|
200010985
<br />9.1. HOLD HARMLESS: Borrowers own or have accepted the property in its present condition
<br />and agree to defend, indemnify and hold lenders, its successors and assigns, harmless from all loss,
<br />damage or cleanup and compliance expenses arising from the above described environmental matters.
<br />The foregoing representations and warranties are ongoing and Borrower agrees to notify Lenders in
<br />writing of any subsequently discovered information or operations and to maintain compliance with
<br />applicable law. The representations and warranties herein contained are not personal to Lenders and
<br />the right of Lenders and its successors and assigns to indemnification shall survive foreclosure or
<br />trustee's sale and Lender's subsequent conveyance, and will continue so long as Lenders, its
<br />successors or assigns, shall have or be subject to any environmental obligation for such matters.
<br />10. INSPECTIONS: Lenders, its agents, representatives or workmen, are authorized to enter at
<br />any reasonable time upon or in any part of the property for the purpose of inspecting the same and for
<br />the purpose of performing any of the acts it is authorized to perform under the terms of any of the Loan
<br />Instruments, including an audit of environmental compliance.
<br />11. EVENTS OF DEFAULT: Any of the following events shall be deemed an event of default
<br />hereunder:
<br />M, 11t l 0 Borrower shall have failed to make payment of any installment of interest, principal, or
<br />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, condition,
<br />provision, representation or warranty contained in any of the Loan Instruments; or
<br />(c) The Borrower shall become insolvent or be the subject of any bankruptcy or insolvency
<br />proceedings, or the Property is abandoned or comes under the jurisdiction or control of any court by
<br />mortgage foreclosure, execution, partition or otherwise prior to the full payment of the debt secured
<br />hereby.
<br />12. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES: Should an event of default
<br />occur Lenders may declare all indebtedness secured hereby to be due and payable and the same shall
<br />thereupon become due and payable without any presentment, demand, protest or notice of any kind.
<br />Thereafter Lenders may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a
<br />receiver appointed by a court and without regard to the adequacy of its security, enter upon and take
<br />possession of the Property, or any part thereof, in its own name or in the name of Trustee, and do any
<br />acts which it deems necessary or desirable to preserve the value, marketability or rentability of the
<br />Property, or part thereof or interest therein, increase the income therefrom or protect the security hereof
<br />and, with or without taking possession of the Property, sue for or otherwise collect the rents, issues and
<br />profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection including attorney's fees, upon any indebtedness secured hereby, all in such
<br />order as Lenders may determine. The entering upon and taking possession of the Property, the
<br />collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or
<br />waive any default or notice of default hereunder or invalidate any act done in response to such default or
<br />pursuant to such notice of default and, notwithstanding the continuance in possession of the Property or
<br />the collection, receipt and application of rents, issues or profits, Trustee or Lenders shall be entitled to
<br />exercise every right provided for in any of the Loan Instruments or by law upon occurrence of any event
<br />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 receiver, or
<br />specifically enforce any of the covenants hereof;
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a written notice
<br />of default and election to cause Borrower's interest in the Property to be sold, which notice Trustee shall
<br />cause to be duly filed for record in the appropriate Official Records of the County in which the Property is
<br />located.
<br />13. FORECLOSURE BY POWER OF SALE: Should Lenders elect to foreclose by exercise of
<br />the Power of Sale herein contained, Lenders shall notify Trustee and shall deposit with Trustee this Deed
<br />of Trust and the Note and such receipts and evidence of expenditures made and secured hereby as
<br />Trustee may require.
<br />(a) Upon receipt of such notice from Lenders, Trustee shall cause to be recorded, published
<br />and delivered to Borrower such Notice of Default and Notice of Sale as then required by law and by this
<br />Deed of Trust. Trustee shall, without demand on Borrower, after such time as may then be required by
<br />law and after recordation of such Notice of Default and after Notice of Sale having been given as
<br />required by law, sell the Trust Estate at the time and place of sale fixed by it in such Notice of Sale, either
<br />as a whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as
<br />it may determine, at public auction to the highest bidder for cash in lawful money of the United States
<br />payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and
<br />sufficient deed of deeds conveying the property so sold, but without any covenant or warranty, express
<br />or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness
<br />thereof. Any person, including, without limitation, Borrower, Trustee or Lenders, may purchase at such
<br />sale and Borrower hereby covenants to warrant and defend the title of such purchaser or purchasers.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of
<br />Page 3 of 5 Pages JANCS \XY4 \DATA \LAND \HESNAULT.DOT12 /14 /100
<br />
|