|
TEED OF TRUST 20 Page 5
<br />2003027 (continued) &141 1
<br />1,01,181 of another lien, or the use of funds or the dwelling for prohibited purposes.
<br />19. GRANTOR'S RIGHT TO CURE. Upon the occurrence of any Event of Default (other than fraud Or malenal misrepreasimatlon) and odor to
<br />exercising any of the rights and remedies provided in this Deed of Trust or by law, Lender shall give notice as provided in the Deed of Trust and as
<br />required by applicable law.
<br />20. RIGHTS AND REMEDIES ON DEFALLT. Upon the Occurrence of any Event of Default and at any time tnereafier, Trustee or Lender, at Its option,
<br />may exercise any one or more of the following rights and remedies. in addition to any other rights or remedies provided by law:
<br />AerokrMlon upon Default; Additional Remedies. If any event of default occurs which is not cured within fifteen (15) days after noeee, Lender
<br />may declare all Indebtedness Secured by this Dead of Trust to be due and payable and the same shall thereupon becorre due antl payable
<br />without any presentment, tlemand, protest a notice of any kind. Thereahe , Lender may:
<br />(a) Either in person or by agent, with w without burping any action or proceeding, receiver eding, w by a re appointed by a court and without regard
<br />io the adequacy of its security, enter upon and take possession of the Properly, or any pad thereof, in its own name a in the name of
<br />Trustee, and do any Sots which It deems necessary or desirable to preserve IN value, marmstotily or rentability of the Property, a part of
<br />the Property or interest in the Properly; in0reese the income from the Property a protect the security of the Property; and, with or without
<br />taking possession of the PropeM, sue for or otherwise causal the rents, issues and profits of the Property, including those past due and
<br />unpaid, and apply the same, less costs and expenses of operation and collection, including attorneys' tees, to any indebtedness secured by
<br />this Dead of Trust, all in such Order as Lender may determine. The entering upon and taking possession of the Property, the collection of
<br />such rents, issues and profits, and the application thereof shall not cure Or waive any default or notice of default under this Deed! of Trust or
<br />invalidate any act done in response to such default Or pursuant to such notice of default and, notwithstanding the continuance in possesson
<br />of the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender shall be armed to exercise every night
<br />Provided for in the Credit Agreement Or the Related Documents a by few upon the occurrence of any event of default, including, the night to
<br />exemiee the power of sale;
<br />(b) Commence an action to foreclose this Dead of Trust as a mortgage, appoint a receiver or specifically enforce any of the covenants
<br />thereof; and
<br />(c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to cause GranloYs
<br />interest in the Prop" to be sold, which notice Trustee shall cause to be duty tied for record in the appropriate officee of the County in which
<br />IN Property Is locilled.
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall not Trustee and
<br />shall deposit with Trustee this Deed of Trust and the Credit Agreement and such receipts and evidence of expenditures made and secured by this
<br />Deed of Trust as Trustee may require.
<br />(a) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered to Grantor such Notice of Default
<br />antl Notice of Sale as than required by law and by this Deed of Trust. Trustee shall, without demand on Grantor, after such fine, se may then
<br />be required by law and after recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell the
<br />Property at the Hme and place of sale fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels Or items as Trustee
<br />shall deem expedient, and in Such Order as it may determine, at public auction to the highest bidder for cash in lawful money of the United
<br />Stales payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient dead Or deeds
<br />conveying the properly so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters Or facts
<br />Shall be conclusive proof of the truthfulness thereof. Any person, Including without limitation Grantor, Trustee, or Lender, may purchase at
<br />such sale.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust, including costs of evidence of the
<br />in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) all sums expended under the terms of this Dead of Trust or
<br />under the terms of the Credit Agreement not then repaid, including but not limited to accrued Interest and late charges, (it) all other sums
<br />then Secured hereby, and (iii) the remainder, if any, to the person or persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sale of all or any portion of the Property.
<br />Remedies Not Exclusive. Trustee and Lender, and each of them, Shall be entitled to enforce payment and performance of any indebtedness or
<br />Obligations secured by this Deed of Trust and to exercise all nights and powers under this Deed of Trust, under the Credit Agreement, under any of
<br />the Related Documents, or under any other agreement or any taws now or hereafter in lords; notwithstanding, some or all of such Indebtedness
<br />and obligations Secured by this Dead of Trust may now or hereafter be otherwise secured, whether by mortgage, dead of that, pledge, lien,
<br />assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement, whether by court action or pursuant to the power of
<br />sale or other powers contained in this Deed of Trust, shall prejudice or in any manner affect Trustees or Lender-is right to realize upon or enforce
<br />any other Security now or hereafter held by Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be entitled to
<br />enforce this Deed of Trust and any other security now or hereafter held by Lender or Trustee in such order and manner as they or either of them
<br />may in their absolute discretion tletermine. No remedy conferred upon or reserved to Trustee or Lender, is intended to be exclusive of any other
<br />remedy in this Deed of Trust or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given in
<br />this Dead of Trust or now or hereafter existing at law or in equity or by statute. Every power or remedy given by the Credit Agreemenl Or any of
<br />the Related Documents to Trustee or Lender or to which either of them may be olhenvise entitled, may be exercised, corpulently or
<br />independently, from time to time and as often as may be deemed expedient by Trustee or Lender, and either of them may pursue inconsistent
<br />remedies. Nothing in this Deed of Trust shall be construed as prohibiting Lender from seeking a deficiency judgment against the Grantor to me
<br />extent Such action IS permitted by law.
<br />Request For Notice. Grantor, on behalf of Grantor and Lender. hereby requests that a copy of any Notice of Default and a copy of any Notice of
<br />Sale under this Deed of Trust de mailed to them at the addresses set forth in the first paragraph of this Dead of Trust.
<br />Waiver; Eleclion of Remedies. A waiver by any party of a breach of a provision of this Deep of Trust shall not constitute a waiver of or prejudice
<br />the part's rights otherwise to demand $Net compliance with that provision or any other provision. Election by Lender to pursue any remedy
<br />provided in this Deed of Trust, the Credit Agreement, in any Related Document, or provided by law shall not exclude pursuit of any other remedy,
<br />and an election to make expenditures or to lake action to perform an obligation of Grantor under this Deed of Trust after failure of Grantor to
<br />Worth shall not affect Lander's right to declare a default and to exercise any of its remedies.
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled to
<br />recover such sum as the court may adjudge reasonable as attorneys' fees at final and on any appeal. Whether a not any court action is involved,
<br />all reasonable expenses incurred by Lender which in Lender's opinion are necessary at any lime fa the protection of its interest or IN
<br />enforcement of its rights shall become a pad of the Indebtedness payable on demand and shall bear interest at the Credit Agreement rate from the
<br />date of expenditure until repaid. Expenses covered by this paragraph Include, without limitation, however subject to any limits under applicable
<br />law, Lenders atorneys' fees whether or not there is a lawsuit, including attorneys' fees for bankruptcy proceedings (including efforts to modify or
<br />vacate acv automstd stay d' inluncfioN. appeals and am enfidpated post— ,damenf collecbcn serwces In= cost of searching records_ obfamino
<br />
|