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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: |
2000 |
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Size: |
Preview shows 12KB of 297KB total |
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Price: |
$99 |
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ID: |
#871897 |
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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.: 26-5950380 THE MAYFLOWER APARTMENTS
VIRGINIA BEACH, VIRGINIA
================================================================================
CRIT-VA, 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: December 12, 2000
================================================================================
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
ARTICLE I. COVENANTS OF GRANTOR...........................................................................................8
1.1 Warranties of Grantor...................................................................................8
1.2 Defense of Title.......................................................................................12
1.3 Performance of Obligations.............................................................................12
1.4 Insurance..............................................................................................12
1.5 Payment of Taxes.......................................................................................15
1.6 Tax and Insurance Impound Account......................................................................16
1.7 Intentionally Deleted..................................................................................17
1.8 Replacement Reserve....................................................................................17
1.9 Casualty and Condemnation..............................................................................20
1.10 Construction Liens.....................................................................................23
1.11 Rents..................................................................................................23
1.12 Leases.................................................................................................24
1.13 Alienation and Further Encumbrances....................................................................26
1.14 Payment of Utilities, Assessments, Charges, Etc........................................................31
1.15 Access Privileges and Inspections......................................................................31
1.16 Waste; Alteration of Improvements......................................................................31
1.17 Zoning.................................................................................................32
1.18 Financial Statements and Books and Records.............................................................32
1.19 Further Documentation..................................................................................34
1.20 Payment of Costs; Reimbursement to Beneficiary.........................................................34
1.21 Security Interest......................................................................................36
1.22 Security Agreement.....................................................................................36
1.23 Easements and Rights-of-Way............................................................................38
1.24 Compliance with Laws...................................................................................38
1.25 Additional Taxes.......................................................................................39
1.26 Secured Indebtedness...................................................................................39
1.27 Grantor's Waivers......................................................................................39
1.28 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.......................................................40
1.29 Attorney-in-Fact Provisions............................................................................41
1.30 Management.............................................................................................41
1.31 Hazardous Waste and Other Substances...................................................................42
1.32 Indemnification; Subrogation...........................................................................46
1.33 Covenants with Respect to Indebtedness, Operations, Fundamental Changes of Grantor.....................47
1.34 Repair and Remediation Reserve.........................................................................51
1.35 ERISA..................................................................................................52
1.36 Springing Lock-Box Account.............................................................................53
ARTICLE II. EVENTS OF DEFAULT............................................................................................54
2.1 Events of Default......................................................................................54
</TABLE>
<PAGE>
<TABLE>
<S> <C>
ARTICLE III. REMEDIES....................................................................................................56
3.1 Remedies Available.....................................................................................56
3.2 Application of Proceeds................................................................................59
3.3 Right and Authority of Receiver or Beneficiary in the Event of Default; Power of Attorney..............59
3.4 Occupancy After Foreclosure............................................................................61
3.5 Notice to Account Debtors..............................................................................61
3.6 Cumulative Remedies....................................................................................61
3.7 Payment of Expenses....................................................................................62
ARTICLE IV. MISCELLANEOUS TERMS AND CONDITIONS...........................................................................62
4.1 Time of Essence........................................................................................62
4.2 Release of Deed of Trust...............................................................................62
4.3 Certain Rights of Beneficiary..........................................................................62
4.4 Waiver of Certain Defenses.............................................................................62
4.5 Notices................................................................................................62
4.6 Successors and Assigns; Joint and Several Liability....................................................63
4.7 Severability...........................................................................................63
4.8 Gender.................................................................................................63
4.9 Waiver; Discontinuance of Proceedings..................................................................63
4.10 Section Headings.......................................................................................64
4.11 GOVERNING LAW..........................................................................................64
4.12 Counting of Days.......................................................................................64
4.13 Relationship of the Parties............................................................................64
4.14 Application of the Proceeds of the Note................................................................64
4.15 Unsecured Portion of Indebtedness......................................................................64
4.16 Cross-Default; Cross-Collateralization.................................................................64
4.17 Interest After Sale....................................................................................65
4.18 Inconsistency with Other Loan Documents................................................................65
4.19 Construction of this Document..........................................................................65
4.20 No Merger..............................................................................................65
4.21 Rights With Respect to Junior Encumbrances.............................................................65
4.22 Beneficiary May File Proofs of Claim...................................................................66
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