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<br />84- 005508
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<br />2.08. Transfer of Prl-erty. 'Jlhe sale. conveya..'1ce" tra.'1sfer t dis-
<br />position, assignment, assumpon or further encumbering of the Property, or
<br />any part thereof, or any interest therein, either voluntarily, involuntarily, or
<br />otherwise, or agreement so to do, without the prior written cons,mt of Bene-
<br />ficiary.
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<br />2.09. Liquidation, Termination or Dissolution. The liquidation, termi-
<br />nation or dissolution of the Trustor.
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<br />2.10. Default under Loan Documents. Any event occurs which, under
<br />the Note, Construction Loan Agreement, or other Loan Documents (as defined
<br />in the Construction Loan Agreement) constitutes a default by the Trustor or
<br />gives the Beneficiary the right to accelerate the maturity of any part of the
<br />indebtedness secured by this Deed of Trust.
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<br />ARTICLE III
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<br />REMEDIES
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<br />Upon the occurrence of any Event of Default, Trustee and Beneficiary
<br />shall have the following rights and remedies:
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<br />3.01. Acceleration. Beneficiary mllY declare the entire principal of the
<br />Note then outstanding (if not then due "".! payable), and accrued but unpaid
<br />interest thereon, to be due and pay!" k immediatel}, and, notwithstanding-the
<br />stated maturity in the Not;; or any oLlU,r term or provision of the Note or this
<br />Deed of Trust to the contrary, the outstanding principal amount of the Note
<br />and the accrued but unpaid interest thereon shall become and be immediately
<br />due and payable.
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<br />3.02. Beneficiary Powers. Irrespective of whether Beneficiary exercises
<br />the option provided in Section 3.01 above, Beneficiary in person or by a~nt
<br />may, without any obligation so to do and without notice or demand upon
<br />Trustor and without releasing Trustor from any obligation hereunder: (i)
<br />make any payment or do any act which Trustor has failed to make or do; (ii)
<br />enter upon, take possession of, manage and operate the Property or any part
<br />thereof; (ill) make or enforce, or, if the same be subject to modification or
<br />cancellation. modify or cancel any leases of the Property or any part thereof
<br />upon such terms or conditions as Beneficiary deems proper; (iv) obtain and
<br />evict tenants, and fix or modify rents, make repairs and alterations and do
<br />any acts which Beneficiary deems proper to protect the security hereof; and
<br />(v) with or without taking possession, in its own name or in the name of
<br />Trustor, sue for or otherwise collect and receive rents, royalties, issues,
<br />profits, rever;.ue, income and other benefits, including those past due and
<br />unpaid, and apply the same less costs and expenses of operation and collec-
<br />tion, including reasonable attorneys' fees, upon any indebtedness secured
<br />hereby, and in such order as Beneficiary may determine. Upon request of
<br />Beneficiary, Trustor shall assemble and make available to Beneficiary at the
<br />Premises any of the Property which has been removed therefrom. The
<br />entering upon and taking possession of the Property, the collection of any
<br />rents, royalties, issues, profits, revenue, income or other benefits and the
<br />application thereof as aforesaid shall not cure or waive any default theretofore
<br />or thereafter occurring or affect any notice of default hereunder or invalidate
<br />any act done pursuant to any such notice; and, notwithstanding continuance
<br />in possession of the Property, or any part thereof, by Deneficiary, Trustee
<br />or a receiver, and the collection, receipt and application of rents, royalties,
<br />issues, profits, revenue, income or other benefits, Beneficiary shall be
<br />entitled to exercise every right provided for in this Deed of Trust or by law
<br />upon or after the occurrence of a default, including the power to direct the
<br />Trustee to exercise the power of sale. Any of the actions referred to in this
<br />Section 3.02 may be taken by Beneficiary. either in person or by agent, with
<br />or without bringing any action or proceeding, or by receiver appointed by a
<br />court and any such action may also be taken irrespective of whether any
<br />notice of default or election to sell has been given hereunder and without
<br />regard to the adequacy of the security for the indebtedness hereby secured.
<br />Further, Beneficiary, at the expense of Trustor, either by purc;:.ase, repair
<br />or construction, may from time to time maintain and restore the Property or
<br />any part thereof and complete construction of the Improvements uncompleted
<br />as of the date thereof and in the course of such completion may make such
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