|
202403292
<br />8. Merger, Consolidation, Sales or Transfers. Trustor covenants that Trustor will not sell, transfer or otherwise
<br />dispose of any of the Trust Estate. In the event that Trustor sells, transfers or otherwise disposes of any part of the Trust Estate,
<br />Beneficiary may at its option declare the Indebtedness secured hereby immediately due and payable without any presentment,
<br />demand, protest or notice of any kind, whether or not any default exists. Beneficiary shall consent to a transfer of the Trust
<br />Estate to a third party to the extent such third party meets the requirements contained in, and assumes the obligations set forth
<br />in the First Deed of Trust. The covenants contained herein shall run with the Property and shall remain in full force and effect
<br />until the Indebtedness is paid in full.
<br />9. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />due; or
<br />(a) default shall be made in the payment of the Indebtedness or any other sum secured hereby when
<br />(b) Trustor shall perform any act in bankruptcy; or
<br />(c) a court of competent jurisdiction shall enter an order, judgment or decree approving a petition filed
<br />against Trustor seeking any reorganization, dissolution or similar relief under any present or future federal, state or
<br />other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such order, judgment
<br />or decree shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive) from
<br />the first date of entry thereof; or any trustee, receiver or liquidator or Trustor or of all or any part of the Trust Estate,
<br />or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or
<br />acquiescence of Trustor and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days
<br />(whether or not consecutive); or
<br />(d) a writ of execution or attachment of any similar process shall be entered against Trustor which shall
<br />become a lien on the Trust Estate or any portion thereof or interest therein and such execution, attachment or similar
<br />process of judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy;
<br />or
<br />(e) there has occurred a breach of or default under any term, covenant, agreement, condition,
<br />provision, representation or warranty contained in the First Deed of Trust or any prior deed of trust or mortgage
<br />affecting the Trust Estate.
<br />10. Acceleration upon Default; Additional Remedies. If an event of default occurs, Beneficiary may declare the
<br />Indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable without any
<br />presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust
<br />Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems necessary or
<br />desirable to preserve the value, marketability or rentability of the Trust Estate, or part thereof or interest therein,
<br />increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estate,
<br />sue for or otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collection including attorneys' fees, upon any indebtedness secured
<br />hereby, all in such order as Beneficiary may determine. The entering upon and taking possession of the Trust Estate,
<br />the collection of such rents, issues and profits and the application thereof as aforesaid shall not cure or waive any
<br />default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice
<br />of default and, notwithstanding the continuance in possession of the Trust Estate or the collection, receipt and
<br />application of rents, issues or profits, Trustee or Beneficiary shall been entitled to exercise every right provided for in
<br />any of the Loan Instruments or by law upon occurrence of any event of default, including the right to exercise the power
<br />of sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically
<br />enforce any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale and a written notice of
<br />default and election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee shall cause to be
<br />duly filed for record in the appropriate offices of the County in which the Trust Estate is located; or
<br />(d) exercise such other rights or remedies at law or in equity.
<br />3
<br />Second Deed of Trust/HBA
<br />4.1.21
<br />
|