200804918 - Laserfiche WebLink

Browse

200804918 the appointment of a new trustee signed by Mortgagee, or as otherwise permitted by law. Such successor trustee shall not be required to give bond for the faithful performance of the duties of Trustee hereunder unless required by Mortgagee. The procedure provided for in this Deed of Trust for the appointment of a successor for the Trustee shall be in addition to and not in exclusion of any other provisions for such an appointment, by law or otherwise. It is agreed that Trustee shall not be disqualified from acting as trustee hereunder or from performing any of the duties of the trustee, or from exercising its rights, powers .and remedies herein granted, by reason of the fact that Trustee is an attorney, agent, officer, employee or stockholder of Mortgagee or is otherwise affiliated with Mortgagee in any respect. 8.4 Receiver. Upon the occurrence of an Event of Default, Mortgagee shall be entitled as a matter of right without notice and without regard to the solvency or insolvency of Mortgagor, or the existence of waste of the Premises or adequacy of the security of the Premises, and without giving bond to apply for the appointment of a receiver, in accordance with the statutes and law made and provided for, who shall have all the rights, powers and remedies as provided by such statute or law, and who shall from the date of his appointment through any period of redemption existing at law collect the rents, and all other income of any kind; manage the Premises so as to prevent waste; execute leases within or beyond the period of receivership, pay all expenses for normal maintenance of the Premises, and perform the terms of this Deed of Trust and apply the rents, issues, income and profits to the payment of all expenses for maintenance of the Premises and to the costs and expenses of the receivership, including attorneys' fees, and to the repayment of the Indebtedness. Mortgagor does hereby irrevocably consent to such appointment. 8.5 Rights Under Uniform Commercial Code. In addition to the rights available to a mortgagee of real property, Mortgagee shall also have all the rights, remedies and recourse available to a secured party under the Code including the right to proceed under the provisions of the Code governing default as to any Collateral as defined in this Deed of Trust which may be included in the Premises or which may be determined to be nonrealty in a foreclosure of this Deed of Trust or to proceed as to such Collateral in accordance with the procedures and remedies available pursuant to a foreclosure of real estate. 8.6 Right to Discontinue Proceedings. In the event Mortgagee shall have proceeded to invoke any right, remedy or recourse permitted under this Deed of Trust and shall thereafter elect to discontinue or abandon the same for any reason, Mortgagee shall have the unqualified right to do so and in such event Mortgagor and Mortgagee shall be restored to their former positions with respect to the Indebtedness in which case this Deed of Trust and all rights, remedies and recourse of Mortgagee and the Trustee shall continue as if such action or exercise of a right had not been invoked. 8.7 Waivers. 25 Ooc# 2675364\2