Common use of Substitution of Trustee Clause in Contracts

Substitution of Trustee. Beneficiary shall have, and is hereby granted with warranty of further assurances, the irrevocable power to remove a Trustee or successor Trustee and to appoint a substitute Trustee or Trustees hereunder (including, in case of death or refusal to act of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence or any other reason), to appoint a new or replacement substitute Trustee or Trustees, to be exercised at any time without notice and without specifying any reason therefor, by filing for record in the office where this instrument is recorded a Deed of Appointment or Notice of Substitution of Trustee. The power of appointment of a successor Trustee or Trustees may be exercised as often as and whenever Beneficiary may choose, and the exercise of the power of appointment, no matter how often, shall not be an exhaustion thereof. Upon the recordation of such Deed or Deeds of Appointment or Notice or Notices of Substitution of Trustee, Trustee or Trustees so appointed shall thereupon, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunder. Whenever in this Deed of Trust reference is made to Trustee, it shall be construed to mean Trustee or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon Trustee shall be in each of Trustees so that any action hereunder or purporting to be hereunder of any one of the original or any successor Trustee shall for purposes be considered to be, and as effective as, the action of all Trustees.

Substitution of Trustee. Beneficiary Lender shall have, and is hereby granted by Borrower with warranty of further assurances, the irrevocable power to remove a Trustee appoint one or successor Trustee and to appoint more persons or entities as a substitute Trustee or Trustees hereunder (including, in case of death or refusal to act of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence or any other reason), to appoint a new or replacement substitute Trustee or Trusteeshereunder, to be exercised at any time without notice and hereafter without specifying any reason therefor, by filing for record in the office where this instrument Security Instrument is recorded a Deed deed of Appointment or Notice of Substitution of Trusteeappointment. The Said power of appointment of a one or more successor Trustee or Trustees may be exercised as often as and whenever Beneficiary may choose, and the Lender deems it advisable. The exercise of the said power of appointment, no matter how often, shall not be an exhaustion thereof. Upon the recordation of such Deed or Deeds deed of Appointment or Notice or Notices of Substitution of Trusteeappointment, the Trustee or Trustees so appointed shall thereupon, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his his, hers or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunderTrustee. Whenever in this Deed of Trust Security Instrument reference is made to Trustee, it shall be construed to mean each person or entity appointed as Trustee or Trustees for the time being, whether original or successors or successor in trust; and all . All title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon Trustee shall be in each of Trustees the persons or entities appointed as Trustee so that any action hereunder or purporting to be hereunder of any one of the original persons or any successor entities appointed as Trustee shall for all purposes be considered to be, and as effective as, the action of all TrusteesTrustee.

Substitution of Trustee. Beneficiary shall haveTrustee may resign by an instrument in writing addressed to Collateral Agent, and is hereby granted or Trustee may be removed at any time with warranty or without cause by an instrument in writing in recordable form executed by Collateral Agent. In case of further assurancesthe death, the irrevocable power to remove a resignation, removal or disqualification of Trustee or successor Trustee and if for any reason Collateral Agent shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein named Trustee or Trustees hereunder (includingany substitute or successor trustee, in case of death or refusal to act of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence or any other reason), then Collateral Agent shall have the right and is hereby authorized and empowered to appoint a new successor trustee, or replacement a substitute Trustee or Trusteestrustee, to be exercised at any time without notice other formality than appointment and without specifying any reason therefor, designation in writing executed by filing for record Collateral Agent and the proper recording of that instrument in the office where this instrument Public Registry of the county in which the Property is recorded located, and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Obligations has been paid in full, or until the Property is sold hereunder. In the event the Secured Obligations is owed by more than one person or entity, the holder or holders of not less than a Deed majority of Appointment or Notice the amount of Substitution of Trustee. The power of such Secured Obligations shall have the right and authority to make the appointment of a successor Trustee or Trustees may substitute trustee provided for in the preceding sentence. Such appointment and designation by Collateral Agent shall be exercised as often as and whenever Beneficiary may choose, and the exercise full evidence of the power right and authority to make the same and of appointment, no matter how often, shall not be an exhaustion thereofall facts therein recited. Upon the recordation making of any such Deed appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or Deeds substitute trustee and he shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties herein conferred upon Trustee; but nevertheless, upon the written request of Appointment Collateral Agent or Notice of the successor or Notices substitute trustee the trustee ceasing to act shall execute and deliver an instrument transferring to such successor or substitute trustee all of Substitution the estate and title in the Property of Trusteethe trustee so ceasing to act, Trustee or Trustees so appointed shall thereupon, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and together with all the rights, powers, trusts privileges, immunities and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunder. Whenever in this Deed of Trust reference is made to herein conferred upon Trustee, it and shall be construed duly assign, transfer and deliver any of the properties and money held by said Trustee hereunder to mean Trustee said successor or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining substitute trustee. All references herein to or devolving upon Trustee shall be in each of Trustees so that any action hereunder or purporting deemed to be hereunder of any one of refer to the original or trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder. Obligor hereby ratifies and confirms any and all acts which the herein named Trustee or his successor or successors, substitute or substitutes, in this trust, shall for purposes be considered to be, and as effective as, the action of all Trusteesdo lawfully by virtue hereof.

