|
<br />103891
<br />
<br />( d ) Trustor shall ha.airtlt'urtt4.Ip8rm~ or suffered, voluntarily or involuntarily, any creditor to obtain a lien not
<br />permiUed herein upon all or part of such property; Truslor or any guarantor of the indebtedness secured h~reby shall
<br />become insolvent 01 admit in writing its inability to pay its debts as they mature. or make an assignment lor the benefit 01
<br />creditors or apply lor or consent to the appointment of a receiver or trustee for it or for a substantial part 01 such property, or
<br />such a receiver or trustee shall be appointed and shall not be discharged within thirty (30) days after appointment; or
<br />
<br />( e ) A writ of execution or attachment or any similar process shall be Issued or levied against all or any part 01 or Interest
<br />in such property, or any judgment involving monetary damages shall be entered against Trustor which shall become a lien
<br />on such property or portion thereof or interest therein and such execution, aUachmant or similar process or judgment is not
<br />released. bonded. satisfied. vacated or stayed within sixty ( 60 ) days after its entry or levy; or
<br />
<br />( I ) Bankruptcy, insolvency. reorganization. arrangement, or liquidation proceedings or other proceedings tor relief
<br />under any bankruptcy law or other law for the reliel of debtors shall be instituted by or against Trustor or any Guarantor
<br />hereol and il instituted against such party shali be consented to or shall not be dismissed within sixty ( 60 ) days after such
<br />institution; or
<br />
<br />( g ) Trustor or any successor in interest 01 Trustor, voluntarily or involuntarily should sell. exact, convey. transler,
<br />contract to sell. lease with option 10 purchase. sublease. dispose 01, change the character or use 01, or lurther encumber
<br />such properly, or any part thereol, or any interest therein. or il any said parties shall be divested 01 title to such real property
<br />01 any part thereof. or any Interest either voluntarily or involuntarily. or if title to such properly be subjected to any lien or
<br />charge VOluntarily or involuntarily, contractual or statutory, without the wriUen consent of Beneliciary being first had
<br />obtained, or
<br />
<br />( h ) II Trustor is a partnership and the mteresl 01 a general partner terminates, is assigned or transferred, or is diminished
<br />In any respect, or il Trustor is a corporation and a majority 01 the \iOling corporate stock is transferred, sold or assigned, or if
<br />the Trustor is a Trustee 01 a trust and there is a change of any of Iho Beneficial mterest of the trust; or
<br />
<br />( i ) T ruslor shall. Without the consent of Benelic,ary, creale or consenllo the establishmenl of a districl which has laxing
<br />powers.
<br />
<br />ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES: In the event 01 any delault hereunder. Beneficiary may. at
<br />its option.:
<br />
<br />l a ) Terminate additional advances. If any. to be made under or pursuanllo Ihe Promissory Note or any building loan
<br />agreement; or
<br />
<br />( b ) Declare any sum secured hereby .mmediat6ly due and payable and the same shall there upon become due and
<br />payable without any presentment demand, protest or nolice 01 any kmd: or
<br />
<br />( c ) At any time, with or withoul nolice. either In person. by agent, or by receiver to be appointed by the Court without
<br />regard to the adequacy 01 any secUrity for the Indebtedness secured hereby. enler upon and take possession of such
<br />property or any part thereol, make. cancel, enforce or modify leases: obtam and l'jecttenants. set or modify rents; in its own
<br />name sue or olt\erWise collect the rents, Income, Issues and profilS thereol. including those past due and unpaid; and apply
<br />the same. less costs and expenses of operation, Including reasonable aUorney's lees. upon any indebtedness secured
<br />hereby and in such orOer as Beneficiary may determine: and excepllor such application. Beneficiary shall nol be liable to
<br />any person lor the collection or noncollection olany rents, Income, issues or prolits for the lailure to assert or enforce any 01
<br />lhe loregolng rights, nor shall Beneficiary by charged with any oltha duties and obligations of a mortgagee in possession,
<br />The entering upon and taking possession 01 such properly, the collection of such rents. income. issues or profits, the doing
<br />01 other aclS herein authorized. and the application fhereof as aloresald, shall not cure or waive any delault or notice of
<br />default hereunder or invalidate any act done pursuant to such notice: or
<br />
<br />( d ) Cause to be filed on record, a written notice of default and election to sell such property. A<<er the lapse 01 such time
<br />as then may be required by law lollowing recordation of such notice of default and notice 01 sale having been given as
<br />required by law, Trustee without demand on Trustor shall sell such property. either as a whole or in separate parcels, and In
<br />such order a!l it or BeneficialY may determine at public auction to Ihe highest bidder. The Trustee may postpone the sale of
<br />all or any portion 01 such property by public anr:ouncement at the lime 01 sale. and Irom time to time therea<<er, may
<br />postpOne the sale by public announcement at the time and place fixed by the preceeding postponement Trustee shall
<br />deliver to such purchaser its deed conveying the property 90 sold. without any covenant or warranty. express or implied.
