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<br />acting or purporting to act on behalf of any Obligor which is a corporation, partnership or other type
<br />of entity, or any defect in the formation of any such Obligor; (D) the application by any Obligor of the
<br />proceeds of any Secured Obligation for purposes other than the purposes represented by any
<br />Obligor to, or intended or understood by, Beneficiary or any Third Party Trustor; (E) any act or
<br />omission by Beneficiary which directly or indirectly results in or aids the discharge of any Obligor or
<br />any portion of any Secured Obligation by operation of law or otherwise, or which in any way impairs
<br />or suspends any rights or remedies of Beneficiary against any Obligor; (F) any impairment of the
<br />value of any interest in any security for the Secured Obligations or any portion thereof, including
<br />without limitation, the failure to obtain or maintain perfection or recordation of any interest in any
<br />such security, the release of any such security without substitution, and /or the failure to preserve
<br />the value of, or to comply with applicable law in disposing of, any such security; (G) any
<br />modification of any Secured Obligation, in any form whatsoever, including without limitation the
<br />renewal, extension, acceleration or other change in time for payment of, or other change in the
<br />terms of, any Secured Obligation or any portion thereof, including increase or decrease of the rate
<br />of interest thereon; or (H) any requirement that Beneficiary give any notice of acceptance of this
<br />Deed of Trust. Until all Secured Obligations shall have been paid in full, no Third Party Trustor shall
<br />have any right of subrogation, and each Third Party Trustor waives any right to enforce any remedy
<br />which Beneficiary now has or may hereafter have against any Obligor or any other person, and
<br />waives any benefit of, or any right to participate in, any security now or hereafter held by
<br />Beneficiary. Each Third Party Trustor further waives all rights and defenses it may have arising out
<br />of: (1) any election of remedies by Beneficiary, even though that election of remedies, such as a
<br />non - judicial foreclosure with respect to any security for any portion of the Secured Obligations,
<br />destroys such Third Party Trustor's rights of subrogation or such Third Party Trustor's rights to
<br />proceed against any Obligor for reimbursement; or (2) any loss of rights any Third Party Trustor
<br />may suffer by reason of any rights, powers or remedies of any Obligor in connection with any
<br />anti - deficiency laws or any other laws limiting, qualifying or discharging any Obligor's obligations,
<br />whether by operation of law or otherwise, including any rights any Third Party Trustor may have to
<br />a fair market value hearing to determine the size of a deficiency following any trustee's foreclosure
<br />sale or other disposition of any security for any portion of the Secured Obligations.
<br />(iii) If any of said waivers is determined to be contrary to any applicable law or public policy, such
<br />waiver shall be effective to the extent permitted by applicable law or public policy.
<br />ARTICLE V. DEFAULT PRQYISIONS
<br />5.1 Default. The occurrence of any of the following shall constitute a "Default" under this Deed of Trust:
<br />(a) Trustor shall fail to observe or perform any obligation or agreement contained herein; (b) any
<br />representation or warranty of Trustor herein shall prove to be incorrect, false or misleading in any
<br />material respect when made; or (c) any default in the payment or performance of any obligation, or any
<br />defined event of default, under any provisions of the Note or any other contract, instrument or document
<br />executed in connection with, or with respect to, any Secured Obligation.
<br />5.2 Bights and Remedies Upon the occurrence of any Default, and at any time thereafter, Beneficiary
<br />and Trustee shall have all the following rights and remedies:
<br />a) With or without notice, to declare all Secured Obligations immediately due and payable in full.
<br />b) With or without notice, without releasing Trustor from any Secured Obligation and without becoming
<br />a mortgagee in possession, to cure any Default of Trustor and, in connection therewith: (i) to enter
<br />upon the Subject Property and to do such acts and things as Beneficiary or Trustee deems
<br />necessary or desirable to protect the security of this Deed of Trust, including without limitation, to
<br />appear in and defend any action or proceeding purporting to affect the security of this Deed of Trust
<br />or the rights or powers of Beneficiary or Trustee hereunder; (ii) to pay, purchase, contest or
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