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201903152
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201903152
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Last modified
12/9/2019 6:24:50 PM
Creation date
6/3/2019 4:10:25 PM
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DEEDS
Inst Number
201903152
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201903152 <br />Section 4.2 - Remedies Upon Default. Upon the occurrence of an Event of Default, <br />the interest rate on the indebtedness evidenced by the Note shall be increased to the Default <br />Rate as defined in and on such terms as are provided for in the Note. Upon the occurrence of <br />an Event of Default, Beneficiary may (if it has not already done so pursuant hereto or <br />pursuant to the Note), at its option, and without further notice or demand, declare all Secured <br />Indebtedness immediately due and payable and irrespective of whether Beneficiary exercises <br />such option, it may, at its option and in its sole discretion, without any further notice or <br />demand to or upon Trustor, do one or more of the following: <br />A. Beneficiary may, either in person or by its agent, with or without bringing <br />any action or proceeding or by a receiver appointed by a court and without <br />regard to the adequacy of its security, enter upon, take possession of, <br />manage and operate the Mortgaged Property, or any part thereof, make <br />repairs and alterations, and do any acts which Beneficiary deems proper to <br />protect the security hereof, including but not limited to those granted <br />Beneficiary pursuant to the other Loan Documents; and either with or <br />without taking possession, in its own name, sue for or otherwise collect and <br />receive Rents, issues, and profits, including those past due and unpaid, and <br />Trustor irrevocably appoints Beneficiary its true and lawful attorney-in-fact, <br />coupled with an interest, with full power of substitution for such purposes, <br />and Beneficiary may apply the same less costs and expenses of operation <br />and collection, including reasonable attorneys' fees and Beneficiary's costs, <br />upon any Secured Indebtedness, and in such order as Beneficiary may <br />determine. Upon request of Beneficiary, Trustor shall assemble and make <br />available to Beneficiary at the Premises any of the Mortgaged Property <br />which has been removed therefrom. The entering upon and taking <br />possession of the Mortgaged Property, the collection of any Rents, issues <br />and profits and the application thereof as aforesaid, shall not cure or waive <br />any default theretofore or thereafter occurring, or affect any notice of <br />default hereunder or invalidate any act done pursuant to any such notice and <br />shall not constitute a waiver of any other remedies of Beneficiary under the <br />Loan Documents. Notwithstanding Beneficiary's continuance in possession <br />or receipt and application of Rents, issues or profits, Beneficiary shall be <br />entitled to exercise every right provided for in this Deed of Trust or by law <br />upon or after the occurrence of a default, including the right to exercise the <br />power of sale. Any of the actions referred to in this paragraph may be taken <br />by Beneficiary at such time as Beneficiary is so entitled, without regard to <br />the adequacy of any security for the Secured Indebtedness. <br />B. Beneficiary shall, without regard to the adequacy of any security for the <br />Secured Indebtedness, be entitled as a matter of right to the appointment of <br />a receiver by any court having jurisdiction, without notice, to take <br />immediate possession of and protect the Mortgaged Property, and operate <br />the same and collect the Rents, issues and profits therefrom. <br />C. Beneficiary may bring an action in any court of competent jurisdiction to <br />foreclose this Deed of Trust as a mortgage and sell the Mortgaged Property <br />24 <br />
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