Substitution of Trustee. Beneficiary shall haveTrustee may resign by an instrument in ----------------------- writing addressed to Agent, and is hereby granted or Trustee may be removed at any time with warranty or without cause by an instrument in writing in recordable form executed by Agent. In case of further assurancesthe death, the irrevocable power to remove a resignation, removal or disqualification of Trustee or successor Trustee and if for any reason Agent shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein named Trustee or Trustees hereunder (includingany substitute or successor trustee, in case of death or refusal to act of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence or any other reason), then Agent shall have the right and is hereby authorized and empowered to appoint a new successor trustee, or replacement a substitute Trustee or Trusteestrustee, to be exercised at any time without notice other formality than appointment and without specifying any reason therefor, designation in writing executed by filing for record Agent and the proper recording of that instrument in the office where this instrument Public Registry of the county in which the Property is recorded located, and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Obligations has been paid in full, or until the Property is sold hereunder. In the event the Secured Obligations is owed by more than one person or entity, the holder or holders of not less than a Deed majority of Appointment or Notice the amount of Substitution of Trustee. The power of such Secured Obligations shall have the right and authority to make the appointment of a successor Trustee or Trustees may substitute trustee provided for in the preceding sentence. Such appointment and designation by Agent shall be exercised as often as and whenever Beneficiary may choose, and the exercise full evidence of the power right and authority to make the same and of appointment, no matter how often, shall not be an exhaustion thereofall facts therein recited. Upon the recordation making of any such Deed appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or Deeds substitute trustee and he shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties herein conferred upon Trustee; but nevertheless, upon the written request of Appointment Agent or Notice of the successor or Notices substitute trustee the trustee ceasing to act shall execute and deliver an instrument transferring to such successor or substitute trustee all of Substitution the estate and title in the Property of Trusteethe trustee so ceasing to act, Trustee or Trustees so appointed shall thereupon, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and together with all the rights, powers, trusts privileges, immunities and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunder. Whenever in this Deed of Trust reference is made to herein conferred upon Trustee, it and shall be construed duly assign, transfer and deliver any of the properties and money held by said Trustee hereunder to mean Trustee said successor or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining substitute trustee. All references herein to or devolving upon Trustee shall be in each of Trustees so that any action hereunder or purporting deemed to be hereunder of any one of refer to the original or trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder. Obligor hereby ratifies and confirms any and all acts which the herein named Trustee or his successor or successors, substitute or substitutes, in this trust, shall for purposes be considered to be, and as effective as, the action of all Trusteesdo lawfully by virtue hereof.

