|
ar"p� 1 J92 DEED OF TRUST 99r '1�0 91025, Page 5
<br />(Continued)
<br />holder of another lien, or the use of funds or the dwelling for prohibited purposes.
<br />19. GRANTOR'S RIGHT TO CURE. Upon the occun9rce of any Event of Default (other than mud or material misrepresentation) and pnor 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 Dead of Trust and as
<br />required by applicable law.
<br />W. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Trustee or Lander, at its option,
<br />may exelcise any one or more of the following nights and remedies, in addition to any other rights or remedies provided by law:
<br />Acceleration upon Defaul Millions] Remedies. If any event of default occurs which is not cured within fifteen (15) days after hopes, Lender
<br />may declare all Indebtedness secured by this Dead of Trust to be due and payable and the same shall thereupon become due and payable
<br />without any presentment, demand, protest or notice of any kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard
<br />to the adequacy of it secury, enter upon and take possession of the Property, or any part thereof, in its own name or in the name of
<br />Trustee, and do any acts which it deems necessary, or clearable to preserve the value, marketability or rentability of the Property, or part of
<br />the Property or Interest in the Property; increase the income from the Property or protect the secuny of the Property; and, with or without
<br />taking possession of the Property, sue for or otherwise called the rents, issues and profits of the Properly, including those past due and
<br />unpaid and apply the same, less costs and expenses of operation and collection, including aftorni fees, to any indebtedness secured by
<br />this Deed of Trust, all in such order as Lander 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 Dead 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 possession
<br />of the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender shall be entitled to exercise every, right
<br />provided for in the Credit Agreement or the Related Documents or by law upon the occurrence of any event of default, including the right to
<br />exercise the power of sale;
<br />(b) Commerce an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any of the covenants
<br />hereof; 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 Grantor's
<br />informed in the Property to be said which notice Trustee shall cause to be duly fled for record in the appropriate offices of the County in which
<br />the Property is located.
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify 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 w 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 />and Notice of Sale es then required by law and by this Deed of Trust. Trustee shall, without demand on Grantor, after such mi es 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 fime 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 own in lawful money of the United
<br />Slates 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 property so sold but without any covenanl or warranty, express or Implied. The recitals in such deed of any matters or ficti
<br />shall be conclusive proof of the truthfulness thereof. Any Person, including without limitation Grantor, Trustee, or Lender, my purchase at
<br />such sale.
<br />of As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust, including costs of evidence of title
<br />in connection with sale, Trustee shall apply the proceeds of we to payment of (I) all sums expended under the terms of this Deed of Trust or
<br />under the terms of the Credit Agreement not then repaid, including but not limited to accrued interest and late charges, (if) all other sums
<br />than secured hereby, and (III) the remainder, if any, to the person or persons legally entitled thereto.
<br />(c) Trustee may in Ihe 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 rights and powers under this Dead of Trust, under the Credit Agreement, under any of
<br />the Related Documents, or under any other agreement or any laws now or hereafter in force; notwithstanding, some or all of such indebtedness
<br />and obligations secured by this Deed of Trust may now or hereafter be otherwise secured whether by mortgage, deed of trust, pledge, lien,
<br />assignment or otherwise. Neither the acceptance of this Dead 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 Trustee's or Lender's 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 hereefter held by Lender or Trustee in such order and manner as They or either of them
<br />may in (heir absolute discretion determine. 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 hermiter ezishi g at law or in equity or by statute. Every power or remedy given by the Credit Agreement or any of
<br />the Related Documents to Trustee or Lender or to which either of them may be otherwise entitled, may be exercised concurrently 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 the
<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 be mailed to them at the addresses set forth in the first paragraph of this Deed of Trust.
<br />Waiver; Election of Remedies. A waiver by any party of a breach of a provision of this Deed of Trust shall not constitute a waiver of or prejudice
<br />the party's rights otherwise to demand dead 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 take action to perform an obligation of Grantor under this Deed of Trust after allure of Grantor to
<br />perform shall not affect Lender's right to declare a default and to exercise any of its remedies.
<br />Attorneys' Feea; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Dead of Trust, Lander shall be entitled to
<br />recover such sum as the court may adjudge reasonable as attorneys' lees at trial and on any appeal. Whether or not any court action is involved,
<br />all reasonable expefse, incurred by Lender which in Lender's opinion are necessary at any time for the protection of its interest or the
<br />enforcement of its rights shall become a part of the Indebtedness payable on demand and shall beer 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 attorneys' fees whether or not there is a lawsuit, including attorneys' fees for bankruptcy proceedings (including efforts to modify or
<br />vacate any automatic slay or injunction), appeals and any anticipate, post- judpmenl collection services . the cost of seerchino records. obtaining
<br />
|