|
<br />200512233
<br />
<br />binds all parties hereto, their heirs, legatees, devisees, personal representatives, successors and assigns.
<br />The term "Beneficiary" shall mean the owner and holder of the Note, whether or not named as Beneficiary
<br />herein.
<br />
<br />8. INSPFCTIONS Beneficiary, or his agents, representatives or workmen, are authorized to
<br />enter at any reasonable time upon or in any part of the Trustee Estate for the purpose of inspecting the
<br />same and for the purpose of performing any of the acts it is authorized to perform under the terms of any
<br />of the Loan Instruments.
<br />
<br />9. EVENTS OF DEFAULT Any of the following events shall be deemed an event of default
<br />hereunder:
<br />
<br />(a) Trustor shall have failed to make payment of any installment of interest, principal, or principal
<br />and interest or any other sum secured hereby when due; or,
<br />
<br />(b) There has occurred a breach of default under any term, covenant, agreement, condition,
<br />provision, representation, or warranty contained in any of the Loan Instruments.
<br />
<br />(c) If Trustor shall sell, convey, transfer, or dispose of the real property described in the Note
<br />securing the debt evidenced by the Note, or any part of such property, or any interest therein, or agree so
<br />to do without the prior written consent of Beneficiary, or if the real property is transferred by devise,
<br />descent, or by operation of law, Beneficiary shall have the right, at the option of Beneficiary, to declare the
<br />entire balance of the unpaid principal with unpaid interest due thereon immediately due and payable.
<br />Failure to exercise such option shall not constitute a waiver of the right to exercise it in the event of any
<br />subsequent default.
<br />
<br />10. ACCELERATION UPON DFFALJI T ADDITIONAL REMEDIES Should an event of default
<br />occur, 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, demand, protest, or notice of any kind.
<br />Thereafter the Beneficiary may:
<br />
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a Court and without regard to the adequacy of its security, enter upon and take possession
<br />of the Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which
<br />it deems necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or
<br />part thereof or interest therein, increase the income therefrom or protect the security hereof, and with or
<br />without taking possession of the Trust Estate, sue for or otherwise collect the rents, issues and profits
<br />thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation
<br />and collection, including attorney's fees, upon any indebtedness secured hereby, all in such order as
<br />Beneficiary may determine. The entering upon and taking possession of the Trust Estate, the collection of
<br />such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default
<br />or notice of default hereunder or invalidate any act done in response to such default or pursuant to such
<br />notice of default and, notwithstanding the continuance in possession of the Trust Estate or the collection,
<br />receipt and application of rents, issues or profits, Trustee or Beneficiary shall be entitled to exercise every
<br />right provided for in any of the Loan Instruments or by law upon occurrence of any event of default,
<br />including the right to exercise the power of sale;
<br />
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or
<br />specifically enforce any of the covenants hereof;
<br />
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a written notice of
<br />default and election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee shall
<br />cause to be duly filed for record in the appropriate Official Records of the County in which the Trust Estate
<br />
<br />, ~.
<br />-U0\
<br />
|