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10A Action 2014 0915
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10A Action 2014 0915
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9/17/2014 2:43:50 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/15/2014
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_CC Agenda 2014 0915 CS+RG
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\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0915
Reso 2014-104
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\City Clerk\City Council\Resolutions\2014
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therein, shall have the right to apply to any court having jurisdiction to appoint a receiver or <br />receivers of the Security (or a part thereof), and Trustor hereby irrevocably consents to such <br />appointment and waives further notice of any application therefor. Any such receiver or <br />receivers shall have all the usual powers and duties of receivers in like or similar cases, and all <br />the powers and duties of Beneficiary in case of entry as provided herein, and shall continue as <br />such and exercise all such powers until the date of confirmation of sale of the Security, unless <br />such receivership is sooner terminated. <br />7.6 Remedies Cumulative. No right, power or remedy conferred upon or reserved to <br />the Beneficiary by this Deed of Trust is intended to be exclusive of any other right, power or <br />remedy, but each and every such right, power and remedy shall be cumulative and concurrent <br />and shall be in addition to any other right, power and remedy given hereunder or now or <br />hereafter existing at law or in equity. <br />7.7 No Waiver. <br />A. No delay or omission of the Beneficiary to exercise any right, power or <br />remedy accruing upon any Event of Default shall exhaust or impair any such right, power or <br />remedy, or shall be construed to be a waiver of any such Event of Default or acquiescence <br />therein; and every right, power and remedy given by this Deed of Trust to the Beneficiary may <br />be exercised from time to time and as often as may be deemed expeditious by the Beneficiary. <br />No consent or waiver, expressed or implied, by the Beneficiary to or any breach by the Trustor in <br />the performance of the obligations hereunder shall be deemed or construed to be a consent to or <br />waiver of obligations of the Trustor hereunder. Failure on the part of the Beneficiary to <br />complain of any act or failure to act or to declare an Event of Default, irrespective of how long <br />such failure continues, shall not constitute a waiver by the Beneficiary of its right hereunder or <br />impair any rights, power or remedies consequent on any Event of Default by the Trustor. <br />B. If the Beneficiary (i) grants forbearance or an extension of time for the <br />payment of any sums secured hereby, (ii) takes other or additional security or the payment of any <br />sums secured hereby, (iii) waives or does not exercise any right granted in the Loan Documents, <br />(iv) releases any part of the Security from the lien of this Deed of Trust, or otherwise changes <br />any of the terms, covenants, conditions or agreements in the Loan Documents, (v) consents to the <br />granting of any easement or other right affecting the Security, or (iv) makes or consents to any <br />agreement subordinating the lien hereof, any such act or omission shall not release, discharge, <br />modify, change or affect the original liability under this Deed of Trust, or any other obligation of <br />the Trustor or any subsequent purchaser of the Security or any part thereof, or any maker, co- <br />signer, endorser, surety or guarantor (unless expressly released); nor shall any such act or <br />omission preclude the Beneficiary from exercising any right, power or privilege herein granted <br />or intended to be granted in any Event of Default then made or of any subsequent Event of <br />Default, nor, except as otherwise expressly provided in an instrument or instruments executed by <br />the Beneficiary shall the lien of this Deed of Trust be altered thereby. <br />7.8 Suits to Protect the Security. The Beneficiary shall have power to (a) institute <br />and maintain such suits and proceedings as it may deem expedient to prevent any impairment of <br />the Security and the rights of the Beneficiary as may be unlawful or any violation of this Deed of <br />Trust, (b) preserve or protect its interest (as described in this Deed of Trust) in the Security, and <br />13 <br />144\221\1488737.2
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