|
202106387
<br />entire balance of the indebtedness hereby secured shall become and be immediately due and payable at the
<br />option of Beneficiary; provided, however, Beneficiary may waive such option to accelerate if, prior to such
<br />sale, transfer or conveyance or contract therefor, Beneficiary and the person to whom the property is to be
<br />sold or transferred reach an agreement in writing that the credit of such person is satisfactory to Beneficiary
<br />and that the interest payable on the sums secured by this Deed of Trust shall be at such rate as Beneficiary
<br />shall request.
<br />THIRD: That as further security for the payment of the Note and the indebtedness thereby evidenced
<br />and the performance of all of the terms, covenants and conditions hereof, Trustor agrees that Beneficiary
<br />shall and does hereby 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
<br />without taking possession of the property affected thereby; and Trustor hereby absolutely and
<br />unconditionally assigns all such rents, issues and profits to Beneficiary. Beneficiary, however, hereby
<br />consents to Trustor's collection and retention of such rents, issues and profits as they accrue and become
<br />payable so long as trustor is not at such time in default with respect to payment of any indebtedness secured
<br />hereby or in the performance of any agreement hereunder. Upon any such default, Beneficiary may at any
<br />time, either in person, by agent, or by receiver to be appointed by a court without notice and without regard
<br />to the adequacy of any security for the indebtedness hereby secured (a) enter upon and take possession of
<br />the Property or any part thereof and in its own name sue for or otherwise collect such rents, issues and
<br />profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and
<br />collection, including reasonable attorney's fees, upon any indebtedness secured hereby and in such order as
<br />Beneficiary may determine; (b) lease the same or any part thereof for such rental, term and upon such
<br />conditions as Beneficiary's judgment may dictate or terminate or adjust the terms and conditions of any
<br />existing lease or leases. Unless Trustor and Beneficiary agree otherwise in writing, any application of rents,
<br />issues or profits to any indebtedness secured hereby shall not extend or postpone the due date of the
<br />installment payments as provided in the Note or change the amount of such installments. The entering upon
<br />and taking possession of the Property, the collection of such rents, issues and profits, and the application
<br />thereof as aforesaid, shall not waive or cure any default or notice of default hereunder, or invalidate any act
<br />done pursuant to such notice. Trustor assigns to Beneficiary, as further security for the performance of the
<br />indebtedness and obligations secured hereby, all prepaid rents and all moneys which may have been or may
<br />hereafter be deposited with Trustor by any lessee of the Property, to secure the payment of any rent or
<br />damages, and upon default in the performance of any of the provisions hereof, Trustor agrees to deliver such
<br />rents and deposits to Beneficiary. Delivery of written notice of Beneficiary's exercise of the rights granted
<br />by this paragraph THIRD to any tenant occupying the Property or any portion thereof shall be sufficient to
<br />require said tenant to pay said rent to Beneficiary until further notice.
<br />FOURTH: If there shall be filed by or against the Trustor any petition or proceeding seeking any
<br />arrangement or composition or extension of any other relief under or pursuant to the Federal Bankruptcy
<br />Code or any other similar statute as is now or hereafter in effect, or if the trustor shall be adjudicated
<br />bankrupt or insolvent or any of Trustor's property shall have been sequestered and such decree shall have
<br />continued undischarged and unstayed for ninety (90) days after the entry thereof, then the whole of the Note
<br />and indebtedness hereby secured shall, without notice, at the option of the Beneficiary become due and
<br />payable.
<br />FIFTH: Upon default by Trustor in the payment of or performance of the terms and conditions of
<br />the Note, or any renewals, modifications or executions thereof, the payment of any other indebtedness
<br />secured hereby or in the performance of any agreement, covenant or warranty herein contained or set forth
<br />in any agreement or instrument executed by Trustor in connection with the indebtedness hereby secured,
<br />Beneficiary may declare all sums secured hereby immediately due and payable and the same shall thereupon
<br />become due and payable without presentment demand, protest or notice of any kind. Thereafter, Beneficiary
<br />may deliver to Trustee a written declaration of default and demand for sale. Trustee shall have the power
<br />of sale of the Property and if Beneficiary decides the Property is to be sold, it shall deposit with Trustee this
<br />Deed of trust and the Note or notes and any other documents evidencing expenditures secured hereby, and
<br />shall deliver to Trustee a written notice of default and election to cause the Property to be sold, and Trustee,
<br />in turn, shall prepare a similar notice in the form required by law, which shall be duly filed for record by
<br />Trustee.
<br />(a) After the lapse of such time as may be required by law following the recordation of Notice of
<br />Default, and Notice of Default and Notice of Sale having been given as required by law, Trustee, without
<br />Page 3 of 6
<br />
|