Agenda - 06-24-1986 - Laserfiche WebLink

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Section 9 . Advances by Trustee or Beneficiary. The Trustee and the Beneficiary are authorized to, but shall not be obligated, to make for the account of the Company, any required payments under any lien prior hereto, or under the Loan Agreement or this Deed of Trust, the non-payment of which would constitute a default, including but not limited to principal payments , interest payments, premium payments , if any, taxes and insurance premiums. All sums so advanced shall attach to and become part of the debt secured hereby, shall become payable at any time on demand therefor and, from the date of the advance to the date of repayment, any sum so advanced shall bear interest at a rate per annum equal to the Alternative Rate of Interest (as defined in the Loan Agreement) . The failure to make payment on demand shall, at the option of the Beneficiary, constitute a default hereunder, giving rise to all of the remedies herein provided for an event of default . The Trustee or the Beneficiary, as the case may be, shall notify the Company in writing of any such advance within 30 days of the date thereof; provided, however, that the failure to so notify shall not impair any rights of the Trustee or the Beneficiary under this Deed of Trust. The Beneficiary and the Trustee (with the permission of the Beneficiary) may grant any extension, forbearance or other indulgence, may release any part of the Trust Estate from the lien hereof and may release any person from liability without affecting the personal liability of any person for payment and performance of the debt secured hereby or the lien hereof. Section 10 . The Trustee. The Trustee shall be under no duty to take any action hereunder except as expressly required, or to perform any act which would involve him in expense or liability or to institute or defend any suit in respect hereof, unless properly indemnified to his satisfaction. All reasonable expenses, charges, counsel fees and other disbursements incurred by the Trustee in and about the administration and execution of the trusts hereby created, and the performance of his duties and powers hereunder , shall be secured by this Deed of Trust prior to the Note and shall bear interest at a rate equal to the Alternative Rate of Interest (as defined in the Loan Agreement) . The Beneficiary shall at any time have the irrevocable right to remove the Trustee herein named without notice or cause and to appoint his successor by an instrument in writing, duly acknowledged, in such form as to entitle such written instrument to be recorded in the State of North Carolina. The Trustee may resign at any time by giving written notice thereof to the Beneficiary, such resignation to become effective upon the appointment by the Beneficiary of a successor Trustee by an instrument described in the next preceding sentence, and acceptance of such appointment by such successor Trustee. Any successor Trustee, appointed as provided above, shall be vested `.: 9 .