|
2� 15�8�57
<br /> by the insurer. The obligatians af the Trustar under this Section shail surviv� any terminatian,
<br /> satisfaction or release of this De�d of Trust. All sums payable by Trustor pursuant to this Deed of
<br /> Trust shall be paid without notic�, demand, counter�laim, setoff, deduction ar defens� and without
<br /> abatement, suspension, d�ferment, diminu�ion or reducti�r�. Except as expressly pro�ided herein,
<br /> Trustor wai�es all rights now or hereafter conferred by s�atute or otherwise tv any abatement,
<br /> SLiSp�ri51�ri,deferment,diminutian or reduction of any sum secured her�by and payable by Trustor.
<br /> Sect�on 3.�3 - Debtor-�reditor Relationshi�. Nothin� contiained herein ar in any Loan
<br /> Document shall be deemed to crea�e or constru�d to �reate a partnership, j oint venture or any
<br /> relationship ather than tha� of debtar-creditor. Trustor and Beneficiary expressly disclaim any inten�
<br /> to create a partnership or joint �enture pursuant ta this Deed af Trus�, any ather Loan Document, or
<br /> any other document related h�reto ar thereto.
<br /> Se�tion 3.24 - Subro a�. To the exfent that prflceeds of the Note ar� used to pay any
<br /> outstanding lien, charge or priar encumbrance against the Mortgaged Property, such praceeds have
<br /> been or will be advanced by B�neficiary at Trustor's request and Beneficiary shall be subrogated �o
<br /> any and al� rights and liens held by any owner or holder of such outstanding liens, charges and pr�or
<br /> encumbrances,irrespec�ave of whether said liens, charges or encumbrances are released.
<br /> ARTI�LE IV.-DEFAULT PR�VISI�NS.
<br /> Section 4.1 -Events�f Default. The occurrence of any one or more of the E�ents of Default
<br /> described in the Loan Agreementi sha11 be an E�ent of Defau�t hereunder.
<br /> Upon the occurrence of an Event af Defaul�, the Beneficiary may at its option declare �he
<br /> principal af and the accrued �nterest an the Note, a.nd includ�n� al1 sums advanced hereunder with
<br /> interest, to be forthw�th due and payable, and thereupon the Note, inc�uding both prin�ipal and all
<br /> interes� accrued on the Nate, and including a11 sums advanced hereunder and secured hereby and
<br /> in�erest th�reon, shall b� and become immediat�ly due and payabl� without pres�ntment, demand,
<br /> notice of intention to accelerate, na�ice of acceleration, ar further n�tice af any kind, all of which are
<br /> hereby waiv�d. Furthermare, if any Event of Default shall have occurred and be continuing beyond
<br /> any applicable notice or cure p�riod of an Event of I]efault hereunder, under the Laan Agreement, or
<br /> under the Nate or the other Loan I]ocum�nts, the Beneficiary may at its option wi�hh�ld further
<br /> ad�ances or ad�anc� such further sums under the Loan Agre�ment as �he Beneficiary may in �ts
<br /> discretion deem appropriate. Tirne is of the essence hereof.
<br /> Secti�n 4.2 - Remedies Up�n D�fault. Upon the occurrence �f an Event of Default, the
<br /> interest rate on the indebtedness e�idenced by the Note shall b� increased to the Default Rate as
<br /> defined in and an such terms as ar� provid�d for in the Note. Upon the occurrence of an E�ent of
<br /> Default, Beneficiary may (if it has not already done so pursuant h�reto or pursuant to �he Nate}, at its
<br /> option, and without further notice ar demand, declar� all Secured Indebtedness immediat��y due and
<br /> payable and irrespec�ive of whether Beneficiary exercises such opti�n, it may, at its �p��on and in its
<br /> sole discretian, without any further natice or dernand tti ar upon Trustar, do one vr more of the
<br /> follnwing:
<br /> A. Benef ciary may, either in person �r by its ag�nt, with or withaut bringin� any
<br /> action or proceeding or by a recei�er appointed by a court and wi�hout regard to the
<br /> adequacy of its security, enter upon, take possession of, manage and aperate th�
<br /> M�rtgaged Praperty, or any part there�f, make repairs and alterations, and do any
<br /> 22
<br />
|