Substitution of Trustee. etc. The Beneficiary shall have, and is hereby granted with warranty of further assurances, the irrevocable power to remove a Trustee or successor Trustee and to appoint a substitute Trustee or Trustees hereunder (including, in case of death or refusal to act of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence or any other reason), to appoint a new or replacement or substitute Trustee or Trustees, to . Such power may be exercised at any time without notice notice, without cause and without specifying any reason thereforthereof or, by filing for record in the office where this instrument Deed of Trust is recorded a Deed of Appointment or Notice of Substitution of TrusteeAppointment. The power of appointment of a successor Trustee or Trustees may be exercised as often as and whenever the Beneficiary may choose, and the exercise of the power of appointment, no matter how often, shall not be an exhaustion thereof. Upon the recordation of such Deed or Deeds of Appointment or Notice or Notices of Substitution of TrusteeAppointment, the Trustee or Trustees so appointed shall thereupon, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of the Trustees hereunder. Whenever in this Deed of Trust reference is made to the Trustee, it shall be be- construed to mean the Trustee or Trustees for the time being, whether original or successors or successor in trust; and all . All title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon the Trustee shall be in each of the Trustees then serving hereunder so that any action hereunder or purporting to be hereunder of any one of the original or any successor Trustee shall for all purposes be considered to be, and as effective as, the action of all the Trustees.

Substitution of Trustee. Beneficiary shall haveIn the event of the death, and is hereby granted with warranty of further assurancesremoval, resignation, refusal to act, or the irrevocable power to remove a Trustee or successor Trustee and to appoint a substitute Trustee or Trustees hereunder (including, in case of death or refusal inability to act of a Trustee or Trustees or their nonacceptance ofTrustee, or dissatisfaction within Lender's sole unfettered discretion for any reason whatsoever, TrusteeLender may, absence or any other reason), to appoint a new or replacement substitute Trustee or Trustees, to be exercised at any time or from time to time without notice and without specifying any reason therefortherefor and without applying to any court, by filing for record in the office where this instrument is recorded select and appoint a Deed of Appointment or Notice of Substitution successor trustee, and all powers, rights, duties and authority of Trustee, as aforesaid, shall thereupon become vested in such successor without conveyance from the predecessor trustee. The power of appointment of a successor Trustee or Trustees may be exercised as often as and whenever Beneficiary may choose, and the exercise of the power of appointment, no matter how often, Such substitute trustee shall not be required to give bond for the faithful performance of its duties unless required by Lender. Such substitute trustee shall be appointed by written instrument duly recorded in the county where the Realty is located, which appointment may be executed by an exhaustion thereofauthorized agent of Lender, and such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the Board of Directors and any superior officer of Lender. Upon Borrower hereby ratifies and confirms any and all acts which the recordation of such Deed or Deeds of Appointment or Notice or Notices of Substitution of Trustee, herein-named Trustee or Trustees so appointed its successors or assigns in this trust shall thereupondo lawfully by virtue hereof. Borrower hereby agrees, without on behalf of itself and its heirs, executors, administrators, legal representatives and assigns, that the recitals contained in any further act deed or deed of conveyance, become fully vested with identically the same title and estate deeds executed in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as due form by Trustee or as one any substitute trustee, acting under the provisions of Trustees hereunder. Whenever in this Deed of Trust reference is made to TrusteeTrust, it shall be construed to mean Trustee or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon Trustee shall be in each of Trustees so that any action hereunder or purporting to be hereunder of any one prima facie evidence of the original or any successor Trustee shall for purposes be considered to befacts recited therein, and as effective asthat it should not be necessary to prove in any court, otherwise than by such recitals, the action existence of all Trusteesthe facts essential to authorize the execution and delivery of such deed or deeds and the passing of title thereby.

Substitution of Trustee. Beneficiary Lender shall have, and is hereby ----------------------- granted by Borrower with warranty of further assurances, the irrevocable power to remove a Trustee appoint one or successor Trustee and to appoint more persons or entities as a substitute Trustee or Trustees hereunder (including, in case of death or refusal to act of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence or any other reason), to appoint a new or replacement substitute Trustee or Trusteeshereunder, to be exercised at any time without notice and hereafter without specifying any reason therefor, by filing for record in the office where this instrument Security Instrument is recorded a Deed deed of Appointment or Notice of Substitution of Trusteeappointment. The Said power of appointment of a one or more successor Trustee or Trustees may be exercised as often as and whenever Beneficiary may choose, and the Lender deems it advisable. The exercise of the said power of appointment, no matter how often, shall not be an exhaustion thereof. Upon the recordation of such Deed or Deeds deed of Appointment or Notice or Notices of Substitution of Trusteeappointment, the Trustee or Trustees so appointed shall thereupon, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his his, hers or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunderTrustee. Whenever in this Deed of Trust Security Instrument reference is made to Trustee, it shall be construed to mean each person or entity appointed as Trustee or Trustees for the time being, whether original or successors or successor in trust; and all . All title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon Trustee shall be in each of Trustees the persons or entities appointed as Trustee so that any action hereunder or purporting to be hereunder of any one of the original persons or any successor entities appointed as Trustee shall for all purposes be considered to be, and as effective as, the action of all TrusteesTrustee.

