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200304940
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Last modified
10/15/2011 9:02:51 PM
Creation date
10/21/2005 5:08:02 PM
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DEEDS
Inst Number
200304940
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200304940 <br />And in the event of the foreclosure of this Deed of Trust, Trustor covenants and agrees to pay the cost of extending the <br />abstract of title or obtaining a certificate of title from the date of recording this Deed of Trust to the date of fling suit, and <br />upon failure of said party to do so, all money so advanced by Trustee shall bear interest at the rate of 16.000 percent per <br />annum and shall be secured by this indenture. In addition, Trustor agrees to pay a reasonable attorney's fee for the <br />prosecution of a foreclosure action, which shall be added to the principal balance at the time a foreclosure decree is entered <br />or shall be paid by the Trustor if Trustee agrees that the default may be cured after the institution of a foreclosure suit. <br />And in the event Trustee sells the Property by exercise of power of sale, Trustee shall be entitled to apply any sale proceeds <br />first to payment of all costs and expenses of exercising power of sale, including all Trustee's fees, and Lender's and Trustee's <br />attorney's fees actually incurred to the extent permitted by applicable law. In the event Borrower or Trustor exercises any <br />right provided by law to cure an Event of Default, Lender shall be entitled to recover from Trustor all costs and expenses <br />actually incurred as a result of Trustor's default, including, without limitation, all Trustee's and attorney's fees, to the extent <br />permitted by applicable law. Such costs shall be added to the principal sum due hereunder and draw interest at the default <br />rate of 16.000 percent per annum. <br />The Trustee shall have the right to release with or without consideration or credit on the indebtedness hereby secured, any <br />part of the property herein described by adequate legal instrument without regard to the existence of any junior encumbrance <br />and without the consent of such junior encumbrancer, and such release shall have no further effect upon the rank, lien or <br />estate conveyed hereby or against the Trustee than is therein expressed. <br />Beneficiary may at any time and from time to time appoint a successor Trustee by filing for record in each county where the <br />trust property or part thereof is located a notice of Substitution of Trustee. <br />We also agree that in the event the mortgaged premises, or any portion thereof, or any interest therein, are sold, mortgaged or <br />conveyed or become subject to an agreement to sell, mortgage or convey prior to the time this loan shall have been paid in <br />full, then the entire indebtedness shall become immediately due and payable at the option of the beneficiary. A sale, <br />assignment or transfer in any manner whatsoever of 10% or more of the capital stock of the grantor corporation shall be <br />equivalent to a sale or conveyance of the security or an interest therein, and in that event beneficiary shall have the option to <br />accelerate the debt, declare the entire loan balance due and enforce collection of same, including foreclosure of the Deed of <br />Trust lien. <br />That if the property, or any part thereof, be condemned under any power of eminent domain, or acquired for public use, the <br />damages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this <br />Trust Deed and the Deed of Trust Note secured hereby remaining unpaid are hereby assigned by Trustor to the holder of said <br />Deed of Trust Note and Trust Deed and shall be paid forthwith to said holder to be applied by it firstly to the payment of any <br />expenses said holder may incur in the condemnation proceeding, and secondly on the indebtedness secured hereby in such <br />manner as it elects, or the amount so received or any part thereof may be released by the said Beneficiary. <br />Beneficiary may within three months after the sale of the property under this Trust Deed, sue Trustor in an action for <br />recovery of any balance due, including interest from the date of sale, the costs and expenses of exercising the power of sale, <br />and of the sale, upon this obligation which was not retired and paid by the proceeds of the sale of the same. <br />Any partial release or subordination agreement shall only be executed by the Trustee on the written direction of Beneficiary, <br />evidenced by his joinder in such instrument. <br />4 <br />
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