200906910 - Laserfiche WebLink

Browse

~oosossio 12. Forfeiture. (a) Trustor represents and warrants to Beneficiary that neither Trustor nor any other person has committed any act or omission, or has consented to any act or omission, with respect to the Trust Property, which would afford the federal government or any state or local government, the right or remedy of forfeiture of all or any part of the Trust Property, any other collateral under the Loan Documents, or any property (including but not limited to money paid) delivered to Beneficiary or any other party in performance of the obligations under the Loan Documents, or any interest in or income, profits, or proceeds of any of the property described in this sentence. Trustor further represents that Trustor has no knowledge of and has not consented to any act or omission referred to in the preceding representation and warranty. (b) Trustor agrees not to engage in any act or permit any act or omission to exist which would afford the federal government or any state or local government the right or remedy of forfeiture of all or any part of the Trust Property, any other collateral under the Loan Documents, or any property (including but not limited to money paid) delivered to Beneficiary or any other party in performance of the obligations under the Loan Documents, or any interest in, or income, profits or proceeds of any of the property described in this sentence. Without limiting the generality of the preceding sentence, the filing of any charges or the commencement of any proceeding against Trustor or any guarantor, or against any of the property described in this Section or anyone having any interest in, or use or possession of any of such property, which would afford the federal government or any state or local government the right or remedy to forfeit any or such property, constitutes, without notice, an Event of Default (with no right on the part of Trustor to cure such Event of Default). Notwithstanding any provision of the loan documents to the contrary, Trustor indemnifies and agrees to hold Beneficiary harmless from and against any loss, damage, liability, cost, expense (including reasonable attorneys' fees), or other injury by reason of, or in any manner resulting from the breach of the agreements or the failure of any representations or warranties set forth in this Section. (c) The terms of this Section should be interpreted in the most comprehensive sense for the benefit of Beneficiary, without any limitation or restriction against interpretation or enforcement pertaining to other terms of this Trust Deed or the Loan Documents. 13. Remedies Cumulative. All remedies provided in this Trust Deed are distinct and cumulative to any other right or remedy under this Trust Deed or afforded by law or equity, and maybe exercised concurrently, independently or successively. 1~. Acceleration; Remedies; Sale. Upon default by Borrower in the payment of any indebtedness secured hereby or upon default by Trustor in the performance of any provision or agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default. The Trustee shall have the power of sale of the Property and if Beneficiary desires the Property to be sold, it shall deposit with Trustee this Trust Deed and all promissory notes and documents evidencing expenditures secured hereby, and shall deliver to Trustee a written notice of default and election to cause the 5