|
11. Acceleration Upon Default. In the event of any default, Beneficiary may declare all
<br />indebtedness secured hereby to be due and payable, and the same shall thereupon become due and
<br />payable without any presentment, demand, protest or notice of any kind. Thereafter, Beneficiary
<br />may:
<br />(c) There has been a default by the Trustor in the payment of any prior or
<br />subsequent lien or encumbrance in respect to all or any part of the property;
<br />(d) Trustor shall file a voluntary petition in bankruptcy or shall be adjudicated
<br />bankrupt or insolvent, or shall make an assignment for the benefit of creditors in respect to
<br />the property; or an action to enforce any lien or encumbrance or judgments against the
<br />property is commenced.
<br />(a) either in person or by agent, with or without bringing any action or
<br />proceeding, or by receiver appointed by a court and without regard to the adequacy
<br />of any security, enter upon and take possession of the property, or any part thereof,
<br />in its own name or in the name of the Trustee, and do any acts which it deems
<br />necessary and desirable to preserve the value, marketability or rentability of the
<br />property, or part thereof or interest therein, increase the income herefrom or protect
<br />the security hereof and, without taking possession of the property, sue for or
<br />otherwise collect the rents, issues and profits thereof, including those past due and
<br />unpaid, and apply the same, less costs and expenses of operation and collection,
<br />including attorney fees, upon any indebtedness secured hereby, all in such order as
<br />Beneficiary may determine. The entering upon and taking possession of the trust
<br />estate, the collection of such rents, issues and profits and application thereof as
<br />aforesaid shall not cure or waive any default or notice of default hereunder or
<br />invalidate any act and in response to such default or pursuant to such notice of default
<br />and, notwithstanding the continuance in possession of the property or the collection,
<br />receipt and application of rents, issues or profits, Trustee or Beneficiary may be
<br />entitled to exercise every right provided for in any of the loan instruments or by law
<br />upon occurrence of any event of default, including the right to exercise the power of
<br />sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage,
<br />appoint a receiver, or specifically enforce any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale,
<br />and a written notice of default and election to cause Trustor's interest in the property
<br />to be sold, which notice Trustee shall cause to be duly filed for record in the official
<br />records of the county in which the property is located.
<br />3
<br />201801444
<br />12. Foreclosure by Power of Sale. Should Beneficiary elect to foreclosure by exercise of the
<br />power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this
<br />Deed of Trust and the note and such receipts and evidence of expenditures made and secured hereby
<br />as Trustee may require, and upon request of the Beneficiary, the Trustee shall file for record, in the
<br />Register of Deeds Office in the County where the property is located, a notice of default, setting forth
<br />the name of the Trustor, the Book and Page or Document No of this Deed of Trust as recorded in
<br />said Register of Deeds office, the legal description of the above - described real estate and that a
<br />breach of an obligation, for which said real estate was conveyed as security, has occurred, and setting
<br />forth the nature of such breach and the Trustee's election to sell the real estate to satisfy the
<br />obligation; and after the lapse of not less than one (1) month, the Trustee shall give written notice
<br />of the time and place of sale which may be between 9:00 a.m. and 5:00 p.m. at the premises, or at
<br />the Courthouse in the County wherein such property is located, describing the property to be sold
<br />by its legal description, said notice to be published in a newspaper of general circulation in the
<br />County wherein such property is located, once a week for five (5) consecutive weeks, the last
<br />publication to be at least ten (10) days, but not more than thirty (30) days prior to the sale; and the
<br />Trustee shall then sell said property at the time and place designated in the notice, in the manner
<br />provided by law in effect at the time of filing said notice, at public auction to the highest bidder for
<br />
|