|
99 10938 �
<br /> (dl a writ of execution or attachment of any similar process shall be entcred against Trustor whlch shall
<br /> become a lien on the Trust Estate or any portion thereof or interesi therein and such execution, attachment or similar
<br /> process of judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy; or
<br /> (e) there has occurred a breach of or detault under any term, covenant, agreement, condition, provision,
<br /> representation or warranty contained in any prior deed of trust or mortgage affecting the Trust Estate.
<br /> 10. Acca/eration upon Detau/t; Additivna/ Remedies. If an event of default occurs, Beneficiary may decfare the
<br /> Indebtedness secured hereby to be due and payable and the same Shall thereupon become due and payable without any
<br /> preseniment, demand, protest or notice of any kind. Thereafter, Beneficiary may:
<br /> (i) either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed
<br /> by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust Estate, or any
<br /> part thereof, in its own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve
<br /> the value, marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom
<br /> or protect the security hereof and, with or without taking possession of the Trust Estate, sue for or otherwise collect the
<br /> rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of
<br /> operation and collection including attorneys' fees, upon any indebtedness secured hereby, atl i� such order as Beneficiary
<br /> may determine. The entering upon and taking possession of the Trust Estate, the collection of such rents, issues and
<br /> profits and the application thereof as aforesaid shall not cure or waive any default or notice of default hereunder or
<br /> invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding the
<br /> continuance in possession of the Trust Estate or the collection, receipt and application of rents, issues or profits, Trustee
<br /> or Beneficiary shall been entitled to exercise every right provided for in any of the Loan Instruments or by law upon
<br /> occurrence of any event of default, including the right to exercise the power of sale;
<br /> (ii) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically
<br /> enforce any of the covenants hereof;
<br /> (��i) deliver to Trustee a written declaration of default and demand for sale and a written notice of default and
<br /> election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee shall cause to be duly filed for
<br /> record in the appropriate offices of the County in which the Trust Estate is located; or
<br /> (iv) exercise such other rights or remedies at law or in equity.
<br /> 1 1. Forec%sure byPowe�ofSa/e. If Beneficiary elects to foreclose by exercise of the Power of Sale herein contained,
<br /> Beneficiary shall notify Trustee and shall deposit with Trustee this Second Deed of Trust and any note evidencing the Indebtedness
<br /> and such receipts and evidence of expenditures made and secured hereby as Trustee may require.
<br /> (a) Upon receipt of such notice from$eneficiary, Trustee shall cause to be recorded, published and delivered
<br /> to Trusior such Notice of Default and Notice of Sale as then required by law and by this Second Deed of Trust. Trustee
<br /> shall, without demand on Trustor, after such time as may then be required by law and after�ecordation of such Notice of
<br /> Default and after Notice of Sale having been given as required by law, sell the Trust Estate at the time and place of sale
<br /> fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as Trustee shall deem expedient,
<br /> and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States
<br /> payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or
<br /> deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed
<br /> of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limiiation
<br /> Trustor, Trustee or Beneficiary, may purchase at such sale.
<br /> (b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust,
<br /> including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) the
<br /> Indebtedness (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or persons legally entitled
<br /> thereto. t
<br /> (c) Trustee may in the manner provided by law postpone sale of all or any portion of the Trust Estate.
<br /> 12. Remedies Not Exc/usive. Trustee and Beneficiary, and each of them, shall be entitled to enforce payment and
<br /> performance o( any indebiedness or obligations secured hereby and to exercise all rights and powers under this Second Deed of
<br /> Trust or under any Loan Instrument or other agreement or any taws now or hereafter in force; notwithstanding, some or all of the
<br /> such indebtedness and obligations secured hereby may now or hereafter be otherwise secured, whether by mortgage, deed of trust,
<br /> pledge, lien, assignment or otherwise. Neither the acceptance of this Second Deed of Trust nor its enforcement, whether by court i
<br /> action or pursuant to the power of sale or other powers herein contained, shall prejudice or in any manner affect Trustee's or
<br /> Beneficiary's �ight to realize upon or enforce any other security now or hereafter held by Trustee or Beneficiary, it being agreed that
<br /> Trustee and Beneficiary, and each oi them, shall be entitted to entorce this Second Deed of Trust and any other security now or
<br /> 3
<br />
|