200505400 - Laserfiche WebLink

Browse

2005054®0 Waiver of Statute of Limitations: Time is of the essence in all MAKER's and TRUSTOR's obligations hereunder; and to the extent permitted by law, TRUSTOR waives all present or future statutes of limitations with respect to any debt, demand or obligation secured hereby in any action or proceeding for the purpose of enforcing this Trust or any rights or remedies hereunder. Inspection and Business Records: BENEFICIARY at any time during the continuation of this Trust may enter and inspect SUCH PROPERTY at any reasonable time. TRUSTOR agrees that in the event SUCH PROPERTY is now or hereafter used for commercial or residential income purposes, when required by BENEFICIARY, TRUSTOR will promptly deliver to BENEFICIARY such certified financial statements and profit and loss statements of such types and at such intervals as may be required by BENEFICIARY which will be in form and content prepared according to the usual and acceptable accounting principles and practices which statement shall cover the financial operations relating to SUCH PROPERTY and TRUSTOR further agrees when requested by BENEFICIARY to promptly deliver in writing such further additional information as required by BENEFICIARY relating to any such financial statements. Acceleration Clause: Should TRUSTOR, or any successor in interest of TRUSTOR, voluntarily or involuntarily sell, exchange, convey, transfer, contract to sell, lease with option to purchase, sublease, dispose of, change the character or use of, or further encumber SUCH PROPERTY, or any part thereof, or any interest therein, or if any of said parties shall be divested of title to such real property or any part thereof or any interest therein either voluntarily or involuntarily, or if title to SUCH PROPERTY be subject to any lien or charge voluntarily or involuntarily, contractual or statutory, without the written consent of BENEFICIARY being first had and obtained, then BENEFICIARY shall have the right, at its option, to declare all sums secured hereby forthwith due and payable; and this same right of acceleration shall be available to BENEFICIARY if the undersigned is a partnership and the interest of a general partner terminates, is assigned or transferred, or is diminished or if the undersigned is a corporation and any of the corporate stock is transferred, sold or assigned; or if the undersigned is a TRUSTEE of a trust and there is a change of any of the beneficial interest of the trust. Remedies: No remedy herein provided shall be exclusive of any other remedy herein or now or hereafter existing by law, but shall be cumulative. Every power or remedy hereby given to TRUSTEE or to BENEFICIARY or to which either of them may be otherwise entitled, may be exercised from time to time and as often as may be deemed expedient by them, and either of them may pursue inconsistent remedies. If BENEFICIARY holds any additional security for any obligation secured hereby, it may enforce the sale thereof at its option, either before, contemporaneously with, or after the sale is made hereunder, and on any default of MAKER, BENEFICIARY may, at its option, offset against any indebtedness secured hereby, and the BENEFICIARY is Page 10 of 12 #MGWL_285892_3.DOC