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200306877
<br />discretion, all claims thereunder and, at its sole option, is authorized to
<br />either apply the proceeds to the restoration of the property or upon the
<br />indebtedness secured hereby, but payments required by the note shall continue
<br />until the sums secured hereby are paid in full.
<br />5. Repair Maintenance and Use. To promptly repair, restore or rebuild
<br />any buildings or improvements now or hereafter on the property; to keep the
<br />property in good condition and repair, without waste and free from mechanics or
<br />other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />or permit any nuisance to exist nor to diminish or impair the value of the
<br />property by any act or omission of act; and to comply with all requirements of
<br />law without respect to the property.
<br />6. Condemnation. In the event the property, or any part thereof, shall
<br />be taken by eminent domain, Beneficiary is entitled to collect and receive all
<br />compensation which may be paid for any property taken or for damages to property
<br />not taken, and Beneficiary shall apply such compensation, at its option, either
<br />to a reduction of the indebtedness secured hereby or to repair and restore the
<br />property so taken.
<br />7. Performance by Beneficiary. Beneficiary may, but shall
<br />have no obligation to, do any act which Trustor has agreed but failed to do, and
<br />Beneficiary may also do any act it deems necessary to protect the lien hereof.
<br />Truster agrees to repay, upon demand, any sums so expended by Beneficiary for the
<br />above purposes, and any sum so expended by Beneficiary shall be added to the
<br />indebtedness secured hereby and become secured by the lien hereof. Beneficiary
<br />shall not incur any personal liability because of anything it may do or omit to
<br />do hereunder.
<br />S. Assignment of Rents. Beneficiary shall have the right, power and
<br />authority during the continuance of this Deed of Trust to collect the rents,
<br />issues and profits of the property and of any personal property located thereon
<br />with or without taking possession of the property affected hereby, and Truster
<br />hereby absolutely and unconditionally assigns all such rents, issues and profits
<br />to Beneficiary. Beneficiary, however, hereby consents to Truster's collection
<br />and retention of such rents, issues and profits as they accrue and become
<br />payable, so long as Truster is not, at such time, in default with respect to
<br />payment of any indebtedness secured hereby, or in the performance of any
<br />agreement hereunder. If any event of default described hereafter in respect to
<br />this Deed of Trust shall have occurred and be continuing, Beneficiary, as a
<br />matter of right and without notice to Truster or anyone claiming under Truster,
<br />and without regard to the value of the trust estate or the interest of the
<br />Trustor therein, shall have the right to apply to any court having jurisdiction
<br />to appoint a receiver of the property.
<br />9. Transfer o£ Property. If all or any part of the property or any
<br />interest of Truster therein is sold, transferred or further encumbered without
<br />the express or written consent of Beneficiary, Beneficiary may, at its sole
<br />option, declare all sums secured by this Deed of Trust to be immediately due and
<br />payable and proceed to the remedies available to it under the default provisions
<br />contained therein.
<br />10. Events of Default. Any of the following events shall be deemed an
<br />event of default hereunder:
<br />(a) Trustor shall have failed to make payment of any
<br />installment of interest, principal or principal and interest or any
<br />other sums secured hereby when due;
<br />(b) There has occurred a breach of or default under any term,
<br />covenant, agreement, condition, provision, representation or
<br />warranty contained in this Deed of Trust, the note or any other loan
<br />instrument secured hereby;
<br />(c) There has been a default by the Truster in the payment of
<br />any prior or subsequent lien or encumbrance in respect to all or any
<br />part of the property;
<br />(d) Truster shall file a voluntary petition in bankruptcy or
<br />shall be adjudicated bankrupt or insolvent, or shall make an
<br />assignment for the benefit of creditors in respect to the property;
<br />or an action to enforce any lien or encumbrance or judgments against
<br />the property is commenced.
<br />11. Acceleration Upon Default. In the event of any default, Beneficiary
<br />may declare all indebtedness secured hereby to be due and payable, and the same
<br />shall thereupon become due and payable without any presentment, demand, protest
<br />or notice of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing
<br />any action or proceeding, or by receiver appointed by a court and
<br />without regard to the adequacy of any security, enter upon and take
<br />possession of the property, or any part thereof, in its own name or
<br />in the name of the Trustee, and do any acts which it deems necessary
<br />
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