|
86- 104862
<br />6. Additional Liana and Protection of Beneficiary's Security. Trustor 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 lienholders or prior beneficiaries under any prior deed of trust or mor-
<br />tgage before the date 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 fails to make any such payment or falls to perform any of the covenants and agreements contained in this
<br />Dead 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 />in the Property, including, but not limited to, eminent domair proceedings, or proceedings involving a decedent, or It Trustor falls to pay
<br />Trustor's debts 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 is
<br />necessary to protect Beneficiary'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 bear 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 such rate would be contrary to applicable law, in which event such amounts shall bear In
<br />terest at the highest rate permissible under applicable law. Nothing contained in this Paragraph 6 shall require Beneficiary to Incur any expense "
<br />or take any action hereunder.
<br />7. Assignment of Rants. Beneficiary shall have the right, power and authority during the continuance of this Deed of Trust to collect the rents.
<br />issues and profits 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 Trustor's collection and retention of such rents, 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 />less costs and expenses of operation and collection, including reasonable attorneys fees, upon any Indebtedness seraired hereby, and in such
<br />order as Beneficiary may determine; (b) perform such acts of repair or protection as may be necessary or proper to conserve the value of the -
<br />Properfy: (c) lease the same 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 leases. 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 />a. Condemnation. If title to any part of the Property shall 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, it 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 entitled, at its option, to commence, appear in and prosecute in Its own name any such action or proceedings and shalt be
<br />entitled to make any compromise or settlement in connection with any such action or proceedings.
<br />9, Remadts* Not Exclusive. Trustee and Beneficiary. and each of them. shall be entitled to enforce payment and performance of any indebted -
<br />nes s 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 this Deed of Trust nor its 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 hereatef 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 or Beneficiary is intended to be exclusive of any other remedy herein or by law provided or
<br />permitted, but each shall be cumulative and shall 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 Deed of Trust to Trustee or Beneficiary of to which either of them may be
<br />otherwise entitled, may be exercised. concurrently of independently, from time to time and as often as may be deemed expedient by Trustee or
<br />-
<br />Beneficiary and either of them may pursue inconsistent remedies. Nothing herein shall be construed as prohibiting Beneficiary from seeking a
<br />deficfer. , judgment against the Trustof to ilia extent such action is permitted by law"
<br />10- Transfer of the Property; 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, ax cludtng (a) the creation of a Ilan of encumbrance subordinate to this Deed of Trust, (b) the creation
<br />of a purchase money security interest for housenoid appliances, lot a transfer by devise, descent or by operal ion of taw upon the death of a joint
<br />tenant or (d) the grant of any leasehold interest of three years or less not Containing an option to purchase. Beneficiary may- at Beneficiary's op-
<br />tion, declare all the sums secured by this Deed of Trust to be immediately due and payable. or cause the Trustee to file a notice of default.
<br />Beneficiary shall have waived such option to accelerate if. prior to the Sake. Transfer cr conveyance, Beneficiary and the person to whom the
<br />property is to be sold or translerred reach agreement in writing that the credit of such person is satisfactory to Beneficiary and that the
<br />interest payable on the sums secured try this Deed of Trust shall be at such rate as Beneficiary shall request
<br />1 t. Accerisration upon Default; Remedies; Sale. 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 />shalt 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 tot sale" Trustee shall have the power of sale of the Properly and it 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 by law which shall be duty filed for record by Trustee
<br />(at After the lapse of such time as may be required by taw following the recordation of Notice of Default, and Notice of Default and Notice of
<br />Safe having been given as required by jaw, 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 dale and at the time and place designated in said Notice of Sale, at public auction to the highest bidder, the
<br />purchase pace payable in cash ni lawful money of the United States at the lime of sale, The person conducting the sale may, for any cause he of
<br />She deems expedient, postpone the sale from time to time until rt 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 snail be given in the same manner as the original Notice of Safe,
<br />Trustee snail execute and deliver to the purchaser its Deed conveying the Property so sold. but without any covenant or warranty, express. or
<br />rmpuod- The recitals .n the Deed of any matters of facts snail be conr,;usiye proof of the truthfulness thereof Any person, including without
<br />limitation Beneficiary or Tf ustee, may purchase at the Sale.
<br />(Of when Itusiee sells pursuant to the powers herein" Trustee shah apply the proceeds of the sale to payment of the costs and expenses Of
<br />exer(,Sa hg the power of sale and of the sale, including, without limitation, the payment of Trustees Fees incufred. which Trustees Fees shall not
<br />,n the aggregate exceed the following amounts based upon the amount secured hereby and remaining unpaid. 5 parcenlutn on the balance
<br />thereof, and inert to the items set forth in subparagraph tc) hereof in the order therein stated-
<br />�-
<br />
|