|
F
<br /> - 99 110864
<br /> c. the performance of all covenants and agreements of Trustor set forth herein; and �
<br /> d. all present and future indebtedness and obligations of Trustors to Beneficiary whether direct, indirect, j
<br /> absolute or contingent and whether arising by note, guaranty, overdraft or otherwise;
<br /> TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTORS HEREBY COVENANT AND AGREE:
<br /> 1. To pay when due, the principal of, and the interest on, the indebtedness evidenced by the note, charges, fees and all other
<br /> sums as provided in the loan instruments.
<br /> 2. Trustors are the owners of the property and have the right and authority to execute this Deed of Trust in respect to the
<br /> property.
<br /> 3. To pay, when due, all taxes, special assessments and all other charges against the property, before the same become
<br /> delinquent. Trustors shall pay all taxes and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of
<br /> Trust or the debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or any part thereof
<br /> upon the Beneficiary.
<br /> 4. To keep the improvements now or hereafter located on the property insured against damage by fire and such other hazards as
<br /> the Beneficiary may require, in amounts and companies acceptable to the Beneficiary, Such insurance policy shall contain a standard
<br /> mortgage clause in favor of Beneficiary. Trustor shall promptly repair, maintain and replace the property or any part thereof, so
<br /> that,except for ordinary wear and tear,the property shall not deteriorate.
<br /> 5. In the event the property, or any part thereof, shall be taken by eminent domain, the Beneficiary is entitled to collect and
<br /> receive all compensation which may be paid for any property taken or for damages to property not taken, and the Beneficiary shall
<br /> apply such compensation, at its option, either to a reduction of the indebtedness secured hereby, or to repair and restore the property
<br /> so taken.
<br /> 6. The Beneficiary may, but shall have no obligation to, do any act which Trustors have agreed but failed to do, and the
<br /> Beneficiary may also do any act it deems necessary to protect the lien hereof. Trustors agree to repay, upon demand, any sums so
<br /> expended by the Beneficiary for the above purposes, and any sum so expended shall be added to the indebtedness secured hereby and
<br /> become secured by the lien hereof. The Beneficiary shall no incur any liability because of anything it may do or omit to do
<br /> hereunder.
<br /> 7. The Beneficiary shall have the right, power and authority during the continuance of this Deed of Trust to collect the rents,
<br /> issues and profits of the property and of any personal property located thereon with or without taking possession of the property
<br /> affected hereby, and Trustors hereby absolutely and unconditionally assign all such rents, issues and profits to the beneficiary. The
<br /> beneficiary, however, hereby consents to Trustors' collection and retention of such rents, issues and profits, so long as Trustors are
<br /> not, at such time, in default with respect to payment of any indebtedness secured hereby, or in the performance of any agreement
<br /> hereunder. If any event of default described hereafter in respect to this Deed of Trust shall have occuned and be continuing, the
<br /> Beneficiary, as a matter of right and without notice to Trustors or anyone claiming under Trustors, and without regard to the value of
<br /> the trust estate or the interest of the Trustors therein, shall have the right to apply to any court having jurisdiction to appoint a
<br /> receiver of the property.
<br /> 8. The Beneficiary, or its agents, are authorized to enter at any reasonable time upon or in any part of the property for the
<br /> purpose of inspecting the same and for the purpose of performing any of the acts they are authorized to perform under the terms of
<br /> any loan instruments executed by Trustors.
<br /> 9. If all or any part of the property or any interest of Trustors is sold, transferred or further encumbered without the written
<br /> consent of the Beneficiary, the Beneficiary may declare all sums secured by this Trust Deed to be immediately due and payable and
<br /> proceed to the remedies available to it under the default provisions contained herein.
<br /> 10. Any of the following events shall be deemed an event of default hereunder:
<br /> a. Trustors shall have failed to make payment of any installment of principal or interest or any other sums secured hereby when
<br /> due;
<br /> b. There has occurred a breach of or default under any term, covenant, agreement, condition, provision, representation ar
<br /> wananty contained in this Deed of Trust,the note or any other loan instrument secured hereby;
<br /> c. There has been a default by the Trustors in the payment of any prior or subsequent lien or encumbrance in respect to all or any
<br /> part of the property;
<br /> d. Trustors shall file a voluntary petition in bankruptcy or shall be adjudicated bankrupt or insolvent, or shall make an
<br /> assignment for the benefit of creditors in respect to the property; or an action to enforce any lien or encumbrance or judgments
<br /> against the property is commenced.
<br /> 11. In the event of any default, the Beneficiary may declare all indebtedness secured hereby to be due and payable and the same
<br /> shall thereupon become due and payable without any presentment, demand, protest or notice of any kind. Thereafter, the
<br /> Beneficiary may:
<br /> a. either in person or by agent, with or without bringing any action or proceeding, or by receiver appointed by a court and
<br /> without regard to the adequacy of any security, enter upon and 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 deems necessary and desirable to preserve the value,
<br /> marketability or rentability of the property, or part thereof, or interest therein, increase the income therefrom or protect the
<br /> security hereof and, without taking possession of the property, sue for or otherwise collect the rents, issues and profits thereof,
<br /> including those past due and unpaid, and apply the same, less costs and eapenses of operation and collection, including
<br /> attorney fees, upon any indebtedness secured hereby, all in such order as the Beneficiary may determine. The entering upon
<br /> and taking possession of the trust estate, the collection of such rents, issues and profits and application thereof as aforesaid
<br /> shall not cure or waive any default or notice of default hereunder or invalidate any act and in response to such default or
<br /> pursuant to such notice of default and notwithstanding the continuance in possession of the property or the collection, receipt
<br /> and application of rents, issues or profits, Trustee or the Beneficiary may be entitled to exercise every right provided for in any
<br /> of the loan instruments or by law upon occunence of any event of default, including the right to exercise the power of sale;
<br /> b. commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the
<br /> covenants hereof;
<br /> c. deliver to Trustee a written declaration of default and demand for sale, and written notice of default and election to cause
<br /> Trustors'interest in the property to be sold, which notice Trustee shall cause to be duly filed for record in the official records
<br /> of the county in which the property is located.
<br /> 12. Should the Beneficiary elect to foreclose by exercise of the power of sale herein contained, the Beneficiary shall notify Trustee
<br /> and shall deposit with Trustee this Deed of Trust and the note and such receipts and evidence of expenditures made and secured
<br /> hereby as Trustee may require, and upon request of the Beneficiary, the Trustee shall cause to be recorded, published and delivered
<br /> to Trustor such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall without demand
<br />
|