|
3
<br />201306584
<br />6. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the
<br />benefit of and binds all parties hereto, their heirs, legatees, devisees, personal representatives,
<br />successors and assigns. The term "Beneficiary" shall mean the owner and holder of the Note,
<br />whether or not named as Beneficiary herein.
<br />7. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the purpose of
<br />inspecting the same and for the purpose of performing any of the acts it is authorized to perform
<br />under the terms of any of the Loan Instruments.
<br />8. EVENTS OF DEFAULT. Any of the following events shall be deemed an event
<br />of default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest, principal,
<br />or principal and interest or any other sum secured hereby when due; or,
<br />(b) There has occurred a breach or default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in any of the Loan Instruments.
<br />9. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should
<br />an event of default occur, Beneficiary shall give written notice to Trustor specifying the default,
<br />the action required to cure the default, a date not less than 60 days from the date of the notice by
<br />which the default must be cured, and that failure to cure the default on or before the specified date
<br />may result in acceleration of the entire sum secured by this Deed of Trust and resale of the
<br />property. Thereafter, the Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or
<br />by a receiver appointed by a Court and without regard to the adequacy of its security, enter upon
<br />and take possession of the Trust Estate, or any part thereof, in its own name or in the name of
<br />Trustee, and do any acts which it deems necessary or desirable to preserve the value, marketability
<br />or rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom
<br />or protect the security hereof, and with or without taking possession of the Trust Estate, sue for or
<br />otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and
<br />apply the same, less costs and expenses of operation and collection, including attorney's fees, upon
<br />any indebtedness secured hereby, all in such order as Beneficiary may determine. The entering
<br />upon and taking possession of the Trust Estate, the collection of such rents, issues and profits and
<br />the application thereof as aforesaid, shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act done in response to such default or pursuant to such notice of
<br />default and, notwithstanding the continuance in possession of the Trust Estate or the collection,
<br />receipt and application of rents, issues or profits, Trustee or Beneficiary shall be entitled to
<br />exercise every right provided for in any of the Loan Instruments or by law upon occurrence of any
<br />event of default, including the right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a
<br />receiver, or specifically enforce any of the covenants hereof;
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a
<br />written notice of default and election to cause Trustor's interest in the Trust Estate to be sold,
<br />
|