|
♦ J
<br /> �
<br /> �9 10 �008
<br /> possession of the Trust Estate, the collection of such rents, issues and
<br /> profits and the application thereof as aforesaid, ahall not cure or waive any
<br /> default or notice of default hereunder or invalidate any act done in response
<br /> to auch default or pursuant to such notice of default and, notwithstanding the
<br /> continuance in posseasion of the Trust Estate or the collection, receipt and
<br /> application of rents, issues or profita, Trustee or Beneficiary shall be
<br /> entitled to exercise every right provided for in any of the Loan Inetruments
<br /> or by law upon occurrence of any event of default, including the right to
<br /> 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 tha covenants hereof;
<br /> (c) Deliver to Trustee a written declaration of default and demand for
<br /> sale, and a written notice of default and election to cause Truator's interest
<br /> in the Truat Eatate to be sold, which notice Trustee ahall cause to be duly
<br /> filed for record in the appropriate Official Records of the County in which
<br /> the Trust Estate is located.
<br /> 11. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to
<br /> foreclose by exercise of the Power of Sale herein contained, Beneficiary ahall
<br /> notify Trustee and ahall deposit with Trustee thia Deed of Trust and the Note
<br /> and such receipts and evidence of expenditurea made and aecured hereby as
<br /> Trustee may require.
<br /> (a) Upon receipt of such notice from Beneficiary, Trustee shall cause
<br /> to 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 Trustor, after such time as may then be required by
<br /> law and after recordation of such Notice of Default and after Notice of Sale
<br /> 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
<br /> separate lots or parcels or items as Trustee ahall deem expedient, and in such
<br /> order as it may determine, at public auction to the highest bidder for cash,
<br /> in lawful money of the United States, payable at the time of eale. Trustee
<br /> shall deliver to such purchaser or purchasers thereof, its good and sufficient
<br /> deed or deeda, conveying the property so sold, but without any covenant or
<br /> warranty, express or implied. The recitals in such deed of any matters or
<br /> facts ahall be conclusive proof of the truthfulness thereof. Any person,
<br /> including, without limitation, Trustor, Trustee, and Beneficiary, may purchase
<br /> at such sale, and Trustor hereby covenants to warrant and defend the title of
<br /> such purchaser or purchasers.
<br /> (b) As may be permitted by law, after deducting all coats, fees,
<br /> expenses of Trustee ar.d of this Trust, .including caats o� evidencry .of titla in
<br /> connection with sale, Trustee shall apply the proceeds of sale to payment of
<br /> (i) all aums expended under the terms hereof, not then repaid, with accrued
<br /> intereat at 12 percent per annum, (ii) all other sums then secured hereby, and
<br /> (iii) the remainder, if any, to the person or persons legally entitled
<br /> thereto.
<br /> (c) Trustee may, in the manner provided by law, postpone sale of all or
<br /> any portion of the Trustee Estate.
<br /> 12. REMEDIES NOT EXCLUSIVE. Trustee and Beneficiary, and each of them,
<br /> shall be entitled to enforce payment and performance of any indebtednesa or
<br /> obligations secured hereby and to exercise all rights and powers under this
<br /> Deed of Trust or under any Loan Instrument or other agreement or any laws now
<br /> or hereafter in force, notwithstanding some or all of the such indebtedneas
<br /> and obligations secured hereby may now or hereafter be otherwise secured,
<br /> whether by mortgage, deed of trust, pledge, lien, assignment or otherwise.
<br /> Neither the acceptance af this Deed of Trust nor i�s enforeement whether by
<br /> court action or pursuant to the power of sale or other powers herein
<br /> contained, shall prejudice or in any manner affect Trustee's or Beneficiary's
<br /> right to realize upon or enforce any other security now or hereafter held by
<br /> Trustee or Beneficiary, it being agreed that Trustee and Beneficiary, and each
<br /> of them, shall be entitled to enforce this Deed of Trust and any other
<br /> security now or hereafter held by Beneficiary or Trustee, in such order and
<br /> manner as they or either of them may in their absolute discretion determine.
<br /> No remedy herein conferred upon or reserved to Trustee or Beneficiary is
<br /> intended to be exclusive of any other remedy herein or by law provided or
<br /> permitted, but each shall be cumulative and shall be in addition to every
<br /> other remedy given hereunder or now or hereafter existing at law or in equity
<br /> or by Statute. Every power or remedy given by any of the Loan Instruments to
<br /> Trustee or Beneficiary or to which either of them may be otherwise entitled,
<br /> may be exerciaed, concurrently or independently, from time to time, and as
<br /> often as may be deemed expedient by Trustee or Beneficiary; and either of them
<br /> may pursue inconsietent remedies. Nothing herein ahall be construed as
<br /> prohibiting Beneficiary from seeking a deficiency judgment against the Trustor
<br /> to the extent such action is permitted by law.
<br /> 13. REOUEST FOR NOTICE. Trustor hereby requests a copy of any notice
<br /> of default, and that any notice of sale hereunder be mailed to it at the
<br /> addreas eet forth in the first paragraph of thie Deed of Truat.
<br />
|