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200207048
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Last modified
10/15/2011 1:24:57 AM
Creation date
10/22/2005 8:59:23 PM
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DEEDS
Inst Number
200207048
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- 200207048 <br />K. Morger, CansoHdatioq Sales or Leases. Truster covenents that Truster will not sell, lease or <br />otherwise dispose of not of the Trust Estate fin the event that Tmstor sells, leases or <br />oiherwise disposes of all y m declare the <br />Treat Estate, Beneficiary ay at its option decla the <br />Indebtedness srumd hereby immediately due and p lv ble, whether or not any default exists, <br />Beoe6ciary shall coastal to a transfer of the Trust Estate to a third pang to the extent a II u <br />third party nmet the requirements contained in, and assumes the obligations set Ruth in the <br />filet Deed ofTmst. 'Dm covenants contained herein shall not with the property and shall <br />remain in full force and effect until the Indebtedness is paid in full. <br />9. Fventr of Default. Any of the t'oI[owing events shall be deemed an stun ufdefwdt <br />heremtder. <br />(a) default shall be made in the payment of the Indebtedness or any other sum secured <br />hereby when due, or <br />(b) Tr stor shall perform any rid Ili bonlouptcy; or <br />(c) a court of competns1 misdiction shall enter an order, judgormma or cleric approving <br />a petition filed adorns I Ilustre seeking ally n organiranon, dissolution or it inIat <br />rehif under any present or flame federal, state or other statute, law or regulation <br />relating to barmono cy. insolvency or other relief for dchtors, and sash order, <br />judgaucna or decree shall remain unexcited and unstayed for an aggregate of early <br />(60) days (whether or not consecutivof front He first dam of entry thereof; or any <br />trustee, receiver or Io uidamror Toaster or of all or any part of the Trust Estate, or of <br />any or all of royalties_ revenues, rents, issues or profits Hereof, shall be <br />appo Land without he consent or acquiescence of Truster and such appcinlmenl .shall <br />numam not aoarod and unatayed for an aggregate of sixty (60) [lays ( whether or not <br />contivato );or <br />(d) awrlt of execution or aIachmern ofaoy similar process shall be entered against <br />Inkster which shnl l hecomo n lien on the Trust Estate or any portion thereafter <br />interest Inertia and such execution, attachment or stmilm process ofjudgement is not <br />released, bankers, satisfied, vacared or stayed within sixty (60) days alter its salary or <br />levy, <br />(e) there has occurred e breach of or default under any tears covenant agreement <br />condition, provision, mprcen taion or warranty contained in any prior deed oftnst <br />or mortgage affecting the I rust Estate. <br />10. Acceleration upon Default: Additional Remedies_ If an event of default occurs, Brion fuary <br />tire) declare the Indebtedness semkred hereby to be due and payable and the same Shull <br />thereupon become due and payable without any presentment, demmnd, protect or Trains oL all y <br />kind. '[hereafter. Benef ciary may <br />either in person or by agent war or without bringing eny action or proceeding, <br />or by a receiver appointed by a cuun and without regard m the adequacy of its <br />security, enter upon and lake le sselmon al 'tae Trna FxLtny or any part Hereof <br />in its own name or in the name of Trustee, and du any acts which it decma <br />necessary or desirable to preserve the value, nnarketahilfly or rentability of He <br />'first Err a(I. or part thereof or inI its nhernn. increase the laconic therefrom or <br />protect He security hereof and, wish or without inking possession ()fine Trust <br />Estate, sue for or otherwise roller the rams, issues and profits thereof, including <br />those prior due and unpaid, and apply the same, Ic„s casks and expenses of <br />operation and collecbon no (ailing ;uur.ncy.! Ices_ upon any indebtedness <br />secured hereby, all in such enner Is Brmfcimy may determine. The entering <br />upon and inking possa%slon of the Trust Estate, the collection of such rants. <br />
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