<br />The recital In such deed 01 any maUers of lacl or otherwise shall be conclusive proof 01 the truthfulness thereof. Any person,
<br />Including Trustor. Trustee or Beneficiary. may purchase at said sale, Trustee may also sell at any such sale and as a part
<br />\hereOf. any shares of corporate stock securing the obligation secured hereby. and Trustor waives demand and notice of
<br />such Ale. (Beneficiary at its option may al90 foreclose on such shares by independent pledge sale, and Trustor waives
<br />demand of nolice 01 such sale.) A<<er deducting all coslS. fees and expenses of Trustee, and of this trust. including cost of
<br />evidence 01 title in connection with such sale, Trustee shallfirsl apply the proceeds 01 sale 10 the payment 01 all sums
<br />expended under the lerms hereof, not then repaid, wilh accrued interest at the rale then payable under the note or notes
<br />S8C1Jred hereby. and then to payment 01 all other sums secured hereby, and il therea<<er there be any proceeds remaining.
<br />distribute lhem 10 the person or persons legally entitled thereto
<br />
<br />If this Deed of Trust or any note secured hereby provides for any charge for prepayment of any indebtedness secured
<br />hereby. Trustor agrees to pay said charge, it any of said indebtedness shall be paid proor to the maturity date thereol stated
<br />'" Mid note or thiS Deed 01 Trust even il and notwilhstandlng Truslor shall have delaultlld in paymenlthereof. or in
<br />~C8 of any agreement hereunder, and Beneliclary by reason thereof. shall have declared ail sums secured hereby
<br />Immediately due and payable,
<br />
<br />l
<br />
<br />SCH~OULE OF LEASES: Within ten ( 10 ) daysa<<er demand. Trustor shalllurOlsh to Truslee or BenefiCiary a schedule.
<br />cettified by TrullOr. ""jng forth alll6ases of such property. including, in each case, the name of the tenants or occupants. a
<br />delc:rlptIon 01 the space occupied by such tenant and occupant the rental payable lor such space and such olher
<br />mformMion and documenta with rupeetto such leases and tenanc,es as Ihe Trustee or BenefiCiary may request.
<br />
<br />COVENANTS OF TRUSTOR WITH RESPECT TO LEASES Withoutlhe proor wrollen consent of Trustee or BenefiCiary.
<br />TrustOf shan net dllectly or mdirdy. with respect to any lease 01 space on such property, whelher such lease IS not or
<br />.....ufter in ..'.....ce ( a jaccept or permllany prepayment, discount or lIdvance pllyment 01 renl thereunder. ( b ) cancel
<br />or lermonsta ttle same, Of acct!P1llny CIIncellalion, terminlltion or surrender thereol. or perm" any even' to occur which
<br />would sMilie \I'Ie !tIllSee thettl\lnder to termlnale or canCll'lhO same. i c I amend O' modIfy tho sarno so as 10 reduce the I'" m
<br />
|