Substitution of Trustee. Trustee may resign by an instrument in writing addressed to Beneficiary, or Trustee may be removed at any time with or without cause by an instrument in writing executed by Beneficiary. In case of the death, resignation, removal or disqualification of Trustee or if for any reason Beneficiary shall have, and is hereby granted with warranty of further assurances, the irrevocable power to remove a Trustee or successor Trustee and deem it desirable to appoint a substitute Trustee or Trustees hereunder (including, in case of death or refusal successor trustee to act instead of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence the herein named trustee or any other reason)substitute or successor trustee, then Beneficiary shall have the right and is hereby authorized and empowered to appoint a new successor trustee, or replacement a substitute Trustee trustee, without other formality than appointment and designation in writing executed by Beneficiary, and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the indebtedness hereby secured has been paid in full or Trusteesuntil the Property is sold hereunder. In the event the indebtedness hereby secured is owned by more than one person or entity, to be exercised at any time without notice and without specifying any reason therefor, by filing for record the holder or holders of not less than a majority in the office where this instrument is recorded a Deed amount of Appointment or Notice of Substitution of Trustee. The power of such indebtedness shall have the right and authority to make the appointment of a successor Trustee or Trustees may be exercised as often as substitute trustee provided for in the preceding sentence. Such appointment and whenever designation by Beneficiary may choose, and or by the exercise holder or holders of not less than a majority of the power indebtedness hereby secured shall be full evidence of the right and authority to make the same and of all facts therein recited, as to such appointment. If Beneficiary is a corporation and such appointment is executed in its behalf by an officer of such corporation, no matter how often, such appointment shall not be an exhaustion thereofconclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the corporation. Upon the recordation making of any such Deed appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or Deeds substitute trustee and he shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties herein conferred upon the Trustee; but nevertheless, upon the written request of Appointment Beneficiary or Notice of the successor or Notices of Substitution of substitute Trustee, Trustee ceasing to act shall execute and deliver an instrument transferring to such successor or Trustees substitute Trustee all of the estate and title in the Property of Trustee so appointed shall thereuponceasing to act, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and together with all the rights, powers, trusts privileges, immunities and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunder. Whenever in this Deed of Trust reference is made to herein conferred upon Trustee, it and shall be construed duly assign, transfer and deliver any of the properties and moneys held by said Trustee hereunder to mean Trustee said successor or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining substitute Trustee. All references herein to or devolving upon Trustee shall be deemed to refer to Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder. Trustor hereby ratifies and confirms any and all acts which the herein named Trustee or his successor or successors, substitute or substitutes, in each this trust, shall do lawfully by virtue hereof. Trustee shall not be liable for any error of Trustees so that judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except for Trustee's willful misconduct. Trustee shall have the right to rely on any instrument, document or signature authorizing or supporting any action hereunder taken or purporting proposed to be hereunder of taken by him hereunder, believed by him in good faith to be genuine. All moneys received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any one of manner from any other moneys (except to the original or any successor extent required by law), and Trustee shall be under no liability for purposes be considered to beinterest on any moneys received by 33 37 him hereunder. TRUSTOR WILL REIMBURSE TRUSTEE FOR, and as effective asAND INDEMNIFY AND SAVE HIM HARMLESS AGAINST, the action of all TrusteesANY AND ALL LIABILITY AND EXPENSES WHICH MAY BE INCURRED BY HIM IN THE PERFORMANCE OF HIS DUTIES HEREUNDER, INCLUDING, BUT NOT LIMITED TO, ANY LIABILITY AND EXPENSES BASED UPON OR ARISING OUT OF THE NEGLIGENCE OR STRICT LIABILITY OF TRUSTEE BUT EXCLUDING ANY LIABILITY BASED UPON OR ARISING OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF TRUSTEE.

