PROPERTY SHALL BE IN JEOPARDY OR IN DANGER OF BEING
FORFEITED OR FORECLOSED. BENEFICIARY MAY PAY OVER ANY SUCH CASH DEPOSIT OR PART
THEREOF TO THE CLAIMANT ENTITLED THERETO AT ANY TIME WHEN, IN THE JUDGMENT OF
BENEFICIARY, THE ENTITLEMENT OF SUCH CLAIMANT IS ESTABLISHED.
PARTIAL RELEASES.
Grantor shall be entitled to partial releases of the lien of the Deed of Trust
on the following terms and conditions:
9.1
Releases will be granted for each tract of the Land described in
Exhibit "A". At such time as Grantor determines to develop any tract of the
Land, Grantor shall notify Beneficiary and to obtain a release of each such
tract and tender Beneficiary an amount equal to the outstanding principal of the
Note multiplied by the ratio of the buildable square feet of the parcel to be
released to the total buildable square feet of the total Land (authorized at the
time of the Release) which remains as security under this Deed of Trust (the
"Release Price").
9.2
To obtain a partial release of any tract of the Property from this Deed
of Trust, the Release Price shall be paid in cash by Grantor. All payments for
partial releases shall be applied as a prepayment on the Note.
9.3
All expenses incident to the granting of partial releases shall be born
by Grantor.
INTENTIONALLY DELETED
TRUSTEE
NO REQUIRED ACTION. TRUSTEE SHALL NOT BE REQUIRED TO TAKE ANY ACTION TOWARD THE
EXECUTION AND ENFORCEMENT OF THE TRUST HEREBY CREATED OR TO INSTITUTE, APPEAR
IN, OR DEFEND ANY ACTION, SUIT, OR OTHER PROCEEDING IN CONNECTION THEREWITH
WHERE, IN TRUSTEE'S OPINION, SUCH ACTION WOULD BE LIKELY TO INVOLVE TRUSTEE IN
EXPENSE OR LIABILITY, UNLESS REQUESTED SO TO DO BY A WRITTEN INSTRUMENT SIGNED
BY BENEFICIARY
Deed of Trust - Page 24
AND, IF TRUSTEE SO REQUESTS, UNLESS TRUSTEE IS TENDERED SECURITY AND INDEMNITY
SATISFACTORY TO TRUSTEE AGAINST ANY AND ALL COST, EXPENSE, AND LIABILITY ARISING
THEREFROM. TRUSTEE SHALL NOT BE RESPONSIBLE FOR THE EXECUTION, ACKNOWLEDGMENT,
OR VALIDITY OF THE LOAN DOCUMENTS, OR FOR THE PROPER AUTHORIZATION THEREOF, OR
FOR THE SUFFICIENCY OF THE LIEN AND SECURITY INTEREST PURPORTED TO BE CREATED
HEREBY, AND TRUSTEE MAKES NO REPRESENTATION IN RESPECT THEREOF OR IN RESPECT OF
THE RIGHTS, REMEDIES, AND RECOURSES OF BENEFICIARY.
CERTAIN RIGHTS. WITH THE APPROVAL OF BENEFICIARY, TRUSTEE SHALL HAVE THE RIGHT
TO TAKE ANY AND ALL OF THE FOLLOWING ACTIONS:
(I) SELECT, EMPLOY, AND ADVISE
WITH COUNSEL (WHO MAY BE, BUT NEED NOT BE, COUNSEL FOR BENEFICIARY) UPON ANY
MATTERS ARISING HEREUNDER, INCLUDING THE PREPARATION, EXECUTION, AND
INTERPRETATION OF THE LOAN DOCUMENTS, AND SHALL BE FULLY PROTECTED IN RELYING AS
TO LEGAL MATTERS ON THE ADVICE OF COUNSEL, (II) EXECUTE ANY OF THE TRUSTS AND
POWERS HEREOF AND PERFORM ANY DUTY HEREUNDER EITHER DIRECTLY OR THROUGH
TRUSTEE'S AGENTS OR ATTORNEYS, (III) SELECT AND EMPLOY, IN AND ABOUT THE
EXECUTION OF TRUSTEE'S DUTIES HEREUNDER, SUITABLE ACCOUNTANTS, ENGINEERS AND
OTHER EXPERTS, AGENTS AND ATTORNEYS-IN-FACT, EITHER CORPORATE OR INDIVIDUAL, NOT
REGULARLY IN THE EMPLOY