200408204
<br />under the Property. Trustor hereby agrees to indemnify and hold harmless Lender, its
<br />directors, officers, employees and agents, and any successors to Lender's interest, from
<br />and against any and all claims, damages, losses and liabilities arising in connection with
<br />the presence, use disposal or transport of any Hazardous Materials on, under, from or
<br />about the Property. THE FOREGOING WARRANTIES AND REPRESENTATION,
<br />AND TRUSTOR' S OBLIGATIONS PURSUANT TO THE FOREGONG INDEMNITY,
<br />SHALL SURVIVE RECONVEYANCE OF THIS DEED OF TRUST.
<br />10) Assignment of Income. Trustor hereby assigns to Lender all income including offerings,
<br />pledges, contributions, gifts, bequests and profits of the Property, provided that Trustor
<br />shall, until the occurrence of an Event of Default hereunder, have the right to collect and
<br />retain all income including offerings, pledges, contributions, gifts, bequests and profits as
<br />they become due and payable. Upon the occurrence of an Event of Default, Lender may,
<br />either in person or by agent, with or without bringing any action or proceeding, or by a
<br />receiver appointed by a court and without regard to the adequacy of its security, enter
<br />upon and take possession of the Property, or any part thereof, in its own name or in the
<br />name of the Trustee, and do any acts which it deems necessary or desirable to preserve
<br />the value, marketability or rentability of the Property, or any part thereof, or interest
<br />therein, increase the income therefrom, or protect the security thereof, and, with or
<br />without taking possession of the Property, sue for, or otherwise collect all income
<br />including offerings, pledges, contributions, gifts, bequests and profits thereof, including
<br />those past due and unpaid, and apply the same, less costs and expenses of operation and
<br />collection including attorney's fees, upon any indebtedness secured hereby, all in such
<br />order as Lender may determine. The entering upon and taking possession of the Property,
<br />the collection of all income including offerings, pledges, contributions, gifts, bequests
<br />and profits, and the application thereof as aforesaid, shall not cure or waive any default or
<br />pursuant to such notice of default and, notwithstanding the continuance in possession of
<br />the Property or the collection, receipt and application of all income including offerings,
<br />pledges, contributions, gifts, bequests and profits, and Trustee and Lender shall be
<br />entitled to exercise every right provided for herein or by law upon occurrence of any
<br />Event of Default, including without limitation the right to exercise the power of sale.
<br />Further, Lender's rights and remedies under this paragraph shall be cumulative with, and
<br />in no way a limitation on, Lender's rights and remedies under any assignment of all
<br />income including offerings, pledges, contributions, gifts, bequests and profits recorded
<br />against the Property. Lender, Trustee and the receiver shall be liable to account only for
<br />all income actually received.
<br />11) Events of Default. The following shall constitute an Event of Default under this Deed of
<br />Trust:
<br />a) Failure to pay any installment of principal or interest or any other sum secured hereby
<br />within thirty (30) days when due;
<br />b) A breach of, or default under, any provision contained in the Note, this Deed of Trust,
<br />any of the Loan Instruments, or any other lien or encumbrance upon the Property;
<br />c) A writ of execution or attachment, or any similar process, shall be entered against
<br />Trustor which shall become a lien on the Property or any portion or interest therein;
<br />d) There shall be fled by or against Trustor or Borrower an action under any present or
<br />future federal, state or other statute, law or regulation relating to bankruptcy,
<br />insolvency or other relief for debtors, or there shall be appointed any trustee, receiver
<br />or liquidator of Trustor or Borrower or of all or any part of the Property, rents, issues
<br />or profits thereof, or Trustor or Borrower shall make any general assignment for the
<br />benefits of creditors;
<br />e) The sale, transfer, assignment, conveyance or further encumbrance of all or any part
<br />of or any interest in the Property, either voluntarily or involuntarily, without the
<br />express written consent of Lender or as otherwise herein permitted; or
<br />f) Abandonment of the Property.
<br />12) Remedies; Acceleration Upon Default. In the event of any Event of Default, Lender may,
<br />without notice except as required by law, declare all indebtedness secured hereby to be
<br />doc l0.doc 3 of 6
<br />
|