Orange County NC Website
without the express written consent of Beneficiary, other than any <br /> Permitted Encumbrance and the Lease. <br /> Article III. Remedies of Beneficiary. <br /> 3 . 1 Acceleration of Contract . If an Event of Default shall <br /> have occurred, then the principal portion of any remaining <br /> Installment Payments (as defined in the Contract) shall, at the <br /> option of the Beneficiary, become at once due and payable, <br /> regardless of the maturity date thereof. <br /> 3 .2 Right to Enter and Take Possession. Upon the occurrence <br /> and continuation of an Event of Default, the Beneficiary or the <br /> Trustee: (a) shall have the right (but not the obligation) to enter <br /> upon the aforementioned Property to such extent and as often as the <br /> Trustee or the Beneficiary, in either the Trustee' s or the <br /> Beneficiary' s sole discretion, as the case may be, deems necessary <br /> or desirable in order to cure any default by the Grantor; (b) may <br /> take possession of all or any part of the Property together with <br /> the books, papers and accounts of the Grantor pertaining thereto <br /> and may hold, operate and manage the same, and from time to time <br /> make all needful repairs and improvements as shall be deemed <br /> expedient by the Trustee or the Beneficiary, as the case may be; <br /> (c) may, subject to the rights of tenants, modify or cancel any <br /> lease of the Property and may lease the Property or any part <br /> thereof for such periods of time and upon such terms and conditions <br /> as the Trustee or the Beneficiary, as the case may be, may, in <br /> either of their reasonable discretion, deem proper, in the name of <br /> and for the account of the Grantor, and collect, receive and <br /> request the Rents, and out of the same and from any money received <br /> from any receiver or any part thereof pay, and set up proper <br /> reserves for the payment of, all proper costs and expenses of so <br /> taking, holding and managing the same, including reasonable <br /> compensation to the Trustee or the Beneficiary, their or its agents <br /> and counsel, and any charges of the Trustee or the Beneficiary <br /> hereunder, as the case may be, and any taxes and assessments and <br /> other charges prior to the lien of this Deed of Trust that the <br /> Trustee or the Beneficiary, as the case may be, may deem it proper <br /> to pay, and all expenses of such repairs and improvements, and <br /> apply the remainder of the money so received in accordance with the <br /> provisions of Section 3 . 8 hereof; and (d) may enforce, enjoin and <br /> restrain the violation of any of the terms and conditions of the <br /> Leases in effect at such time. <br /> 3 .3 Appointment of Receiver. The Beneficiary and the Trustee <br /> shall have the right, to the extent permitted by law, after the <br /> occurrence of an Event of Default, to the appointment of a receiver <br /> to collect the Rents from the Property without consideration of the <br /> value of the Property or the solvency of any person liable for the <br /> payment of the amounts then owing, and all amounts collected by the <br /> receiver shall, after expenses of the receivership, be applied in <br /> accordance with the provisions of Section 3 . 8 hereof, and the <br /> 8 <br />