200710501 - Laserfiche WebLink

Browse

. . 200710501 9. Inspections. Beneficiary, or its agents, representatives or workmen, are authorized to enter at any reasonable time upon or in any part of the property for the purpose of inspecting the same and for the purpose of performing any of the acts it is authorized to perform under the terms of any loan instruments executed by Trustor. 10. Transfer of Propertv. If all or any part of the property or any interest of Trustor therein is sold, transferred or further encumbered without the express or written consent of Beneficiary, Beneficiary may, at its sole option, declare all sums secured by this Deed of Trust to be immediately due and payable and proceed to the remedies available to it under the default provisions contained herein. II. Events of Default. Any of the following events shall be deemed an event of default hereunder: (a) Trustor shall have failed to make payment or any installment of interest, principal or principal and interest or any other sums secured hereby when due; (b) There has occurred a breach of or default under any term, covenant, agreement, condition, provision, representation or warranty contained in this Deed of Trust, the note or any other loan instrument secured hereby; (c) There has been a default by the Trustor in the payment of any prior or subsequent lien or encumbrance in respect to all or any part of the property; (d) Trustor shall file a voluntary petition in bankruptcy or shall be adjudicated bankrupt or insolvent, or shall make an as- signment for the benefit of creditors in respect to the property; or an action to enforce any lien or encumbrance or judgments against the property is commenced. 12. Acceleration Upon Default. In the event of any default, Beneficiary may declare all indebtedness secured hereby to be due and payable, and the same shall thereupon become due and payable without any presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may: (a) either in person or by agent, with or without bringing any action or proceeding, or by receiver appointed by a court and without regard to the adequacy of any security, enter upon and take possession of the property, or any part thereof, in its own name or in the name of the Trustee, and do any acts which it deems necessary and desirable to preserve the value, marketability or rent- ability of the property, or part thereof or interest therein, increase the income therefrom or protect the security hereof, and, without taking possession of the property, sue for or otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including attorney fees, upon any indebtedness secured hereby, all in such order as Beneficiary may determine. The entering upon and taking possession of the trust estate, the collection of such rents, issues and profits and application thereof as aforesaid shall not cure or waive any default or notice of default hereunder or invalidate any act and in response to such default or pursuant to such notice of default and, notwithstanding the continuance in possession of the property or the collection, receipt and application of rents, issues or profits, Trustee or Beneficiary may be entitled to exercise every right provided for in any of the 3