|
20 2110636
<br />LOAN #: 002111616
<br />it deems necessary or desirable to preserve the value, marketability or rentability of the Trust Estate,
<br />or part thereof or interest therein, increase the income therefrom or protect the security hereof and,
<br />with or without taking possession of the Trust Estate, sue for or otherwise collect the rents, issues and
<br />profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection including attorneys' fees, upon any indebtedness secured hereby, all in such
<br />order as Beneficiary may determine. The entering upon and taking possession of the Trust Estate,
<br />the collection of such rents, issues and profits and the application thereof as aforesaid shall not cure
<br />or waive any default or notice of default hereunder or invalidate any act done in response to such
<br />default or pursuant to such notice of default and, notwithstanding the continuance in possession of the
<br />Trust Estate or the collection, receipt and application of rents, issues or profits, Trustee or Beneficiary
<br />shall been entitled to exercise every right provided for in any of the Loan Instruments or by law upon
<br />occurrence 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
<br />specifically enforce any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale and a written notice
<br />of default and election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee
<br />shall cause to be duly filed for record in the appropriate offices of the County in which the Trust Estate
<br />is located; or
<br />(d) exercise such other rights or remedies at law or in equity.
<br />11. Foreclosure by Power of Sale. If Beneficiary elects to foreclose by exercise of the Power of
<br />Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Second Deed of
<br />Trust and any note evidencing the Indebtedness and such receipts and evidence of expenditures made
<br />and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published
<br />and delivered to Trustor such Notice of Default and Notice of Sale as then required by law and by
<br />this Second Deed of Trust. Trustee shall, without demand on Trustor, after such time as may then be
<br />required by law and after recordation of such Notice of Default and after Notice of Sale having been
<br />given as required by law, sell the Trust Estate at the time and place of sale fixed by it in such Notice
<br />of Sale, either as a whole, or in separate Tots or parcels or items as Trustee shall deem expedient,
<br />and in such order as it may determine, at public auction to the highest bidder for cash in lawful
<br />money of the United States payable at the time of sale. Trustee shall deliver to such purchaser or
<br />purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without
<br />any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall
<br />be conclusive proof of the truthfulness thereof. Any person, including without limitation Trustor, Trustee
<br />or Beneficiary, may purchase at such sale.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and
<br />of this Trust, including costs of evidence of title in connection with sale, Trustee shall apply the
<br />proceeds of sale to payment of (i) the Indebtedness (ii) all other sums then secured hereby, and
<br />(iii) 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
<br />Estate.
<br />(d) Any person (including his successor and assigns) receiving title to the Property through
<br />foreclosure or deed in lieu of foreclosure shall receive title to such property free and clear of any
<br />collateral agreements restricting the use of such property.
<br />(e) If any holder of the First Deed of Trust (the "Senior Lien Holder") shall acquire title to
<br />the Property pursuant to a deed in lieu of foreclosure, the lien of this Second Deed of Trust shall
<br />automatically terminate upon the Senior Lien Holder's acquisition of title, provided that (i) Beneficiary
<br />has been given written notice of a default under the First Deed of Trust and (ii) Beneficiary shall not
<br />have cured the default under the First Deed of Trust within 30 days of the notice sent to Beneficiary.
<br />12. 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
<br />and powers under this Second Deed of Trust or under any Loan Instrument or other agreement or any
<br />laws now or hereafter in force; notwithstanding, some or all of the such indebtedness and obligations
<br />secured hereby may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge,
<br />lien, assignment or otherwise. Neither the acceptance of this Second Deed of Trust nor its enforcement,
<br />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
<br />or hereafter held by Trustee or Beneficiary, it being agreed that Trustee and Beneficiary, and each of
<br />them, shall be entitled to enforce this Second Deed of Trust and any other security now or hereafter
<br />held by Beneficiary or Trustee in such order and manner as they or either of them may in their absolute
<br />Second Deed of Trust/HBA
<br />4.1.21
<br />ICE Mortgage Technology, Inc.
<br />Page 4 of 5 I1052NEDE 0621 (CLS)
<br />
|