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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; Kennedy Covington Lobdell & Hickman |
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Date: |
2001 |
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Size: |
Preview shows 10KB of 287KB total |
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Price: |
$95 |
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ID: |
#871799 |
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PREPARED BY AND UPON RECORDATION RETURN TO:
Kennedy Covington Lobdell & Hickman, L.L.P.
100 North Tryon Street, Suite 4200
Charlotte, North Carolina 28202-4006
Attention: John Nicholas Suhr, Jr., Esq.
Tax Map Parcel # _______________________
LOAN NO.: 26-5950521 GREENBRIER APARTMENTS
FREDERICKSBURG, VIRGINIA
================================================================================
CRIT-VA II, 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: March 23, 2001
================================================================================
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
ARTICLE I. COVENANTS OF GRANTOR..................................................5
1.1 Warranties of Grantor.............................................5
1.2 Defense of Title..................................................9
1.3 Performance of Obligations........................................9
1.4 Insurance.........................................................9
1.5 Payment of Taxes.................................................12
1.6 Tax and Insurance Impound Account................................13
1.7 Intentionally Deleted............................................14
1.8 Replacement Reserve..............................................14
1.9 Casualty and Condemnation........................................17
1.10 Construction Liens...............................................20
1.11 Rents............................................................20
1.12 Leases...........................................................21
1.13 Alienation and Further Encumbrances..............................23
1.14 Payment of Utilities, Assessments, Charges, Etc..................28
1.15 Access Privileges and Inspections................................28
1.16 Waste; Alteration of Improvements................................28
1.17 Zoning...........................................................29
1.18 Financial Statements and Books and Records.......................29
1.19 Further Documentation............................................31
1.20 Payment of Costs; Reimbursement to Beneficiary...................31
1.21 Security Interest................................................32
1.22 Security Agreement...............................................33
1.23 Easements and Rights-of-Way......................................35
1.24 Compliance with Laws.............................................35
1.25 Additional Taxes.................................................36
1.26 Secured Indebtedness.............................................36
1.27 Grantor's Waivers................................................36
1.28 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.................37
1.29 Attorney-in-Fact Provisions......................................38
1.30 Management.......................................................38
1.31 Hazardous Waste and Other Substances.............................39
1.32 Indemnification; Subrogation.....................................43
1.33 Covenants with Respect to Indebtedness, Operations, Fundamental
Changes of Grantor.............................................44
1.34 Intentionally Deleted............................................48
1.35 ERISA............................................................48
1.36 Springing Lock-Box Account.......................................49
ARTICLE II. EVENTS OF DEFAULT...................................................50
2.1 Events of Default.............................................50
</TABLE>
i
<PAGE>
<TABLE>
<CAPTION>
Page
<S> <C>
ARTICLE III. REMEDIES...........................................................52
3.1 Remedies Available............................................52
3.2 Application of Proceeds.......................................55
3.3 Right and Authority of Receiver or Beneficiary in the Event
of Default; Power of Attorney...............................55
3.4 Occupancy After Foreclosure...................................57
3.5 Notice to Account Debtors.....................................57
3.6 Cumulative Remedies...........................................57
3.7 Payment of Expenses...........................................58
ARTICLE IV. MISCELLANEOUS TERMS AND CONDITIONS..................................58
4.1 Time of Essence...............................................58
4.2 Release of Deed of Trust......................................58
4.3 Certain Rights of Beneficiary.................................58
4.4 Waiver of Certain Defenses....................................58
4.5 Notices.......................................................58
4.6 Successors and Assigns; Joint and Several Liability...........59
4.7 Severability..................................................59
4.8 Gender........................................................59
4.9 Waiver; Discontinuance of Proceedings.........................59
4.10 Section Headings..............................................60
4.11 GOVERNING LAW.................................................60
4.12 Counting of Days..............................................60
4.13 Relationship of the Parties...................................60
4.14 Application of the Proceeds of the Note.......................60
4.15 Unsecured Portion of Indebtedness.............................60
4.16 Cross-Default; Cross-Collateralization; Severance of Loans....60
4.17 Interest After Sale...........................................61
4.18 Inconsistency with Other Loan Documents.......................61
4.19 Construction of this Document.................................61
4.20 No Merger.....................................................62
4.21 Rights With Respect to Junior Encumbrances....................62
4.22 Beneficiary May File Proofs of Claim..........................62
4.23 Fixture Filing................................................62
4.24 After-Acquired Trust Property.................................62
4.25 No Representation.............................................63
4.26 Counterparts..................................................63
4.27 Personal Liability............................................63
4.28 Recording and Filing..........................................63
4.29 Entire Agreement and Modifications............................63
4.30 Maximum Interest..............................................63
4.31 Interest Payable by Beneficiary...............................64
4.32 Secondary Market..............................................64
4.33 Dissemination of Information..................................64
4.34 Contemporaneous Notes, Contemporaneous Mortgages and
Contemporaneous Assignments of Leases and Rents.............65
</TABLE>
ii
<PAGE>
<TABLE>
<CAPTION>
Page
<S> <C>
4.35 Certain Matters Relating to Trust Property Located in the
Commonwealth of Virginia....................................65
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