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20]205505
<br />as this Assignment is in effect, Trustor warrants and represents that no default exists under the Leases,
<br />and the parties subject to the Leases have not violated any applicable law on leases, licenses and
<br />landlords and tenants.
<br />13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to
<br />comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property
<br />includes a unit in a condominium or is part of a planned unit development ("PUD"), Trustor agrees to
<br />the following: (i) The Property includes not only the property described above, but also an undivided
<br />interest in certain common elements and facilities of the condominium or PUD, and any interest of the
<br />Trustor in the homeowners' association or other equivalent entity owning or managing the common
<br />areas and facilities and the uses, benefits and proceeds of that interest; (ii) Trustor will perform all of
<br />Truster's duties under the covenants, by-laws, or regulations of the condominium or PUD; (iii)
<br />Trustor will take such actions as are reasonable to ensure that any homeowners' association or
<br />equivalent entity maintains a public liability insurance policy and a "master" or "blanket" policy on
<br />the Property providing insurance coverage against loss by fire, hazards included within the term
<br />"extended coverage," and any other hazards, including but not limited to, earthquakes and floods,
<br />from which Beneficiary requires insurance that is acceptable in form, amount, and extent of coverage
<br />to Beneficiary.
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make
<br />payment when due. Trustor will be in default if a breach occurs under the terms of this Security
<br />Instrument or any other document executed for the purpose of creating, securing or guarantying the
<br />Secured Debt. A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect
<br />to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value
<br />of the Property is impaired shall also constitute an event of default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to
<br />provide Trustor with notice of the right to cure or other notices and may establish time schedules for
<br />foreclosure actions. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt
<br />and foreclose this Security Instrument in a manner provided by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and
<br />principal shall become immediately due and payable, after giving notice if required by law, upon the
<br />occurrence of a default or anytime thereafter. ht addition, Beneficiary shall be entitled to all the
<br />remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related
<br />documents, including without limitation, the power to sell the Property.
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the
<br />Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the
<br />highest bidder for cash and convey absolute title free and clear of all right, title and interest of Trustor
<br />at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms
<br />and place of sale and a description of the property to be sold as required by the applicable law in effect
<br />at the time of the proposed sale.
<br />Upon sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a
<br />deed to the Property sold which conveys absolute title to the purchaser, and after first paying all fees,
<br />charges and costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens,
<br />assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured
<br />Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property. The recitals in
<br />any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies
<br />provided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any
<br />sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or
<br />after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's right to require
<br />complete cure of any existing default. By not exercising any remedy on Truster's default, Beneficiary
<br />does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />(page 4 of 9)
<br />01994 Wolters Kluwer Financial Services - Bankers SystemJs Form USAAREOT-NE 6/1512007
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