|
20220233?,
<br />or proceeding in which Beneficiary or Trustee may appear. Should Trustor fail to make any payment or to
<br />do any act as and in the manner provided in any of the Loan Documents, Beneficiary and/or Trustee, each
<br />in its own discretion, without obligation so to do and without notice to or demand upon Trustor and without
<br />releasing Trustor from any obligation, may make or do the same in such manner and to such extent as either
<br />may deem necessary to protect the security hereof. Trustor shall, immediately upon demand therefor by
<br />Beneficiary, pay all costs and expenses incurred by Beneficiary in connection with the exercise by
<br />Beneficiary of the foregoing rights, including without limitation costs of evidence of title, court costs,
<br />appraisals, surveys, and attorney's fees. Any such costs and expenses not paid within ten (10) days of
<br />written demand shall draw interest at the default rate provided in the Note.
<br />6. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest therein, be
<br />taken or damaged by reason of any public improvement or condemnation proceeding, or in any other
<br />manner including deed in lieu of condemnation, or should Trustor receive any notice or other information
<br />regarding such proceeding, Trustor shall give prompt written notice thereof to Beneficiary. Beneficiary
<br />shall be entitled to all compensation, awards and other payment or relief therefor, and shall be entitled at
<br />its option to commence, appear in and prosecute in its own name any action or proceeding. Beneficiary
<br />shall also be entitled to make any compromise or settlement in connection with such taking or damage. All
<br />such compensation, awards, damages, rights of action and proceeds awarded to Trustor (the "Proceeds")
<br />are hereby assigned to Beneficiary to the extent of the balance of the obligations secured by this Deed of
<br />Trust and Trustor agrees to execute such further assignments of the Proceeds as Beneficiary or Trustee may
<br />require.
<br />7. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from time to time,
<br />substitute, in the manner prescribed by law, a successor or successors to the Trustee named herein or acting
<br />hereunder. The successor Trustee shall succeed to all the predecessor's title, rights, powers and duties
<br />without conveyance from the predecessor trustee.
<br />8. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the benefit of
<br />and binds all parties hereto, their heirs, legatees, devisees, personal representatives, successors and assigns.
<br />The term `Beneficiary" shall mean the owner and holder of the Note, whether or not named as Beneficiary
<br />herein.
<br />9. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are authorized to
<br />enter at any reasonable time upon or in any part of the Trust Estate for the purpose of inspecting the same
<br />and for the purpose of performing any of the acts it is authorized to perform under the terms of any of the
<br />Loan Documents.
<br />10. EVENTS OF DEFAULT. Any of the following events shall be deemed an event of default
<br />hereunder:
<br />a. Trustor shall have failed to make payment of any installment of interest, principal,
<br />or principal and interest or any other sum secured hereby when due; or
<br />b. There has occurred a breach of or default under any term, covenant, agreement,
<br />condition, provision, representation or warranty contained in this Deed of Trust or
<br />in any of the Loan Documents.
<br />11. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an event of
<br />default occur Beneficiary may declare all indebtedness secured hereby to be due and payable and the same
<br />shall thereupon become due and payable without any presentment, demand, protest or notice of any kind.
<br />Thereafter Beneficiary may:
<br />3
<br />
|