Laserfiche WebLink
percent (10%) or the maximum rate permitted by law, until paid, shall be added to the <br />indebtedness secured by this Deed of Trust and shall be due and payable to the Beneficiary upon <br />its demand made at any time following the conclusion of such action. <br />ARTICLE 7. <br />EVENTS OF DEFAULT AND REMEDIES <br />7.1 Events of Default. The following shall constitute Events of Default: (1) failure to <br />make any payment to be paid by Trustor under the Loan Documents following expiration of <br />applicable notice and cure periods; (2) failure to observe or perform any of Trustor's other <br />covenants, agreements or obligations under the Loan Documents, including, without limitation, <br />the provisions concerning discrimination following the expiration of applicable notice and cure <br />periods; or (3) failure to make any payment or perform any of Trustor's other covenants, <br />agreements, or obligations under any other debt instruments or regulatory agreement secured by <br />the Property; which defaults shall not be cured within the times and in the manner provided <br />therein. <br />7.2 Acceleration of Maturity. If an Event of Default shall have occurred and be <br />continuing, then at the option of the Beneficiary, the amount of any payment related to the Event <br />of Default and the unpaid Principal of the Note shall immediately become due and payable, upon <br />written notice by the Beneficiary to the Trustor (or automatically where so specified in the Loan <br />Documents), and no omission on the part of the Beneficiary to exercise such option when <br />entitled to do so shall be construed as a waiver of such right. Notwithstanding anything to the <br />contrary contained herein, the Beneficiary hereby agrees that any cure of any default made or <br />tendered by one or more of Trustor's limited partners shall be deemed to be a cure by Trustor and <br />shall be accepted or rejected on the same basis as if made or tendered by Trustor. <br />7.3 The Beneficiary's Right to Enter and Take Possession. If an Event of Default <br />shall have occurred and be continuing, the Beneficiary may: <br />A. Either in person or by agent, with or without bringing any action or <br />proceeding, or by a receiver appointed by a court, and without regard to the adequacy of its <br />security, enter upon the Security and take possession thereof (or any part thereof) and of any of <br />the Security, in its own name or in the name of Trustee, and do any acts which it deems <br />necessary or desirable to preserve the value or marketability of the Property, or part thereof or <br />interest therein, increase the income therefrom or protect the security thereof. The entering upon <br />and taking possession of the Security shall not cure or waive any Event of Default or Notice of <br />Default (as defined below) hereunder or invalidate any act done in response to such Default or <br />pursuant to such Notice of Default and, notwithstanding the continuance in possession of the <br />Security, Beneficiary shall be entitled to exercise every right provided for in this Deed of Trust, <br />or by law upon occurrence of any Event of Default, including the right to exercise the power of <br />sale; <br />B. Commence an action to foreclose this Deed of Trust as a mortgage, <br />appoint a receiver, or specifically enforce any of the covenants hereof; <br />11 <br />144\221\1488737.2