|
200103769
<br />invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding the
<br />continuance in possession of the Trust Estate or the collection, receipt and application of rents, issues or profits, Trustee
<br />or Beneficiary shall be entitled to exercise every right provided for in any of the Documents or by law upon occurrence
<br />of any 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 specifically enforce
<br />any of the covenants hereof,
<br />c. Deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and
<br />election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee shall cause to duly filed for record
<br />in the appropriate official records of the County in which the Trust Estate is located.
<br />8. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to foreclose by exercise of the Power
<br />of Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note
<br />and such receipts and evidence of expenditures made and secured hereby as Trustee may require.
<br />a. Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and delivered
<br />to Trustor such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall,
<br />without demand on Trustor, after such time as may then be required by law and after recordation of such Notice of
<br />Default and after Notice of Sale having been given as required by law, sell the Trust Estate at the time and place of sale
<br />fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as Trustee shall deem
<br />expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the
<br />United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and
<br />sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The
<br />recitals in such deed of any matters of facts shall be conclusive proof of the truthfulness thereof. Any person, including
<br />without limitation, Trustor, Trustee or Beneficiary, may purchase at such sale and Trustor hereby covenants to warrant
<br />and defend the title of such purchaser or purchasers.
<br />b. As may be permitted by law, after deducting all costs, fees, and expenses of Trustee and of this Trust,
<br />including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of (a) all
<br />sums expended under the terms hereof, not then repaid, with accrued interest at seven percent (7 %) per annum, (b) all
<br />other sums then secured hereby, and (c) the remainder, if any, to the person or persons legally entitled thereto.
<br />c. Trustee may in the manner provided by law, postpone sale of all or any portion of the Trust Estate.
<br />9. REMEDIES NOT EXCLUSIVE. Trustee and Beneficiary, and each of them, shall be entitled to enforce
<br />payment and performance of any indebtedness or obligations secured hereby and to exercise all rights and powers under
<br />this Deed of Trust or under any Document or other agreement or any laws now or hereafter in force, notwithstanding
<br />some or all of the such indebtedness and obligations secured hereby may now or hereafter be otherwise secured, whether
<br />by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor its
<br />enforcement whether by Court action or pursuant to the power of sale or other powers herein contained, shall prejudice
<br />or in any manner affect Trustee's or Beneficiary's right to realize upon or enforce any other security now or hereafter held
<br />by Trustee or Beneficiary, it being agreed that Trustee and Beneficiary, and each of them, shall be entitled to enforce
<br />this Deed of Trust and any other security now or hereafter held by Beneficiary or Trustee in such order and manner as
<br />they or either of them may in their absolute discretion determine. No remedy herein conferred upon or reserved to
<br />Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law provided or permitted, but each
<br />shall be cumulative and shall be in addition to every other remedy or by statute. Every power or remedy given by any
<br />of the Documents to Trustee or Beneficiary or to which either of them may be otherwise entitled, may be exercised,
<br />concurrently or independently, from time to time and as often as may be deemed expedient by Trustee or Beneficiary
<br />and either of them may pursue inconsistent remedies. Nothing herein shall be construed as prohibiting Beneficiary from
<br />seeking a deficiency judgment against the Trustor to the extent such action is permitted by law.
<br />10. REQUEST FOR NOTICE. Trustor hereby requests a copy of any notice of default and that any notice of
<br />sale hereunder be mailed to it at the address set forth in the first paragraph of this Deed of Trust.
<br />11. RECONVEYANCE BY TRUSTEE. Upon written request of Beneficiary stating that all sums secured
<br />hereby have been paid, and upon surrender of this Deed of Trust and the Note to Trustee for cancellation and retention
<br />
|