|
2� 15�8259
<br /> rece��er�o he appainted by a caurt, w�thaut notiice and w�thout regard �o the ade�uacy of any security for
<br /> the ind�h�edness hereby secured, �a) enter up�n and take p�ssess��n af the Pr�perty �r any par� thereof
<br /> and, in i�s own name sue, for or othervvise collect such rents, issues, and prafits, including thase past due
<br /> and unpaid, and apply the same, �ess costs and expenses of aperati�n and cal�ec��an, including reasona�le
<br /> attarneys' fees, upon any iridebtedness secured hereby and in such order as Beneficiary may determine;
<br /> �b} perform su�h acts of repair or prote��i�n as may be necessary ar prap�r to conser-�e the �a�ue of the
<br /> Property; �c} lease the same ar any part thereof for su�h rental, term, and upon such conditi�ns as its
<br /> j udgment may dictate, or term�nate ar adj ust the terms and condi�ions of existing leases. Unless Trust�r
<br /> and Benefciary there�f agree otherwise in wri�ing, any application of rentis, �ssues, or profits to any
<br /> ir�debtedness secured hereby shal� not extend or postpone the due date of the �nstallment payments as
<br /> prv�ided in said promissary note or change the amount of such installments. The entering upon and
<br /> taking posses�xan of the Froperty, the collection �f such rents, issues and prafi�s, and the applicati�n
<br /> thereof as aforesaid shal�not warve or cure any default or notice of d�fault hereunder or in�alidate any act
<br /> done pursuant to such notice. Trustor also assigns �o Beneficiary, as further security for the perfarmance
<br /> �f�he obligations secured hereby, all prepaid r�nts and al� monies which may have been or may hereafter
<br /> be deposited with said Trus�or by any lessee �f the Pra�erCy �o secure the payment of any rent or
<br /> damages, or, up�n default in the performance af any of the pravis�ons hereof, Trustar agrees to deliver
<br /> such rents and dep�s�ts to Beneficiary. Deli�ery af written natice of Beneficiary's exercise of the rights
<br /> granted herein to any �enan� occupying said premises sha�l be suffiC�ent to requir� sa�d �enant�o pay rent
<br /> �a the Beneficiary unt�l fur�her notice.
<br /> 8. C�NDEMNATI�N. If title to any part of the Property sha�l be tiaken in candemnati�n
<br /> proceedings, by righ� af eminent domain or similar action, �r shall be sv�d un�er threat of condemnation,
<br /> a11 av�ards, damages, and proceeds are hereby assigned and shall �e paid �o Benefciary who shall apply
<br /> such awards, damages, and pracee�� to the sum secured by this Trus�I]eed, wixh the excess, if any, paid
<br /> �o Trustor, ex�ept that such award, damages or proceeds, or any portion thereof may be used to restore �r
<br /> rep�ace any portion of the Property taken, damaged or rendered unusable by reas�n af the c�ndemnation
<br /> at the dxscretion of the Benef�iary. If Trusfor rec�i�es any notice �r other infarmation regard�ng such
<br /> actians vr praceedings, Trus�or sha11 gi�e prompt written nati�e thereof�a Benefic�ary. Beneficiary sha�t
<br /> be entitled, at its aption, to commence, appear in, and prasecute, in its awn name, any su�h action or
<br /> proceedings and sha�1 be entitled t� make any compromis� or settlement in connectian �r�th any such
<br /> ac��on❑r proceedings.
<br /> 9. FUTIIRF ADVAN�ES. Upon re9uest of Trustor, Benef ciary, at Benef�ciary's aption,
<br /> prior t� rec�n�eyanc� �f the Properry to Trustor, may make future advances to Trustar. Such future
<br /> adWances, with rnterest thereon, shall be secured �y this Trust�]eed when evidenced by�romissory notes
<br /> stating that said notes are secured hereby; pr��ided �hat at no time sha�� the se�ured principal and future
<br /> ad�ance, not inc�uding sums ad�anced to protect the security, exceed two hundred percen� �Z��%} �f the
<br /> original prin�ipa� amounts se�ured hereby.
<br /> 1�. REMEDIES N�T EXCLUSIVE, Trustee and Beneficiary, and each of them, sha�l be
<br /> entitled t� �nforce payment and perf�rmance af any indeb�edness or ❑bligations se�ured hereby and to
<br /> exercise al� rights and powers under�his Trus�Deed ar under any other agreement executed in connection
<br /> herewith or any �aws now �r hereafter in farce, n�twithstanding some or ali of such indebtedness and
<br /> abligations secured her�by which may now or hereafter be otherwise secured, whether by martgage, trust
<br /> deed, pledge, lien, assignmen�, or otherwise. Neither the acceptance af �his Trust Deed nor its
<br /> enforcement, whether by Gourt action or pursuant to the pov�er of sale or other powers herein contained,
<br /> shal� �rejudice or in any manner affect Trustee's�r Beneficiary's right to realize upan or enforce any❑ther
<br /> security now�r hereafter held by Trustee or Benefic�ary, it being agreed that Trustee and Beneficrary, and
<br /> each �f them, shal� �e entitled ta enfor�e this Trust Deed and any ather security now �r hereafter h��d by
<br /> Benefic�ary or Trustee in such order and manner as they, or either af them, may, in their absolute
<br /> discreti�n, determine. No remedy herein conferred upon ar reser�ed to Trustee or Beneficiary is intended
<br /> to be exclusi�e af any o�her remedy herein or by �aw pro�ided or p�rmitted, hut eaeh sha�� be cumulativ�
<br /> and shall be ir� addi�ion to e�ery other remedy gi�e.n hereunder or now or hereafter existing, at lavv ar in
<br /> equity, or by statute. E�rery p�wer ar remedy p.rfl�rded under this Trust I]eed ta Trustee or Beneficiary or
<br /> to which either of them may be otherwise entitled may be exercised, concurrently or independently, fr�m
<br /> time to �ime and as often as may be deemed expedient by Trustee or Beneficiary and either of them may
<br /> pursue inc�nsistent remedies. Nflthing herein sha�l be c�nstrued as proh�biting Beneficiary fram seeking
<br /> a deficiency judgment aga�nst�he Trustor,t❑the ea�tent such actio.n is permitted by law.
<br /> �1. TRANfSFER�F THE PR�PERTY; ASSUMPTIUN. If a11 or any part of the Property
<br /> or interest �herein is sold, transf�rred, or �therwise can�eyed �y Trust�r without Beneficiary's pri�r
<br /> wr�tten consent, excluding �a} the creation af a lien or encumbrance su�ord�nate to �his Trus� Deed, �b� a
<br /> transfer by operation of law upan the death of a Trustor wh� is a j aint tenant or (c� the grant of any
<br /> leasehold interest of three (3�years ar less which does not contain an op�ion to purchase, such action is a
<br /> breach of this agreement, and Beneficiary may, at Beneficiary's option, d�clare all the sums se�ured by
<br /> this Trus� Deed t� be immedia�el}� due and payable; pro�ided, fur�her, this Trust Deed may, at
<br /> Benefciary's option, be declared immediate�y due and payable if (I� Trustor is a par-�nership and any
<br /> genera� partner interest in the partnership is s��d or assigned by any means wha�sae�er, ar�2} Trustor is a
<br /> Page 3 of 8
<br />
|