Orange County NC Website
Browse       Search
the Company Guaranty , the Personal Guaranty or the Bond <br /> or any amendments and supplements thereto and the <br /> expiration of any applicable grace or notice periods <br /> provided thereby; or <br /> ( iv) any lien, charge or encumbrance prior to or <br /> affecting the validity of this Deed of Trust is found <br /> to exist, other than Permitted Encumbrances, or <br /> proceedings be instituted to enforce any lien, charge <br /> or encumbrance against any of said Trust Estate and <br /> such lien, charge or encumbrance would be prior to the <br /> lien of this Deed of Trust. <br /> (b) If an event of default shall have occurred, the <br /> Trustee or the Beneficiary shall have the right to enter <br /> upon the aforementioned property to such extent and as often <br /> as the Trustee or the Beneficiary, in their discretion, deem <br /> necessary or desirable in order to prevent or to cure any <br /> default by the Company. The Trustee or the Beneficiary may <br /> take possession of all or any part of the Trust Estate <br /> together with the books, papers and accounts of the Company <br /> pertaining thereto and may hold, operate and manage the <br /> same, and from time to time make all needful repairs and <br /> improvements as shall be deemed expedient by the Trustee or <br /> Beneficiary; and the Trustee or Beneficiary may lease all or <br /> any part of the Trust Estate in the name of and for the <br /> account of the Company, and collect, receive and sequester <br /> the rent , revenues, receipts, earnings, income, products and <br /> profits therefrom, and out of the same and from any moneys <br /> received from any receiver of any part thereof pay, and set <br /> up proper reserves for the payment of, all proper costs and <br /> expenses of so taking, holding and managing the same, <br /> including reasonable compensation to the Trustee or the <br /> Beneficiary, their agents and counsel, and any charges of <br /> the Trustee or Beneficiary hereunder , and any taxes and <br /> assessments and other charges prior to the lien of this Deed <br /> of Trust which the Trustee or the Beneficiary may deem it <br /> proper to pay, and all expenses of such repairs and <br /> improvements, and apply the remainder of the moneys so <br /> received in accordance with the provisions hereof. <br /> If an event of default shall have occurred, the Trustee <br /> or the Beneficiary shall have the right to appoint a <br /> receiver to collect the rents and profits from the Trust <br /> Estate without consideration of the value of the premises or <br /> the solvency of any person liable for the payment of the <br /> amounts then owing, and all amounts collected by the <br /> receiver shall, after expenses of the receivership, be <br /> applied to the payment of the indebtedness secured hereby, <br /> and the Trustee or the Beneficiary, at their option, in lieu <br /> 5 . <br /> y <br />