IT MIGHT DEAL WITH THE ORIGINAL PARTIES HERETO AND WITHOUT IN ANY WAY
RELEASING AND/OR DISCHARGING ANY LIABILITIES, OBLIGATIONS OR UNDERTAKINGS.
4.4
COVENANTS RUNNING WITH THE LAND.
ALL OBLIGATIONS CONTAINED IN
THIS DEED OF TRUST ARE INTENDED BY THE PARTIES TO BE, AND SHALL BE CONSTRUED AS,
COVENANTS RUNNING WITH THE MORTGAGED PROPERTY.
4.5
SUCCESSORS AND ASSIGNS.
ALL OF THE TERMS OF THE CREDIT DOCUMENTS
SHALL APPLY TO, BE BINDING UPON AND INURE TO THE BENEFIT OF THE PARTIES THERETO,
THEIR PERMITTED SUCCESSORS, ASSIGNS, HEIRS AND LEGAL REPRESENTATIVES, AND ALL
OTHER PERSONS CLAIMING BY, THROUGH OR UNDER THEM.
4.6
SEVERABILITY.
IF ANY TERM OF THIS DEED OF TRUST, OR THE
APPLICATION THEREOF TO ANY PERSON OR CIRCUMSTANCES, SHALL, TO ANY EXTENT, BE
INVALID OR UNENFORCEABLE, THE REMAINDER OF THIS DEED OF TRUST, SHALL BE VALID
AND ENFORCEABLE TO THE FULLEST EXTENT PERMITTED BY LAW.
4.7
SUBSTITUTE TRUSTEE.
IF TRUSTEE SHALL DIE OR BECOME DISQUALIFIED
FROM ACTING IN THE
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EXECUTION OF THIS TRUST, OR BE ABSENT FROM THE COUNTRY OR SHALL FAIL OR REFUSE
TO EXECUTE THE SAME WHEN REQUESTED BY BENEFICIARY TO DO SO; OR IF, FOR ANY
REASON, BENEFICIARY SHALL PREFER TO APPOINT A SUBSTITUTE TRUSTEE TO ACT INSTEAD
OF THE TRUSTEE NAMED HEREIN, BENEFICIARY SHALL HAVE FULL POWER TO APPOINT, BY
RECORDED, WRITTEN INSTRUMENT, OR OTHER MANNER AS PROVIDED BY APPLICABLE LAW, A
SUBSTITUTE TRUSTEE, AND, IF NECESSARY, SEVERAL SUBSTITUTE TRUSTEES IN
SUCCESSION, WHO SHALL SUCCEED TO ALL THE ESTATE, RIGHTS, POWERS AND DUTIES OF
THE ORIGINAL TRUSTEE NAMED HEREIN. SUCH APPOINTMENT MAY BE EXECUTED BY ANY
AUTHORIZED AGENT OF BENEFICIARY; AND IF BENEFICIARY IS A CORPORATION AND SUCH
APPOINTMENT IS EXECUTED IN ITS BEHALF BY ANY OFFICER OF SUCH CORPORATION, SUCH
APPOINTMENT SHALL BE CONCLUSIVELY PRESUMED TO BE EXECUTED WITH AUTHORITY AND
SHALL BE VALID AND SUFFICIENT WITHOUT PROOF OF ANY ACTION BY THE BOARD OF
DIRECTORS OR ANY SUPERIOR OFFICER OF THE CORPORATION. GRANTOR HEREBY AGREES, IN
ITS BEHALF AND IN BEHALF OF ITS HEIRS, EXECUTORS, ADMINISTRATORS, SUCCESSORS,
PERSONAL REPRESENTATIVES AND ASSIGNS, THAT ANY AND ALL STATEMENTS OF FACT OR
OTHER RECITALS MADE IN ANY DEED OF CONVEYANCE GIVEN BY THE TRUSTEE, WITH RESPECT
TO THE IDENTITY OF BENEFICIARY, OR WITH RESPECT TO THE OCCURRENCE OR EXISTENCE
OF ANY EVENT OF DEFAULT, OR WITH RESPECT TO THE ACCELERATION OF THE MATURITY OF
ANY OF THE OBLIGATIONS SECURED HEREBY, OR WITH RESPECT TO THE REQUEST TO SELL,
THE NOTICE OF SALE, THE GIVING OF NOTICE TO ALL DEBTORS LEGALLY ENTITLED
THERETO, THE TIME, PLACE, TERMS AND MANNER OF SALE, AND RECEIPT, DISTRIBUTION,
AND APPLICATION OF THE MONEY REALIZED THEREFROM, OR WITH RESPECT TO THE DUE AND
PROPER APPOINTMENT OF A SUBSTITUTE TRUSTEE, AND, WITHOUT BEING LIMITED BY THE
FOREGOING, WITH RESPECT TO ANY OTHER ACT OR THING HAVING BEEN DULY DONE BY THE
BENEFICIARY OR BY THE TRUSTEE HEREUNDER, SHALL BE TAKEN BY ALL COURTS OF LAW AND
EQUITY AS PRIMA FACIE EVIDENCE THAT THE STATEMENTS OR RECITALS STATE FACTS AND
ARE WITHOUT FURTHER QUESTIONS