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202000665
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Last modified
1/29/2020 12:27:55 PM
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1/29/2020 12:27:55 PM
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DEEDS
Inst Number
202000665
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202000665 <br />2000046965-Mod1 /D11-14015007006 <br />promissory note secured hereby, the entire indebtedness hereby secured shall immediately become due, <br />payable, and collectible without notice, at the option of the Beneficiary or assigns, regardless of maturity, <br />and the Beneficiary or assigns may enter upon said property and collect the rents and profits thereof. Upon <br />such default in payment or performance, and before or after such entry, the Trustee, acting in the execution <br />of this Trust, shall have the power to sell said property, and it shall be the Trustee's duty to sell said property <br />(and in case of any default of any purchaser, to resell) at public auction, to the highest bidder, first giving <br />four weeks' notice of the time, terms, and place of such sale, by advertisement not less than once during <br />each of said four weeks in a newspaper published or distributed in the county or political subdivision in <br />which said property is situated, all other notice being hereby waived by the Trustor/Grantor (and the <br />Beneficiary or any person on behalf of the Beneficiary may bid and purchase at such sale). Such sale will <br />be held at a suitable place to be selected by the Beneficiary within said county or political subdivision. The <br />Trustee is hereby authorized to execute and deliver to the purchaser at such sale a sufficient conveyance of <br />said property, which conveyance shall contain recitals as to the happening of a default upon which the <br />execution of the power of sale herein granted depends; and the said Trustor/Grantor hereby constitutes and <br />appoints the Trustee as his agent and attorney in fact to make such recitals and to execute said conveyance <br />and hereby covenants and agrees that the recitals so made shall be binding and conclusive upon the <br />Trustor/Grantor , and said conveyance shall be effectual to bar all equity or right of redemption, homestead, <br />dower, right of appraisement, and all other rights and exemptions of the Trustor/Grantor , all of which are <br />hereby expressly waived and conveyed to the Trustee. In the event of a sale as hereinabove provided, the <br />Trustor/Grantor , or any person in possession under the Trustor/Grantor, shall then become and be tenants <br />holding over and shall forthwith deliver possession to the purchaser at such sale or be summarily <br />dispossessed, in accordance with the provisions of law applicable to tenants holding over. The power and <br />agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and are <br />granted as cumulative to all other remedies for the collection of said indebtedness. The Beneficiary or <br />Assigns may take any other appropriate action pursuant to state or Federal statute either in state or Federal <br />court or otherwise for the disposition of the property. <br />5. In the event of a sale as provided in paragraph 4, the Trustee shall be paid a fee by the <br />Beneficiary in an amount as provided by state law, or if not provided by state law, in an amount that is <br />deemed reasonable and shall be approved by the Beneficiary as to reasonableness. Said fee shall be in <br />addition to the costs and expenses incurred by the Trustee in conducting such sale. The amount of such <br />costs and expenses shall be deducted and paid from the sale's proceeds. It is further agreed that if said <br />property shall be advertised for sale as herein provided and not sold, the Trustee shall be entitled to a <br />reasonable fee, in an amount acceptable to the Beneficiary for the services so rendered. The Trustee shall <br />also be reimbursed by the Beneficiary for all costs and expenses incurred in connection with the advertising <br />of said property for sale if the sale is not consummated. <br />6. The proceeds of any sale of said property in accordance with paragraph 4 shall be applied <br />first to payment of fees, costs, and expenses of said sale, the expenses incurred by the Beneficiary for the <br />purpose of protecting or maintaining said property and reasonable attorneys' fees; secondly, to payment of <br />the indebtedness secured hereby; and thirdly, to pay any surplus or excess to the person or persons legally <br />entitled thereto. <br />Page 3 <br />
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