Substitution of Trustee. Beneficiary shall haveIn the event of the death, and is hereby granted with warranty of further assurancesremoval, resignation, refusal to act, or the irrevocable power to remove a Trustee or successor Trustee and to appoint a substitute Trustee or Trustees hereunder (including, in case of death or refusal inability to act of a Trustee or Trustees or their nonacceptance ofTrustee, or dissatisfaction within Lender’s sole unfettered discretion for any reason whatsoever, TrusteeLender may, absence or any other reason), to appoint a new or replacement substitute Trustee or Trustees, to be exercised at any time without or from time to time, after providing 20 days notice to Trustee and Borrower, and without specifying any reason therefortherefor and without applying to any court, by filing for record in the office where this instrument is recorded a Deed of Appointment or Notice of Substitution of Trustee. The power of appointment of select and appoint a successor Trustee or Trustees may be exercised as often as and whenever Beneficiary may choosetrustee, and the exercise substitute trustee shall be vested with all powers, rights, duties and authority of Trustee, as aforesaid, upon recordation of notice of the power of appointment, no matter how often, substitute trustee in the real property records pursuant to I.C. 45-1504(2). Such substitute trustee shall not be required to give bond for the faithful performance of its duties unless required by Lender. Such substitute trustee shall be appointed and vested with all powers by written instrument duly recorded in the county where the Realty is located, which appointment may be executed by an exhaustion thereofauthorized agent of Lender, and such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the Board of Directors and any superior officer of Lender. Upon Borrower hereby ratifies and confirms any and all acts which the recordation of such Deed or Deeds of Appointment or Notice or Notices of Substitution of Trustee, herein-named Trustee or Trustees so appointed its successors or assigns in this trust shall thereupondo lawfully by virtue hereof. Borrower hereby agrees, without on behalf of itself and its heirs, executors, administrators, legal representatives and assigns, that the recitals contained in any further act deed or deed of conveyance, become fully vested with identically the same title and estate deeds executed in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as due form by Trustee or as one any substitute trustee, acting under the provisions of Trustees hereunder. Whenever in this Deed of Trust reference is made to TrusteeTrust, it shall be construed to mean Trustee or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon Trustee shall be in each of Trustees so that any action hereunder or purporting to be hereunder of any one prima facie evidence of the original or any successor Trustee shall for purposes be considered to befacts recited therein, and as effective asthat it should not be necessary to prove in any court, otherwise than by such recitals, the action existence of all Trusteesthe facts essential to authorize the execution and delivery of such deed or deeds and the passing of title thereby.

Substitution of Trustee. Beneficiary shall haveIn the event of the death, and is hereby granted with warranty of further assurancesremoval, resignation, refusal to act, or the irrevocable power to remove a Trustee or successor Trustee and to appoint a substitute Trustee or Trustees hereunder (including, in case of death or refusal inability to act of a Trustee or Trustees or their nonacceptance ofTrustee, or dissatisfaction within Lender's sole unfettered discretion for any reason whatsoever, TrusteeLender may, absence or any other reason), to appoint a new or replacement substitute Trustee or Trustees, to be exercised at any time or from time to time without notice and without specifying any reason therefortherefor and without applying to any court, by filing for record in the office where this instrument is recorded select and appoint a Deed of Appointment or Notice of Substitution successor trustee, and all powers, rights, duties and authority of Trustee, as aforesaid, shall thereupon become vested in such successor without conveyance from the predecessor trustee. The power of appointment of a successor Trustee or Trustees may be exercised as often as and whenever Beneficiary may choose, and the exercise of the power of appointment, no matter how often, Such substitute trustee shall not be required to give bond for the faithful performance of its duties unless required by Lender. Such substitute trustee shall be appointed by written instrument duly recorded in the county where the Realty is located, which appointment may be executed by an exhaustion thereofauthorized agent of Lender, and such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the Board of Directors and any superior officer of Lender. Upon Borrower hereby ratifies and confirms any and all acts which the recordation of such Deed or Deeds of Appointment or Notice or Notices of Substitution of Trustee, herein-named Trustee or Trustees so appointed its successors or assigns in this trust shall thereupondo in accordance with the Loan Documents, without relevant North Carolina General Statutes, and lawfully by virtue hereof. Borrower hereby agrees, on behalf of itself and its heirs, executors, administrators, legal representatives and assigns, that the recitals contained in any further act deed or deed of conveyance, become fully vested with identically the same title and estate deeds executed in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as due form by Trustee or as one any substitute trustee, acting under the provisions of Trustees hereunder. Whenever in this Deed of Trust reference is made to TrusteeTrust, it shall be construed to mean Trustee or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon Trustee shall be in each of Trustees so that any action hereunder or purporting to be hereunder of any one prima facie evidence of the original or any successor Trustee shall for purposes be considered to befacts recited therein, and as effective asthat it should not be necessary to prove in any court, otherwise than by such recitals, the action existence of all Trusteesthe facts essential to authorize the execution and delivery of such deed or deeds and the passing of title thereby.

