REPAYMENT OF THE
DEBT AND THE PERFORMANCE OF THE OTHER OBLIGATIONS.
TRUSTOR ACKNOWLEDGES THAT
BENEFICIARY HAS A VALID INTEREST IN MAINTAINING THE VALUE OF THE PROPERTY SO AS
TO ENSURE THAT, SHOULD TRUSTOR DEFAULT IN THE REPAYMENT OF THE DEBT OR THE
PERFORMANCE OF THE OTHER OBLIGATIONS, BENEFICIARY CAN RECOVER THE DEBT BY A SALE
OF THE PROPERTY.
SECTION 6.2.
NO SALE/ENCUMBRANCE.
NEITHER TRUSTOR NOR ANY RESTRICTED
PARTY SHALL CAUSE, PERMIT OR SUFFER ANY TRANSFER TO OCCUR OTHER THAN AS
EXPRESSLY PERMITTED PURSUANT TO THE TERMS OF THE LOAN AGREEMENT.
ARTICLE VII.
RIGHTS AND REMEDIES UPON DEFAULT
SECTION 7.1.
REMEDIES.
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF ANY EVENT OF DEFAULT, TRUSTOR AGREES THAT BENEFICIARY MAY, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, TAKE SUCH ACTION, WITHOUT NOTICE OR DEMAND,
AS IT DEEMS ADVISABLE TO PROTECT AND ENFORCE ITS RIGHTS AGAINST TRUSTOR AND IN
AND TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING ACTIONS, EACH
OF WHICH MAY BE PURSUED CONCURRENTLY OR OTHERWISE, AT SUCH TIME AND IN SUCH
ORDER AS BENEFICIARY MAY DETERMINE, IN ITS SOLE DISCRETION, WITHOUT IMPAIRING OR
OTHERWISE AFFECTING THE OTHER RIGHTS AND REMEDIES OF BENEFICIARY:
(A)
INSTITUTE PROCEEDINGS, JUDICIAL OR OTHERWISE, FOR THE COMPLETE
FORECLOSURE OF THIS SECURITY INSTRUMENT UNDER ANY APPLICABLE PROVISION OF LAW,
IN WHICH CASE THE PROPERTY OR ANY
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INTEREST THEREIN MAY BE SOLD FOR CASH OR UPON CREDIT IN ONE OR MORE PARCELS OR
IN SEVERAL INTERESTS OR PORTIONS AND IN ANY ORDER OR MANNER;
(B)
WITH OR WITHOUT ENTRY, TO THE EXTENT PERMITTED AND PURSUANT TO THE
PROCEDURES PROVIDED BY APPLICABLE LAW, INSTITUTE PROCEEDINGS FOR THE PARTIAL
FORECLOSURE OF THIS SECURITY INSTRUMENT FOR THE PORTION OF THE DEBT THEN DUE AND
PAYABLE, SUBJECT TO THE CONTINUING LIEN AND SECURITY INTEREST OF THIS SECURITY
INSTRUMENT FOR THE BALANCE OF THE DEBT NOT THEN DUE, UNIMPAIRED AND WITHOUT LOSS
OF PRIORITY;
(C)
SELL FOR CASH OR UPON CREDIT THE PROPERTY OR ANY PART THEREOF AND
ALL ESTATE, CLAIM, DEMAND, RIGHT, TITLE AND INTEREST OF TRUSTOR THEREIN AND
RIGHTS OF REDEMPTION THEREOF, PURSUANT TO POWER OF SALE OR OTHERWISE, AT ONE OR
MORE SALES, AS AN ENTIRETY OR IN PARCELS, AT SUCH TIME AND PLACE, UPON SUCH
TERMS AND AFTER SUCH NOTICE THEREOF AS MAY BE REQUIRED OR PERMITTED BY LAW;
(D)
INSTITUTE ACTIONS, SUITS OR PROCEEDINGS (I) IN EQUITY FOR THE
SPECIFIC PERFORMANCE OF ANY COVENANT, CONDITION OR AGREEMENT CONTAINED HEREIN,
OR (II) AS BENEFICIARY OTHERWISE MAY DEEM APPROPRIATE TO PROTECT AND ENFORCE THE
RIGHTS VESTED IN BENEFICIARY BY THIS SECURITY INSTRUMENT;
(E)
RECOVER JUDGMENT ON THE NOTE EITHER BEFORE, DURING OR AFTER ANY
PROCEEDINGS FOR THE ENFORCEMENT OF THIS SECURITY INSTRUMENT OR THE OTHER LOAN
DOCUMENTS;
(F)
APPLY FOR THE APPOINTMENT OF A RECEIVER, TRUSTEE, LIQUIDATOR OR
CONSERVATOR OF THE PROPERTY, WITHOUT NOTICE AND WITHOUT REGARD FOR THE ADEQUACY
OF THE SECURITY FOR THE DEBT AND WITHOUT REGARD FOR THE SOLVENCY OF TRUSTOR,
BORROWER, ANY GUARANTOR, INDEMNITOR WITH RESPECT TO THE LOAN OR OF ANY PERSON