|
(1)That any award of damages in connection with any condemnation for public use
<br />of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may
<br />apply or release such monies received by him in the same manner and with the same effect as above
<br />provided for disposition of proceeds of fire or other insurance.
<br />(2)That by accepting payment of any sum secured hereby after its due date,
<br />Beneficiary does not waive his right either to require prompt payment when due of all other sums so secured
<br />or to declare default for failure so to pay.
<br />(3)That at any time or from time to time, without liability therefor and without notice,
<br />upon written request of Beneficiary and presentation of this Deed and said note for endorsement, and
<br />without affecting the personal liability of any person for payment of the indebtedness secured hereby,
<br />Trustee may: reconvey any part of said property; consent to the making of any map or plat thereof; join in
<br />granting any easement thereon; or join in any extension agreement or any agreement subordinating the lien
<br />or charge hereof.
<br />(4)That upon written request of Beneficiary stating that all sums secured hereby have
<br />been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention or other
<br />disposition as Trustee in its sole discretion may choose and upon payment of its fees, Trustee shall reconvey,
<br />without warranty, the property then held hereunder. The recitals in such reconveyance or any matters or
<br />facts shall be conclusive proof of the truthfulness thereof. The Grantee in such reconveyance may be
<br />described as “the person or persons legally entitled thereto.”
<br />(5)That as additional security, Trustor hereby gives to and confers upon Beneficiary
<br />the right, power and authority, during the continuance of these Trusts, to collect the rents, issues and profits
<br />of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any
<br />indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents,
<br />issues and profits as they become due and payable. Upon any such default, Beneficiary may at any time
<br />without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to
<br />the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said
<br />property or any part thereof, in his own name sue for or otherwise collect such rents, issues, and profits,
<br />including those past due and unpaid, and apply the same, less costs and expenses of operation and collection,
<br />including reasonable attorney’s fees, upon any indebtedness secured hereby, and in such order as
<br />Beneficiary may determine. The entering upon and taking possession of said property, the collection of
<br />such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default or
<br />notice of default hereunder or invalidate any act done pursuant to such notice.
<br />(6)That upon default Trustor in payment of any indebtedness secured hereby or in
<br />performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately
<br />due and payable by delivery to Trustee of written declaration of default and demand for sale and of written
<br />notice of default and of election to cause to be sold said property, which notice Trustee shall cause to be
<br />filed for record. Beneficiary also shall deposit with Trustee this Deed, said note and all documents
<br />evidencing expenditures secured hereby.
<br />After the lapse of such time as may then be required by law following the recordation of said notice
<br />of default, and notice of sale having been given as then required by law, Trustee, without demand on
<br />Trustor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or
<br />in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash
<br />in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any
<br />portion of said property by public announcement at such time and place of sale, and from time to time
<br />thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement.
<br />EXHIBIT 2
|