84002003 - Laserfiche WebLink

Browse

r $4 -- 002.003 quent 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 adjudi- cated bankrupt or insolvent, or shall make an assignment 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 became 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 with- out regard to the adequacy of any security, enter upon and take possession of the prop- erty, 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 there- from 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 collec- tion, including attorney fees, upon any indebtedness secured hereby, all ir. 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, not- withstanding 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 loan instruments or by law upon occurrence of any event of default, includin4 the right to exercise the power of sale; (b) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the covenants hereof; (c) deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and election to cause Trustor's interest in the property to be sold, which notice Trustee shall cause to be duly filed for record in the official records of the county in which the property is located. 13. Foreclosure b Power of Sale. Should Beneficiary elect to foreclose y exerc se o. the power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of Trust and the note and such receipts and evidence of. expenditures made and secured hereby as Trustee may require, and -~-