|
200406250
<br />And in the event Trustee sells the Property by exercise of power of sale, Trustee shall be entitled to apply any sale
<br />proceeds first to payment of all costs and expenses of exercising power of sale, including all Trustee's fees, and
<br />Beneficiary's and Trustee's attorney's fees actually incurred to the extent permitted by applicable law. In the event
<br />Borrower or Trustor exercises any right provided by law to cure an Event of Default,, Beneficiary shall be entitled to
<br />recover from Trustor all costs and expenses actually incurred as a result of Trustor's default, including, without
<br />limitation, all Trustee's and attorney's fees, to the extent permitted by applicable law. Such costs shall be added to the
<br />principal sum due hereunder and draw interest at the default rate of 16.0 percent per annum.
<br />The Trustee shall have the right to release with or without consideration or credit on the indebtedness hereby secured, any
<br />part of the property herein described by adequate legal instrument without regard to the existence of any junior
<br />encumbrance and without the consent of such junior encumbrancer, and such release shall have no further effect upon the
<br />rank, lien or estate conveyed hereby or against the Trustee than is therein expressed.
<br />Beneficiary may at any time and from time to time appoint a successor Trustee by filing for record in each county where
<br />the trust property or part thereof is located a notice of Substitution of Trustee.
<br />Trustor also agrees that in the event the premises encumbered hereby, or any portion thereof, or any interest therein, are
<br />sold, mortgaged, encumbered or conveyed or become subject to an agreement to sell, mortgage, encumber or convey
<br />prior to the time this loan shall have been paid in full, then the entire indebtedness shall become immediately due and
<br />payable at the option of the Beneficiary. A sale, assignment or transfer in any manner whatsoever of 10% or more of the
<br />capital stock of the grantor corporation shall be equivalent to a sale or conveyance of the security or an interest therein,
<br />and in that event Beneficiary shall have the option to accelerate the debt, declare the entire loan balance due and enforce
<br />collection of same, including foreclosure of the Deed of Trust lien.
<br />That if the property, or any part thereof, be condemned under any power of eminent domain, or acquired for public use,
<br />the damages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon
<br />this Trust Deed and the Deed of Trust Note secured hereby remaining unpaid are hereby assigned by Trustor to the
<br />holder of said Deed of Trust Note and Trust Deed and shall be paid forthwith to said holder to be applied by it firstly to
<br />the payment of any expenses said holder may incur in the condemnation proceeding, and secondly on the indebtedness
<br />secured hereby in such manner as it elects, or the amount so received or any part thereof may be released by the said
<br />Beneficiary.
<br />Beneficiary may within three months after the sale of the property under this Trust Deed, sue Trustor in an action for
<br />recovery of any balance due, including interest from the date of sale, the costs and expenses of exercising the power of
<br />sale, and of the sale, upon this obligation which was not retired and paid by the proceeds of the sale of the same.
<br />Any partial release or subordination agreement shall only be executed by the Trustee on the written direction of
<br />Beneficiary, evidenced by his joinder in such instrument.
<br />Upon written notice from the Beneficiary that the debt secured hereby has been paid in full, evidenced by joinder of the
<br />Beneficiary in the full release document, Trustee shall reconvey, without warranty, the estate in the property then held by
<br />the Trustee.
<br />Whenever the word he, his or him is used herein, such word shall also mean and include the words she, they, it, hers,
<br />theirs or them, and the singular shall likewise mean and include the plural, and the words heirs shall also mean personal
<br />representatives and successors in interest by whatever right, as the context indicates.
<br />6
<br />r'�
<br />
|