and
during the continuance of an Event of Default, Beneficiary may, at Beneficiary's
election and by or through Trustee or otherwise, exercise any or all of the
following rights, remedies and recourses:
(A)
ACCELERATION.
SUBJECT TO ANY PROVISIONS OF THE LOAN DOCUMENTS
PROVIDING FOR THE AUTOMATIC ACCELERATION OF THE INDEBTEDNESS UPON THE OCCURRENCE
OF CERTAIN EVENTS OF DEFAULT, DECLARE THE INDEBTEDNESS TO BE IMMEDIATELY DUE AND
PAYABLE, WITHOUT FURTHER NOTICE, PRESENTMENT, PROTEST, NOTICE OF INTENT TO
ACCELERATE, NOTICE OF ACCELERATION, DEMAND OR ACTION OF ANY NATURE WHATSOEVER
(EACH OF WHICH HEREBY IS EXPRESSLY WAIVED BY GRANTOR), WHEREUPON THE SAME SHALL
BECOME IMMEDIATELY DUE AND PAYABLE.
(B)
ENTRY ON MORTGAGED PROPERTY.
ENTER THE MORTGAGED PROPERTY AND TAKE
EXCLUSIVE POSSESSION THEREOF AND OF ALL BOOKS, RECORDS AND ACCOUNTS RELATING
THERETO OR LOCATED THEREON.
IF GRANTOR REMAINS IN POSSESSION OF THE MORTGAGED
PROPERTY FOLLOWING THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT AND WITHOUT BENEFICIARY'S PRIOR WRITTEN CONSENT, BENEFICIARY MAY INVOKE
ANY LEGAL REMEDIES TO DISPOSSESS GRANTOR.
(C)
OPERATION OF MORTGAGED PROPERTY.
HOLD, LEASE, DEVELOP, MANAGE,
OPERATE OR OTHERWISE USE THE MORTGAGED PROPERTY UPON SUCH TERMS AND CONDITIONS
AS BENEFICIARY MAY DEEM REASONABLE UNDER THE CIRCUMSTANCES (MAKING SUCH REPAIRS,
ALTERATIONS, ADDITIONS AND IMPROVEMENTS AND TAKING OTHER ACTIONS, FROM TIME TO
TIME, AS BENEFICIARY DEEMS NECESSARY OR DESIRABLE), AND APPLY ALL RENTS AND
OTHER AMOUNTS COLLECTED BY TRUSTEE OR BENEFICIARY IN CONNECTION THEREWITH IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.7.
(D)
FORECLOSURE AND SALE.
INSTITUTE PROCEEDINGS FOR THE COMPLETE
FORECLOSURE OF THIS DEED OF TRUST BY JUDICIAL ACTION OR BY POWER OF SALE, IN
WHICH CASE THE MORTGAGED PROPERTY MAY BE SOLD FOR CASH OR CREDIT IN ONE OR MORE
PARCELS AS BENEFICIARY MAY DETERMINE.
WITH RESPECT TO ANY NOTICES REQUIRED
5
OR PERMITTED UNDER THE UCC, GRANTOR AGREES THAT TEN (10) DAYS' PRIOR WRITTEN
NOTICE SHALL BE DEEMED COMMERCIALLY REASONABLE.
AT ANY SUCH SALE BY VIRTUE OF
ANY JUDICIAL PROCEEDINGS, POWER OF SALE, OR ANY OTHER LEGAL RIGHT, REMEDY OR
RECOURSE, THE TITLE TO AND RIGHT OF POSSESSION OF ANY SUCH PROPERTY SHALL PASS
TO THE PURCHASER THEREOF, AND TO THE FULLEST EXTENT PERMITTED BY LAW, GRANTOR
SHALL BE COMPLETELY AND IRREVOCABLY DIVESTED OF ALL OF ITS RIGHT, TITLE,
INTEREST, CLAIM, EQUITY, EQUITY OF REDEMPTION, AND DEMAND WHATSOEVER, EITHER AT
LAW OR IN EQUITY, IN AND TO THE PROPERTY SOLD AND SUCH SALE SHALL BE A PERPETUAL
BAR BOTH AT LAW AND IN EQUITY AGAINST GRANTOR, AND AGAINST ALL OTHER PERSONS
CLAIMING OR TO CLAIM THE PROPERTY SOLD OR ANY PART THEREOF, BY, THROUGH OR UNDER
GRANTOR.
BENEFICIARY OR ANY OF THE OTHER SECURED PARTIES MAY BE A PURCHASER AT
SUCH SALE.
IF BENEFICIARY OR SUCH OTHER SECURED PARTY IS THE HIGHEST BIDDER,
BENEFICIARY OR SUCH OTHER SECURED PARTY MAY CREDIT THE PORTION OF THE PURCHASE
PRICE THAT WOULD BE DISTRIBUTED TO BENEFICIARY OR SUCH OTHER SECURED PARTY
AGAINST THE INDEBTEDNESS IN LIEU OF PAYING CASH.
IN THE EVENT THIS DEED OF
TRUST IS FORECLOSED BY JUDICIAL ACTION,