WILLFUL
MISCONDUCT AND TRUSTEE SHALL HAVE THE RIGHT TO RELY ON ANY INSTRUMENT, DOCUMENT
OR SIGNATURE AUTHORIZING OR SUPPORTING ANY ACTION TAKEN OR PROPOSED TO BE TAKEN
BY TRUSTEE HEREUNDER AND BELIEVED BY TRUSTEE IN GOOD FAITH TO BE GENUINE.
(D)
SUBROGATION TO EXISTING LIENS; VENDOR'S LIEN.
TO THE EXTENT THAT
PROCEEDS OF THE NOTE ARE USED TO PAY DEBT SECURED BY ANY OUTSTANDING LIEN,
SECURITY INTEREST, CHARGE OR PRIOR ENCUMBRANCE AGAINST THE PROPERTY, SUCH
PROCEEDS HAVE BEEN ADVANCED BY LENDER AT TRUSTEE'S REQUEST, AND LENDER SHALL BE
SUBROGATED TO ANY AND ALL RIGHTS, SECURITY INTERESTS AND LIENS OWNED BY ANY
OWNER OR HOLDER OF SUCH OUTSTANDING LIENS, SECURITY INTERESTS, CHARGES OR
ENCUMBRANCES, HOWEVER REMOTE, IRRESPECTIVE OF WHETHER SAID LIENS, SECURITY
INTERESTS, CHARGES OR ENCUMBRANCES ARE RELEASED, AND ALL OF THE SAME ARE
RECOGNIZED AS VALID AND SUBSISTING AND ARE RENEWED AND CONTINUED AND MERGED
HEREIN TO SECURE THE DEBT, BUT THE TERMS AND PROVISIONS OF THIS SECURITY
INSTRUMENT SHALL GOVERN AND CONTROL THE MANNER AND TERMS OF ENFORCEMENT OF THE
LIENS, SECURITY INTERESTS, CHARGES AND ENCUMBRANCES TO WHICH LENDER IS
SUBROGATED HEREUNDER.
IT IS EXPRESSLY UNDERSTOOD THAT, IN CONSIDERATION OF THE
PAYMENT OF SUCH INDEBTEDNESS BY LENDER, BORROWER HEREBY WAIVES AND RELEASES ALL
DEMANDS AND CAUSES OF ACTION FOR OFFSETS AND PAYMENTS IN CONNECTION WITH THE
SAID INDEBTEDNESS.
IF ALL OR ANY PORTION OF THE PROCEEDS OF THE LOAN EVIDENCED
BY THE NOTE OR OF ANY OTHER SECURED INDEBTEDNESS HAS BEEN ADVANCED FOR THE
PURPOSE OF PAYING THE PURCHASE PRICE FOR ALL OR A PART OF THE PROPERTY, NO
VENDOR'S LIEN IS WAIVED; AND LENDER SHALL HAVE, AND IS HEREBY GRANTED, A
VENDOR'S LIEN ON THE PROPERTY AS CUMULATIVE ADDITIONAL SECURITY FOR THE SECURED
INDEBTEDNESS.
LENDER MAY FORECLOSE UNDER THIS SECURITY INSTRUMENT OR UNDER THE
VENDOR'S LIEN WITHOUT WAIVING THE OTHER OR MAY FORECLOSE UNDER BOTH.
(E)
SUBSTITUTE TRUSTEE.
TRUSTEE MAY RESIGN BY AN INSTRUMENT IN
WRITING ADDRESSED TO LENDER, OR TRUSTEE MAY BE REMOVED AT ANY TIME WITH OR
WITHOUT CAUSE BY AN INSTRUMENT IN WRITING EXECUTED BY LENDER.
IN CASE OF THE
DEATH, RESIGNATION, REMOVAL OR DISQUALIFICATION OF TRUSTEE, OR IF FOR ANY REASON
LENDER SHALL DEEM IT DESIRABLE TO APPOINT A SUBSTITUTE OR SUCCESSOR TRUSTEE TO
ACT INSTEAD OF THE HEREIN NAMED TRUSTEE OR ANY SUBSTITUTE OR SUCCESSOR TRUSTEE,
THEN LENDER SHALL HAVE THE RIGHT AND IS HEREBY AUTHORIZED AND EMPOWERED TO
APPOINT A SUCCESSOR TRUSTEE, OR A SUBSTITUTE TRUSTEE, WITHOUT OTHER FORMALITY
THAN APPOINTMENT AND DESIGNATION IN WRITING EXECUTED BY LENDER, AND THE
AUTHORITY HEREBY CONFERRED SHALL EXTEND TO THE APPOINTMENT
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OF OTHER SUCCESSOR AND SUBSTITUTE TRUSTEES SUCCESSIVELY UNTIL THE DEBT SECURED
HEREBY HAS BEEN PAID IN FULL, OR UNTIL THE PROPERTY IS FULLY AND FINALLY SOLD
HEREUNDER.
IN THE EVENT THAT THE DEBT IS OWNED BY MORE THAN ONE PERSON OR
ENTITY, THE HOLDER OR HOLDERS OF NOT LESS THAN A MAJORITY IN AMOUNT OF SUCH
INDEBTEDNESS SHALL HAVE THE RIGHT AND AUTHORITY TO MAKE THE APPOINTMENT OF A
SUCCESSOR OR SUBSTITUTE