|
<br />'<
<br />
<br />200707829
<br />
<br />7. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the purpose
<br />of inspecting the same and for the purpose of performing any of the acts it is authorized to
<br />perform under the terms of any of the Loan Instruments.
<br />
<br />8. EVENTS OF DEFAULT. Any ofthe following events shall be deemed an event
<br />of default hereunder:
<br />
<br />(a) Trustor shall have failed to make payment of any installment of interest,
<br />principal, or principal and interest or any other sum secured hereby when due; or,
<br />
<br />(b) There has occurred a breach or default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in any of the Loan Instruments.
<br />
<br />9. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should
<br />an event of default occur, Beneficiary shall give written notice to Trustor specifying the default,
<br />the action required to cure the default, a date not less than 60 days from the date of the notice by
<br />which the default must be cured, and that failure to cure the default on or before the specified
<br />date may result in acceleration of the entire sum secured by this Deed of Trust and resale of the
<br />property. Thereafter, the Beneficiary may:
<br />
<br />(a) 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 attorney's 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
<br />Trust Estate or 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 Loan Instruments
<br />or by law upon occurrence of any event of default, including the right to exercise the power of
<br />sale;
<br />
<br />(b) 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 />(c) 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 Official Records of
<br />the County in which the Trust Estate is located.
<br />
<br />-3-
<br />
|