SO DO, THE BENEFIT OF ALL SUCH LAWS, AND ANY AND ALL RIGHT TO HAVE THE
ASSETS COMPRISING THE PROPERTY MARSHALED UPON ANY FORECLOSURE OF THE LIEN HEREOF
AND AGREES THAT TRUSTEE OR ANY COURT HAVING JURISDICTION TO FORECLOSE SUCH LIEN
MAY SELL THE PROPERTY IN PART OR AS AN ENTIRETY.
SECTION 14.15.
SUITS TO PROTECT THE MORTGAGED PROPERTY.
SUBJECT TO
APPLICABLE PROVISIONS OF THE LOAN AGREEMENT, BENEFICIARY SHALL HAVE THE POWER
AND AUTHORITY TO INSTITUTE AND MAINTAIN ANY SUITS AND PROCEEDINGS AS
BENEFICIARY, IN ITS SOLE AND ABSOLUTE DISCRETION, MAY DEEM ADVISABLE (A) TO
PREVENT ANY IMPAIRMENT OF THE PROPERTY BY ANY ACTS WHICH MAY BE UNLAWFUL OR IN
VIOLATION
27
OF THIS SECURITY INSTRUMENT, (B) TO PRESERVE OR PROTECT ITS INTEREST IN THE
MORTGAGED PROPERTY, OR (C) TO RESTRAIN THE ENFORCEMENT OF OR COMPLIANCE WITH ANY
LEGISLATION OR OTHER LEGAL REQUIREMENT THAT MAY BE UNCONSTITUTIONAL OR OTHERWISE
INVALID, IF THE ENFORCEMENT OF OR COMPLIANCE WITH SUCH ENACTMENT, RULE OR ORDER
MIGHT IMPAIR THE SECURITY HEREUNDER OR BE PREJUDICIAL TO BENEFICIARY'S INTEREST.
SECTION 14.16.
WAIVER OF TRIAL BY JURY.
EACH OF BENEFICIARY AND TRUSTOR
HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN
CONNECTION WITH THIS DEED OF TRUST, WHICH WAIVER IS INFORMED AND VOLUNTARY.
SECTION 14.17.
SUBSTITUTION OF TRUSTEE.
BENEFICIARY, TO THE EXTENT NOT
PROHIBITED BY LAW, SHALL HAVE THE IRREVOCABLE POWER, TO BE EXERCISED AT ANY TIME
OR TIMES HEREAFTER AND WITH OR WITHOUT CAUSE, TO SUBSTITUTE A TRUSTEE OR
TRUSTEES IN PLACE OF TRUSTEE, BY AN INSTRUMENT IN WRITING DULY EXECUTED,
ACKNOWLEDGED AND RECORDED IN THE CLARK COUNTY RECORDER'S OFFICE, AND WHEN SUCH
INSTRUMENT IS SO RECORDED, ALL OF THE POWERS OF TRUSTEE THUS SUPERSEDED SHALL
TERMINATE AND ALL OF THE RIGHT, TITLE AND INTEREST OF TRUSTEE HEREUNDER SHALL BE
VESTED IN THE TRUSTEE OR TRUSTEES NAMED AS ITS SUCCESSOR, AND SUCH SUCCESSOR
TRUSTEE OR TRUSTEES SHALL HAVE THE SAME POWERS, RIGHTS AND DUTIES WHICH THE
TRUSTEE SO SUPERSEDED HAD UNDER THIS SECURITY INSTRUMENT.
THE EXERCISE OF THIS
RIGHT TO APPOINT A SUCCESSOR TRUSTEE, NO MATTER HOW OFTEN EXERCISED, SHALL NOT
BE DEEMED AN EXHAUSTION OF SAID RIGHT.
IRRESPECTIVE OF WHETHER TRUSTEE CONSISTS
OF ONE OR MORE ENTITIES, BENEFICIARY MAY NAME ONE OR MORE ENTITIES AS SUCCESSOR
TRUSTEE OR TRUSTEES AS BENEFICIARY MAY DETERMINE.
ARTICLE XV.
STATE-SPECIFIC PROVISIONS
SECTION 15.1.
PRINCIPLES OF CONSTRUCTION.
IN THE EVENT OF ANY
INCONSISTENCIES BETWEEN THE TERMS AND CONDITIONS OF THIS ARTICLE 15 AND THE
TERMS AND CONDITIONS OF THIS SECURITY INSTRUMENT, THE TERMS AND CONDITIONS OF
THIS ARTICLE 15 SHALL CONTROL AND BE BINDING.
SECTION 15.2.
WAIVERS.
(A)
TRUSTOR WAIVES ALL RIGHTS OF SUBROGATION,
REIMBURSEMENT, INDEMNIFICATION, AND CONTRIBUTION AND ANY OTHER RIGHTS AND
DEFENSES THAT ARE OR MAY BECOME AVAILABLE TO SUCH TRUSTOR BY REASON OF NEVADA
LAW, INCLUDING, TO THE EXTENT PERMITTED BY LAW, (I) THE BENEFIT OF ALL LAWS NOW
EXISTING OR THAT MAY HEREAFTER BE ENACTED PROVIDING FOR ANY APPRAISEMENT BEFORE
SALE OF ANY PORTION OF THE PROPERTY; (II) ALL RIGHTS OF