|
201205395
<br />' 7. Succecsors and fLssigns This Second Deed of Trust applies to, inures to the bene8t of and biads all pmties
<br />hereto, their 6eirs, legatees, devisees, personal representatives, successors and essi�ns. The term "Beneficiary° shall mean the
<br />owner aad holder of any promissory note givea to beneficiary.
<br />8. Merger, Consolfdation, Sa[es or 7Yansfos Tnistor covenants that Trnstor will not sell, transfer or
<br />otherwise dispose of any of the Tn�st Estate. In the event that Tnistor sells, transfers or otherwise disposes of any part of the
<br />Trust Estate, Beneficiary may at its option declare the Indebtedness secured hereby immediately due and payable without any
<br />presentment, demand, protest or notice of any kind, whether or not any default exists. Beneficiary shall consent to a traasfer of
<br />the Trust Estate to a third party to the e�ctent such third party meets the requirements contained in, aad assumes the obligations set
<br />forrh in the First Deed of Trusk The covenantS contained herein shall run with the Properry and shall remain in full force end
<br />effect umil the Indebtedness is paid in fiill. �
<br />Events ojDefault A� ofthe following events shall be deemed an event of default hereunder:
<br />dve; or
<br />(a) default shall be made in the payment of the Iadebtedness or any other sum secured heraby when
<br />(b) Trustor shall perform any act in bantauptcy; or
<br />(c) a court of competent jurisdiction shall enter an order, judgment or decree approving a petitioa filed
<br />egainst Tnutor seeking any reorgaaization, dissolution or similar relief under any present or firiure federal, staRe or
<br />other statute, law or regulation relating to banlmiptcy, insolvency or other relief for debtors, aad such order, judgment
<br />or decree shall remaia unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive) £rom
<br />the first date of entry thereof; or any hvstee, zeceiver or liquidator or Tmstor or of all or any part of the Tn�st Estate, or
<br />of any or all of the royalties, revenues, rents, issues or profits thereo� shall be appointed without the consent. or
<br />acquiescence of Tn�stor and such appointment shall remain unvacated and unstayed for an aggregata of sixty (60) days
<br />(whether or not consecutive); or
<br />(cn a writ of execution or attachment of any similar process shall be entered against Trustor which shall
<br />become a lien on the Trust Fstate or any portion thereof or interest therein and such execulian, attachment or similar
<br />process of jndg�ment is aot released, bonded, satisfied, vacated or stayed within sixty (60) da.ys after its enhy or levy; or
<br />(e) there has occurted a breach of or default under any term, covenant, a�eement, condition,
<br />provision, representation or warranty contained in the First Deed of Tn�st or aay prior deed of t�ust or mortgage
<br />affecting the Trust Fstate.
<br />10. Acceleration upon Aefau[t; AddEttona! Remedies If an event of default occurs, Beneficiary may declara 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 lcind. Thereafter, Beneficiary may: ,
<br />(a) either in person or by� agent, with or without bringing any acl3on or proceediug, or by a ieceiver
<br />appointed by a court and without regazd to the adequacy of its security, enter upon and take possession of the.Trust
<br />Fstate, or azry part ther�� in its own name or in the name of Tn�stee, and do any acts which it deems necessary or
<br />desirable to preserve the value, marketability or rentabiliry of the Trust Estate, or part thereof or interest the�in, .
<br />increase the income th�refrom or protect the secucity hereof and, with or without taking possession of the Trust Esiate,
<br />sue for or otherwise collect the rents, issues ead profits thereo� including those past due and unpaid, and apply the
<br />same, less cost4 and expenses of operation and collection including attorneys' fees, upon any indebtedness secured
<br />hereby, all in such order as Bene$ciary may determine. The enteriag upon aad taking possession•of the Tn�at Estate,
<br />the collection of such rents, issues and profits and the application thereof as aforesaid shall not cme or waive a�+
<br />default or notice of default hereunder or invalidate any act done ia response to such default or purs�ant to such no13ce
<br />of default aad, notwithstanding the continuance in possession of the Tn�st Estate or the �llection, receipt and
<br />application of rents, issues or profits, Tnistee or Beneflciary shall been entitled to exercise every right provided for in
<br />any of the Loan Instruments or by law upon occurrence of aay event of default, including the right to exercise the
<br />power of sale;
<br />(b) commence an action to foreclose this Deed of Tn�st es a mortgage, appoint a receiver or
<br />specifically enforce any ofthe covenants hereof;
<br />NIFA HBA Advantage Loan/Form H
<br />(03/2012)
<br />4826-5279-38712
<br />
|