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200608132
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200608132
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Last modified
9/12/2006 1:13:04 PM
Creation date
9/12/2006 1:13:04 PM
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DEEDS
Inst Number
200608132
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<br />200608132 <br /> <br />Estate, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be <br />appointed without the consent or acquiescence of Trustor and such appointment shall remain <br />unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive); or <br /> <br />(d) a writ of execution or attachment of any similar process shall be entered against <br />Trustor which shall become a lien on the Trust Estate or any portion thereof or interest therein <br />and such execution, attachment or similar process of judgment is not released, bonded, satisfied, <br />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 term, covenant, agreement, <br />condition, provision, representation or warranty contained in the First Deed of Trust or any prior <br />deed of trust or mortgage affecting the Trust Estate. <br /> <br />10. Acceleration upon Default; Additional Remedies. If an event of default occurs, <br />Beneficiary may declare the Indebtedness secured hereby to be due and payable and the same shall <br />thereupon become due and payable without any presentment, demand, protest or notice of any kind. <br />Thereafter, Beneficiary may: <br /> <br />(i) either in person or by agent, with or without bringing any action or proceeding, or <br />by a receiver appointed by a court and without regard to the adequacy of its security, enter upon <br />and take possession of the Trust Estate, or any part thereof, in its own name or in the name of <br />Trustee, and do any acts which it deems necessary or desirable to preserve the value, <br />marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the <br />income therefrom or protect the security hereof and, with or without taking possession of the <br />Trust Estate, sue for or otherwise collect the rents, issues and profits thereof, including those past <br />due and unpaid, and apply the same, less costs and expenses of operation and collection <br />including attorneys' fees, upon any indebtedness secured hereby, all in such order as Beneficiary <br />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 <br />default or notice of default hereunder or invalidate any act done in response to such default or <br />pursuant to such notice of default and, notwithstanding the continuance in possession of the Trust <br />Estate or the collection, receipt and application of rents, issues or profits, Trustee or Beneficiary <br />shall been entitled to exercise every right provided for in any of the Loan Instruments or by law <br />upon occurrence of any event of default, including the right to exercise the power of sale; <br /> <br />(ii) commence an action to foreclose this Deed of Trust as a mortgage, appoint a <br />receiver or specifically enforce any of the covenants hereof; <br /> <br />(iii) deliver to Trustee a written declaration of default and demand for sale and a <br />written notice of default and election to cause Trustor's interest in the Trust Estate to be sold, <br />which notice Trustee shall cause to be duly filed for record in the appropriate offices of the County <br />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 elects to foreclose by exercise of the <br />Power of Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this <br />Second Deed of Trust and any note evidencing the Indebtedness and such receipts and evidence of <br />expenditures made and secured hereby as Trustee may require. <br /> <br />NIFA FORM H HBA SECOND DEED OF TRUST <br />(10/05) <br /> <br />NIFA MRBlForm H <br />PAGE 4 OF 7 <br />
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