STATION DIST DDA WITH CRA - Laserfiche WebLink

Home Browse Search

ARTICLE I EVENTS OF DEFAULT AND REMEDIES Section 4.1 Events of Default Defined. The occurrence of any failure of the Tru t r to pay the Promissory Mote or to otherwise perform are obligation the performance of which is secured b this Deed of Trust, and the continuation of such failure for a period of thirty 0 business days as to monetary obligations and sixty business days as to non-monetary obligations (or such additional time as may be reasonably necessary provided that Tru s for commences cure within such sit 0 day period and thereafter diligently prosecutes such cure to completion), after written notice specifying such failure and requesting that it be remedied hall have been given to Trustor from the Beneficiary, shall be an "Event of Default's or a Default" under this Deed of Trust. Section 4.2 Acceleration of Matu ri t . If an Fvent of Default shall have occurred and be continuing, then the entire indebtedness secured hereby shall, at the option of the Beneficiary, immediately become Niue and payable without notice or demand which are hereby expressly waived, and no omission on the part of the Beneficiary to exercise s u h option when entitled to do so shall be construed as a waiver of such right. Section 4.3 The Beneficiary's light to Eater and Take Possession. If an Brent of Default shall have occurred and be continuing, the Beneficiary may: (a) Either in person or by agen t , with or without bring ing any action or proceeding, or by a receiver appointed by a court, and without regard to the adequacy of its security., eater upon the Property and take possession thereof or any part thereof) and of any of the Security, in its own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value, mark t ability or rentability of the Property, or part thereof or interest th r in } increase the income therefrom or protect the Security hereof and, with or without taking possession of the Property, sue for or other ise collect the rents, issues and profits thereof, including those past due and unpaid, and apply the carne, less costs and expenses of operation and collection, including at t rue s } fees, upon any indebtedness secured hereby, all in such order as Beneficiary mar d et nmine. The entering upon and taking possession of the Property, the collection of such rents, issues and profits and the application thereof, as aforesaid, shall not cure or waive any Default or notice of Default hereunder or invalidate any act done in response to such Default or pursuant to such notice of Default and, notwithstanding the continuance in possession of the Property or the collection, receipt and application of rents, issues or profits, Beneficiary shall be n ti tled to exercise every right provided for in this Deed o f Trust, the Agreement or by law upon occurrence of any Event of Default, including the right to exercise the power of sale. Tru for requests that a copy of any NoLice of Default and a copy of any Notice of Sale hereunder he mailed to Trusfor if at its address given herein; (b) Commence an action to foreclose this Deed of Trust, appoint a receiver, or specifically enforce any of the covenants hereof; (c) Deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and election to cause Tru s for } s interest in the property to be sold, ATTACHMENT ISO. -4 D O l 1400673 v 14/20027 2 -0001