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200113624
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200113624
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Last modified
10/14/2011 2:57:24 PM
Creation date
10/21/2005 12:04:41 AM
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DEEDS
Inst Number
200113624
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200113624 <br />to be used for the repair or restoration of the Property or (iii) <br />for any other purpose or object satisfactory to Beneficiary with- <br />out affecting the lien of this Deed of Trust for the full amount <br />secured hereby before such payment ever took place. Any applica- <br />tion of proceeds to indebtedness shall not extend or postpone the <br />due date of any payments under the Note, or cure any default <br />thereunder or hereunder. <br />6. Condemnation. In the event the property, or any part <br />thereof, shall be taken by eminent domain, Beneficiary is enti- <br />tled to collect and receive all compensation which may be paid <br />for any property taken or for damages to property not taken, and <br />Beneficiary shall apply such compensation, at its option, either <br />to a reduction of the indebtedness secured hereby or to repair <br />and restore the property so taken. <br />7. Performance by Beneficiary. Beneficiary may, but shall <br />have no obligation to, do any act which Trustor has agreed but <br />failed to do, and Beneficiary may also do any act it deems neces- <br />sary to protect the lien hereof. Trustor agrees to repay, upon <br />demand, any sums so expended by Beneficiary for the above pur- <br />poses, and any sum so expended by Beneficiary shall be added to <br />the indebtedness secured hereby and become secured by the lien <br />hereof. Beneficiary shall not incur any personal liability be- <br />cause of anything it may do or omit to do hereunder. <br />8. Assignment of Rents. Beneficiary shall have the right, <br />power and authority during the continuance of this Deed of Trust <br />to collect the rents, issues and profits of the property and of <br />any personal property located thereon with or without taking pos- <br />session of the property affected hereby, and Trustor hereby abso- <br />lutely and unconditionally assigns all such rents, issues and <br />profits to Beneficiary. Beneficiary, however, hereby consents to <br />Trustor's collection and retention of such rents, issues and <br />profits as they accrue and become payable, so long as Trustor is <br />not, at such time, in default with respect to payment of any in- <br />debtedness secured hereby, or in the performance of any agreement <br />hereunder. If any event of default described hereafter in re- <br />spect to this Deed of Trust shall have occurred and be continu- <br />ing, Beneficiary, as a matter of right and without notice to <br />Trustor or anyone claiming under Trustor, and without regard to <br />the value of the trust estate or the interest of the Trustor <br />therein, shall have the right to apply to any court having juris- <br />diction to appoint a receiver of the property. <br />9. Inspections. Beneficiary, or its agents, representa- <br />tives or workmen, are authorized to enter at any reasonable time <br />upon or in any part of the property for the purpose of inspecting <br />the same and for the purpose of performing any of the acts it is <br />authorized to perform under the terms of any loan instruments <br />executed by Trustor. <br />10. Transfer of Property. If all or any part of the prop- <br />erty or any interest of Trustor therein is sold, transferred or <br />further encumbered without the express or written consent of <br />Beneficiary, Beneficiary may, at its sole option, declare all <br />sums secured by this Deed of Trust to be immediately due and pay- <br />able and proceed to the remedies available to it under the de- <br />fault provisions contained herein. <br />11. Events of Default. Any of the following events shall <br />be deemed an event of default hereunder: <br />
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