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200507874
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200507874
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Last modified
10/17/2011 11:05:21 AM
Creation date
10/28/2005 11:51:36 AM
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DEEDS
Inst Number
200507874
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200507874 <br />(i) whether made under the power herein contained, the aforesaid Section 51.002, the Texas <br />Business and Commerce Code, any other legal requirement or by virtue of any judicial proceedings or any <br />other legal right, remedy or recourse, it shall not be necessary for Lender to be physically present at, or to <br />have constructive possession of, the Property (Borrower shall deliver to Lender any portion of the Property <br />not actually or constructively possessed by Lender immediately upon demand by Lender) and the title to <br />and right of possession of any such property shall pass to the purchaser thereof as completely as if the same <br />had been actually present and delivered to purchaser at such sale; <br />(ii) each instrument of conveyance executed by Trustee shall contain a general warranty of <br />title, binding upon Borrower; <br />(iii) each and every recital contained in any instrument of conveyance made by Trustee shall <br />conclusively establish the truth and accuracy of the matters recited therein, including, without limitation, <br />nonpayment of the Note, advertisement and conduct of such sale in the manner provided herein and <br />otherwise by law and appointment of any successor Lender hereunder; <br />(iv) any and all prerequisites to the validity thereof shall be conclusively presumed to have <br />been performed; <br />(v) the receipt by Trustee or such other party or officer making the sale of the full amount of <br />the purchase money shall be sufficient to discharge the purchaser or purchasers from any further obligation <br />for the payment thereof, and no such purchaser or purchasers, or his or their assigns or personal <br />representatives, shall thereafter be obligated to see to the application of such purchase money or be in any <br />way answerable for any loss, misapplication or nonapplication thereof; <br />(vi) to the fullest extent permitted by law, Borrower shall be completely and irrevocably <br />divested of all of its right, title, interest, claim and demand whatsoever, either at law or in equity, in and to <br />the property sold, and such sale shall be a perpetual bar both at law and in equity, against Borrower and <br />against all other persons claiming or to claim the property sold or to any part thereof by, through or under <br />Borrower; and <br />(vii) to the extent and under such circumstances as are permitted by law, Lender may be a <br />purchaser at any such sale. <br />(e) The Property may be sold in one or more parcels and in such manner and order as Lender may <br />elect, it being expressly understood and agreed that the right of sale arising out of any Event of Default shall not <br />be exhausted by any one or more sales. <br />(f) Subject to the provisions of any written agreement to the contrary, the purchaser at any foreclosure <br />sale hereunder shall become the legal owner of the Property. All occupants (except those which have previously <br />executed a prior written agreement with the purchaser) of the Property or any part thereof shall become tenants at <br />sufferance of the purchaser at the foreclosure sale and shall deliver possession thereof immediately to the <br />purchaser upon demand. It shall not be necessary for the purchaser at said sale to bring any action for possession <br />of the Property, other than the statutory action of forcible detainer in any justice court having jurisdiction over the <br />Property. <br />(g) THE WRITTEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN <br />THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS <br />OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. <br />THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. <br />We <br />
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