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202107049
<br />Section 3.02. Appointments. The appointment pursuant to an order of a court of competent
<br />jurisdiction of a trustee, receiver or liquidator of Borrower or of the Property or any part thereof shall
<br />constitute an Event of Default hereunder.
<br />Section 3.03. Transfer or Sale of Property. The sale, assignment, conveyance, transfer,
<br />disposition or further encumbering of the Property, or any part thereof, or any interest therein, either
<br />voluntarily or involuntarily or by operation of law, or any agreement so to do, except as provided in, or as
<br />permitted by, the Agreement shall constitute an Event of Default hereunder.
<br />ARTICLE IV
<br />REMEDIES
<br />Upon the occurrence of any Event of Default, Trustee and Beneficiary shall have the following
<br />rights and remedies:
<br />Section 4.01. Acceleration. Subject to the provisions of the Agreement and the Bond,
<br />Beneficiary may, without notice, declare sums secured by this Deed of Trust to be due and payable
<br />immediately, and said sums shall thereupon become and be immediately due and payable without
<br />presentment, demand, protest or notice of any kind.
<br />Section 4.02. Beneficiary Powers. Borrower shall pay Beneficiary interest on all sums
<br />expended by Trustee in connection herewith, at such interest rate as then applicable to the Bond.
<br />Irrespective of whether Beneficiary exercises the option provided in Section 4.01 above, Beneficiary in
<br />person or by agent may, without any obligation so to do and without notice or demand upon Borrower
<br />and without releasing Borrower from any obligation hereunder: (a) make any payment or do any act
<br />which Borrower has failed to make or do; (b) enter upon, take possession of, manage and operate the
<br />Property or any part thereof; (c) exclude or evict Borrower from the Property; (d) make or enforce or, if
<br />the same be subject to modification or cancellation, modify or cancel any leases of the Property, or any
<br />part thereof, upon such terms or conditions as Beneficiary deems proper; and (e) obtain and evict tenants,
<br />and fix or modify rents, make repairs and alterations, and do any acts which Beneficiary deems proper to
<br />protect the security hereof. Upon request of Beneficiary, Borrower shall assemble and make available to
<br />Beneficiary at the Premises any of the Property which has been removed therefrom. The entering upon
<br />and taking possession of the Property and the taking of possession of any part of the Equipment shall not
<br />cure or waive any default theretofore or thereafter occurring or affect any notice of default hereunder or
<br />invalidate any act done pursuant to any such notice. Trustee or Beneficiary shall be entitled, at its
<br />election and without notice, to the appointment of a receiver or receivers for the Property; provided,
<br />however, that any of the actions referred to in this Section 4.02 may be taken by Beneficiary, either in
<br />person or by agent, with or without bringing any action or proceeding, or by receiver, and any such action
<br />may also be taken without regard to the adequacy of the security for the indebtedness hereby secured.
<br />Further, Beneficiary, at the expense of Borrower, either by purchase, repair or construction, may from
<br />time to time maintain and restore the Property, or any part thereof, and complete construction of the
<br />Improvements incomplete as of the date thereof and in the course of such completion may make such
<br />changes in the contemplated Improvements as Beneficiary may deem desirable and may insure the same.
<br />Section 4.03. Foreclosure. Beneficiary may bring an action in any court of competent
<br />jurisdiction to foreclose this Deed of Trust or to enforce any of the covenants and agreements hereof.
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