|
87- 103292
<br />S. Additional Liens and Protection of Beneficiary's Security. Truetor shall make all payments of Interest and principal and payments of any
<br />other charges, fees and expenses contracted to be paid to any existing Ilenholders or prior beneficiaries under any prior deed of trust or mor-
<br />tgage before the data they are delinquent and promptly pay and discharge any and all other liens, claims or charges which may jeopardize the
<br />security granted herein. If Trustor falls to make any such payment or falls to perform any of the covenants and agreements contained In this
<br />Deed of Trust, or in any prior mortgage or deed of trust, or If any action or proceeding Is commenced which materially affects Beneficiary's In-
<br />Wrest in Pie property, including, but not limited to, aminent domain, proceedings, or proceedings Involving a decadent, or if Trustor fails to pay
<br />Trusior's Jobts generally as they become due, then Beneficiary, at Beneficiary's option and without notice to or demand upon Trustor and
<br />without releasing Trustor from any obligation hereunder, may make such appearances, disburse such sums, and take such action as i3
<br />necessary to protect Beneffelary's Interest, Including. but not limited to, disbursement of reasonable attorney's fees, payment, purchase, con.
<br />test or compromise of any encumbrance, charge or lien, and entry upon the Property to make repairs. In the event that Trustor shall fail to
<br />procure Insurance or to pay taxes, assessments, or any other charges or to make any payments to existing prior lien holders or beneficiaries.
<br />Beneficiary may procure such insurance and make such payment. Any amounts disbursed by Beneficiary pursuant to this Paragraph 6 shall
<br />become additional indebtedness of Trustor secured by this Deed of Trust. Such amounts shall be payable upon notice from Beneficiary to
<br />Trustor requesting payment thereof, and shall tear Interest from the date of disbursement at the rate payable from time to time on outstanding
<br />principal under the Note unless payment of Interest at ouch rate would be contrary to applicable law, in which event such amounts shall bear in-
<br />latest at the highest rate permissible under applicable law. Nothing contained in this Paragraph S shall require Beneficiary to Incur any expense
<br />or take any action hereunder..
<br />7. Assignment ent 41 Rents. Beneficiary shall hava the right, power and authority during the continuance of this Deed of Trust to collect the rents,
<br />Issues and preflta of the Property and of any personal property - located thereon with or without taking possession of the property affected
<br />hereby, and Trustor hereby absolutely and unconditionally assigns all such rents. Issues and profits to Beneficiary. Beneficiary, however, hereby
<br />consents to the Trustoe's collection and retention of such rants, Issues and profits as they accrue and become payable so long as Trustor is not,
<br />at such time, In default with respect to payment of any indebtedness secured hereby, or In the performance of any agreement hereunder. Upon
<br />any such default, Beneficiary may at any time, either In person, by agent, or by a receiver to be appointed by a court, without notice and without
<br />regard to the adequacy of any security for the indebtedness hereby secured, (a) enter upon and take possession of the Property or any part
<br />thereof, and in its own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same,
<br />toss costs and expenses of operation and collection, including reasonable attorneys fees, upon any indebtedness secured hereby, and In such
<br />order as Beneficiary may determine; (b) perform such acts of repair or protection as may be necessary or proper :o conserve the value of the
<br />Fmoer ;, (c) tease the acme or any part thereof for such rental, term, and upon such conditions as Its judgment may dictate or terminate or ad-
<br />just the terms and conditions of any existing lease or teases. Unless Trustor and Beneficiary agree otherwise In writing, any application of rents,
<br />Issues or profits to any indebtedness secured hereby shall not extend or postpone the due date of the installment payments as provided in said
<br />promissory note or change the amount of 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 or notice of default hereunder, or invalidate
<br />any act done pursuant to such notice. Trustor also assigns to Beneficiary, as further security for the performance of the obligations secured
<br />hereby, all prepaid rents and all monies which may have been or may hereafter be deposited with said Trustor by any lessee of the Property, to
<br />secure the payment of any rent or damages, and upon default in the performance of any of the provisions hereof, Trustor agrees to deliver such
<br />rents and deposits to Beneficiary. Delivery of written notice of Beneficiary's exercise of the rights granted herein, to any tenant occupying said
<br />premises shall be sufficient to require said tenant to pay said rent to the Beneficiary until further notice.
<br />& Cotdammation. if title to any part of the Property shalt be taken in condemnation proceedings, by right of eminent domain or similar action,
<br />or shall be sold under threat of condemnation, all awards, damages and proceeds are hereby assigned and shall be paid to Beneficiary who shall
<br />apply such awards, damages and proceeds to the sum secured by this Deed of Trust, with the excess, If any, paid to Trustor. If Trustor receives
<br />any notice or other Information regarding such actions or proceedings. Trustor shall give prompt written notice thereof to Beneficiary.
<br />Beneficiary shall be entitte6, at Its option, to commence, appear in and prosecute In its own name any such action or proceedings and shall be
<br />entitled to make any compromise or settlement in connection with any such action or proceedings.
