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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 />either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest and <br />best bidder for cash in lawful money of the United States, payable at time of sale. Borrower agrees that such sale <br />(or sheriff's sale pursuant to judicial foreclosure) of all the Property as real estate constitutes a commercially <br />reasonable disposition thereof, but that with respect to all or any part of the Property which may be personal <br />property, Trustee shall have and exercise, at Lender's sole election, all the rights and remedies of a secured party <br />under the UCC. Whatever notice is permitted or required hereunder or under the UCC, ten (10 days shall be <br />deemed reasonable. Trustee may postpone sale of all or any portion of the Property, and from time to time <br />thereafter may postpone such sale, as provided by statute. Trustee shall deliver to the purchaser its deed and bill <br />of sale conveying the property so sold, but without any covenant or warranty, express or implied. The recital in <br />such deed and bill of sale of any matters or facts shall be conclusive proof of the truthfulness thereof. Any Person <br />other than Trustee, including Borrower or Lender, may purchase at such sale. After deducting all costs, fees and <br />expenses of Trustee, and of this Security Instrument, including the cost of evidence of title search and reasonable <br />counsel fees in connection with sale, Trustee shall apply the proceeds of sale to payment of: all sums expended <br />under the terms hereof not then repaid, with accrued interest at the Default Rate; all other sums then secured <br />hereby; and the remainder, if any, to the clerk of the superior court of the county in which the sale took place, as <br />provided in RCW 61.24.080. <br />Section 18.51. Certain Matters Relating to Pro a Located in West Virginia. With respect to the <br />Property which is located in the State of West Virginia, notwithstanding anything contained herein to the contrary: <br />(a) The granting clause of the Security Instrument shall be deemed to include the following language: <br />"THIS SECURITY INSTRUMENT is a credit line deed of trust within the meaning of Section 38 -1 -14 of <br />the Code of West Virginia, 1931, as amended, ( "WV Code Section 38- 1 -14 ") and security agreement, <br />given to secure all present and future disbursements and advances (including without limitation certain <br />present and required future advances) with interest thereon and other amounts payable in respect thereof <br />including, without limitation, taxes, insurance premiums and other obligations, including interest thereon, <br />undertaken by Lender under the Loan Documents or under this credit line deed of trust and security <br />agreement (collectively such other amounts payable are hereinafter referred to in this paragraph as "Other <br />§38 -1 -14 Secured Amounts ") which Lender makes to Borrower from time to time in accordance with the <br />Credit Agreement or this credit line deed of trust and security agreement; provided, however, that the <br />maximum aggregate amount of principal obligations secured at any one time and from time to time <br />hereunder shall not exceed the Loan Amount plus interest and Other §38 -1 -14 Secured Amounts. The <br />making of future advances up to such Loan Amount is obligatory within the meaning of WV Code Section <br />38 -1 -14, and such principal amount plus interest and Other §38 -1-14 Secured Amounts are entitled to the <br />full priority and protection of WV Code Section 38 -1 -14 (a copy of the current version of which WV Code <br />Section 38 -1 -14 is set forth in Schedule I attached hereto and made a part hereof) including without <br />limitation the priority and protection afforded by Subsection 38- 1 -14(e) thereof). <br />THIS SECURITY INSTRUMENT secures an obligation that may increase and decrease from time to time, <br />within the meaning of WV Code Section 38 -1 -14. <br />(b) The recitals set forth at the beginning of the Security Instrument shall include the following <br />additional recitals: <br />WHEREAS, this Security Instrument is a credit line deed of trust within the meaning of Section <br />38 -1 -14 of the Code of West Virginia, 1931, as amended, ( "WV Code Section 38- 1 -14 ") and security <br />agreement, given to secure all present and future disbursements and advances (including without limitation <br />certain present and required future advances) with interest thereon and other amounts payable in respect <br />thereof including, without limitation, taxes, insurance premiums and other obligations, including interest <br />thereon, undertaken by Lender under the Loan Documents or under this credit line deed of trust and <br />security agreement (collectively such other amounts payable are hereinafter referred to in this paragraph as <br />"Other §38 -1 -14 Secured Amounts ") which Lender makes to Borrower from time to time in accordance <br />with the Loan Documents or this credit line deed of trust and security agreement; provided, however. that <br />106 <br />
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