Substitution of Trustee. Beneficiary shall have, and is hereby granted with warranty of further assurances, the irrevocable power to remove a Trustee or successor Trustee and to appoint a substitute Trustee or Trustees hereunder (including, in case of death or refusal to act of a Trustee or Trustees or their nonacceptance ofBeneficiary, or dissatisfaction withany successor in ownership of any indebtedness secured hereby, Trusteemay from time to time, absence by instrument in writing, substitute a successor or successors to any other reason)Trustee named herein or acting hereunder, to appoint a new which instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the recorder of the county or replacement substitute counties where the Property is situated, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, to be exercised at any time without notice and without specifying any reason therefor, by filing for record in the office where this instrument is recorded a Deed of Appointment or Notice of Substitution of Trustee. The power of appointment of a successor Trustee or Trustees may be exercised as often as and whenever Beneficiary may choose, and the exercise of the power of appointment, no matter how often, shall not be an exhaustion thereof. Upon the recordation of such Deed or Deeds of Appointment or Notice or Notices of Substitution of Trustee, Trustee or Trustees so appointed shall thereuponwho shall, without any further act or deed of conveyanceconveyance from the Trustee predecessor, become fully vested with identically the same title and estate in and succeed to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunder. Whenever in this Deed of Trust reference is made to Trustee, it shall be construed to mean Trustee or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts powers and duties hereunder given or appertaining to or devolving upon Trustee shall be in each of Trustees so that any action hereunder or purporting to be hereunder of any one duties. Said instrument must contain the name of the original Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed of Trust is recorded and the name and address of the new Trustee. RELEASES, EXTENSIONS, MODIFICATIONS AND ADDITIONAL SECURITY. At any time or from time to time, without liability therefor and without notice, Beneficiary may: release any person liable for payment of any Secured Obligations; extend the time for payment or otherwise alter the terms of payment of any Secured Obligation; accept additional real or personal property of any kind as security for any Secured Obligation, whether evidenced by deeds of trust, mortgages, security agreements or any successor Trustee shall other instruments of security; or alter, substitute or release any property securing the Secured Obligations. At any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed of Trust and the evidence of the obligation secured hereby for purposes be considered to beendorsement, and as effective aswithout affecting the personal liability of any person for payment of the indebtedness secured hereby, Beneficiary may cause Trustee to: reconvey any part of the action Property without any warranty; consent to the making of all Trusteesany map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any agreement subordinating the lien or charge hereof.

