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right without regard to the solvency or insolvency of Grantor or of the then owner of the Property,and without regard <br /> to the value thereof.Such receiver may be appointed by any Court of competent jurisdiction upon ex pane application <br /> and without notice;notice being hereby expressly waived. <br /> Upon Acceleration under § 18 (Acceleration; Foreclosure; Other Remedies) or abandonment of the Property, <br /> Grantee, in person,by agent or by judicially-appointed receiver, shall be entitled to enter upon,take possession of <br /> and manage the Property and to collect the rents of the Property including those past due. All rents collected by <br /> Grantee or the receiver shall be applied, first to payment of the costs of preservation and management of the <br /> Property,second to payments due upon prior liens,and then to the sums secured by this Deed of Trust.Grantee and <br /> the receiver shall be liable to account only for those rents actually received. <br /> 21. Release. Upon payment of all sums secured by this Deed of Trust,Grantee shall cause Trustee to release <br /> this Deed of Trust and shall produce for Trustee the Note.Grantor shall pay all costs of recordation and shall pay the <br /> statutory Trustee's fees.If Grantee shall not produce the Note as aforesaid,then Grantee,upon notice in accordance <br /> with § 16 (Notice) from Grantor to Grantee, shall obtain, at Grantee's expense, and file any lost instrument bond <br /> required by Trustee or pay the cost thereof to effect the release of this Deed of Trust. <br /> 22. Waiver of Exemptions. Grantor hereby waives all right of homestead and any other exemption in the <br /> Property under state or federal law presently existing or hereafter enacted. <br /> 23. Intentionally Omitted. <br /> 24. Transfer of the Property; Assumption. The following events shall be referred to herein as a <br /> "Transfer": (i) a transfer or conveyance of title(or any portion thereof, legal or equitable) of the Property (or any <br /> part thereof or interest therein) to a person or entity not affiliated with Grantor; (ii)the execution of a contract or <br /> agreement creating a right to title(or any portion thereof,legal or equitable)in the Property(or any part thereof or <br /> interest therein)to any person or entity not affiliated with Grantor;(iii)or an agreement granting a possessory right <br /> in the Property(or any portion thereof),in excess of 3 years to any person or entity not affiliated with Grantor;(iv)a <br /> sale or transfer of,or the execution of a contract or agreement creating a right to acquire or receive,more than fifty <br /> percent(50%)of the controlling interest or more than fifty percent(50%)of the beneficial interest in Grantor to any <br /> person or entity not affiliated with Grantor and(v)the reorganization, liquidation or dissolution of Grantor unless <br /> the same results in a conveyance to a person or entity affiliated with Grantor.Not to be included as a Transfer are(x) <br /> the creation of a lien or encumbrance subordinate to this Deed of Trust; (y) the creation of a purchase money <br /> security interest for household appliances; or(z) a transfer by devise, descent or by operation of the law upon the <br /> death of a joint tenant.At the election of Grantee,in the event of each and every Transfer: <br /> 24.1. All sums secured by this Deed of Trust shall become immediately due and payable(Acceleration). <br /> 24.2. If a Transfer occurs and should Grantee not exercise Grantee's option pursuant to this §24 to <br /> Accelerate, Transferee shall be deemed to have assumed all of the obligations of Grantor under this Deed of Trust <br /> including all sums secured hereby whether or not the instrument evidencing such conveyance, contract or grant <br /> expressly so provides.This covenant shall run with the Property and remain in full force and effect until said sums <br /> are paid in full. Grantee may without notice to Grantor deal with Transferee in the same manner as with Grantor <br /> with reference to said sums including the payment or credit to Transferee of undisbursed reserve Funds on payment <br /> in full of said sums, without in any way altering or discharging Grantor's liability hereunder for the obligations <br /> hereby secured. <br /> 24.3. Should Grantee not elect to Accelerate upon the occurrence of such Transfer then, subject to <br /> §24.2 above, the mere fact of a lapse of time or the acceptance of payment subsequent to any of such events, <br /> whether or not Grantee had actual or constructive notice of such Transfer,shall not be deemed a waiver of Grantee's <br /> right to make such election nor shall Grantee be estopped therefrom by virtue thereof. The issuance on behalf of <br /> Grantee of a routine statement showing the status of the loan, whether or not Grantee had actual or constructive <br /> notice of such Transfer,shall not be a waiver or estoppel of Grantee's said rights. <br /> 25. Grantor's Copy.Grantor acknowledges receipt of a copy of the Note and this Deed of Trust. <br /> GRANTOR: <br /> BENNETT CREEK RANCH,LLC <br /> /A �c h'1 e*4i t- <br /> By:John Wakeham <br /> Its:Manager/M tin 6u, <br />