|
200207132
<br />S. In the event the property, or any part thereof, shall be taken by amount domam, the Beneficiary is entitled to collect end receive
<br />all conspe nation which may be paid for any property taken or for damages to property not taken, and the Beneficiary shall apply such
<br />c ompensation, at its option, either to u reduction of the indebtedness secured hereby, or to repair and reamre the property so taken.
<br />i The Beneficiary may, but shall have no obligation to, do any act which Trustors have agreed but Riled to do, and the
<br />Rereficiary may also do any act it deems necessary to protect the lien hereof. Tmstors agree to repay, upon depend, any sums so
<br />expended by the 6enefimary for the above purposes, and ally sum au expended shall be added to tar indebtedness secured hereby and
<br />become secured by the lien hereof The Beneficiary shell no incur any liability because of anytang it may door arch to do hereunder.
<br />7. The Beaefcary shall have die right, power and authority during the cameraman of this Decd ofTmst to collect the rents, issues
<br />and profits of the property mid of any personal property located thereon with or without taking possession of the property affected
<br />hereby, and Tmsturs hereby absolutely and unconditionally assign all such rums, issues and profits to the beneficiary, life beneficiary,
<br />however, hereby consents to Tnntorf: collection and retention of such rents, issues and profits, so long as Thomas are not, at such
<br />time, in default with respect to payment of any indebtedness secured hereby, o r in the performance crony agreement hereunder. If am,
<br />vent of default described hereafter in respect to this Deed of Trust shall have occurred and be continuing, the Beneficiary, as a matter
<br />of right and without notice to Trusters or anyone claiming under Trusters, and without regard to the value of the trust estate or the
<br />interest of the Trustors therein, shall have the right to apply to any court having jurisdiction Io appoint a receiver of the property.
<br />N. '1 he Beneficiary, or its agents, are aufhprlved to enter at any reasonable tare upon or in any pen at the property for the pugmm
<br />of inspecting the same and for the purpose of pectoral any of the acts they are authorized to perform under the terms of any loan
<br />instruments executed by Trusters.
<br />9 if all army part of tar property or any interest of Trusms is sold, transferred or further ens dewed without the written cement
<br />of the Beneficiary, the Beneficiary may declare all sums secured by this Trust Decd to be immediately duo and payable and proceed to
<br />the remedies available to it under the defaalt provisions contained harem.
<br />10. % Fly of the following events shall be deemed an event of default hereunder.
<br />a 'I'naters shall have failed to or payment of any installment of principal or interest or any other dams secured hereby when
<br />due
<br />b. There lots o rred a breach of or default ruder any tern,, covenant, agreement, condition, pt vision, representation or war mnty
<br />contained in thus Decd of Turn, the note or any other oan instrument secured hereby,
<br />c. 'Chore has been a default by the Trusters in the payment of any prior or subsequent lien or encumbrance in respect to all or any
<br />pan of the property ;
<br />rL 'roasters shall file a voluntary petition as bahl¢uptcy or shall be adjudicated bankrupt or insolvent, or shall make an assignment
<br />for the benefit of itself bra in respect n the property; or nn action to enforce any lien or encumbrance or judgments against the
<br />property is recommend.
<br />11. In the event of any default, the Beneficiary may declare all indebtedness secured hereby to be due and payable and the same
<br />shall thereupon become due and payable without any presentment, deannnd, protest or notes of any kind- Thereafter, the Beneficiary
<br />may:
<br />a. either in person or by agent, with or without bringing any actual or proceeding, or by receiver appointed by a court and without
<br />regard to the adequacy of any security, enter upon and take possession of the property, or any pan thereof, in its own name or in
<br />the name of the 'I rustee, and do any acts which it deems necessary and desirable to preserve the value, marketability or
<br />rentability of the property, or part thereof, or interest therein, increase the hhwme therefrom or protect the security hereof and,
<br />without taking possession of tiro property, sue for or otmrwisc collect the rents, issues and profits thereof, including those past
<br />due and upland, and apply the same, less vests and expenses of opemfien and collection, including attorney fees, upon any
<br />inMhtcdncss accrued hereby, all in such order as the Beret iary may determine The entering upon and taking possession of
<br />the test estate, the collection of such rents, issues and profits and application thereof as aforesaid shall not tine at waive any
<br />defaull or notice of default hereunder or invalidate any act and in response to such default or pursuant to such artist of default
<br />and notwithstanding the continuance th possession at the property or the collection, receipt and application of rend, issues or
<br />profits, Tmstcc or the Beneficiary may be entitled m exercise every right provided for in any of the loan instruments or' by law
<br />upon occurrence orally event of default, including the right to exercise the power of sole;
<br />IF continence an action to foreclose this Deed of'In st as a mortgage, appoint a receiver, or specifically enforce any of the
<br />covenants hereof,
<br />c deliver to fronds it written declaration of default unit demand for sale, and written notice of default add election to cause
<br />Tmarors' interest in the property to be sold, which notice Trustee shall cause to be duly filed for record in the official records of
<br />the coumy in which the property is located.