Substitution of Trustee. Beneficiary Beneficiary, either in its own name or through an attorney or attorneys in fact appointed for that purpose, shall have, and is hereby granted with warranty of further assurances, at any time have the irrevocable power right to remove a the Trustee herein named without notice or successor Trustee cause and to appoint a substitute Trustee or Trustees hereunder (includinghis successor by an instrument in writing, duly acknowledged, in case such form as to entitle such written instrument to record in the State of Tennessee, and in the event of the death or refusal resignation of the Trustee herein named, Beneficiary shall have the right to appoint his successor by such written instrument. Any Trustee so appointed shall be vested with the title to the Property, and shall possess all the powers, duties and obligations herein conferred on the Trustee in the same manner and to the same extent as though he was named herein as Trustee. The necessity of the Trustee herein named, or any successor in trust, making oath or giving bond, is expressly waived. If two Trustees are named herein, all powers, rights, and duties herein conferred and imposed upon Trustee may be exercised or discharged by either or both of them. A prior election to act jointly or severally shall not prevent either or both of Trustees from subsequently executing jointly or severally any or all of the provisions hereof. Beneficiary shall have the right to substitute a Trustee or Trustees or their nonacceptance ofat Beneficiary's discretion for any reason whatsoever. The Trustee, or dissatisfaction withany one acting in its stead, Trusteeshall have, absence or any other reason)in its discretion, authority to appoint a new or replacement substitute Trustee or Trustees, to be exercised at any time without notice employ all proper agents and without specifying any reason therefor, by filing for record attorneys in the office where execution of this instrument is recorded a Deed trust and/or in the conducting of Appointment any sale made pursuant to the terms hereof, and to pay for such services rendered out of the proceeds of the sale of the Property, should any be realized; and if no sale be made or Notice if the proceeds of Substitution sale be insufficient to pay the same, then Grantor hereby undertakes and agrees to pay the cost of such service, rendered to said Trustee. The power of appointment of a successor All money received by the Trustee shall, until used or Trustees may applied as herein provided, be exercised as often as and whenever Beneficiary may chooseheld in trust, but need not be segregated (except to the extent required by law), and the exercise of the power of appointment, no matter how often, Trustee shall not be an exhaustion thereofliable for interest thereon. Upon If the recordation Trustee shall be made a party to or shall intervene in any action or proceeding affecting the Property or the title thereto, or the interest of such Deed or Deeds of Appointment or Notice or Notices of Substitution of Trustee, the Trustee or Trustees so appointed shall thereupon, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunder. Whenever in Beneficiary under this Deed of Trust reference is made to TrusteeTrust, it the Trustee and Beneficiary shall be construed to mean Trustee reimbursed by Grantor, immediately and without demand, for all reasonable costs, charges and attorneys' fees incurred by them or Trustees for either of them in any such case, and the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon Trustee same shall be in each of Trustees so that any action hereunder or purporting to be hereunder of any one of secured hereby as a further charge and lien upon the original or any successor Trustee shall for purposes be considered to be, and as effective as, the action of all TrusteesProperty.

Substitution of Trustee. Beneficiary Lender shall have, and is hereby granted with warranty of further assurancesby Borrower, the irrevocable power to remove a Trustee appoint one or successor Trustee and to appoint more individuals as a substitute Trustee or Trustees hereunder (including, in case of death or refusal to act of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence or any other reason), to appoint a new or replacement substitute Trustee or Trusteeshereunder, to be exercised at any time hereafter without notice and without specifying any reason therefor, by filing for record in the office where this instrument Mortgage is recorded a Deed deed of Appointment appointment or Notice of Substitution of Trustee. The similar instrument, and said power of appointment of a one or more individuals as successor Trustee or Trustees may be exercised as often as and whenever Beneficiary may choose, and the Lender deems it advisable. The exercise of the said power of appointment, no matter how often, shall not be an exhaustion thereof. Upon the recordation of such Deed deed of appointment or Deeds of Appointment or Notice or Notices of Substitution of Trusteesimilar instrument, the individual Trustee or Trustees so appointed shall thereupon, without any further act or deed of conveyanceact, become fully vested with identically the same title and estate in and to the Mortgaged Property and with all the rights, powers, trusts and duties of their, his his, hers or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunderTrustee. Whenever in this Deed of Trust Security Instrument reference is made to Trustee, it shall be construed to mean each individual appointed as Trustee or Trustees for the time being, whether original or successors or successor in trust; and all . All title, estate, rights, powers, trusts and duties hereunder given or appertaining to or devolving upon Trustee shall be in each of Trustees the individuals appointed as Trustee so that any action hereunder or purporting to be hereunder of any one of the original or any successor individuals appointed as Trustee shall for all purposes be considered to be, and as effective as, the action of all TrusteesTrustee.

