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2~49U'7594
<br />8. Merger, ConsolidaAion, Sales or ,Leases. Truster covenants that Truster will not sell, lease or otherwise
<br />dispose of any of the Trust Estate. In the event that Tmstor sells, leases or otherwise disposes pf any part of the Trust Estate,
<br />Beneficiary may at its option declare the Indebtedness secured hereby immediately due and payable without any presentment,
<br />demand, protest or notice of any land, whether or not any default exists. Beneficiary shall consent to a transfer of the Trust
<br />):,state to a third party to the extent such third party meets the requirements contained in, and assumes the obligations set forth in
<br />the First Deed of Trust. The covenants contained herein shall run with the Property and shall remain in full force and effect until
<br />the Indebtedness is paid in full,
<br />9. Events ojDejarrh Any of the following events shall be deemed an event of default hereunder:
<br />(a) default shall be made in the payment of the Indebtedness or any other sum secured hereby when
<br />due; or
<br />(b) Trustor shall perform any act in bankruptcy; or
<br />(c) a court of competent jurisdiction shall enter an order, judgment nr decree approving a petition filed
<br />against Trustor seeking any reorganixatron, dissolution or similar relief under any present or future federal, state or
<br />other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such order, judgment
<br />or decree shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive) firnn
<br />the first date of entry thereof; ar any trustee, receiver ar liquidator or Trustor or of all or any part of the Trust Estate, ar
<br />of any ar all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or
<br />acquiescence of Trustor and such appointment shall remain unvacated and unstayed far an aggregate of sixty (60) days
<br />(whether a< not consecutive); or
<br />(d) a writ of execution or attachment of any similar process shall be entered against Trustor which shall
<br />become a lien on the Trust Estate or any portion thereof or interest therein and such execution, attachment or similar
<br />process of judgment is net released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy; or
<br />(e) there has ocean-ed a breach of or default under any term, covenant, agreement, condition,
<br />provision, representation cx warranty contained in the First Deed of Trust or a~ prior deed of trust ar mortgage
<br />affecting the Trust Estate.
<br />] 0. Acceleration upon Il+ejaWdt; Addriional Reneedes. If an event of default occurs, Beneficiary may declare the
<br />Indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable without any
<br />presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and wrthaut regard to the adequacy of its security, enter upon and take possession of the Trust
<br />Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems necessary or
<br />desirable to preserve the value, marketability ~ rentability of the Trust Estate, or part thereof or interest therein,
<br />increase the income therefrom ar protect the security hereof and, with or without taking possession of the Trust Estate,
<br />sue For ar otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collection including attorneys' fees, upon any indebtedness secured
<br />hereby, all in such prder as Beneficiary may determine. The entering upon and taking possession of the Trust Estate,
<br />the collection of such rents, issues and profits and the application thereof as aforesaid shall not cure or waive any
<br />default or notiee of default hereunder or invalidate any act done in response to such default ar pursuant to such notice
<br />of default and, notwithstanding the continuance in possession of the Trusc Estate ar the coIlection, receipt and
<br />application of rents, issues or profits, Trustee or Beneficiary shall been entitled to exercise every right provided for in
<br />any of the Loan Instruments ar by law upon occurrence of any event of default, including the right to exercise the
<br />power of sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoim a receiver or
<br />specifically enforce any of the covenants hereof;
<br />(c) deliver to Tnistee a written declaration of default and demand for sale and a written notice of
<br />default and election to cause Tn~stor's interest in the Trust Estate to be sold, which notice Trustee shall cause to be duly
<br />tiled for record in the appropriate offices of the County in which the Trust Estate is located; or
<br />(d) exercise such other rights or remedies at law or in equity.
<br />4834-3387-18'15.3
<br />3 NIF'A ABC Loan/Form K
<br />,•~-~ (6/09)
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