|
2p 1805687
<br /> 8.Due on Sale or Encumbrance.Beneficiary may,at its option,declare the entire balance of the
<br /> Secured Debt to be immediately due and payable upon the creation of,transfer or sale of all or any part
<br /> of the Property.This right is subject to the restrictions imposed by federal law,as applicable.
<br /> 9.Warranties and Representations.Trustor has the right and authority to enter into this Security
<br /> Instrument.The execution and delivery of this Security Instrument will not violate any agreement
<br /> governing Trustor or to which Trustor is a party.
<br /> 10.Property Condition,Alterations and Inspection.Trustor will keep the Property in good
<br /> condition and make all repairs that are reasonably necessary.Trustor shall not commit or allow any
<br /> waste,impairment,or deterioration of the Property.Trustor will keep the Property free of noxious
<br /> weeds and grasses.Trustor agrees that the nature of the occupancy and use will not substantially
<br /> change without Beneficiary's prior written consent.Trustor will not permit any change in any license,
<br /> restrictive covenant or easement without Beneficiary's prior written consent.Trustor will notify
<br /> Beneficiary of all demands,proceedings,claims,and actions against Trustor,and of any loss or
<br /> damage to the Property.
<br /> Beneficiary or Beneficiary's agents may,at Beneficiary's option,enter the Property at any reasonable
<br /> time for the purpose of inspecting the Property.Beneficiary shall give Trustor notice at the time of or
<br /> before an inspection specifying a reasonable purpose for the inspection.Any inspection of the Property
<br /> shall be entirely for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection.
<br /> 11.Authority to Perform.If Trustor fails to perform any duty or any of the covenants contained
<br /> in this Security Instrument,Beneficiary may,without notice,perform or cause them to be performed.
<br /> Trustor appoints Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary
<br /> for performance.Beneficiary's right to perform for Trustor shall not create an obligation to perform,
<br /> and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's
<br /> other rights under the law or this Security Instrument to the extent permitted by law.
<br /> 12.Assignment of Leases and Rents.Trustor irrevocably assigns,grants and conveys,to
<br /> Trustee,in trust for the benefit of Beneficiary as additional security all the right,title and interest in
<br /> the following(all included in `Property"):existing or future leases,subleases,licenses,guaranties
<br /> and any other written or verbal agreements for the use and occupancy of the Property,including any
<br /> extensions,renewals,modifications or replacements(all referred to as "Leases");and rents,issues and
<br /> profits(all referred to as "Rents").In the event any item listed as Leases or Rents is determined to be
<br /> personal property,this assignment will also be regarded as a security agreement.Trustor will promptly
<br /> provide Beneficiary with copies of the Leases and will certify these Leases are true and correct copies.
<br /> The existing Leases will be provided on execution of the assignment,and all future Leases and any
<br /> other information with respect to these Leases will be provided immediately after they are executed.
<br /> Trustor may collect,receive,enjoy and use the Rents so long as Trustor is not in default.
<br /> Upon default,Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents
<br /> with any other funds.Trustor agrees that this Security Instrument is immediately effective between
<br /> Trustor and Beneficiary and effective as to third parties on the recording of this Security Instrument.
<br /> As long as this Security Instrument is in effect,Trustor warrants and represents that no default exists
<br /> under the Leases,and the parties subject to the Leases have not violated any applicable law on leases,
<br /> licenses and landlords and tenants.
<br /> 13.Leaseholds;Condominiums;Planned Unit Developments.Trustor agrees to comply
<br /> with the provisions of any lease if this Security Instrument is on a leasehold.If the Property includes
<br /> a unit in a condominium or a planned unit development,Trustor will perform all of Trustor's duties
<br /> under the covenants,by-laws,or regulations of the condominium or planned unit development.
<br /> 14.Default.Trustor will be in default if any party obligated on the Secured Debt fails to make
<br /> payment when due.Trustor will be in default if a breach occurs under the terms of this Security
<br /> Instrument or any other document executed for the purpose of creating,securing or guarantying the
<br /> Secured Debt.A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect
<br /> to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value
<br /> of the Property is impaired shall also constitute an event of default.
<br /> 15.Remedies on Default.In some instances,federal and state law will require Beneficiary to
<br /> provide Trustor with notice of the right to cure or other notices and may establish time schedules for
<br /> foreclosure actions.Subject to these limitations,if any,Beneficiary may accelerate the Secured Debt
<br /> and foreclose this Security Instrument in a manner provided by law if Trustor is in default.
<br /> At the option of Beneficiary,all or any part of the agreed fees and charges,accrued interest and
<br /> principal shall become immediately due and payable,after giving notice if required by law,upon
<br /> the occurrence of a default or anytime thereafter.In addition,Beneficiary shall be entitled to all the
<br /> Deed Of Trust Closed End-NE
<br /> Bankers Systems"'VMP® 07/2018
<br /> Wolters Kluwer Financial Services®2014 18.2.0.1920J20180711 N Page 3 of 7
<br />
|