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201306107
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Last modified
8/19/2014 2:23:41 PM
Creation date
7/30/2013 2:37:04 PM
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DEEDS
Inst Number
201306107
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9. Substitute Trustee. <br />Page 4 of the Subordinate Deed of Trust <br />201306107 <br />option may require immediate payment in full of all sums secured by this Security <br />Instrument without further demand and may invoke the power of sale and any other <br />remedies permitted by applicable law. Lender shall be entitled to collect all <br />expenses incurred in pursuing the remedies provided in this paragraph 7, including, <br />but not limited to, reasonable attorneys' fees and costs of title evidence. <br />If the power of sale if invoked, Trustee shall record a notice of default in each county <br />in which any part of the Property is located and shall mail copies of such notice in the <br />manner prescribed by applicable law to Borrower and to the other persons <br />prescribed by applicable law. After the time required by applicable law, Trustee shall <br />give public notice of sale to the persons and in the manner prescribed by applicable <br />law. Trustee, without demand on Borrower, shall sell the Property at public auction <br />to the highest bidder at the time and place and under the terms designated in the <br />notice of sale in one or more parcels and in any order Trustee determines. Trustee <br />may postpone sale of all or any parcel of the Property by public announcement at the <br />time and place of any previously scheduled sale. Lender or its designee may <br />purchase the property at any sale. <br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser <br />Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be <br />prima facie evidence of the truth of the statements made therein. Trustee shall apply <br />the proceeds of the sale in the following order: (a) to all expenses of exercising the <br />power of sale, and the sale, including, the payment of Trustee's fees actually <br />incurred, not to exceed 0% of the principal amount of the note at the time of the <br />declaration of default, and reasonable attorneys' fees as permitted by law; (b) to all <br />sums secured by this Security Instrument; and (c) any excess to the person or <br />persons legally entitled to it. <br />If the Lender's interest in this Security Instrument is held by the Secretary and <br />the Secretary requires immediate payment in full under the paragraph 7 of the <br />Subordinate Note, the Secretary may invoke the nonjudicial power of sale <br />provided in the Single Family Mortgage Foreclosure Act of 1994 ( "Act ") (12 <br />USC 3571 et mg) by requesting a foreclosure commissioner designated under <br />the Act to commence foreclosure and to sell the Property as provided in the <br />Act. Nothing in the preceding sentence shall deprive the Secretary of any <br />rights otherwise available to Lender under this paragraph or applicable law. <br />8. Reconvevance. <br />Upon payment of all sums secured by this Security Instrument, Lender shall request <br />Trustee to reconvey the Property and shall surrender this Security Instrument and all <br />notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall <br />reconvey the Property without warranty and without charge to the person or persons <br />legally entitled to it. Such person or persons shall pay any recordation costs. Lender <br />may charge such person or persons a fee for reconveying the Property, but only if <br />the fee is paid to a third party (such as the Trustee) for services rendered and the <br />charging of the fee is permitted under Applicable Law. <br />Born wer Initial Lines <br />Please add the appropriate number of initial lines signatory over 4 <br />
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