|
200214262
<br />(d) a writ of execution or attachment of any similar process shall be entered against Trustor which shall become a lien
<br />on the Trust Estate or any portion thereof or interest therein and such execution, attachment or similar process of
<br />judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy, or
<br />(e) there has occurred a breach of or default under any term, covenant, agreement, condition, provision,
<br />representation or warranty contained in any prior deed of trust or mortgage affecting the Trust Estate.
<br />10. Acceleration upon Default; Additional Remedies. If an event of default occurs, Beneficiary may declare
<br />Indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable without any
<br />presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may;
<br />it either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a
<br />court and without regard to the adequacy of its security, enter upon and take possession of the Trust Estate, or any part
<br />thereof, in its own name or in 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 part thereof or interest therein, increase the income therefrom
<br />or protect the security thereof and, with or without taking possession of the Trust Estate, sue for or otherwise collect the
<br />rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection including attorneys' fees, upon any indebtedness secured hereby, all in such order as
<br />Beneficiary may determine. The entering upon and taking possession of the Trust Estate, the collection of such rents,
<br />issues and profits and the application thereof as aforesaid shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act 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 collection, receipt and application of rents,
<br />issues or profits, Trustee or Beneficiary shall been entitled to exercise every right provided for in any of the Loan
<br />Instruments or by law upon occurrence of any event of default, including the right to exercise the power of sale;
<br />(ii) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any
<br />of the covenants hereof;
<br />(iii) deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election
<br />to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee shall cause to be duly filed for record in the
<br />appropriate offices of the County in which the Trust Estate is located; or
<br />(iv) exercise such other rights or remedies at law or in equity.
<br />11. Foreclosure by Power of Sale. If Beneficiary elects to foreclose by exercise of the power of Sale herein contained,
<br />Beneficiary shall notify Trustee and shall deposit with Trustee this Second Deed of Trust and any note evidencing the
<br />Indebtedness and such receipts and evidence of expenditures made and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and delivered to
<br />Trustor such Notice of Default and Notice of Sale as then required by law and by this Second Deed of Trust. Trustee
<br />shall, without demand on Trustor, after such time 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, sell the Trust Estate at the time and place of sale
<br />fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as Trustee shall deem
<br />expedient, and in such order as it may determine, at public auction to the hightest bidder for cash in lawful money of the
<br />United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and
<br />sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The
<br />recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including
<br />without limitation Trustor, Trustee or Beneficiary, may purchase at such sale.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust, including
<br />costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) the
<br />Indebtedness (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or persons legally
<br />entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sale of all or any portion of the Trustee Estate.
<br />12. Remedies Not Exclusive. Trustee and Beneficiary, and each of them, shall be entitled to enforce payment and
<br />performance of any indebtedness or obligations secured hereby and to exercise all rights and powers under this Second Deed
<br />of Trust or under any Loan Instrument or other agreement or any laws now or hereafter in force; notwithstanding, some or all of
<br />the such indebtedness and obligations secured hereby may now or hereafter be otherwise secured, whether by mortgage,
<br />deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Second Deed of Trust nor its enforcement.
<br />HUA TRUST DEED Pa
<br />
|