|
201807643
<br />in respect to the Property; or an action to enforce any lien or encumbrance or judgments
<br />against the Property is commenced.
<br />12. Acceleration Upon Default. In the event of any default, Beneficiaries may declare
<br />all indebtedness secured hereby to be due and payable, and the same shall thereupon become due
<br />and payable without any presentment, demand, protest or notice of any kind. Thereafter,
<br />Beneficiaries may:
<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 of
<br />any security, enter upon and take possession of the Property, or any part thereof, in its
<br />own name or in the name of the Trustee, and do any acts which it deems necessary and
<br />desirable to preserve the value, marketability or rentability of the Property, or part thereof
<br />or interest therein, increase the income therefrom or protect the security hereof, and,
<br />without taking possession of the Property, sue for or otherwise collect the rents, issues
<br />and profits thereof, including those past due and unpaid, and apply the same, less costs
<br />and expenses of operation and collection, including attorney fees, upon any indebtedness
<br />secured hereby, all in such order as Beneficiaries may determine. The entering upon and
<br />taking possession of the trust estate, the collection of such rents, issues and profits and
<br />application thereof as aforesaid shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act and in response to such default or pursuant to such notice
<br />of default and, notwithstanding the continuance in possession of the Property or the
<br />collection, receipt and application of rents, issues or profits, Trustee or Beneficiaries may
<br />be 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 sale;
<br />(b) Commence on 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 Trustors' interest in the Property to
<br />be sold, which notice Trustee shall cause to be duly filed for record in the official records
<br />of the county in which the Property is located.
<br />13. Foreclosure by Power of Sale. Should Beneficiaries elect to foreclose by exercise
<br />of the power of sale herein contained, Beneficiaries shall notify Trustee and shall deposit with
<br />Trustee this Deed of Trust and the note and such receipts and evidence of expenditures made and
<br />secured hereby as Trustee may require, and upon request of the Beneficiaries, the Trustee shall
<br />file for record, in the Register of Deeds office in the County where the Property is located, a
<br />notice of default, setting forth the name of the Trustors, the Book and Page or Document No. of
<br />this Deed of Trust as recorded in said Register of Deeds office, the legal description of the
<br />above-described real estate and that a breach of an obligation, for which said real estate was
<br />conveyed as security, has occurred, and setting forth the nature of such breach and the Trustee's
<br />election to sellthe real estate to satisfy the obligation; and after the lapse of not less than one (1)
<br />month, the Trustee shall give written notice of the time and place of sale which may be between
<br />9:00 a.m. and 5:00 p.m. at the premises, or at the Courthouse in the County wherein such
<br />Property is located, describing the Property to be sold by its legal description, said notice to be
<br />published in a newspaper of general circulation in the County wherein such Property is located,
<br />once a week for five (5) consecutive weeks, the last publication to be at least ten (10) days, but
<br />not more than thirty (30) days, prior to the sale; and the Trustee shall then sell said Property at
<br />the time and place designated in the notice, in the manner provided by law in effect at the time of
<br />filing said notice, at public auction to the highest bidder for cash and shall deliver to such
<br />purchaser a deed to the Property sold, consistent with the law in effect at the time.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser, Trustee's
<br />deed conveying the Property sold. Recitals in the Trustee's deed shall be prima facie evidence of
<br />the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the
<br />following order: (a) to all reasonable costs and expenses of the sale, including but not limited to,
<br />Trustee's fees of not more than 1.5% of the gross sale price, reasonable attorney fees and costs of
<br />title evidence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if any, to the
<br />person or persons legally entitled thereto. Any person, including Beneficiaries, may purchase
<br />said Property at said sale.
<br />4
<br />
|