|
<br />200800422
<br />
<br />Beneficiary shall and does hereby have the right, power and authority during the continuance ofthis
<br />Deed of Trust to collect the rents, issues and profits of the Property and of any personal property
<br />located thereon with or without taking possession of the property affected thereby; and Trustor
<br />hereby absolutely and unconditionally assigns all such rents, issues and profits to Beneficiary.
<br />Beneficiary, however, hereby consents to Trustor's collection and retention of such rents, issues and
<br />profits as they accrue and become payable so long as Trustor is not at such time in default with
<br />respect to payment of any indebtedness secured hereby or in the performance of any agreement
<br />hereunder. Upon any such default, Beneficiary may at any time, either in person, by agent, or by
<br />receiver to be appointed by a court, without notice and without regard to the adequacy of any
<br />security for the indebtedness hereby secured (a) enter upon and take possession of the Property or
<br />any part thereof and in its own name sue for or otherwise collect such rents, issues and profits,
<br />including those past due ffild unpaid, and apply the same, less costs and expenses of operation and
<br />collection, including reasonable attorney's fees, upon any indebtedness secured hereby and in such
<br />order as Beneficiary may determine; (b) lease the same or any part thereof for such rental, term and
<br />upon such conditions as Beneficiary's judgment may dictate or terminate or adjust the terms and
<br />conditions of any existing lease or leases. Unless Trustor and Beneficiary agree otherwise in writi ng,
<br />any application of rents, issues or profits to any indebtedness secured hereby shall not extend or
<br />postpone the due date of the installment payments as provided in the Note or change the amount of
<br />such installments. The entering upon and taking possession of the Property, the collection of such
<br />rents, issues and profits, and the application thereof as aforesaid, shall not waive or cure any default
<br />or notice of default hereunder, or invalidate any act done pursuant to such notice. Trustor assigns
<br />to Beneficiary, as further security for the performance of the indebtedness and obligations secured
<br />hereby, all prepaid rents and all moneys which may have been or may hereafter be deposited with
<br />Trustor by any lessee ofthe Property, to secure the payment of any rent or damages, and upon default
<br />in the performance of any ofthe provisions hereof, Trustor agrees to deliver such rents and deposits
<br />to Beneficiary. Delivery of written notice of Beneficiary's exercise of the rights granted by this
<br />paragraph THIRD to any tenant occupying the Property or any portion thereof shall be sufficient to
<br />require said tenant to pay said rent to Beneficiary until further notice.
<br />
<br />FOURTH: If there shall be filed by or against the Trustor any petition or proceeding seeking
<br />an arrangement or composition or extension or any other relief under or pursuant to the Federal
<br />Bankruptcy Code or any othcr similar statute as now or hcreafter in effect, or if the Trustor shall be
<br />adjudicated bankrupt or insolvent or any of Trustor's property shall have been sequestered and such
<br />decree shall have continued undischarged and unstayed fl.)r 90 days after the entry thereof, then the
<br />whole of the Note and indebtedness hereby secured shall, without notice, at the option of the
<br />beneficiary, become due and payable.
<br />
<br />FIFTH: Upon default by Trustor in the payment of or performance of the terms and
<br />conditions of the Note, or any renewals, modifications or executions thereof, the payment of any
<br />other indebtedness secured hereby or in the performance of any agreement, covenant or warranty
<br />herein contained or set forth in any agreement or instrument executed by Trustor in connection with
<br />the indebtedness hereby secured, Beneficiary may declare all sums secured hereby immediatcly due
<br />and payable and the same shall thereupon become due and payable without presentment, demand,
<br />protest or notice of any kind. Thereafter, Beneficiary may deliver to Trustee a written declaration
<br />of defimlt ffild demand for sale. Trustee shall have the power of sale of the Property and if
<br />Beneficiary decides the Property is to be sold, it shall deposit with Trustee this Deed of Trust and the
<br />Note or notes and any other documents evidencing expenditures secured hereby, and shall deliver to
<br />Trustee a written notice of default and election to cause the Property to be sold, and Trustee, in turn,
<br />shall prepare a similar notice in the form required by law, which shall be duly filed for record by
<br />Trustee.
<br />
<br />(a) After the lapse of such time as may be required by law f()llowing the recordation of Notice
<br />of Default, and notice of Default and Notice of Sale having been given as required by law, Trustee,
<br />without demand on Trustor, shall sell the Property hereinbefore described, and any and every part
<br />thereof, in separate parcels or en masse as the Trustee may elect and in such order as Trustee may
<br />determine on the date and at the time and place designated in said Notice of Sale, at public auction
<br />to the highest bidder, the purchase price payable in cash in lawful money ofthe United States at the
<br />time of sale. The person conduction the sale may, for any cause he or she deems expedient, postpone
<br />the sale from time to time until it shall be completed and, in every such case, notice of postponement
<br />shall be given by public declaration thereof by such person at the time and place last appointed for
<br />the sale; provided, if the sale is postponed for longer than one (1) day beyond the day designated in
<br />
|