93103316 - Laserfiche WebLink

Browse

„ 1-Y Y` 93- 03316 5. Texas, Amss+keets, rod CbaeW. Trustor shall pGy alt, taxes, assessments and other Oct Ws, including, without limitation, fines and im- positions attributable to the property, and leasehold payments or ground rents, if any, before the some tecome delinquent. Trustor shall promp- tly furnish to Beneficiary oil notices of amatnts due under this paragraph, and in the event Trustor shaft make payment directly, Trustor shall promptly furnish to Be-eficiory receipts evidencing such payments- Trustor shall pay oh taxes and ossessmonts which may be levied upon Beneficiary's interest herein or upon this peed of Trust without regard to any low that may be enocted imposing payment of the whole or any port thereof upon the Beneficiary. 6. Ad&Waal bees and Pretaetiat of Ilaneficlwy'x Sumirity. Trustor shall make all payments of interest and principal and payments of any other charges, fees and expenses contracted to be paid to any existing lienhokfers or prier beneficiaries under any prior deed of trust or mor tpoge before the dote they ore delinquent and promptly pay and discharge any and all other liens, claims or charges which may jeopardize the security granted herein. If Trustor fails to make any such payment or foils to perform any of the covenants and agreements contained in this De( d of Trust, or in any prior mort-loge or deed of trust, of if any action or pro_eeding is cotttrr,ertced which materially affects Beneficiory's in- ' terest in the Property, including, but not limite6 io, eminent domain proceedings, or proceedings involving a decertdent, or if Trustor fails to pay Truslor's debts generally as they became d4rr. then beneficiary, at Beneficiary's option and without notice to or demand upon Trustor and without releasing Trustor from any obligation tterew-tder, may make such appearances, disburse such sums, and take such action as is necessary to protect Beneficiary's interest including, but not limited to, disbursement of reasonable attorney's fees, poyment, purchase, contest or com- promise of any encumbrance, charge or lien, orxl entry upon the Property to make repairs. In the event that Trustor shall fail to procure in- surance or to pay taxes; assessments, or any other charges or to make any payments to existing prior lien holders or beneficiaries, Beneficiary may procaa a such insurance and make such payment. Any ontourtts disbursed by Beneficiary pursuant to this Paragraph 6 shall become odditional indebtedness of Truster secured by this Deed of Trust. Such amounts shall be paycb!e upon notice from Beneficiary to Trustor requesting pay- meet thereof: and shall bear interest from the dote of disbursement at the rate payable from time to time on outstondirq principal under the Note unless payment of interest at such rate would be contrary to applicable low, in which event such amounts shall bear interest nt the highest rate permissible under applicable lcw. Nothing contained in this Paragraph 6 shall require Beneficiary to incur any expense or lake any action hereunder. 7. Assignment of Rents. Beneficiary shall have the right, power and out ;vp Ity during the continuance of this Deed of Trust to collect the rents. issues and profits of the Property cnd 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 the Trustor's collection arni 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. Upon any such default, P.eneficiory may of any rime, either in person, by agent, or by receiver to be appointed by a court, without notice and without regard to the adequacy of any security for the indebtedness hereby secured, (a) enter upon and take possession of the Property or any part thereof, and in its own name sue for or otherwise collect such rents, issues aed profits, including those post due and unpaid, and apply the some, less costs and expenses of operation and collection, including reasonable attorneys fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine; (b) perform such acts of repair or protection as may be necessary or proper to conserve the value of the Property; (c) lease the some or any pert thereof for such rental, term, and upon such conditions as its judgment may dic-'ate or terminate or ad- just the terms and conditions of any existing (ease or leases. Unless Trustor and Beneficiary agree otherwise in writing ;y application of rents, issues or profits to any indebtedness secured hereby shall not extend or postpone the due date of the installment payments as provided in said promissory note er change the arnount of such installments. The entering upon and taking possession of the Property, the collection of such rents, issues and profits, and the application thereof as aforesaid, shall not waive or cure any default or notice of default hereunder, or in- validate any act done pursuant to such notice. Trustor also assigns to Beneficiary, as further security for the performance of the obligations secured all prepaid rents and ail monies which may have been or may hereafter be deposited with said Trustor by any lessee of the Pro- perty, to secure the oa7ment of any rent or damages, and upon default in the performance of any of the provisions hereof, Trustor agrees to deliver such rents unc' deposits to Beneficiary. Delivery of written notice of Beneficiary's exercise of the rights granted herein, to any tenant oc- cupying said prerrises shall be sufficient to require said tenant to pay said rent to the Beneficiary until further notice. 8. Condrarngtion. If title to cry part of the Property shall be taken in condemnation proceedings, by right of eminent domain or similar action, or shall be sold under threat of condemnation, all awards, damages and proceeds are hereby assigned and shall be paid to Beneficiary who shall apply such awards, damages and proceeds to the sum secured by this Deed of Trust, with the excess, if any, poicUo Trustor. If Trustor receives any notice or other information regarding such actions or proceedings, Trustor shall give prompt written notice thereof to beneficiary, Beneficiary shall be entitled, at its option, to commence, appear in and prosecute in its own name any such action or proceedings and shall be en. titled to make any compromise or settlement in connection with any such action or proceedincls. 9. Remedies Hot Exciusivu. Beneficiary shall be entitled to enforce payment and performance of any indebtedness or obligations secured hereby and to exercise lilt rights and powers under this Deed of Trust or under any other agreement executed in connection herewith or any laws now or hereafter in force, notwithstanding some or all of the such indebtedness and obligations secured hereby may now or hereafter be other- wise secured, whether by mortgage, deed of trust, pledge, lien, ass gnment or otherwise. Neither the acceptance of this peed of Trust nor its enforcement whether by court action or pursuant to the power of sale or other powers herein contained, shall prejudice or in any manner affect Beneficiary's right to realize upon or enforce any other security now or hereafter held by Beneficiary, it being agreed that Beneficiary shall be entitled to enforce this Deed of Trust and any other security now or hereafter held by Beneficiary in such order and manner as it may in its ab- solute discretior. determine. No remedy herein conferred upor, or reserved to Beneficiary is intended to be exclusive of any other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law ar in equity or by statute. Every power or remedy provided hereunder this Deed of Trust to Beneficiary or to which it may be otherwise entitled, may be exercised, concurrently or independently, from time to time and as often as may be deemed expedient Beneficiary and it may pursue inconsistunt remedies. Nothing herein shall be construed as prohibiting Beneficiory from seeking a deficiency judgment against the Trustor to the extent such action is permitted bylaw. 10. Transfer of Property; Assumption. If all or any port of the property or any interest therein is sold, transferred or conveyed by Trustor without Beneficiar} s prior written consent, excluding (a) the creation of a iien or encumbrance subordinate to this Deed of Trust, (b) the crea- tion of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a ioint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Beneficiary may, at Beneficiary's option, declare all the sums secured by this Deed df Trust to be immediately due and payable, or cause the Trustee to file a notice of default. Beneficiary shall have waived such option to accelerate if, prior to the sale, transfer or conveyance. Beneficiary and the person to whom the property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Beneficiary and that the interest payable on the sums secured by this Deed of Trust shall be at such rate as Beneficiary shall request- t