|
200009395
<br />benefit of and binds all parties hereto, their heirs, legatees, devisees, personal
<br />representatives, successors and assigns. The term "Beneficiary" shall mean the owner and
<br />holder of the Note, whether or not named as Beneficiary herein.
<br />9. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the
<br />purpose of inspecting the same and for the purpose of performing any of the acts it is
<br />authorized to perform under the terms of any of the Loan Instruments.
<br />10. EVENTS OF DEFAULT. Any of the following events shall be deemed an event
<br />of default hereunder:
<br />(a) Trustors shall have failed to make payment of any installment of interest,
<br />principal, or principal and interest or any other sum secured hereby when due; or,
<br />(b) There has occurred a breach or default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in any of the Loan Instruments;
<br />or,
<br />(c) Trustors shall have failed to make payment of any installment of taxes or
<br />insurance premiums when due, which taxes and insurance premium are also secured
<br />hereby.
<br />11. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an
<br />event of default occur Beneficiary shall give written notice to Trustors specifying the
<br />default, the action required to cure the default, a date not less than twenty (20) days from
<br />the date of the notice by which the default must be cured, and that failure to cure the
<br />default on or before the specified date may result in acceleration of the entire sum secured
<br />by this Deed of Trust and resale of the property. Thereafter the Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding,
<br />or by a receiver appointed by a Court and without regard to the adequacy of its security,
<br />enter upon and take possession of the Trust Estate, or any part thereof, in its own name or
<br />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,
<br />increase the income therefrom or protect the security hereof, and with or without taking
<br />possession of the Trust Estate, sue for or otherwise collect the rents, issues and profits
<br />thereof, including those past due and unpaid, and apply the same, less costs and expenses
<br />of operation and collection, including attorney's fees, upon any indebtedness secured
<br />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
<br />application thereof as aforesaid, shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act done in response to such default or pursuant to such notice
<br />of default and, notwithstanding the continuance in possession of the Trust Estate or the
<br />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
<br />occurrence of any event of 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
<br />receiver, or specifically enforce any of the covenants hereof;
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a
<br />written notice of default and election to cause Trustors' interest in the Trust Estate to be
<br />sold, which notice Trustee shall cause to be duly filed for record in the appropriate Official
<br />Records of the County in which the Trust Estate is located.
<br />In the event of default in payment of principal or interest after the 20 day grace
<br />period from due date has elapsed, Beneficiary may, without further notice proceed with
<br />acceleration, foreclosure, power of sale, and any additional remedies available to
<br />Beneficiary as stated in Paragraphs 10,11 and 12 of this Deed of Trust.
<br />12. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to foreclose by
<br />exercise of the Power of Sale herein contained, Beneficiary shall notify Trustee and shall
<br />deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of
<br />expenditures made and secured hereby as Trustee may require.
<br />
|