IN
TRUST FOR THE PURPOSES FOR WHICH THEY WERE RECEIVED, BUT NEED NOT BE SEGREGATED
IN ANY MANNER FROM ANY OTHER MONIES (EXCEPT TO THE EXTENT REQUIRED BY LAW) AND
TRUSTEE SHALL BE UNDER NO LIABILITY FOR INTEREST ON ANY MONIES RECEIVED BY HIM
HEREUNDER.
TRUSTEE MAY RESIGN BY GIVING OF NOTICE OF SUCH RESIGNATION IN
WRITING TO BENEFICIARY.
IF TRUSTEE SHALL DIE, RESIGN OR BECOME DISQUALIFIED
FROM ACTING IN THE EXECUTION OF THIS TRUST OR SHALL FAIL OR REFUSE TO EXERCISE
THE SAME WHEN REQUESTED BY BENEFICIARY OR IF FOR ANY OR NO REASON AND WITHOUT
CAUSE BENEFICIARY SHALL PREFER TO APPOINT A SUBSTITUTE TRUSTEE TO ACT INSTEAD OF
THE ORIGINAL TRUSTEE NAMED HEREIN, OR ANY PRIOR SUCCESSOR OR SUBSTITUTE TRUSTEE,
BENEFICIARY SHALL, WITHOUT ANY FORMALITY OR NOTICE TO TRUSTOR OR ANY OTHER
PERSON, HAVE FULL POWER TO APPOINT A SUBSTITUTE TRUSTEE AND, IF BENEFICIARY SO
ELECTS, SEVERAL SUBSTITUTE TRUSTEES IN SUCCESSION WHO SHALL SUCCEED TO ALL THE
ESTATE, RIGHTS, POWERS AND DUTIES OF THE AFORENAMED TRUSTEE.
EACH APPOINTMENT
AND SUBSTITUTION SHALL BE EVIDENCED BY AN INSTRUMENT IN WRITING WHICH SHALL
RECITE THE PARTIES TO, AND THE BOOK AND PAGE OF RECORD OF, THIS SECURITY
INSTRUMENT, AND THE DESCRIPTION OF THE REAL PROPERTY HEREIN DESCRIBED, WHICH
INSTRUMENT, EXECUTED AND ACKNOWLEDGED BY BENEFICIARY, SHALL (I) BE CONCLUSIVE
PROOF OF THE PROPER SUBSTITUTION AND APPOINTMENT OF SUCH SUCCESSOR TRUSTEE OR
TRUSTEES, (II) DULY ASSIGN AND TRANSFER ALL THE ESTATES, PROPERTIES, RIGHTS,
POWERS AND TRUSTS OF TRUSTEE SO CEASING TO ACT AND (III) BE NOTICE OF SUCH
PROPER SUBSTITUTION AND APPOINTMENT TO ALL PARTIES IN INTEREST.
IN ADDITION,
SUCH TRUSTEE CEASING TO ACT SHALL DULY ASSIGN, TRANSFER, AND DELIVER ANY OF THE
PROPERTY AND MONIES HELD BY TRUSTEE TO THE SUCCESSOR TRUSTEE SO APPOINTED IN ITS
OR HIS PLACE.
THE TRUSTEE MAY ACT IN THE EXECUTION OF THIS TRUST AND MAY
AUTHORIZE ONE OR MORE PARTIES TO ACT ON HIS BEHALF TO PERFORM THE MINISTERIAL
FUNCTIONS REQUIRED OF HIM HEREUNDER, INCLUDING WITHOUT LIMITATION, THE
TRANSMITTAL AND POSTING OF ANY NOTICES AND IT SHALL NOT BE NECESSARY FOR ANY
TRUSTEE TO BE PRESENT IN PERSON AT ANY FORECLOSURE SALE.
PART II - CALIFORNIA PROVISIONS
31.
PRINCIPLES OF CONSTRUCTION.
IN THE EVENT OF
ANY INCONSISTENCIES BETWEEN THE TERMS AND CONDITIONS OF THIS PART II AND THE
TERMS AND CONDITIONS OF THIS SECURITY INSTRUMENT, THE TERMS AND CONDITIONS OF
THIS PART II SHALL CONTROL AND BE BINDING.
32.
GRANT IN TRUST.
THE WORDS "AND RIGHT OF
ENTRY AND POSSESSION," ARE ADDED FOLLOWING THE WORDS "LENDER, WITH POWER OF
SALE" IN THE FOURTH (4TH) RECITAL PARAGRAPH.
33.
SECURITY AGREEMENT.
SECTION 12 OF THIS
SECURITY INSTRUMENT ENTITLED "SECURITY AGREEMENT" IS HEREBY DELETED AND THE
FOLLOWING IS SUBSTITUTED THEREFOR:
"This Security Instrument is both a real property deed of trust and a "security
agreement" within the meaning of the Uniform Commercial Code and is being
recorded as a fixture filing.
With respect to said fixture filing, (i) the
debtor is Borrower, and Borrower's name and address appear