|
202404866
<br />9. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should
<br />an event of default occur, Beneficiary shall give written notice to Trustors specifying the default,
<br />the action required to cure the default, a date not less than 60 days from the date of the notice by
<br />which the default must be cured, and that failure to cure the default on or before the specified
<br />date may result in acceleration of the entire sum secured by this Deed of Trust and resale of the
<br />property. Thereafter, the Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action or
<br />proceeding, or by a receiver appointed by a Court and without regard to the
<br />adequacy of its security, enter upon and take possession of the Trust Estate, or
<br />any part thereof, in its own name or in the name of Trustee, and do any acts
<br />which it deems necessary or desirable to preserve the value, marketability or
<br />rentability of the Trust Estate, or part thereof or interest therein, increase the
<br />income therefrom or protect the security hereof, and with or without taking
<br />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
<br />costs and expenses of operation and collection, including attorney's fees, upon
<br />any indebtedness secured hereby, all in such order as Beneficiary may determine.
<br />The entering upon and taking possession of the Trust Estate, the collection of
<br />such rents, issuesand profits and the application thereof as aforesaid, shall not
<br />cure or waive any default or notice of default hereunder or invalidate any act
<br />done in response to such default or pursuant to such notice of default and,
<br />notwithstanding the continuance in possession of the Trust Estate or the
<br />collection, receipt and application of rents, issues or profits, Trustee or
<br />Beneficiary shall be entitled to exercise every right provided for in any of the
<br />Loan Instruments or by law upon occurrence of any event of default, including
<br />the right to exercise the power of sale;
<br />(b) Commence an 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 Trustor's interest in the
<br />TrustEstate to be sold, which notice Trustee shall cause to be duly filed for
<br />record in the appropriate Official Records of the County in which the Trust
<br />Estate is located.
<br />(d) In the event of default in payment of principal or interest after that 60
<br />day grace period from due date has elapsed, Beneficiary may, without further
<br />notice proceed with acceleration, foreclosure, power of sale, and any additional
<br />remedies available to Beneficiary as stated in Paragraphs 9, 10, and 11 of this
<br />Deed of Trust.
<br />10. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to
<br />foreclose by exercise of the Power of Sale herein contained, Beneficiary shall notify Trustee and
<br />shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of
<br />expenditures made and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be
<br />recorded, published and delivered to Trustors such Notice of Default and Notice
<br />of Sale as then required by law and by this Deed of Trust. Trustee shall, without
<br />demand on Trustor, after such time as may then be required by law and after
<br />recording such Notice of Default and after Notice of Sale having been given as
<br />required by law, sell the Trust Estate at the time and place of sale fixed by it in
<br />such Notice of Sale, either as a whole, or in separate lots or parcels or items as
<br />Trustee shall deem expedient, and in such order as it may determine, at public
<br />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 or purchasers
<br />thereof, its good and sufficient deed or deeds, conveying the property so sold, but
<br />without any covenant or warranty, express or implied. The recitals in such deed
<br />Page 3 of 5
<br />
|