01-20-11 Regular Meeting and Public Hearing of the La Porte Planning and Zoning Commission

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rights and remedies under this paragraph without taking possession of the Property. Beneficiary shall apply all rent and other income and receipts collected under this paragraph first to expenses insured in exercising Beneficiary's rights and remedies and then to obligations under the Environmental Agreement and/or Deed of Trust in the order determined by Beneficiary. Beneficiary is not required to act under this paragraph, and acting under this paragraph does not waive any of Beneficiary's other rights or remedies. If Grantor becomes a voluntary or involuntary bankrupt, Beneficiary's filing a proof of claim in bankruptcy will be tantamount to the appointment of a receiver under Texas law. 8. futerest on the debt secured by this Deed of Trust shall not exceed the maximum amount of nonusurious interest that may be contracted for, taken, reserved, charged, or received under law; any interest in excess of that maximum amount shall be credited on the principal of the debt or, if that has been paid, refunded. On any acceleration or required or permitted payment, any such excess shall be canceled automatically as of the acceleration or prepayment or, if already paid, credited on the principal of the debt or, if the principal of the debt has been paid, refunded. This provision overrides other provisions in this and all instruments concerning the debt. 9. Grantor hereby covenants, represents and warrants to Beneficiary that Grantor's intended occupancy, operation, and use of the Property do not and will not violate any applicable environmental law pertaining to health or the environment, including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980,42 U.S.C. S~ 9601-75 (1986) as amended by the Superfund Amendments and Reauthorization Act, Publ. L. No. 99-499, 100 stat. 1613 (1986) ('CERCLA"), the Resource Conservation and recovery Act of 1976, 42 D.S.C. ~~ 6901-91 (1985) as amended from time to time ("RCRA"), the Texas Water Code, as amended from time to time, the Texas Solid Waste Disposal Act, as amended from time to time. Beneficiary makes no representations or warranties whatsoever to Grantor regarding the presence or absence of hazardous or toxic materials in, at or under the Property. I O. When the context requires, singular nouns and pronouns include the plural. 11. This Deed of Trust shall bind inure to the benefit ot: and be exercised by successors in interest of all parties. 12. Prior to the date of substantial completion of the Approved Remediation Plan as set forth in the Environmental Agreement, Grantor will not transfer or lease any part of the Property without Beneficiary's prior written consent, which consent will not be unreasonably withheld, conditioned or delayed except that during such time period Grantor may lease the Property for a term of less than six (6) months if such lease does not provide for an option to renew or an extension of its term. Following the date of such substantial completion Grantor shall be permitted to grant, convey, sell, transfer or lease any part of the Property upon Grantor fIrst providing Beneficiary notice of the term of any proposed lease and the identity of any intended transferee or lessee. Grantor shall not be required to provide the identity of any lessee or the term for any lease that is for a period of less than six months unless such lease provides for an option to renew or extension of its term. LA PORTE REAL PROPERTY, LLC BY.~ ~ Will B. Crenshaw, Manager 06RPD0083 laPorte Deed ofTrust 5