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200407852
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200407852
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Last modified
10/16/2011 7:26:50 PM
Creation date
10/21/2005 3:18:20 AM
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DEEDS
Inst Number
200407852
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200407852 <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 mortgaged premises, or any portion thereof, or any interest therein, are sold, <br />mortgaged or conveyed or become subject to an agreement to sell, mortgage or convey prior to the time this loan shall <br />have been paid in full, then the entire indebtedness shall become immediately due and payable at the option of the <br />Beneficiary. A sale, assignment or transfer in any manner whatsoever of 10% or more of the capital stock of the grantor <br />corporation shall be equivalent to a sale or conveyance of the security or an interest therein, and in that event Beneficiary <br />shall have the option to accelerate the debt, declare the entire loan balance due and enforce collection of same, including <br />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 />In Witness Whereof, the Trustor has signed this agreement effective the date of the acknowledgment hereafter. <br />THE BALANCE OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK <br />5 <br />
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