|
2011096��
<br />7. Successors and Assigns. This Second Deed of Trust applies to, inures to the benefit of and binds all parties
<br />hereto, their heirs, legatees, devisees, personal representatives, successors and assigns. The term `Beneficiary" shall mean the
<br />owner and holder of any promissory note given to beneficiary.
<br />8. Merger, Consolidation, Sales or Leases. Trustor covenants that Trustor will not sell, lease or otherwise
<br />dispose of any of the Trust Estate. In the event that Trustor sells, leases or otherwise disposes of any part of the Trust Estate,
<br />Beneficiary may at its opfion declare the Indebtedness secured hereby immediately due and payable without any presentment,
<br />demand, protest or notice of any kind, whether or not any default exists. Beneficiary shall consent to a lransfer of the Trust
<br />Estate to a third party to the extent such third party meets the requirements contained in, and assumes the obligarions set forth in
<br />the First Deed of Trust. The covenants contained herein shall run with the Property and shall remain in full force and effect until
<br />the Indebtedness is paid in full.
<br />9. Events of Default Any of the following events sha11 be deemed an event of default hereunder:
<br />(a) default shall be made in the payment of the Indebtedness or any other sum secured hereby when
<br />due; or
<br />(b) Trustor shall perform any act in bankruptcy; or
<br />(c) a court of competent jurisdiction shall enter an order, judgment or decree approving a petition filed
<br />against Trustor seeking any reorganization, dissolution or similar relief under any present or future federal, state or
<br />other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such order, judgment
<br />ar de�ree shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive) from
<br />the first date of entry thereof; or any trustee, receiver or liquidator or Trustor or of all or any part of the Trust Estate, or
<br />of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or
<br />acquiescence of Trustor and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days
<br />(whether or not consecurive); or
<br />(d) a writ of execution or attachment of any similaz process shall be entered against Trustor which shall
<br />become a lien on the Trust Estate or any portion thereof or interest therein and such e�cecution, attachment or similar
<br />process of judgment is not released, bonded, sarisfied, vacated or stayed within sixty (60) days after its entry or levy; or
<br />(e) there has occurred a breach of or default under any term, covenant, agreement, condition,
<br />provision, representarion or warranty contained in the First Deed of Trust or any prior de,ed of trust or mortgage
<br />affecting the Trust Estate.
<br />10. Acceleratiora upon Default; Additional Remedfe� If an event of default occurs, Beneficiary may declare the
<br />Indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable without any
<br />presentment, demand, protest or notice of any kind Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust
<br />Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems necessary or
<br />desirable to preserve the value, marketability or rentability of the Trust Estate, or part thereof or interest therein,
<br />increase the income therefrom or pmtect the security hereof and, with or without taking possession of the Trust Estate,
<br />sue for or otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collection including attorneys' fees, upon any indebtedness secured
<br />hereby, all in such order as Beneficiary may determine. The entering upon and taking possession of the Trust Estate,
<br />the collection of such rents, issues and profits and the application thereof as aforesaid shall not cure or waive any
<br />default or norice of default hereunder or invalidate any act done in response to such default or pursuant to such notice
<br />of default and, notwithstanding the conrinuance in possession of the Trust Estate or the coll�tion, receipt and
<br />application of rents, issues or profits, TrusteE or Beneficiary shall been enritled to exercise every right provided for in
<br />any of the Loan Instruments or by law upon occurrence of any event of default, including the right to exercise the
<br />power of sale;
<br />(b) commence an acrion to foreclose this Deed of Trust as a mortgage, appoint a receiver ar
<br />specifically enforce any of the covenants hereof;
<br />3718.CV (8/11) 906570
<br />NIFA HBA Loan/Form H
<br />(08/10)
<br />GOTO(OO1b2841)
<br />
|