Laserfiche WebLink
<br />receipts from the property. Leases are not assigned. Grantor <br />warrants the validity and enforceability of the assignment. <br />Grantor may as Beneficiary's licensee collect rent and other income <br />and receipts as long as Grantor is not in default under the note or <br />this deed of trust. Grantor will apply all rent and other income <br />and receipts to payment of the note and performance of this deed of <br />trust, but if the rent and other income and receipts exceed the <br />amount due under the note and deed of trust, Grantor may retain the <br />excess. If Grantor defaults in payment of the note or performance <br />of this deed of trust, Beneficiary may terminate Grantor's license <br />to collect and then as Grantor's agent may rent the property if it <br />is vacant and collect all rent and other income and receipts. <br />Beneficiary neither has nor assumes any obligations as lessor or <br />landlord with respect to any occupant of the property. Beneficiary <br />may exercise Beneficiary's rights and remedies under this paragraph <br />without taking possession of the property. Beneficiary shall apply <br />all rent and other income and receipts collected under this <br />paragraph first to expenses incurred in exercising Beneficiary'S <br />rights and remedies and then to Grantor's obligations under the <br />note and this deed of trust in the order determined by Beneficiary. <br />Beneficiary is not required to act under this paragraph, and acting <br />under this paragraph does not waive any of Beneficiary's other <br />rights or remedies. If Grantor becomes a voluntary or involuntary <br />bankrupt, Beneficiary'S filing a proof of claim in bankruptcy will <br />be tantamount to the appointment of a receiver under Texas law. <br />8. Interest on the debt secured by this deed of trust shall <br />not exceed the maximum amount of nonusurious interest that may be <br />contracted for, taken, reserved, charged, or received under law; <br />any interest in excess of that maximum amount shall be credited on <br />the principal of the debt or, if that has been paid, refunded. On <br />any acceleration or required or permitted prepayment, any such <br />excess shall be canceled automatically as of the acceleration or <br />prepayment or, if already paid, credited on the principal of the <br />debt or, if the principal of the debt has been paid, refunded. <br />This provision overrides other provisions in this and all other <br />instruments concerning the debt. <br />9. When the context requires, singular nouns and pronouns <br />include the plural. <br />10. The term "noten includes all sums secured by this deed of <br />trust. <br />11. This deed of trust shall bind, inure, to the benefit of, <br />and be exercised by successors in interest of all par-ties. <br />12. If Grantor and Maker are not the same person, the term <br />"Grantor" shall include Maker. <br />13. If Grantor transfers any part of the property without <br />Beneficiary'S prior written consent, Beneficiary may declare the <br />debt secured by this deed of trust immediately payable. In that <br />event Beneficiary will notify Grantor that the debt is payable; if <br />it is not paid within thirty days after notice to Grantor , <br />Beneficiary may without further notice of demand to Grantor invoke <br />any remedies provided in this instrument for default. Exceptions <br />to this provision for declaring the note due on sale or transfer <br />are limited to the following: <br />a. creation of a lien or encumbrance subordinate to this <br />deed of trust; <br /> <br />~ <br />