|
' 99- so33ss
<br /> and may invoke the power of sale and any other remedies permitted by applicable law. Thereafter,
<br /> Lender may:
<br /> A. Either in person or by agent, with or without bringing any action or proceeding, or by a
<br /> receiver appointed by a court and without regard to the adequacy of its security, enter
<br /> upon and take possession of the Trust Estate, or any part hereof, in its own name or in
<br /> the name of Trustee, and do any acts which it deems necessary or desirable to preserve
<br /> the value, marketability or rentability of the Trust Estate, or any part thereof or interest
<br /> therein, increase the income therefrom or protect the security hereof, and with or without
<br /> 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
<br /> expenses of operation and collection, including attorney's fees, upon any indebtedness
<br /> secured hereby, all in such order as Lender may determine. The entering upon and
<br /> taking possession of the Trust Estate, the collection of such rents, issues and profits and
<br />' the application thereof as aforesaid, shall not cure any act done in response to such
<br /> default or pursuant to such notice of default and, notwithstanding the continuance in
<br /> possession of the Trust Estate or the collection, receipt and application of rents, issues or
<br /> profits, Trustee or Lender shall be entitled to exercise every right provided for in any of
<br /> the Loan Instruments or by law upon occurrence of any event of default, including the
<br /> right to exercise the power of sale.
<br /> B. Commence an aciton to foreclose this Trust Deed 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
<br /> notice of default and election to cause Trustors' interest in the Trust Estate to be sold,
<br /> which notice Trustee shall cause to be duly filed for record in the appropriate Official
<br /> Records of'the County in which the Trust Estate is located.
<br /> D. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing
<br /> such remedies including, but not limited to,reasonable attorney fees.
<br /> 15. Foreclosures by Power of Sale. Lender may elect to sell by Power of Sale all or a
<br /> portion of the Trust Estate if Borrower defaults. If Lender elects to exercise all Power of Sale, Lender
<br /> shall notify Trustee and shall deposit with Trustee this Trust Deed and the Note and such receipts and
<br /> evidence of expenditures made and secured hereby as Trustee may require.
<br /> A. Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published
<br /> and delivered to Borrower such Notice of Default and Notice of Sale as then required by
<br /> law and by this Trust Deed. Trustee shall, without demand on Trustor, after such time as
<br /> may then be required by law and after recordation of such Notice of Default and after
<br /> Notice of Sale having been given as required by law, sell the Trust Estate at the time and
<br /> place of sale fixed by it in such Notice of Sale, either as a whole, or in separate lots or
<br /> parcels or items as Trustee shall deem expedient, and in such arder as it may determine,
<br /> at public auction to the highest bidder for cash in lawful money of the United States
<br /> payable at the time of sale. Trustee shall deliver to such purchaser a trustee's deed
<br /> conveying the property sold, but without any covenant or warranty, express or implied.
<br /> Any person, (including Borrower, Trustee ar Lender), may purchase at such sale.
<br /> B. After deducting all costs, fees and expenses of Trustee and of this Trust, including costs
<br /> and expenses of the sale, and costs of evidence of title, Trustee shall apply the proceeds
<br /> of sale to payment of(i)all expenses under the terms hereof;(ii)the remainder, if any, to
<br /> the person ar persons legally entitled thereto.
<br /> C. Trustee may, in the manner provided by law, postpone sale of all or any portion of the
<br /> Trust Estate.
<br /> D. The deed shall operate to convey to the purchaser, without right of redemption, all right,
<br /> title, interest and claim of the Trustee, the Borrower, and the Borrower's successors in
<br /> interest and all persons claiming by, through or under them in and to the property sold,
<br /> including all right, title, interest and claim in and to the property acquired by the Trustor
<br /> or his successors in interest subsequent to the execution of the Trust Deed and including
<br /> all right,title, interest and claim in the property acquired by any person subsequent to the
<br /> execution of the Trust Deed by reason of a deed, mortgage, trust deed, construction lien,
<br /> tax lien,judgment, lease, option, land contract, purchase contract or otherwise.
<br /> 5
<br />
|