|
201302586
<br /> 20130235 /
<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 /> 1. Merger. Consolidation, Sales or Transfers. Trustor covenants that Trustor will not sell, transfer or
<br /> otherwise dispose of any of the Trust Estate. In the event that Trustor 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 transfer of
<br /> the Trust Estate to a third party to the extent such third party meets the requirements contained in,and assumes the obligations set
<br /> forth in the First Deed of Trust. The covenants contained herein shall run with the Property and shall remain in full force and
<br /> effect until the Indebtedness is paid in full.
<br /> 9. Events of Default Any of the following events shall 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 Tnistor 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 /> or decree shall remain unvacated and unstayed for an aggregate of sixty(60)days(whether or not consecutive) front
<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 he appointed without the consent or
<br /> acquiescence of Trustor and such appointment shall remain unvacated and tmstayed for an aggregate of sixty(60)days
<br /> (whether or nor consecutive);or
<br /> (d) a writ of execution or attachment of any similar process shall he entered against Trustor which shall
<br /> become a lien on the Trust Estate or any portion thereof or interest therein and such execution,attachment or similar
<br /> process ofjudgment is not released,bonded,satisfied,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, representation or warranty contained in the First Deed of Trust or any prior deed of trust or mortgage
<br /> affecting the Trust Estate.
<br /> 10. Acceleration upon Default;Additional Remedies. 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 protect 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 notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice
<br /> of default and, notwithstanding the continuance in possession of the Trust Estate or the collection, receipt and
<br /> application of rents,issues or profits,Trustee or Beneficiary shall been entitled 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 action to foreclose this Deed of Trust as a mortgage, appoint a receiver or
<br /> specifically enforce any of the covenants hereof;
<br /> 3
<br /> NIFA HBA Advantage Loan/Form H
<br /> (03/2012)
<br /> 4826-5279-3871.2
<br />
|