|
200507874
<br />the 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; and,
<br />WHEREAS, the making of future advances up to such Loan Amount is obligatory within the
<br />meaning of WV Code Section 38 -1 -14, and such principal amount plus interest and Other §38 -1 -14
<br />Secured Amounts are entitled to the full priority and protection of WV Code Section 38 -1 -14 (a copy of the
<br />current version of which WV Code Section 38 -1 -14 is set forth in Schedule 1 attached hereto and made a
<br />part hereof) including without limitation the priority and protection afforded by Subsection 38- 1 -14(e)
<br />thereof); and,)
<br />(c) Any sale of any part of the Property located in the State of West Virginia may be made at the front
<br />door of the courthouse of any County wherein any of the Property is situated and shall be made after complying
<br />with the provisions set forth below in this Section 18.52. Any sale hereunder may be adjourned by announcement
<br />at the time and place for such sale without further notice.
<br />(d) Business Purpose Of All Advances And Loans Under The Loan Documents Or Under This
<br />Security Instrument LA Credit Line Deed Of Trust).
<br />BORROW ACKNOWLEDGES THAT ALL ADVANCES AND LOANS MADE, TO BE MADE OR
<br />PERMITTED TO BE MADE BY LENDERS UNDER THE LOAN DOCUMENTS AND UNDER THIS
<br />SECURITY INSTRUMENT (A CREDIT LINE OF DEED OF TRUST) ARE FOR BUSINESS PURPOSES
<br />AND ARE EXEMPT FROM USURY AND SIMILAR LAWS RESTRICTING THE MAXIMUM
<br />INTEREST RATE THEREON (OR INTEREST ON INTEREST) UNDER WEST VIRGINIA LAW.
<br />(e) Provisions Govemigg Sales of West Virginia Pro a Under The Credit Line Deed of Trust
<br />Assignment of Rents and Leases, and Security Agreement.
<br />(1) The Trustee, whenever directed or instructed by Lender, after the debt due to Lender shall
<br />have become payable and an Event of Default shall have occurred as provided in this Credit Line Deed of Trust,
<br />Assignment of Rents and Leases, and Security Agreement, (1) shall give notice of foreclosure sale as provided in
<br />paragraph (b) below and sell at public auction (as more fully provided in paragraphs (B) and (C) below) all or part of
<br />the property conveyed by the Credit Line Deed of Trust, Assignment of Rents and Leases, and Security Agreement
<br />except personal property; and, (2) as to personal property conveyed by the Credit Line Deed of Trust, Assignment of
<br />Rents and Leases, and Security Agreement, in which a security interest is granted in the Credit Line Deed of Trust,
<br />Assignment of Rents and Leases, and Security Agreement, shall give notice of sale to the extent and in the manner
<br />required under, and proceed to sell the same in any commercially reasonable manner permitted to a secured party
<br />under, Chapter 46, Article 9 of the Code of West Virginia, 1931, as amended (hereinafter referred to as "UCC
<br />Article 9 "). The Borrower specifically acknowledges and agrees that it is the Borrower's intent and the intent of this
<br />Credit Line Deed of Trust, Assignment of Rents and Leases, and Security Agreement, as to personal property, that
<br />the Trustee, at the direction or instruction of Lender, shall be entitled to provide Borrower the minimum notice and
<br />to have the maximum range of flexibility in the sale of personal property pursuant to the security interest therein
<br />created under this Credit Line Deed of Trust, Assignment of Rents and Leases, and Security Agreement.
<br />(2) Notice of foreclosure at public auction as to the property covered by this Credit Line
<br />Deed of Trust, Assignment of Rents and Leases, and Security Agreement other than personal property, as provided
<br />and contemplated under paragraph (A) above, (1) shall be served on the Borrower by certified mail, return receipt
<br />requested, to the address set forth for notices to the Borrower in the Credit Line Deed of Trust, Assignment of Rents
<br />and Leases, and Security Agreement, at least twenty (20) days prior to the auction sale; and, (2) shall be served by
<br />certified mail, return receipt requested, at least twenty (20) days prior to the auction sale, upon any subordinate
<br />lienholder who has previously notified Lender by certified mail of the existence of a subordinate lien; and, (3) shall
<br />be published by the Trustee as a Class II legal advertisement in compliance with the provisions of Section 59 -3 -1 et
<br />seq. of the Code of West Virginia, 1931, as amended ( "WV Code Section 59 -3 -1 et seq. "), and, (4) shall show the
<br />following particulars:
<br />107
<br />
|