|
� - 99 111505
<br /> Estate or the collection, receipt and application of rents, issues or
<br /> profits, Trustee or Beneficiary shall be entitled to exercise every
<br /> 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
<br /> power of sale;
<br /> (ii) Commence an action to foreclose this Deed of Trust as a
<br /> mortgage, appoint a receiver, or specifically enforce any of the
<br /> covenants hereof;
<br /> (iii) Deliver to Trustee a written declaration of default and
<br /> demand for sale, and a written notice of default and election to cause
<br /> 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 Official
<br /> Records of the County in which the Trust Estate is located.
<br /> 12 . FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to
<br /> foreclosure by exercise of the Power of Sale herein contained,
<br /> Beneficiary shall notify Trustee and shall deposit with Trustee this
<br /> 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
<br /> cause to be recorded, published and delivered to Trustor such Notice
<br /> of Default and Notice of Sale as then required by law and by this Deed
<br /> of Trust. Trustee shall, without demand on Trustor, after such time
<br /> as may then be required by law and after recordation of such Notice of
<br /> Default and after Notice of Sale having been given as required by law,
<br /> sell the Trust Estate at the time and place of sale f ixed by it in such
<br /> Notice of Sale, either as a whole, or in separate lots or parcels or
<br /> items as Trustee shall deem expedient, and in such order as it may
<br /> 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
<br /> deliver to such purchaser or purchasers thereof its good and sufficient
<br /> deed of deeds conveying the property so sold, but without any covenant s
<br /> or warranty, express or implied. The recitals in such deed of any
<br /> matters or facts shall be conclusive proof of the truthfulness thereof.
<br /> Any person, including, without limitation, Trustor, Trustee or
<br /> Beneficiary, may purchase at such sale and Trustor hereby covenants to
<br /> warrant and defend the title of such purchaser or purchasers.
<br /> (b) As may be permitted by law, after deducting all costs and
<br /> expenses of exercising the power of sale and of the sale, including the
<br /> payment of trustees fees of $3, 000. 00, and including costs of evidence
<br /> of or insurance of title, in connection with sale, Trustee shall apply
<br /> the proceeds of sale to payment of (i) all sums expended under the
<br /> terms hereof, not then repaid, with accrued interest at sixteen percent
<br /> (16.00�) per annum, until paid in full, and all other sums then secured
<br /> hereby, and (ii) the remainder, if any to the payment of junior trust
<br /> deeds, mortgages or other lienholders, and (iii) the balance, if any,
<br /> to the person or persons legally entitled thereto.
<br /> (c) Trustee may in the manner provided by law, postpone sale of
<br /> all or any portion of the Trust Estate.
<br /> 13. REMEDIES NOT EXCLUSIVE. Trustee and Beneficiary, and each
<br /> of them, shall be entitled to enforce payment and performance of any
<br /> indebtedness or obligations secured hereby and to exercise all rights
<br /> and powers under this Deed of Trust or under any Loan Instrument or
<br /> other agreement or any laws now or hereafter in force, notwithstanding
<br /> some or all of the such indebtedness and obligations secured hereby may
<br /> now or hereafter be otherwise secured, whether by mortgage, deed of
<br /> trust, pledge, lien, assignment or otherwise. Neither the acceptance �
<br /> of this Deed of Trust nor its enforcement whether by court action or
<br /> pursuant to the power of sale or other powers herein contained, shall
<br /> prejudice or in any manner affect Trustee's or Beneficiary's right to
<br /> realize upon or enforce any other security now or hereafter held by
<br /> Trustee or Beneficiary, it being agreed that Trustee and Beneficiary,
<br /> and each of them, shall be entitled to enforce this Deed of Trust and
<br /> any other security now or hereafter held by Beneficiary or Trustee in
<br /> such order and manner as they or either of them may in their absolute
<br />
|