RecD05 2005-141300 - Laserfiche WebLink

Browse Search

5. Beneficiary may, from time to time as provided by statute, or by a writing signed and acknowledged by him and recorded in the office of the county recorder of the county in which the land or such part thereof as is then affected by this deed of trust is situated, appoint another trustee in stead of Trustee herein named; and thereupon, the Trustee herein named shall be discharged, and the trustee so appointed shall be substituted as Trustee hereunder with the same effect as if originally named Trustee herein. 6. If two or more persons are designated as Trustee herein, any or all powers granted herein to Trustee may be exercised by any of such persons if the other person or persons is unable, for any reason, to act. Any recital of such inability in any instrument executed by any of such persons shall be conclusive against Trustor, his heirs and assigns. 7. All leases of any structures on the property subject to this Deed of Trust, now or hereafter affecting the property are hereby assigned and transferred to Beneficiary by Trustor, with such assignment to take effect upon a default of any obligation hereby secured by Trustor, with notice and an opportunity to cure if applicable. 8. Trustor reserves the right, prior to any default, after notice and an opportunity to cure, if applicable, in payment of any indebtedness or performance of any obligation secured hereby, to collect all such rents, royalties, issues and profits as, but not before, they become due. Upon any such default, Trustor's right to collect such moneys shall cease, not only as to amounts accruing thereafter, but also as to amounts then accrued and unpaid. In the event of such a default, Beneficiary, with or without notice and without regard to the adequacy of security for the indebtedness hereby secured, either in person or by agent, or by a receiver to be appointed by the court, (a) may enter upon and take possession of the property at any time and manage and control it in Beneficiary's reasonable discretion and in compliance with applicable law, and (b) with or without taking possession, may sue for or otherwise collect the rents, issues and profits thereof, whether past due or coming due thereafter, and apply the same, less costs and expenses of operation and collection, including reasonable attorneys' fees, upon any obligation secured hereby and in such order as Beneficiary determines. None of the aforesaid acts shall cure or waive any default hereunder or invalidate any act done pursuant to such notice. 9. wi thout affecting the liability of Trustor or of any other party now or hereafter bound by the terms hereof, from time 6 REDW\OOO6\DOC\O25