Laserfiche WebLink
<br />I <br /> <br />contained herein, nor the taking of any <br />contrary to any covenant contained herein. <br /> <br />88- 102043 <br />action by Trustor <br /> <br />2.5 Any and all covenants in this Deed of Trust may from <br />time to time, by instrument in writing signed by Holder and <br />delivered, be waived to such extent and in such manrler as the <br />Holder may desire, but no such waiver shall ever affect or <br />impai r the Holder' s tights or liens hereunder, except to the <br />extent so specifically stated in such written instrument. <br /> <br />ARTICLE III <br /> <br />DEFAULT <br /> <br />3.1 The term "default" as used herein, shall mean the <br />occurrence of any of the following events: (a) the failure of <br />Trustor to pay any installment of principal or interest on the <br />Secured Indebtedness in accordance with its terms, through <br />acceleration or otherwise, or to make any payment required <br />under the ~oan Documents and the continuance of such failure <br />for a period of three (3) days, or (b) the occurrence of an <br />Event of Default under and as defined in the Loan Agreement. <br /> <br />3.2 If Trustor should fail to keep or perform any covenant <br />whatsoever contained in this Deed of Trust, the Holder may, but <br />shall n0t be obligated to any person to do so, perform or <br />attempt to perform said covenant, and any such payment so made <br />or expense incurred in the performance or attempted performance <br />of any such covenant shall be a part of the indebtedness hereby <br />secured, and Trustor promises, upon demand, to pay to the <br />Holder at the office of Holder in Holder's city, all sums so <br />advanced or paid by the Holder, with interest at the Defaul t <br />Rate (as defined in the Loan Agreement) from date, when paid by <br />the Holder until repaid by Trustor. No such payment by the <br />Holder shall constitute a waiver of any such default. In <br />addition to the lien hereof, the Holder shall be subrogated to <br />all rights a"nd liens securing the payment of any debt, claim, <br />tax or assessment paid from any advance made by Holder. <br /> <br />ARTICLE IV <br /> <br />REMEDIES UPON DEFAULT <br /> <br />4.1 Upon the occurrence of a default, the Holder may, at <br />its option, without notice, demand or presentment, which are <br />hereby waived by Trustor, declare the entire unpaid balance of <br />priricipal of the Secured Indebtedness, and all accrued interest <br />thereon, inunediately due and payable. Thereafter, Holder may <br /> <br />- 6 - <br /> <br />L <br /> <br />-.J <br /> <br />L <br />