens .............................................. 20
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1.11 Rents ........................................................... 20
-----
1.12 Leases .......................................................... 21
------
1.13 Alienation and Further Encumbrances ............................. 23
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1.14 Payment of Utilities, Assessments, Charges, Etc. ................ 28
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1.15 Access Privileges and Inspections ............................... 28
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1.16 Waste; Alteration of Improvements ............................... 28
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1.17 Zoning .......................................................... 29
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1.18 Financial Statements and Books and Records ...................... 29
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1.19 Further Documentation ........................................... 31
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1.20 Payment of Costs; Reimbursement to Beneficiary .................. 31
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1.21 Security Interest ............................................... 33
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1.22 Security Agreement .............................................. 33
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1.23 Easements and Rights-of-Way ..................................... 35
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1.24 Compliance with Laws ............................................ 35
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1.25 Additional Taxes ................................................ 36
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1.26 Secured Indebtedness ............................................ 36
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1.27 Grantor's Waivers ............................................... 36
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1.28 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL ................ 37
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1.29 Attorney-in-Fact Provisions ..................................... 38
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1.30 Management ...................................................... 38
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1.31 Hazardous Waste and Other Substances ............................ 39
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1.32 Indemnification; Subrogation .................................... 43
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1.33 Covenants with Respect to Indebtedness, Operations, Fundamental
---------------------------------------------------------------
Changes of Grantor .............................................. 44
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1.34 Intentionally Deleted ........................................... 48
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1.35 ERISA ........................................................... 48
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1.36 Springing Lock-Box Account ...................................... 49
--------------------------
ARTICLE II. EVENTS OF DEFAULT ............................................ 50
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2.1 Events of Default ............................................... 50
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</TABLE>
i
<PAGE>
<TABLE>
<S> <C>
ARTICLE III. REMEDIES ...................................................... 52
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3.1 Remedies Available ............................................ 52
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3.2 Application of Proceeds ....................................... 55
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3.3 Right and Authority of Receiver or Beneficiary in the Event of
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Default; Power of Attorney .................................... 56
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3.4 Occupancy After Foreclosure ................................... 57
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3.5 Notice to Account Debtors ..................................... 57
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3.6 Cumulative Remedies ........................................... 57
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3.7 Payment of Expenses ........................................... 58
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ARTICLE IV. MISCELLANEOUS TERMS AND CONDITIONS ............................. 58
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4.1 Time of Essence ............................................... 58
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4.2 Release of Deed of Trust ...................................... 58
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4.3 Certain Rights of Beneficiary ................................. 58
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4.4 Waiver of Certain Defenses .................................... 58
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4.5 Notices ....................................................... 58
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4.6 Successors and Assigns; Joint and Several Liability ........... 59
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4.7 Severability .................................................. 59
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4.8 Gender ........................................................ 59
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4.9 Waiver; Discontinuance of Proceedings ......................... 59
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4.10 Section Headings .............................................. 60
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4.11 GOVERNING LAW ................................................. 60
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4.12 Counting of Days .............................................. 60
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4.13 Relationship of the Parties ................................... 60
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4.14 Application of the Proceeds of the Note ....................... 60
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4.15 Unsecured Portion of Indebtedness ............................. 60
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4.16 Cross-Default; Cross-Collateralization; Severance of Loans .... 61
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4.17 Interest After Sale ........................................... 61
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4.18 Inconsistency with Other Loan Documents ....................... 61
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4.19 Construction of this Document ................................. 62
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4.20 No Merger ..................................................... 62
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4.21 Rights With Respect to Junior Encumbrances .................... 62
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4.22 Beneficiary May File Proofs of Claim .......................... 62
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4.23 Fixture Filing ................................................ 62
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4.24 After-Acquired Trust Property ................................. 62
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4.25 No Representation ............................................. 63
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