|
<br />88- 102845
<br />
<br />mean the owner and holder of the Note, whether or not named as Beneficiary
<br />herein.
<br />
<br />8. INSPECTIONS. Beneficiary, or its agents, representatives or workmen,
<br />"'..:e authorized to enter at any reasonable time upon or in any plU't of the Trustet..
<br />Estate for the purpose of inspecting the same and for the purpose of performing
<br />any of the acts it is authorized to perform under the terms of any of the Loan
<br />Instruments.
<br />
<br />9. EVENTS OF-DEFAULT. Any of the following events @hall be deemed an event
<br />of default hereunder:
<br />
<br />(a) Trustor shall have failed to make payment of any instal~ent of
<br />interest, principal, or principal and interest or any other sum secured hereby
<br />when due; or,
<br />
<br />(b) There has occurred a breach or default under any term, covenant.
<br />aq~eement, condition, provision, representation, or warranty contained in the
<br />Promissory Note given herewith and any other Loan Instruments.
<br />
<br />10. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an event of
<br />default occur, Beneficiary may declare all indebtedness secured hereby to be due
<br />and payable, and the same shall thereupon became due and payable without any
<br />presentment, demand, protest, or notice of any kind. Thereafter the Beneficiary
<br />may:
<br />
<br />(a) Either in person or by agent, wIth or without bringing any action or
<br />proceeding, or by a receiver appointed by a Court and without regard to the
<br />adequacy of its security, enter upon and take possession of the Trust Estate, or
<br />any part thereof, in its own name or in the name o~ Trustee, and do any acts
<br />which it deems necessary or desirable to preserve the value, marketability or
<br />rentability of the Trust Estate, or part thereof or interest therein, increase
<br />the income therefrom or protect tha security hereof, and with or without taking
<br />possession of the Trust Estate, sue for or otherwise collect the rents, issues
<br />and profits thereof, including those past due and unpaid, and apply the same,
<br />lese costs and expenses of operation and collection, including attorney's fees,
<br />upon any indebtedness secured hereby, all in such order as Beneficiary may
<br />determine. The entering upon and taking possession of the Trust Estate, the
<br />collection of such rents, issues and profits and the application thereof as
<br />aforesaid, shall not cure or waive any default or notice of default hereunder or
<br />invalidate any act done in response to such default or pursuant to such notice of
<br />def~ult and, notwithstanding the continuance in possession of the Trust Estate or
<br />the collection, receipt and application of rents, issues or profits, Trustee or
<br />Beneficiary shall be entitled to exercise every right provided for in any of the
<br />Loan Instruments or by law upon occurrence of any event of default, including the
<br />right to exercise the power of sale;
<br />
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage,
<br />appoint a receiver, or specifically enforce any of the covenants hereof;
<br />
<br />(c) Deliver to Trustee a written declaration of default and demand for
<br />sale, and a written notice of default and election to cause Trustor's interest in
<br />the Trust Estate to be sold, which notice Trustee shall cause to be duly filed
<br />for record in the appropriate Official Records of the County in which the Trust
<br />Estate is located.
<br />
<br />II. FORECLOSURE BY POWEa OF SALE. Should Beneficiary elect to foreclose by
<br />exercise of the Power of Sale herein contained, Beneficiary shall notify Trustee
<br />and shall deposit with Truste~ this Deed of Trust and the Note and such receipts
<br />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
<br />recordsd, publishBd and delivered to Trustor such Notice of Default and Notice of
<br />Sale as then required by law and by this Oeed of Trust. Trustee shall, without
<br />demand on Trustor, after such time a8 may then be required by law and after
<br />recordation of such Notice of Default and after Notice of Sale having been given
<br />as required by law_ sell the Trust F.state at the time and place of sale fixed by
<br />1t in such Notice of Sale, either 85 n whole, or in separate lots or parcels or
<br />items as Trustee shall deem expedient. and in such order as it may determine, at
<br />public nuction to the highest bidder for cRah. in lawful money of the United
<br />State&, payable at tha t 1100 of sale. 'l'nJstee aha 11 deliver to such purchaser or
<br />purchaGors tnElreof, its good and fluffjclllmt deod or deeds. conv"ying the property
<br />
|