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05310
<br />notification to Trustee and Beneficiary. In the event any policy ho sunder is not renewed on or before fifteen (15) days prior to
<br />Ito$ expiration data, Trustee at laanellola►y may pfacum such Inturance In uacordat%co •Vith the provisions of Paragraph 7.
<br />Trustor sha!I deliver to Beneficiary the original policies of Insurance And renewals thereof or copies of such policies and
<br />renewals thereof Failure to furnish such Insurance by Trustor, or ren,frHals as required hereunder, shall, at the option of
<br />Beneficiary, constitute a defuult. All unearned premiums are hereby ass gned toTrsutee t:; additional security, and a sale and
<br />conveyance of the Property by the Trustee shall operate to convey to the purchaser the Truistor's Interest In and to all policies
<br />of Insurance upon the Trust Property.
<br />5. Taxes and Assessment-,3. Trustor shall pay all taxes and special assessments levied or arrsissed against. or due upon, the
<br />Property before delinquency 8-id will deliver to Beneficiary coplcs of receipts showirg payment of such taxes and special
<br />assessments.
<br />6. Additional Lien-i. Trustor ;.hall make all payments of Intz,-est and principal, and payments of any other charges, fees, and
<br />expenses contracted to be paid to any existing Ile-, hotrers or prior beneficiaries under any prior Deed of Trust, Mortgage or
<br />other security agreement, before the date they are de'Irquent and to pay any other claim which Jeopardizes the security
<br />granted herein.
<br />7. Protection of Beneficiary's Security. Should Trustor tall to make any payment, fall to do any act as herein provided or If
<br />any action or proceeding is commenced which materially affects Beneficiary's interost in the Property, Including, but not
<br />limited to, eminent domain, insolvency, arrangements or proceedings Involving a bankrupt or decedent, then Beneficiary or
<br />Trustee, but without obllgatlor *,o do so, and without notice to or demand upon Trustor, and without releasing Trustor from any
<br />otbigatlon hereunder, may make or do the same, and may pay, purchase, contest or compromise any encumbrance, charge or
<br />lien, which In the Judgment of zither appears to affect said Property; in exercising any such powers, the Beneficiary or Trustee
<br />may Incur a liability and expend whatever amounts„ Including disbursements of reasonable attorney's fees, which in their ab-
<br />solute discretion may be necessary. In the event that Trustor shall fal! to procure Insurance, fall to pay taxer; and special
<br />assessments or fali to make any payments to existtng or prior lien holders or beneficiaries, the Beneficiary may procure such
<br />Insurance and male such payments. All sums incurred or expended by Beneficiary or Trustee In accordance with the provl-
<br />slons of the Deed of Trust are secured hereby and, without demand, shall be immediately due and payable by Trustor and shall
<br />bear Interest at the rate provided for advances under the Loan Agreement; provided, however, that at the option of the
<br />Beneficiary or Trustee, such sums may be added to the principal balance of any indebtedness secured hereby and shall bear
<br />the same interest a.s such indebtedness and shall be payable ratably over the remaining term thereof.
<br />8. Assignment of Rents. Beneficlary shall have the right, power and authority during the continuance of this Deed of Trust to
<br />collect the rents, issues and profits of the Property and of any personal property located thereon with or without taking
<br />possession of the Property affectad hereby, and Trustor hereby absolutely and unconditionally assigns all such rents, issues
<br />and profits to Beneficiary. Beneficiary, however, hereby consents to the Trustor's collection and retention of such rents,
<br />Issues and profits as they accrue and become payable so long as Trustor is not, at such time, in default with respect to pay-
<br />ment of any Indebtedness secured hereby or in the performance of any agreement hereunder. Upon any such default,
<br />Beneficiary may at any time, either in person, by agent or by a receiver to be appointed by a court, without notice and without
<br />regard to the adequacy of any security for the Indebtedness hereby secured: (a) enter upon and take possession of the Proper-
<br />ty or any part thereof and in its own name sue for or otherwise collect such rents, issues and profits, Including those past due
<br />and unpaid, and apply the same, less costs and expenses of operation and collection, Including reasonable attorney fees,
<br />upon any lndebtedne�rs Secured hereby and In such order as Beneficiary may determine; (b) perform such acts of repair or pro-
<br />tection as maybe necc3sary or proper to conserve the value of the Property; (c) lease the same or any part hereof for such ren-
<br />tal term and upon such conditions as its Judgment may dictate: Unless Trustor and Beneficiary agree otherwise in writing, any
<br />application of rents, (:.sues or profits to any indebtedness secured hereby shall not extend or postpone the due date of the in.
