|
.9 5- l0'78�£�
<br /> writing that the credit of such person x � satisfactory to Benefici-
<br /> ary and that the interest payable on tt�c:> �eums securc�d by thig Deed
<br /> of Trust shall be at such rate ns Beneficiary ahall request.
<br /> THIRD: A� further secu�ity for the payment of the Note and
<br /> the .indebtedness thereby evidenced and the performance of all of
<br /> the terms covenants and cQndi�ions hereaf, trustor agrees that
<br /> Beneficiary sha11 and does hereby have �the right, po�er and
<br /> authority during the continuance of this D�ed of Trust bo collect
<br /> th�e rents, issues and profits of the Property and of an�► personal
<br /> ri�pc�-ty Iocated thereon with or without takinq possession of the
<br /> property affected thereby; and Trustor hereby absolutely anci
<br /> unconditionally ass�.gns all such rents, issues and profite to ,
<br /> Beneficiary. Benefa.ciary, however, hereby consenta to Trustor's
<br /> collection and retention of such rents, iseues and profits as they
<br /> accrue and become payable so lang as Trustor ia not at such time in
<br /> default with respect to payment of any indebtedness secured hereby
<br /> or in the performance of any agreement hereunder. Upon any such
<br /> default, Be*�eficiary may at any time, either in persun, by agent,
<br /> or by receiver to be appointed by a court, without notice and
<br /> without regard to the adequacy of any security for the indebtedness
<br /> hereby secured (a) enter upon and tak� possession of the Property
<br /> or any part thereof and in its own name sue for or otherwise
<br /> collect such rents, issues and profits, including those past due
<br /> and unpaid, and apply the same, less costs and expenses of opera-
<br /> tion and collection, including reasonable attorney's fees, upon any
<br /> indebtedness secured hereby and in such order as Beneficiary may
<br /> determine; tb) lease ths same or any part thereof for such rental,
<br /> term and upon such conditions as Beneficiary's judgment may dictate �
<br /> or terminate or adj�ist the terms and conditions of any exieting
<br /> lease or leases. Unless Trustor and Heneficiary agree otherwise in
<br /> writing, any appli,ation of rents, issues or profits to any
<br /> indEbtedness secured hereby shall not extend or postpone the due
<br /> date of t:�e insta3lment payments as provided in the Note or change
<br /> the amount of such installments. The entering upon and taking
<br /> possessxon af the Property, t.he collection of such renta, iasues
<br /> and profits, and the application thereof as aforesaid, shall not
<br /> waive or cure any default or notice of default hereunder, or
<br /> invalidate any �ct done pursuant to such notice. Trustor assigns
<br /> to Beneficiary, as further security for the perfosmance of the
<br /> indebtedness and obligations secured hereby, all p=epaid rente and
<br /> all moneys which may have been or may hereafter be deposited with
<br /> Trustor by any Iessee of th� Property, to secure the payment vf any
<br /> rent or damages, anci upon default in the performance of any of the
<br /> pro-risions hereof, Trustor agrees to deliver such rents and
<br /> deposits to Beneficiary. Delivery •of written notice of Benefici-
<br /> ary's exercise of the rights granted by th.is paragraph THIRD ta any
<br /> tenant occupying the Property or any por�ion thereof shall be
<br /> sufficient to reauire said tenant to pay said rent to Beneficiary
<br /> until further notice.
<br /> w
<br /> FOURTH: If there shall be tiled by or against the Trustor any
<br /> petition or proceeding seeking an arrangemen� or composition or
<br /> extension ar any other relief under or pursuant to the Federal
<br /> Bankruptcy Code or any oth�r similar statute as now or hereafter in
<br /> effect, or if the Trustor shall be adjudicated bankrupt or insol-
<br /> vent or any of Trustor's property shall have been �equestered and
<br /> such decree shall have continued undiacharged and unstayed for 90
<br /> days after the entry thereof, then the whole of the Note and
<br /> indebtedness hereby secured shall, without notice, at thP op�ion of
<br /> the b�neficiary, become due and payable.
<br /> FzFTx: Upon defat:lt by Trustor in the payment �f or perfo=-
<br /> mance of t,he terms and conditions of the Note, or any renewale,
<br /> �o�2i.fications or executions thereof, the payment of any other
<br /> indebtedness secured hereby ox in the performance of any agreement,
<br /> covenant or warranty herein contained or set forth in any agreement
<br /> or instrument executed by Trustor in connection with the indebted-
<br /> ness hereby secured, Beneficiary may declare all gums secured
<br /> hereby immediately due and payable a�nd the same sha11 thernupon
<br /> become due and payable without pres�entment, demand, protest or
<br /> notice of any kind. Thereafter, Benef3ciary may deliver to Trustee
<br /> t . ...
<br />
|