<br />12. Shouted the Beneficiary elect to foreclose by exercise of the power of sale herein contained, the Beneficiary shall notify, Trustee
<br />and shall deposit with Trustee this Decd ofTustand the note and such receipts and evidence of expenditures made and secured hereby
<br />as'I mstee may require, and upon request of the Beneficiary, the Trustee shall cause to be recorded, published and delivered to Iraator
<br />such Notice of Default and Notice of Sale as then required by law and by this Deed of lost I ounce shall without demand on Toaster,
<br />after such time as may then be required by haw and after recordation of such Notice of Default and after Notice of Sale having been
<br />given as required by law, sell the property at the time and place of sate fixed by it in such Notice of Sale, either as a whale, or in
<br />separate lots or parcels or lie= as Trustee shall deem expedient, and in such order as it may determine, at public fah fic n to the highest
<br />bidder for cash and shall deliver to such purchaser or purchasers thereof a decd to the property sold, consistent with the Ian then in
<br />effect. Recitals in the Trustee's deed shall be prima facie evidence of the troth of the statement nude therein. Trustee shall apply the
<br />proceeds at Life sale in the following order. (a) to all reasonable costs and expense of the sale, including but not limited to Trustee's
<br />fees of not more than 2% of the gross sale price, reasonable attorney fees and costs of hit- cvidenim (b) to all sums secured by this
<br />Deed of Trust; and (c) the excess, ifmy, to the person Or Persons legally entitled thereto. Any person, including the Beachciery may
<br />purchase said property at said sale. '1 rustere may in the manner provided bylaw, postpone sale of all or any portion of the property.
<br />13. Trustee and the Beneficiary, and each of term, shall be entitled to enforce payment and puf ornanec of any indcbtc lr esa or
<br />obligation secured hereby and to exercise all rights and proves under this Deed of Trust or under any loan insmument or other
<br />bent or any laws nor or here after supposed notwithstanding some or all of the indebtedness and obligations secured hereby which
<br />f uy now eh' hemmer be otherwise secured, whether by mortgage, deed of tuft pledge, hen, assigmnent or otherwise Neither the
<br />ccepair ce of this Deed of'1'rust nor its enforcement, whether by wort action or pursuant to the prover of sale or other powers herein
<br />contained, shall prejudice or in any alliance affect Tartarus or the Beneficiary's righter realize upon or cnfm'cc any other security now
<br />or hereafter held by Trustee or the Beneficiary, it being agreed that Trustee and the Beneficiary, and each of them, shall be entitled to
<br />enforce this Deed of'Inot and any other security now or hereafter held by the Beneficiary or Irustee in such order and manner as they
<br />may in their absolute discretion detemvne. No remedy herein conferred upon or reamed to Trustee or Beneficiary is intended to be
<br />exclusive of any other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addilton to every
<br />other remedy given hereunder or now or hereafter existing at law or equity or by Amite. Every from or remedy given by any of the
<br />loan instruments to Trustee or the Beneficiary or to which either of them may be otherwise entitled may be exereisM, concurrently at
<br />independently, Japan tlmc to time and as often as rely by deemed cirpedicnt by Trustee or Beneficiary, slid either of them may pursue
<br />inconsistent remedies. Nothing herein shell be construed as prohibiting the Beneficiary from seeking a deficiency judgment agaiiet
<br />'I ii soars to tee eaten such action is permit/ rd by law.
<br />
|