<br />stallment payments as', provided in the Loan Agreement, and the application thereof as aforesaid shall not waive or cure any
<br />default or notice of default hereunder or invalidate any .act done pursuant to such notice. Trustor also assigns to Beneficiary,
<br />as further security for the performance of the obligatlons secured hereby, all prepaid rents and all monies which may have
<br />been or may hereafter to deposited with said Trustor by any lessee of the Property, to secure the payment of any rent, and
<br />upon default in the perforamnce of any of the provisions hereof, Trustor agrees to deliver such rents and deposits to the
<br />Beneficiary. Delivery of written notice of Beneificary's exercise of the rights granted herein to any tenant occupying said
<br />premises shall be sufficient to require said tenant to pay said rent to the Beneficiary until further notice.
<br />9. Condemnation. If title to any part of the Property shall be taken in condemnation proceedings, by right of eminent domain
<br />or similar action, or shall be sold under threat of condemnation, all awards, damages and proceeds are hereby assigned and
<br />shall be paid to Beneficiary who shall apply such award. damages and proceeds to the sums secured by the Deed of Trust,
<br />with the excess, if any, paid to the Trustor.
<br />10. Future Advances. The Loan Agreement provides for advances from time to time to Trustor by Beneficiary as provided
<br />therein. In addition, upon request of Truch>r, Beneficiary, at Beneficiary's option, prior to reconveyance of the Property to the
<br />Trustor, may make additions! future advances to the Trustor. Such future advances, with interest thereon, shall be secured b;,
<br />this Deed of Trust when evidenced by promissory notes stating that said notes are secured hereby; provided that at no time
<br />shall the secured principal and future advances, not including sums advanced to protect the security, exceed one hundred per.
<br />cent (100 %) of the original principal amounts secured hereby.
<br />11. Remedies Cumulative. All remedies provided In this Deed of Trust are distinct and cumulative to any other right or
<br />remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, Independently or successive.
<br />l y,
<br />12. Acceleration; Remedies; Sale. A default shall exist in the event of:
<br />(A) Any fraud or misrepresentation by the Trustor in connection with the line of credit which this Deed of Trust secures;
<br />(B) Any failure on the part of the Trustor to meet the repayment terms In respect to the Loan Agreement and any other ad.
<br />vances under this Deed of Trust hereby secured; and,
<br />(C) Any action by the Trustor prohibited by the terms of the Loan Agreement or this Deed of Trust or any failure of the Trustor
<br />to act as required by the Loan Agreement or this Deed of Trust, each of which Trustor hereby agrees have an adverse ef.
<br />fect on the Beneficiary's security for the line of credit established and the rights of the Beneficiary In such security,
<br />and upon the happening of any such event of default, Beneficiary may declare an sums secured hereby Immediately due and
<br />Payable by delivery to Trustee of written d3claration of default. The Trustee shall have the power of sale of the Property, and If
<br />Beneficiary desires the Property to be sold, It shall deposit with Trustee this Deed of trust and all promissory notes and
<br />documents evidencing expenditures secured hereby and shall deliver to Trustee a written notice of default and election to
<br />cause the Property to be sold, and the Trustee In turn shall prepare a notice in P form required by law, which shall be duly fit•
<br />err for record by Trustee.
<br />(A) After the lapse of such time a,•. may be required by law following the recordation of said notice of default, and notice of
<br />default and notice of sale having been given as required by law, Trustee, without demand on Trustor, shall sell the Proper.
<br />ty on the date and at the time and place tfeslgnated In said notice of sale, at public auction to the highest bidder, the pur.
<br />chase price payabir, in lawf A money of the United States at the time of sale. The person conducting the sale may, for any
<br />cause he deems e,, ',er+ir ~+t, postpone the i ale from time to time until it shall be completed and, In every such case, notice
<br />Hr.an,.,rfrp,
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