<br />g. Remedies Not Exdusiva. Trustee and Beneficiary, and each of them, shall be entitled to enforce payment and performance of any indebted-
<br />ness or obligations secured hereby and to exercise all rights and powers under this Deed of Trust or under any other agreement executed in con-
<br />nection herewith or any laws now or hereafter in force, not - withstanding some or all of the such Indebtedness and obligations secured hereby
<br />may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance
<br />Of true Deed of Trust not I" enforcement whether by court action or pursuant to the power of sale or other powers herein contained, shall
<br />prejudice or in any manner affect Trustee's or Beneficiary's right to realize upon or enforce any other security now or hereater held by Trustee or
<br />Beneficiary, It being agreed that Trustee and Beneficiary, and each of them, shall be entitled to enforce this Deed of Trust and any other security
<br />now or hereafter held by Beneficiary or Trustee in such order and manner as they or either of them may In their absolute discretion determine. No
<br />remedy herein conferred upon or reserved to Trustee of Beneficiary is Intended to be exclusive of any other remedy herein or by law provided or
<br />permitted, but each shall be cumulative and shalt be In addition to every other remedy given hereunder or now or hereafter existing at law or in
<br />equity or by statute. Every power or remedy provided hereunder this Dead of Trust to Trustee or Beneficiary or to which either of them may be
<br />otherwise entitled, may be exercised, concurrently or Independently, from time to time and as often as may be deemed expedient by Trustee or
<br />Beneficary and either of them may pursue inconsistent remedies. Nothing herein shall be construed as prohibiting Beneficiary from seeking a
<br />deficiency judgment against the Trustor to the extant such action is permitted by law.
<br />10. Transfer of the Propergr. Assumption. if all or any part of the property or any interest therein is sold, transferred or conveyed by Trustor
<br />without Beneficiary's prior written consent, excluding (a) the creation of a lien of encumbrance subordinate to this Deed of Trust, (b) the creation
<br />of a purchase money security Interest for household appliances, icy a transfer by devise, descent or by operation of law upon the death of a joint
<br />tenant or (d) the grant of any leasehold Interest of three years or 1833 not containing an option to purchase, Beneficiary may, at Beneficiary's op-
<br />tion, declare all the sums secured by Ihis Deed of Trust to be immediately due and Davable. or cause the Trustee to file a notice of default.
<br />Beneficiary shall have waived such option to accelerate if, prior to the sale, Transfer or conveyance, Beneficiary and the person to whom the
<br />property Is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Beneficiary and that the
<br />Interest payable on the sums secured by this Deed of Trust shall be at such rate as Beneficiary shall request.
<br />11. Accerlerstion upon Default; Remedles; Sal*. Upon default by Trustor in the payment of or performance of the terms and conditions of the
<br />Note, or any renewals, modifications or extensions thereof, or the payment of any other indebtedness secured hereby or in the performance of
<br />any of the covenants or agreements hereunder, Beneficiary may declare all sums secured hereby immediately due and payable and the same
<br />shall thereupon become due and payable without presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may deliver to
<br />Trustee a written declaration of default and demand for sale. Trustee shall nave the power of sale of the Property and If Beneficiary decides the
<br />Property is to be sold it shall deposit with Trustee this Deed of Trust and the Note or notes and any other documents evidencing expenditures
<br />secured hereby, and shall deliver to Trustee a written notice of default and election to cause the Property to be sold, and Trustee, in turn, shall
<br />Prepare a similar notice in the form required bylaw which shall be duly filed for record by Trustee.
<br />(a) After the lapse of such time as may be required by law following the recordation of Notice of Default, and Notice of Default and Notice of
<br />Sale having been given as required by law, Trustee, without demand on Trustor, shall sell the Property in one or more parcels and in such order
<br />as Trustor may determine on the date and at the time and place designated in said Notice of Sale, at public auction to the highest bidder, the
<br />purchase price payable in cash in lawful money of the United States at the time of sale. The person conducting the sale may, for any cause he or
<br />she deems expedient. postpone the sale from time to time until it shall be completed and, in every such case, notice of postponement shall be
<br />given by public declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale is postponed for longer
<br />than one (1) day beyond the day designated in the Notice of Sale, notice thereof shall be given in the same manner as the original Notice of Sale.
<br />Trustee shall execute and deliver to the purchaser its Deed conveying the Property So sold, but without any covenant or warranty, express, or
<br />implied. The recitals in the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof- Any person, including without
<br />limitation Beneficiary or Trustee. may purchase at the sale.
<br />(b) When Trustee sells pursuant to the powers herein, Trustee shall apply the proceeds of the sale to payment of the costs and expenses of
<br />exercising the power of sale and of the safe, including, without limitation. the payment of Trustee's l=ees incurred, which Trustee's fees shall not
<br />In the aggregate exceed the following amounts based upon the amount secured hereby and remaining unpaid: 5 percentum on the balance
<br />thereof; and then to the items set forth In subparagraph (c) hereof in the order therein stated.
<br />I
<br />
|