|
LOAN #: 1111082829
<br />or acquiescence of Trustor and such appointment shall remain unvacated and unstayed for an
<br />aggregate of sixty (60) days (whether or not consecutive); or
<br />(d) a writ of execution or attachment of any similar process shall be entered against Trustor
<br />which shall become a lien on the Trust Estate or any portion thereof or interest therein and such
<br />execution, attachment or similar process of judgment is not released, bonded, satisfied, vacated or
<br />stayed within sixty (60) days after its entry or levy; or
<br />(e) there has occurred a breach of or default under any term, covenant, agreement, condition,
<br />provision, representation or warranty contained in the First Deed of Trust or any prior deed of trust
<br />or mortgage affecting the Trust Estate.
<br />10. Acceleration upon Default; Additional Remedies. If an event of default occurs, Beneficiary
<br />may declare the Indebtedness secured hereby to be due and payable and the same shall thereupon
<br />become due and payable without any presentment, demand, protest or notice of any kind. Thereafter,
<br />Beneficiary may:
<br />(a) either in person or by agent, with or without bringing any action or proceeding, or by a
<br />receiver appointed by a court and without regard to the adequacy of its security, enter upon and
<br />take possession of the Trust Estate, or any part thereof, in its own name or in the name of Trustee,
<br />and do any acts which it deems necessary or desirable to preserve the value, marketability or
<br />rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom or
<br />protect the security hereof and, with or without taking possession of the Trust Estate, sue for or
<br />otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and
<br />apply the same, less costs and expenses of operation and collection including attorneys' fees, upon
<br />any indebtedness secured hereby, all in such order as Beneficiary may determine. The entering
<br />upon and taking possession of the Trust Estate, the collection of such rents, issues and profits
<br />and the application thereof as aforesaid shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act done in response to such default or pursuant to such notice of
<br />default and, notwithstanding the continuance in possession of the Trust Estate or the collection,
<br />receipt and application of rents, issues or profits, Trustee or Beneficiary shall been entitled to
<br />exercise every right provided for in any of the Loan Instruments or by law upon occurrence of any
<br />event of default, including the right to exercise the power of sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or
<br />specifically enforce any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale and a written notice
<br />of default and election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee
<br />shall cause to be duly filed for record in the appropriate offices of the County in which the Trust
<br />Estate is located; or
<br />(d) exercise such other rights or remedies at law or in equity.
<br />11. Foreclosure by Power of Sale. If Beneficiary elects to foreclose by exercise of the Power of
<br />Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Second Deed
<br />of Trust and any note evidencing the Indebtedness and such receipts and evidence of expenditures
<br />made and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published
<br />and delivered to Trustor such Notice of Default and Notice of Sale as then required by law and
<br />by this Second Deed of Trust. Trustee shall, without demand on Trustor, after such time as may
<br />then be required by law and after recordation of such Notice of Default and after Notice of Sale
<br />having been given as required by law, sell the Trust Estate at the time and place of sale fixed by
<br />it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as Trustee shall
<br />deem expedient, and in such order as it may determine, at public auction to the highest bidder for
<br />cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to such
<br />purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so
<br />sold, but without any covenant or warranty, express or implied. The recitals in such deed of any
<br />matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including without
<br />limitation Trustor, Trustee or Beneficiary, may purchase at such sale.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and
<br />of this Trust, including costs of evidence of title in connection with sale, Trustee shall apply the
<br />NIFA HBA Loan /Form H
<br />(04/2014) 4826 - 5279 - 3871.2
<br />Ellie Mae, Inc.
<br />Page 4 of 6
<br />Initials.
<br />20150529
<br />I1052NEDE 0514
<br />I1052NEDE
<br />07/31/2015 12:10 PM PST
<br />
|