|
2oioos722
<br />payable on the sums s�cured by this Deed of Trust shall be at such rate as
<br />Beneficiary shall request.
<br />THIRD. That as further �ecurity tor the payment of �he Note and the
<br />indebtedness thereby evidenced and the performance of all of the terms,
<br />covenants and conditions hereo�, Trustor agrees that B�neficiary shall and
<br />does her�by have the righ�, power and au�hority during th� continuance of
<br />this Deed o� Trust to collec� the �ents, issues and profits af the Property
<br />and of any personal proper�y located �hereon with or wi�hput taking
<br />possessian of the prop�r�y affected thereby; and Trustor hereby absolut�ly
<br />and uncanditionally assigns al� such ren�s, issues and profits to Beneficia-
<br />ry. Beneficiary, however, hereby cansents to Trustor's collection and
<br />�etention of such rents, issues and profits as they accrue and become payable
<br />so long as Trustor is no� at such tim� in default with respect to paym�nt af
<br />any indebtedness secured hereby or in the performance of any agreement
<br />hereunder. Upon any such default, Beneficiary may at any time, either in
<br />person, by agent, or by receiver to be appointed by a court, without na�ice
<br />and wi�hout regard �o the adequacy of any securi�y far the indeb�edness
<br />hereby secured (a) en�er upon and take possession of the Property or any part
<br />thereof and in i�s own name sue for ar oth�rwise callect such rents, issues
<br />and profits, including those past due and unpaid, and apply th� same, less
<br />costs and �xpenses of operation and collection, including reasanable
<br />at�orney�s f�es, upon any indeb�edness secured hereby and in such orde� as
<br />Beneficiary may determine; (b) lease the same or any part th�reaf for such
<br />rental, term and upon such canditions as Beneficiary's judgment may dictate
<br />�r terminate or adjust the terms and conditions of any existing lease or
<br />leases. Unless Trustor and Beneficiary agree otherwis� in writing, any
<br />application of xents, issues or profits ta any indebtedness secured hereby
<br />shall not extend or pastpone the due date of the installment payments as
<br />provided in the Note or change the amount of such installments. The entering
<br />upan and taking possession of the Property, the collectian of such rents,
<br />issues and profits, and the application the�eof as aforesaid, sha11 not waive
<br />or cure any defaul� or notice of default hereunder, or invalidate any ac�
<br />dane pursuant �o such notice. Trustor assigns to Beneficiary, as further
<br />securi�y �Qr th� performance of the indebtedness and abligation� secured
<br />hereby, all pr�paid rents and all maneys which may have been or may hereafter
<br />be depasited with Trus�or by any lessee of the Property, ta �ecure the
<br />payment of any rent or damages, and upon default in th� performance of any of
<br />�he provisions hereof, Trustor agrees to deliver such rents and deposits to
<br />Bene��ciary. Delivery of writ�en notice of Beneficiary's exercise af the
<br />rights granted by this paragraph THIRD to any tenant occupying the Property
<br />or any portion thereof shall be sufficient to require said tenant to pay said
<br />ren� to Beneficiary un�il further notice.
<br />FOURTH Zf the�e shall be �i1ed by or against the Trus�or any petition
<br />or proceeding seeking any arrangement or composition or extension of any
<br />ather relief undex or pursuant to the Federal Bankruptcy Code or any other
<br />similar statute as is now or hereafter in effect, or if �he Tru�tor shall be
<br />adjudicated bankrupt or insalvent or any of Trustor's property shall have
<br />been sequeatered and such decr�� shall have con�inued undischarged and
<br />unstayed for 90 days af�er the entry �hereof, then the whole of the Note and
<br />ind�b�edness h�reby secured shall, without notice, at the optian of the
<br />Ben��iciary, become due and payable.
<br />FI�TH. IIpon default by Trus�or in the payment af ar performance of the
<br />terms and conditions af the Note, ar any renewals, modifica�ians or
<br />executions thereof, �he payment of any othe� indeb�edness secured hereby or
<br />in the perfarmanc� of any ag�eement, covenant or warranty herein contained or
<br />set for�h in any agreement or instrument execut�d by Trustor in cannection
<br />with the indebtedness hereby secur�d, Beneficiary may dec�are all sums
<br />secured hereby immediately due and payable and the same sha�l thereupon
<br />become due and payable without presentment, demand, pro�es� or notice of any
<br />kind. Thereafter, Beneficiary may d�liver to Trustee a written declaration
<br />of de�aul� and demand for sale. Trust�e shall have th� power of sale of the
<br />PrQperty and if Beneficiary decides the Property is to be sold, it shall
<br />depasit with Trustee this De�d of Trust and the Note or notes and any other
<br />documents evidencing expendi�ures secur�d hereby, and shall de�iver to
<br />Trustee a wr�tten no�ice of default and election to cause the Property to b�
<br />so1d, and Trustee, in turn, shall prepare a similar natic� in the �orm
<br />required by law, which shall be duly filed for record by Trustee.
<br />(a) After the lapse ot such time as may be required by law fallowing
<br />
|