|
i
<br />Trust Estate is located.
<br />11. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to foreclose
<br />by exercise of the Power ot Sae herein contained, Beneficiary shall notify
<br />Trustee and shall deposit with Trustee this Dead of Trust and the Note and such
<br />receipts and evidence of expenditures made and secured hereby as Trustee may
<br />require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to
<br />be recorded, published and delivered to Trustor such Notice of Default and
<br />Notice of Sale as then required by law and by this Deed of. Trust. Trustee
<br />shall, without demand on Truster, after such time as may then be required by law
<br />and after recordation of such Notice of default and after Notice -of Sale having
<br />been, given as required by law; sell the Trust Estate at the time :and place of
<br />sale fixed by it in such Notice of Sale, eitbe>r as a whole, or in separate lots
<br />or parcels or items as Trustee shall deem expedient, and in such order as it may
<br />determine, at public auction to the highest bidder for cash, in. lawful money of
<br />the United States, payable at the time of sate. Trustee shall deliver to such
<br />purchaser or purchasers thereof, its g9od and' sufficient deed or deeds,
<br />conveying the property so sold, but withbuts.-. my. covenant or warranty, express
<br />' or implied. The recitals in such'. d+iiid- of ang mattete or facts shall be
<br />conclusive proof of the truthfulness thereof. Any person, including, without
<br />limitation, Trustor, Trustee, and Beneficiary, 'nay purchase at such sale, and
<br />Trustor hereby covenants to warrant and defend: -the title of such purchaser or
<br />purchasers.
<br />(b) As.may be permitted by law, after deducting all costs, fees, e)*enses
<br />of Trustee artd 'of this Trust., "including costs of'- evidence of title in connection
<br />with sale, Triotee shall ' a;%Ly , the proceeds o€ scale to payment -of ( i ) all sums
<br />expended undo✓ the.tems he C,. not then repaid, with accrued interest at 14
<br />percent per` eMff v:. ("ii) all:" other sums then secured hereby, and (iii) the
<br />remainder, if the person or persons legally entitled thereto.
<br />(c) 'tuatee may, in the manner provided by law, postpone sale of all or
<br />any *portion cf the Trust Estate.
<br />12. REWEDIES NOT EXCLUSIVE. 7rmustee and Beneficiary, and each of these,
<br />shall be entitled to enforce payment a 7nd performance of any indebtedness or
<br />obligatiors..tiecured hereby and to exercise all nights and powers under this Deed
<br />of Trust or' under any Loan Instrument or of w. agreement or any laws now or
<br />hereafter in force, notwithstjmding some oar all_ a.f the such indebtedness and
<br />obligations secured hereby may now car he.- *after be otherwise secured, whether
<br />bysnrtgage, deed of trust, pledge, l eiv;, assagmmnt or otherwise. Neither the
<br />acceptance of this Deed of Trust nor zw e?nforcemnt whether by court act.iran or
<br />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
<br />enforce any other security now or hereafter held by Trustee or Beneficiary, it
<br />being agreed that Trustee and Benef is pass -p,. end each of them, shall be et^,.titled
<br />to enforce this Deed of Trust; Wid any ot;};kre so.- .urity now or hereaftetr twV1 by
<br />Eanef iciarr; c:r Trustee, in c.-h .,, order and =samer as they or either cif tt' mm may
<br />in their absolute discretion determine. No remedy herein conferred.6pon or
<br />reserved to Trustee or Beneficiary is intended to be exclusive of ary other
<br />remedy herein or by law provided or permitted, but each shall be cumulatWe and
<br />shall be in addition to every other remedy given hereunder or now or hereafter
<br />existing at law or in equity or by Statute. Every power or remedy given by any
<br />of the Loan Instruments to Trustee or Beneficiary or to which either of them may
<br />be otherwise entitled, may be exercised, concurrently or independently, from
<br />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
<br />construed as prohibiting Beneficiary from seeking a deficiency judgment against
<br />the Trustor to the extent such action is permitted by law.
<br />13. REQUEST FOR NOTICE. Trustor hereby requests a copy of any notice of
<br />default, and that any notice of sale hereunder be mailed to it at the address
<br />set forth in the first paragraph of this Deed of Trust.
<br />14. GOVERNING LAW. This Deed of Trust shall be governed by the laws of
<br />the State of Ne rasCa. n the event that any..provision or clause of any of the
<br />Loan Instruments conflicts with applicable l'nVa, such conflicts shall not affect
<br />other provisions of such Loan Instruments aIvlch can be given effect without the
<br />conflicting provisions; and to this end, the•:provisions of the Loan Instruments
<br />are declared to be severable. This irn#rumvint cannot be waived, changed,
<br />diseharned, or terminated orally, but only rIt`l an instrument in writing signed
<br />by the party against whose enforcement' of any waiver, change, discharge or
<br />termination is sought.
<br />15. RECO"VEYANCE BY TRUSTEE. Uper ioritten request of Beneficiary stating
<br />that all mms secured hereby eve n _p&f41,. and upon surrender of this [Teed of
<br />Trust and the Note to Trustee for canceliation and retention and upon payment
<br />by Trustor of Trustee's fees, Trustee - *)hall reconvey to Trustor, or the person
<br />or persons legally entitled thereto, without warranty, any portion of the Trust
<br />Estate then held hereunder. The recitals in such reconveyance of any matters
<br />M7
<br />l
<br />�4
<br />
|