|
200304458
<br />B. INgPFC'TUINS Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the
<br />purpose of inspecting the same and for the purpose of performing any of the acts it is
<br />authorized to perform under the terms of any of the Loan Instruments.
<br />g. FVFNTq C1F DFFAT n T Any of the following events shall be deemed an event of
<br />default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest, principal,
<br />or principal and interest or any other sum secured hereby for a period of five (5) days after
<br />the same becomes due; or,
<br />(b) 'I here has occurred a breach or default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in any of the Loan Instruments
<br />after a ten (10) day notice to cure is given to Trustor.
<br />10. ACCFI FR A 'I ION I iPCTN DFF AT II T ADDITTC)NAT. REMEDIES Should an
<br />event of default occur, Beneficiary may declare all indebtedness secured hereby to be due and
<br />payable, and the same shall thereupon become due and payable without any presentment,
<br />demand, protest, or notice of any kind. Thereafter the Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or
<br />by a receiver appointed by a Court and without regard to the adequacy of its security, enter
<br />upon and take possession of the Trust Estate, or any part thereof, in its own name or in the
<br />name of Trustee, and do any acts which it deems necessary or desirable to preserve the value,
<br />marketability or rentability of the 'I rust Estate, or part thereof or interest therein, increase the
<br />income therefrom or protect the security hereof, and with or without taking possession of the
<br />Trust Estate, sue for or otherwise collect the rents, issues and profits thereof, including those
<br />past due and unpaid, and apply the same, less costs and expenses of operation and collection,
<br />including attorney's fees, upon any indebtedness secured hereby, all in such order as
<br />Beneficiary may determine. The entering upon and taking possession of the Trust Estate, the
<br />collection of such rents, issues and profits and the application thereof as aforesaid, shall not
<br />cure or waive any default or notice of default hereunder or invalidate any act done in
<br />response to such default or pursuant to such notice of default and, notwithstanding the
<br />continuance in possession of the Trust Estate or the collection, receipt and application of rents,
<br />issues or profits, Trustee or Beneficiary shall be entitled to exercise every right provided for in
<br />any of the Loan Instruments or by law upon occurrence of any event of default, including the
<br />right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a
<br />receiver, or specifically enforce any of the covenants hereof,
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a
<br />written notice of default and election to cause Trustor's interest in the Trust Estate to be sold,
<br />which notice Trustee shall cause to be duly filed for record in the appropriate Official Records
<br />of the County in which the Trust Estate is located.
<br />11. FQRFC l 01 ,l IRE RV LOWFR OF SAT F Should Beneficiary elect to foreclose by
<br />exercise of the Power of Sale herein contained, Beneficiary shall notify Trustee and shall
<br />deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of
<br />expenditures made and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded,
<br />published and delivered to such Notice of Default and Notice of Sale as then required by law
<br />and by this Deed of Trust Trustee shall, without demand on Truster, after such time as may
<br />then be required by law and after recordation of such Notice of Default and after Notice of
<br />Sale having been given as required by law, sell the Trust Estate at the time and place of sale
<br />fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as
<br />Trustee shall deem expedient, and in such order as it may determine, at public auction to the
<br />highest bidder for cash, in lawful money of the United States, payable at the time of sale.
<br />Trustee shall deliver to such purchaser or purchasers thereof, its good and sufficient deed or
<br />deeds, conveying the property so sold, but without any covenant or warranty, express or
<br />implied. The recitals in such deed of any matters or facts shall be. conclusive proof of the
<br />truthfulness thereof. Any person, including, without limitation, Trustee, and Beneficiary,
<br />may purchase at such sale, and hereby covenants to warrant and defend the title of such
<br />
|