|
� 1
<br /> � 9y �o � 2ss
<br /> (1) Attorney's fees and costs of collection;,
<br /> (2) Cost of any evidence of title prdcured in connection with such sale and any revenue
<br /> or ta1� required to be paid;
<br /> (3) All obligations secured by this Deed of Trust;
<br /> (4) The remainder, if any, to the person legally entitled thereto.
<br /> 8.2 Sums Advanced to Protect Security: Beneficiary may advance such sums Beneficiary, in its sole
<br /> discretion, deems reasonable to protect the security. Sums advanced to protect the security whether specifically
<br /> enumerated as such herein or reasonably construed to be so advanced shall become the obligation of the Trustor.
<br /> The payment of such sums together with the interest thereon sha11 be secured by this Deed of Trust. The interest
<br /> rate for sums advanced to protect the security shall be at the rate of 16% per annum or the highest rate allowed by
<br /> law from the date such sums were paid to Beneficiary.
<br /> 8.3 Interest Rate Upon Default: After acceleration, upon default or after maturity, all sums due the
<br /> Beneficiary and secured by this Deed of Trust, including interest not paid when due, shall bear interest at the rate
<br /> of 16 o per annum or the highest rate allowed by law from the date such sums were due.
<br /> 9. Assignment of Rents. Trustor presently assigns all rents, issues, and profits, now or future, of the security
<br /> to the Beneficiary but the Beneficiary consents to allow the Trustor to collect and retain the rents, issues and profits
<br /> as long as the Trustor is not in default of this Deed of Trust. Upon default, Beneficiary or its agent may without
<br /> notice and without regard to the adequacy of the security proceed to collect rents, issues, and profits, including
<br /> those past due and unpaid and apply the proceeds less costs and expenses of operation and collection, including
<br /> reasonable attorney's fees, upon any indebtedness secured hereby. Beneficiary may do anything reasonable and
<br /> necessary to give effect to this Assignment of Rents upon the default of the Trustor unless the Trustor and
<br /> Beneficiary agree otherwise in writing, any application of rents, issues or profits to indebtedness secured hereby
<br /> shall not extend or postpone the due date of any installment payments as provided in the Promissory Note or
<br /> change the amount of such installments. The entermg upon and taking possession of the property, the collection of
<br /> such rents, issues and profits and the application thereof as aforesaid shall not waive or cure any default or notice
<br /> of default hereunder or invalidate any act done pursuant to such notice. Trustor also presently assigns to the
<br /> Beneficiary all prepaid rents and all monies which may have been or may hereafter be deposited with said Trustor
<br /> by any lessee of the property, agrees to deliver such rents and deposits to the Beneficiary. Delivery of written
<br /> notice of the Beneficiary's exercise of the rights granted herein to any tenant occupying the premises shall be
<br /> sufficient to require the tenant to pay rent to the Beneficiary until further notice. Beneficiary shall be accountable
<br /> only for the rents, revenues and profits collected and not the rental value of the premises. No construction of this
<br /> paragraph shall alter the occupier liability which shall be the responsibility of Trustor, and Beneficiary shall have
<br /> none of the same unless actually in possession of the premises. This assignment is intended to be a present
<br /> assignment and not contingent upon the default of the Trustor.
<br /> 10. Remedies Not Exclusive. The remedies provided in this Agreement shall not be exclusive. Upon the
<br /> default of the Trustor, the Beneficiary may seek relief by any legal or equitable means including the conventional
<br /> foreclosure of the premises. The beneficiary may seek to enforce the agreements here made in such order and
<br /> manner as Beneficiazy sees fit. No remedy is intended to be exclusive, but each shall be cumulative. Every power
<br /> or remedy provided under the Deed of Trust to the Trustee or Beneficiary or to which either of them may
<br /> otherwise be entitled by law may be exercised concurrently or independently as often as is deemed necessary by the
<br /> Trustee or Beneficiary or either of them and either of them may pursue inconsistent remedies. The Beneficiary or
<br /> Trustee may proceed to pursue a deficiency judgment against the Trustor to the extend such action is permitted by
<br /> law.
<br /> 11. Transfer of the Propertv• Assumption If all or any part of the property or interest therein is sold,
<br /> transferred or otherwise conveyed by Trustor without Beneficiary's prior written consent, excluding (a) the creation
<br /> of a lien or encumbrance subordinate to this Deed of Trust; (b) a transfer by devise, descent or by operation of law
<br /> upon the death of Trustor; (c) the grant of any leasehold interest of three (3) years or less not containing an option
<br /> of purchase, or (d) such grant of a leasehold interest as may be approved in writing by the Beneficiary, such action
<br /> is a breach of this agreement, and Beneficiary may, at Beneficiary's option, declare all sums secured by this Deed
<br /> of Trust to be immediately due and payable, or cause the Trustee to file a notice of default. Beneficiary shall have
<br /> waived such option to accelerate if, prior to the sa1e, transfer or conveyance, Beneficiary and the person to whom
<br /> the property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to
<br /> the Beneficiary and that the interest payable on the sum secured by this Deed of Trust shall be at such rate as
<br /> beneficiary shall request.
<br /> 12. Forbearance by Beneficiarv and Waiver Any forbearance by Beneficiary to Trustee, Trustor or anyone,
<br /> in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or
<br /> preclude the exercise of any such right or remedy hereunder. Likewise, the,waiver by Beneficiary to Trustee of
<br /> any default of Trustor under this Deed of Trust shall not be deemed to be a waiver of any other or similar defaults
<br /> subsequently occurring. No waiver shall be construed agaiiist the Beneficiary unles5 such waiver shall be express
<br /> and in writing signed by the Beneficiary.
<br /> 13. Beneficiarv's Powers. Without affecting or releasing the liability of the Trustor or any other person liable
<br /> for the payment of any obligation herein mentioned, and without affecting the lien or charge of this Deed of Trust
<br /> upon any portion of the property not then or theretofore released as security for the full amount of all unpaid
<br /> obligations, the Beneficiary may from time to time and without notice at the request of one or more Trustors (a)
<br /> release any person so liable; (b) extend or renew the maturity or alter any of the terms of such obligation; (c) grant
<br /> other indulgences; (d) release or reconvey or cause to be released or reconveyed at any time at the Beneficiary's
<br /> option any portion or all of the property; (e) take or release any other or additional security for any obligation
<br /> herein mentioned: (fl make compositions or other arrangements with debtors in relation thereto. Beneficiary may ,
<br /> in its sole discretion, (i) inspect the premises at any reasonable time; (ii) require such additional security as may be
<br /> reasonable; and (iii) substitute the Trustee herein with any person, entity or corporation qualified so to act. The
<br /> attorneys of the Beneficiary or one of them may now be or may subsequently be designated Trustee herein and
<br /> may perform for the Beneficiary duties as counsel and Trustee. All Trustors shall be jointly and severally obligated
<br /> and bound by the actions of the Beneficiary or any Trustor as herein sta.ted.
<br /> �
<br />
|