ANR HOMES INC. -2009 - Laserfiche WebLink

Home Browse Search

6. Use of the Property. The Trustor agrees and covenants to use the Property as its primary residence in full compliance with the Agreement until the Termination Date. 7. Transfer. No sale, transfer, lease, pledge, encumbrance, creation of a security interest in or other hypothecation of the Security shall relieve or release the Trustor from primary liability under this Deed of Trust or the Agreement. Article VII. EVENTS OF DEFAULT AND REMEDIES 1. Events of Default Defined. The occurrence of any failure of the Trustor to perform under this Deed of Trust or the Promissory Note, and the continuation of said failure for a period of thirty (30) business days as to monetary obligations and sixty (60) business days as to non-- monetary obligations, after written notice specifying such failure and requesting that it be remedied (such notice being referred to herein as a "notice of default") shall have been given to Trustor from the Beneficiary, shall be an Event of Default under this Deed of Trust. If the default is such that it is not reasonably capable of being cured within sixty (60) days, and Trustor (i) initiates corrective action within said period, and (ii) diligently and in good faith works to effect a cure as soon as possible, then Trustor shall have additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the Beneficiary. In no event shall the Beneficiary be precluded from exercising remedies if its security becomes or is about to become materially j eopardized by any failure to cure a default or the default is not cured within ninety (90) days after the notice of default is first given. 2. Acceleration of Maturity. If an Event of Default shall have occurred and be continuing, then the entire indebtedness secured hereby shall, at the option of the Beneficiary, immediately become due and payable without notice or demand which are hereby expressly waived, and no omission on the part of the Beneficiary to exercise such option when entitled to do so shall be construed as a waiver of such right. 3. The Beneficiary's Right to Enter and Take Possession. If an event of Default shall have occurred and be continuing, the Beneficiary may: