|
200104731
<br />7. Successors and Assigns. This Deed of Trust applies to, inures to the benefit of and binds all parties hereto, their
<br />heirs, legatees, devisees, personal representatives, successors and assigns. The term "Beneficiary" shall mean the owner
<br />and holder of the Note, whether or not named as Beneficiary herein.
<br />8. Inspections. Beneficiary, or its agents, representatives or workmen, are authorized to enter at any reasonable
<br />time upon or in any part of the Trust Estate for the purpose of inspecting the same and for the purpose of performing any
<br />of the acts it is authorized to perform under the terms of any of the Loan Instruments.
<br />9. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest, principal, or principal and interest
<br />or any other sum secured hereby when due; or
<br />(b) There has occurred a breach of or default under any term, covenant, agreement, condition, provision,
<br />representation or warranty contained in any of the Loan Instruments; or
<br />(c) Trustor shall sell or transfer all or any part of the Property or an interest therein without Beneficiary's prior
<br />written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Deed of Trust, (b) the creation of
<br />a purchase money security interest for household appliances, (c) a transfer by devise, descent or operation of law upon the
<br />death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase.
<br />10. Acceleration Upon Default, Additional Remedies. Should an event of default occur, Beneficiary may declare
<br />all 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 appointed
<br />by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust Estate, or any
<br />part thereof, in its own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve
<br />the value, marketability 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 otherwise collect the
<br />rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection, including attorneys' fees, upon any indebtedness secured hereby, all in such order as Beneficiary
<br />may determine. The entering upon and taking possession the Trust Estate, the collection of such rents, issues and profits,
<br />and the application thereof as aforesaid shall not cure or waive any default or notice of default hereunder or invalidate any
<br />act done in response to such default or pursuant to such notice of default and, notwithstanding the continuance in possession
<br />of the Trust Estate or the collection, receipt and application of rents, issues or profits, Trustee or Beneficiary shall be
<br />entitled to exercise every right provided for in any of the Loan Instruments or by law upon occurrence of any event of
<br />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 receiver, or specifically enforce
<br />any of the covenants hereof.
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and
<br />election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee shall cause to be duly filed for record
<br />in the appropriate official records of the county in which the Trust Estate is located.
<br />11. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise of the Power of Sale herein
<br />contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts
<br />and evidence of expenditures made and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and delivered to
<br />Trustor such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall, without
<br />demand on Trustor, after such time as may then be required by law and after recordation of such Notice of Default and
<br />-3-
<br />
|