|
99- 1�s9s�
<br /> Lender. The foregoing warranties and representations, and
<br /> Borrower' s obligations pursuant to the foregoing indemnity, shall
<br /> survive repayment of the Note and the reconveyance of this Deed
<br /> of Trust.
<br /> 9 . Assignment of Rents; Manaqement of Pro erty. As
<br /> additional security hereunder, Borrower hereby assigns to Lender
<br /> the rents, issues and profits of the Property, provided that
<br /> Borrower shall, prior to acceleration under paragraph 11 hereof
<br /> or abandonment of the Property, have the right to collect and
<br /> retain such rents, issues and profits as they become due and pay-
<br /> able. Upon acceleration or abandonment of the Property, Lender
<br /> may, either in person or by agent, with or without bringing any
<br /> action or proceeding, or by a receiver appointed by a court and
<br /> without regard to the adequacy of its security, enter upon and
<br /> take possession of the Property, or any part thereof, in its own
<br /> name or in the name of the Trustee, and do any acts which it
<br /> deems necessary or desirable to preserve the value, marketability
<br /> or rentability of the Property, or any part thereof or interest
<br /> therein, increase the income therefrom or protect the security
<br /> hereof and, with or without taking possession of the Property,
<br /> sue for or otherwise collect the rents, issues and profits
<br /> thereof, including those past due and unpaid, and apply the same,
<br /> less costs and expenses of operation and collection, including
<br /> attorneys' fees, upon any indebtedness secured hereby, all in
<br /> such order as Lender may determine. The entering upon and taking
<br /> possession of the Property, the collection of such rents , issues
<br /> and profits and the application thereof as aforesaid, shall not
<br /> cure or waive any default or notice of default hereunder or
<br /> invalidate any act done in response to such default or pursuant
<br /> to such notice of default and, notwithstanding the continuance in
<br /> possession of the Property or the collection, receipt and applica-
<br /> tion of rents, issues or profits, and Trustee and Lender shall be
<br /> entitled to exercise every right provided for in any of the Loan
<br /> Instruments or by law upon occurrence of any Event of Default,
<br /> including, without limitation, the right to exercise the power of
<br /> sale. Further, Lender' s rights and remedies under this paragraph
<br /> 9 shall be cumulative with, and in no way a limitation on,
<br /> Lender' s rights and remedies under any Assignment of Leases and
<br /> Rents recorded against the Property. Lender, Trustee and the
<br /> receiver shall be liable to account only for those rents actually
<br /> received.
<br /> 10 . Events of Default. The following shall constitute
<br /> an Event of Default under this Deed of Trust:
<br /> (a) Failure to pay any , installment of
<br /> principal or interest or any other sum secured hereby
<br /> when due, or failure to pay when due any other indebted-
<br /> ness of Borrower to Lender;
<br /> (b) A breach of or default under any provi-
<br /> sion contained in the Note, this Deed of Trust, any of
<br /> the Loan Instruments, or any other encumbrance upon the
<br /> Property, after giving effect to any applicable cure
<br /> period contained therein;
<br /> {c) A writ of execution or attachment or any
<br /> similar process shall be entered against Borrower which
<br /> shall become a lien on the Property or any portion
<br /> thereof or interest therein;
<br /> (d) There shall be filed by or against
<br /> Borrower an action und�r any present or future federal,
<br /> state or other statute, law or regulation relating to
<br /> bankruptcy, insolvency or other relief for debtors; or
<br /> there shall be appointed any trustee, receiver or
<br /> liquidator of Borrower or of all or any part of the
<br /> Property, or the rents, issues or profits thereof, or
<br /> Borrower shall make any general assignment for the
<br /> benefit of creditors;
<br />
|