|
200105943
<br />of the Trust Estate, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed
<br />without the consent or acquiescence of Trustor and such appointment shall remain unvacated and unstayed for an
<br />aggregate of sixty (60) days (whether or not consecutive); or
<br />(d) a writ of execution or attachment of any similar process shall be 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
<br />similar process of judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its
<br />entry or levy; or
<br />(e) there has occurred a breach of or default under any term, covenant, agreement, condition, provision,
<br />representation or warranty contained in any prior deed of trust or mortgage affecting the Trust Estate.
<br />10. Acceleration upon Default; Additional Remedies. If an event of default occurs, Beneficiary may
<br />declare the Indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable
<br />without any presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may:
<br />(i) 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
<br />Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems
<br />necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part thereof or
<br />interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession
<br />of the Trust Estate, sue for or otherwise collect the rents, issues and profits thereof, including those past due and
<br />unpaid, and apply the same, less costs and expenses of operation and collection including attorneys' fees, upon
<br />any Indebtedness secured hereby, all in such order as Beneficiary may determine. The entering upon and taking
<br />possession of the Trust Estate, the collection of such rents, issues and profits and the application thereof as
<br />aforesaid shall not cure or waive any default or notice of default hereunder or invalidate any act done in response
<br />to such default or pursuant to such notice of default and, notwithstanding the continuance in possession of the
<br />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
<br />of default, including the right to exercise the power of sale;
<br />(ii) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically
<br />enforce any of the covenants hereof;
<br />(iii) 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
<br />for record in the appropriate offices of the County in which the Trust Estate is located; or
<br />(iv) exercise such other rights or remedies at law or in equity.
<br />11. Foreclosure by Power of Sale. If Beneficiary elects to foreclose by exercise of the Power of Sale
<br />herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Second Deed of Trust and any note
<br />evidencing the Indebtedness and such receipts and evidence of expenditures made and secured hereby as Trustee may
<br />require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and
<br />delivered to Trustor such Notice of Default and Notice of Sale as then required by law and by this Second Deed of
<br />Trust. Trustee shall, without demand on Trustor, after such time as may then be required by law and after
<br />recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell the Trust
<br />Estate at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in separate lots or
<br />parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the
<br />highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to
<br />such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but
<br />without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be
<br />conclusive proof of the truthfulness thereof. Any person, including without limitation Trustor, Trustee or Beneficiary,
<br />may purchase at such sale.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust,
<br />including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of
<br />(i) the Indebtedness (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or
<br />persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sale of all or any portion of the Trust Estate.
<br />12. Remedies Not Exclusive. Trustee and Beneficiary, and each of them, shall be entitled to enforce
<br />payment and performance of any Indebtedness or obligations secured hereby and to exercise all rights and powers under this
<br />Second Deed of Trust or under any Loan Instrument or other agreement or any laws now or hereafter in force;
<br />notwithstanding, some or all of the such Indebtedness and obligations secured hereby may now or hereafter be otherwise
<br />secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Second
<br />Deed of Trust nor its enforcement, whether by court action or pursuant to the power of sale or other powers herein
<br />F13340.LMG (11/00) Page 3 of 5 NIFA 7/99
<br />
|