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��������� <br />7. Successors and Assigns. This Second Deed of Trust applies to, inures to the benefit of and binds all parties <br />hereto, their heirs, legatees, devisees, personal representarives, successors and assigns. The term `Beneficiaz}�' sha11 mean the <br />owner and holder of any promissory note given to beneficiary. <br />8. Merger, Consodidation, Sales or Leases. Trustor covenants that Trustor will not sell, lease or otherwise <br />dispose of any of the Trust Estate. In the event that Trustor sells, leases or otherwise disposes of any part of the Trust Fstate, <br />Beneficiary may at its option declare the Indebtedness secwed hereby immediately due and payable without any presentment, <br />demand, protest or notice of any kind, whether or not any default exists. Beneficiary shall consent to a transfer of the Trust <br />Estate 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 of Defaulz 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 jurisdicrion shall enter an order, judgment or decree approving a peririon filed <br />against Trustor seeking any reorganization, dissolution or similar relief under any present or firture 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) from <br />the first date of entry thereof; or any trustee, receiver or liquidator or Trustor or of all or any part of the Trust Estate, ar <br />of any or a11 of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or <br />acyuiescence of Trustor and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days <br />(whether or 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 execurion, attachment or similar <br />process of judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its enhy or levy; or <br />(e) there has occurred a breach of or default under any term, covenant, agreement, condition, <br />provision, representarion or warranty contained in the First Deed of Trust or any prior deed of t�vst or mortgage <br />afFecting the Trust Estate. <br />10. Accederation upon Default; Additional Re�rsedies. 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 acrion or proce.eding, or by a receiver <br />appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust <br />Fstate, ar 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 or rentability of the Trust Estate, or part thereof or interest therein, <br />increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estate, <br />sue for or 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 collecrion including attorneys' fees, upon any indebtedness secured <br />hereby, all in such order as Beneficiary may determine. The entering upon and taking possession of the Trust Estate, <br />the collecrion of such rents, issues and profits and the application thereof as aforesaid shall not cure or waive any <br />default or norice of default hereunder or invalidate any act done in response to sqch default or pursuant to such notice <br />of default and, notwithstanding the continuance in possession of the Trust Estate or the collection, receipt and <br />applicarion of rents, issues or profits, Trustee or Beneficiary shall been enritled to exercise every right pmvided for in <br />any of the Loan Instruments or 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, appoint a receiver ar <br />specifically enforce any of the covenants hereof; <br />3718.CV (8/11) 905955 <br />3 <br />NIFA HBA Loan/Form H <br />(08/10) <br />`� `"-� GOTO(0018b0a� <br />� <br />