|
Amendment that is not cured after notice and any cure period provided for therein (if and to the extent there are notice
<br /> rights and/or cure periods provided therein with respect to such default);
<br /> 7.1.2 Unauthorized Transfer. A transfer, purported transfer, or change of
<br /> ownership or control of Grantor or any guarantor in violation of Section 8.
<br /> 7.1.3 Security Impaired. There is an uninsured casualty with respect to any
<br /> material portion of the Collateral and Grantor fails to immediately repair such damage, Grantor fails to satisfy the
<br /> conditions set forth in the Deed of Trust for the release of insurance proceeds or any condemnation award, or,whether
<br /> or not Beneficiary has received and applied insurance proceeds or any condemnation award to the Secured Obligation
<br /> in accordance with the Deed of Trust, Beneficiary reasonably determines that its security is impaired by such casualty
<br /> or condemnation and Grantor fails to immediately deposit with Beneficiary an amount determined by Beneficiary as
<br /> necessary to restore such security.
<br /> 7.2 Rights and Remedies. At any time after the occurrence of an Event of Default
<br /> hereunder, Beneficiary and/or Trustee shall have all of the rights and remedies described below, in addition to any
<br /> other rights and remedies of Beneficiary under Development Agreement or Amendment. To the fullest extent
<br /> permitted by law, all of such rights and remedies shall be cumulative and the exercise of any one or more of them shall
<br /> not constitute an election of remedies:
<br /> 7.2.1 Receiver. If an Event of Default shall have occurred and be continuing,
<br /> Beneficiary may, as a matter of right and without regard to the then-current value of the Collateral or the interest of
<br /> Grantor therein or the sufficiency of the security for repayment of the Secured Obligation, upon ex parte application
<br /> and without notice to Grantor or anyone claiming under Grantor, and without any showing of insolvency, fraud or
<br /> mismanagement on the part of Grantor, and without the necessity of filing any judicial or other proceeding other than
<br /> the proceeding for appointment of a receiver,apply to any court having jurisdiction to appoint a receiver or receivers for
<br /> the Collateral or any portion thereof, and of the Rents, Issues and Profits, and Grantor hereby irrevocably consents to
<br /> the appointment of a receiver or receivers upon such Event of Default. Any such receiver shall have the usual powers
<br /> and duties of receivers in like or similar cases and all the powers and duties of Beneficiary set forth in this Deed of
<br /> Trust, Development Agreement, or Amendment. Employment by Beneficiary shall not disqualify a person from serving
<br /> as receiver.
<br /> 7.2.2 Cure; Protection of Security. With or without notice, and without releasing
<br /> Grantor from any obligation hereunder, Beneficiary may (but shall not be obligated to) cure any breach or default of
<br /> Grantor and, if it chooses to do so in its sole discretion, make such advances and do any and all other things that it
<br /> may in its sole discretion consider necessary and appropriate to protect its Collateral and the security of this Deed of
<br /> Trust. In addition to and without limitation of the foregoing, if Grantor has failed to keep or perform any covenant
<br /> whatsoever contained in this Deed of Trust, Development Agreement, or Amendment, Beneficiary may, but shall not
<br /> be obligated to any person to do so, perform or attempt to perform said covenant, and any payment made or expense
<br /> incurred in the performance or attempted performance of any such covenant shall be and become a part of the
<br /> Secured Obligation, and Grantor promises, upon demand, to pay to Beneficiary, at the place then designated by
<br /> Beneficiary, all sums so advanced or paid by Beneficiary, with interest from the date when paid or incurred by
<br /> Beneficiary at an annual rate of 12%. No such payment by Beneficiary shall constitute a waiver of any Event of
<br /> Default. In addition to the liens and security interests hereof, Beneficiary shall be subrogated to all rights, titles, liens,
<br /> and security interests securing the payment of any debt, claim, tax, or assessment for the payment of which
<br /> Beneficiary may make an advance,or which Beneficiary may pay.
<br /> 7.2.3 Entry. Beneficiary, in person, by agent, or by court-appointed receiver, with or
<br /> without bringing any action or proceeding, may terminate Grantor's right and license to collect the Rents, Issues and
<br /> Profits and to administer the Leases, and enter, take possession of, complete construction on, manage and operate,
<br /> and lease or sell, all or any part of the Collateral, and may also do any and all other things in connection with those
<br /> Everett Deed of Trust—Lot 1 Page 12
<br /> ND:19652.017 4822-1832-5829v1
<br />
|