|
200011241
<br />8. Merger, Consolidation, Sales or Leases. Trustor covenants that Trustor will not sell, lease or
<br />otherwise dispose of any of the Trust Estate. In the event that Trustor sells, leases or
<br />otherwise disposes of any part of the Trust Estate, Beneficiary may at its option declare the
<br />Indebtedness secured hereby immediately due and payable, whether or not any default exists.
<br />Beneficiary shall consent to a transfer of the Trust Estate to a third party to the extent such a
<br />third party meets the requirements contained in, and assumes the obligations set forth in the
<br />First Deed of Trust. The covenants contained herein shall run with the Property and shall
<br />remain in full force and effect until the Indebtedness is paid in full.
<br />9. Events of Default. Any of the following events shall be deemed an event of default
<br />hereunder:
<br />(a) default shall be made in the payment of the Indebtedness or any other sum secured
<br />hereby when due; or
<br />(b) Trustor shall perform any act in bankruptcy; or
<br />(c) a court of competent jurisdiction shall enter an order, judgement or decree approving
<br />a petition filed against Trustor seeking any reorganization, dissolution or similar
<br />relief under any present or future federal, state or other statute, law or regulation
<br />relating to bankruptcy, insolvency or other relief for debtors, and such order,
<br />judgement or decree shall remain unvacated and unstayed for an aggregate of sixty
<br />(60) days (whether or not consecutive) from the first date of entry thereof, or any
<br />trustee, receiver or liquidator or Trustor or of all or any part of the Trust Estate, or of
<br />any or all of the royalties, revenues, rents, issues or profits thereof, shall be
<br />appointed without the consent or acquiescence of Trustor and such appointment shall
<br />remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not
<br />consecutive); or
<br />(d) a writ of execution or attachment of any similar process shall be entered against
<br />Trustor which shall become a lien on the Trust Estate or any portion thereof or
<br />interest therein and such execution, attachment or similar process of judgement is not
<br />released, bonded, satisfied, vacated or stayed within sixty (60) days after its entity or
<br />levy; or
<br />(e) there has occurred a breach of or default under any term, covenant, agreement,
<br />condition, provision, representation or warranty contained in any prior deed of trust
<br />or mortgage affecting the Trust Estate.
<br />10. Acceleration upon Default; Additional Remedies. If an event of default occurs, Beneficiary
<br />may declare the 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
<br />kind. Thereafter, Beneficiary may:
<br />(i) 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
<br />security, enter upon and take possession of the Trust Estate, or any part thereof,
<br />in its own name or in the name of Trustee, and do any acts which it deems
<br />necessary or desirable to preserve the value, marketability or rentability of the
<br />Trust Estate, or part thereof or interest therein, increase the income therefrom or
<br />protect the security hereof and, with or without taking possession of the Trust
<br />Estate, sue for or otherwise collect the rents, issues and profits thereof, including
<br />those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection including attorneys' fees, upon any indebtedness
<br />secured hereby, all in such order as Beneficiary may determine. The entering
<br />upon and taking possession of the Trust Estate, the collection of such rents,
<br />
|