202502509 - Laserfiche WebLink

Browse

202502509 indebtedness secured hereby and in such order as Beneficiary may determine, (ii) to the Trustor to be used for the repair or restoration of the Property or (iii) for any other purpose or object satisfactory to Beneficiary without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder. 6. Condemnation. In the event the Property, or any part thereof, shall be taken by eminent domain, Beneficiary is entitled to collect and receive all compensation which may be paid for any Property taken or for damages to Property not taken, and Beneficiary shall apply such compensation, at its option, either to a reduction of the indebtedness secured hereby or to repair and restore the Property so taken. 7. Performance by Beneficiary. Beneficiary may, but shall have no obligation to, do any act which Trustor has agreed but failed to do, and Beneficiary may also do any act it deems necessary to protect the lien hereof. Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for the above purposes, and any sum so expended by Beneficiary shall be added to the indebtedness secured hereby and become secured by the lien hereof. Beneficiary shall not incur any personal liability because of anything it may do or omit to do hereunder. 8. Assignment of Rents. Beneficiary shall have the right, power and authority during the continuance of this Deed of Trust to collect the rents, issues and profits of the Property and of any personal property located thereon with or without taking possession of the Property affected hereby, and Trustor hereby absolutely and unconditionally assigns all such rents, issues and profits to Beneficiary. Beneficiary, however, hereby consents to Trustor's collection and retention of such rents, issues and profits as they accrue and become payable, so long as Trustor is not, at such time, in default with respect to payment of any indebtedness secured hereby, or in the performance of any agreement hereunder. If any event of default described hereafter in respect to this Deed of Trust shall have occurred and be continuing, Beneficiary, as a matter of right and without notice to Trustor or anyone claiming under Trustor, and without regard to the value of the trust estate or the interest of the Trustor therein, shall have the right to apply to any court having jurisdiction to appoint a receiver of the Property. 9. Inspections. Beneficiary, or its agents, representatives or workmen, are authorized to enter at any reasonable time upon or in any part of the Property for the purpose of inspecting the same and for the purpose of performing any of the acts it is authorized to perform under the terms of any loan instruments executed by Trustor. 10. Transfer of Property. If all or any part of the Property or any interest of Trustor therein is sold, transferred or further encumbered without the express or written consent of Beneficiary, Beneficiary may, at its sole option, declare all sums secured by this Deed of Trust to be immediately due and payable and proceed to the remedies available to it under the default provisions contained herein. 11. Events of Default. Any of the following events shall be deemed an event of default hereunder: (a) Trustor shall have failed to make payment or any installment of interest, principal or principal and interest or any other sums secured hereby when due; (b) There has occurred a breach of or default under any term, covenant, agreement, condition, provision, representation or warranty contained in this Deed of Trust, the note or any other loan instrument secured hereby; (c) There has been a default by the Trustor in the payment of any prior or subsequent lien or encumbrance in respect to all or any part of the Property; Page 3 of 7