Substitution of Trustee. Trustee may resign by an instrument in writing addressed to Beneficiary, or Trustee may be removed at any time with or without cause by an instrument in writing executed by Beneficiary. In case of the death, resignation, removal or disqualification of Trustee or if for any reason Beneficiary shall have, and is hereby granted with warranty of further assurances, the irrevocable power to remove a Trustee or successor Trustee and deem it desirable to appoint a substitute Trustee or Trustees hereunder (including, in case of death or refusal successor trustee to act instead of a Trustee or Trustees or their nonacceptance of, or dissatisfaction with, Trustee, absence the herein named trustee or any other reason)substitute or successor trustee, then Beneficiary shall have the right and is hereby authorized and empowered to appoint a new successor trustee, or replacement a substitute Trustee trustee, without other formality than appointment and designation in writing executed by Beneficiary, and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the indebtedness hereby secured has been paid in full or Trusteesuntil the Property is sold hereunder. In the event the indebtedness hereby secured is owned by more than one person or entity, to be exercised at any time without notice and without specifying any reason therefor, by filing for record the holder or holders of not less than a majority in the office where this instrument is recorded a Deed amount of Appointment or Notice of Substitution of Trustee. The power of such indebtedness shall have the right and authority to make the appointment of a successor Trustee or Trustees may be exercised as often as substitute trustee provided for in the preceding sentence. Such appointment and whenever designation by Beneficiary may choose, and or by the exercise holder or holders of not less than a majority of the power indebtedness hereby secured shall be full evidence of the right and authority to make the same and of all facts therein recited, as to such appointment. If Beneficiary is a corporation and such appointment is executed in its behalf by an officer of such corporation, no matter how often, such appointment shall not be an exhaustion thereofconclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the corporation. Upon the recordation making of any such Deed appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or Deeds substitute trustee and he shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties herein conferred upon the Trustee; but nevertheless, upon the written request of Appointment Beneficiary or Notice of the successor or Notices of Substitution of substitute Trustee, Trustee ceasing to act shall execute and deliver an instrument transferring to such successor or Trustees substitute Trustee all of the estate and title in the Property of Trustee so appointed shall thereuponceasing to act, without any further act or deed of conveyance, become fully vested with identically the same title and estate in and to the Mortgaged Property and together with all the rights, powers, trusts privileges, immunities and duties of their, his or its predecessor in the trust hereunder with like effect as if originally named as Trustee or as one of Trustees hereunder. Whenever in this Deed of Trust reference is made to herein conferred upon Trustee, it and shall be construed duly assign, transfer and deliver any of the properties and moneys held by said Trustee hereunder to mean Trustee said successor or Trustees for the time being, whether original or successors or successor in trust; and all title, estate, rights, powers, trusts and duties hereunder given or appertaining substitute Trustee. All references herein to or devolving upon Trustee shall be deemed to refer to Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder. Trustor hereby ratifies and confirms any and all acts which the herein named Trustee or his successor or successors, substitute or substitutes, in each this trust, shall do lawfully by virtue hereof. Trustee shall not be liable for any error of Trustees so that judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except for Trustee’s willful misconduct. Trustee shall have the right to rely on any instrument, document or signature authorizing or supporting any action hereunder taken or purporting proposed to be hereunder of taken by him hereunder, believed by him in good faith to be genuine. All moneys received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any one of manner from any other moneys (except to the original or any successor extent required by law), and Trustee shall be under no liability for purposes be considered to beinterest on any moneys received by him hereunder. TRUSTOR WILL REIMBURSE TRUSTEE FOR, and as effective asAND INDEMNIFY AND SAVE HIM HARMLESS AGAINST, the action of all TrusteesANY A1’4D ALL LIABILITY AND EXPENSES WHICH MAY BE INCURRED BY HIM IN THE PERFORMANCE OF HIS DUTIES HEREUNDER, INCLUDING, BUT NOT LIMITED TO, ANY LIABILITY AND EXPENSES BASED UPON OR ARISING OUT OF THE NEGLIGENCE OR STRICT LIABILITY OF TRUSTEE BUT EXCLUDING ANY LIABILITY BASED UPON OR ARISING OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF TRUSTEE.