|
<br />200607465
<br />
<br />0110259032
<br />
<br />'-
<br />
<br />9. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />
<br />(a) default shall be made in the payment of the Indebtedness or any other sum secured hereby when
<br />
<br />due; or
<br />
<br />(b) Trustor shall perfonn any act in bankruptcy; or
<br />
<br />( c) a court of compctcnt jurisdiction shall enter an order, judgment or decree approving a petition filed
<br />against Trustor seeking any reorganization, dissolution or similar rclicf under any present or future federal, state or
<br />other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such ordcr, judgmcnt
<br />or decree shall rcmain unvacated and un stayed for an aggregate of sixty (60) days (whcther or not consecutive) from
<br />the first date of cntry thereof; or any trustee, receiver or liquidator or Trustor or of all or any part of the Trust Estate, or
<br />of any or all of the royalties, revenucs, rents, issues or profits thereof, shall be appointed without the consent or
<br />acquiescence of Trustor and such appointment shall remain un vacated and unstayed for an aggregate of sixty (60) days
<br />(whether or not consccutive); or
<br />
<br />(d) a writ of execution or attachment of any similar process shall be cntcrcd against Trustor which shall
<br />become a lien on the Trust Estatc or any portion thereof or interest therein and such execution, attachment or similar
<br />proccss of judgment is not released, bondcd, satisfied, vacated or stayed within sixty (60) days after its entry or levy; or
<br />
<br />(e) there has occurred a breach of or default under any tenn, covenant, agreement, condition,
<br />provision, represcntation or warranty contained in the First Dccd of Trust or any prior deed of trust or mortgagc
<br />affecting the Trust Estate.
<br />
<br />10. Acceleration upon Default; Additional Remedies. If an event of default occurs, Beneficiary may declare the
<br />Indebtedness securcd hereby to be due and payable and the same shall thereupon become due and payable without any
<br />presentment, demand, protest or notice of any kind. Thcreafter, Beneficiary may:
<br />
<br />(i) 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, entcr upon and take possession of the Trust
<br />Estate, or any part thereof, in its own name or in the namc of Trustee, and do any acts which it deems necessary or
<br />desirable to preservc the value, marketability or rentability of the Trust Estate, or part thereof or interest therein,
<br />increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estatc,
<br />sue for or otherwise collect the rents, issues and profits thereot: including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collcction including attorneys' fees, upon any indebtedness secured
<br />hereby, all in such order as Beneficiary may detenninc. The entering upon and taking possession of the Trust Estate,
<br />the collection of such rents, issucs and profits and the application thcreof as aforesaid shall not cure or waive any
<br />dcfault or notice of default hercunder or invalidate any act done in rcsponse to such default or pursuant to such notice
<br />of default and, notwithstanding the continuancc in possession of the Trust Estatc or the collection, receipt and
<br />application of rents, issues or protits, Trustee or Beneficiary shall been entitled to exercise every right provided for in
<br />any of the Loan Instruments or by law upon occurrence of any event of default, including the right to exercise the
<br />power of sale;
<br />
<br />(ii) commence an action to forcclose this Deed of Trust as a mortgage, appoint a receivcr or
<br />specifically enforce any of the covenants hereof;
<br />
<br />(iii) deliver to Trustee a written declaration of default and demand for sale and a writtcn notice of
<br />default and election to cause Trustor's interest in the Trust Estatc to be sold, which notice Trustee shall cause to be duly
<br />filed for record in the appropriate officcs of the County in which the Trust Estate is located; or
<br />
<br />(iv) exercise such other rights or remedies at law or in equity.
<br />
<br />11. Foreclosure by Power of Sale. If Beneficiary clccts to foreclose by exercisc of the Power of Sale hercin
<br />contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Second Decd of Trust and any note evidcncing the
<br />Indebtedness and such receipts and evidence of expenditures made and secured hereby as Trustee may require.
<br />
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and
<br />delivered to Trustor such Notice of Default and Notice of Sale as then required by law and by this Second Deed of
<br />Trust. Trustee shall, without demand on Trustor, after such time as may then be required by law and aftcr recordation
<br />of such Notice of Default and after Notice of Sale having been givcn as required by law, sell the Trust Estate at the timc
<br />
<br />NIF AFORMH.doc
<br />
<br />3
<br />
<br />NIFA MRB/Form H .--€;
<br />(10/05) ~
<br />
<br />1.).
<br />
|