Laserfiche WebLink
200507874 <br />(g) Interest Rate. The interest rate, payment terms and/or balance due on the obligations secured by <br />this Security Instrument may be indexed, adjusted, renewed or renegotiated. <br />(h) Certain Obligations Not Secured by - Property. Notwithstanding anything in this Security <br />Instrument or in any other Loan Document to the contrary, unless otherwise elected by Lender, this Security <br />Instrument shall not secure the obligations of Borrower under any environmental indemnity agreement or under <br />indemnity provisions such as those contained in Article XII of this Security Instrument. <br />(i) COMMITMENT TO LEND MUST BE IN WRITING. BORROWER ACKNOWLEDGES <br />THAT UNDER IDAHO LAW, NO PROMISE OR COMMITMENT TO LEND MONEY OR TO GRANT OR <br />EXTEND CREDIT IN AN ORIGINAL PRINCIPAL AMOUNT OF FIFTY THOUSAND DOLLARS ($50,000) <br />OR MORE, MADE BY A PERSON OR ENTITY ENGAGED IN THE BUSINESS OF LENDING MONEY OR <br />EXTENDING CREDIT, IS ENFORCEABLE UNLESS IT IS IN WRITING AND SUBSCRIBED BY THE <br />PARTY TO BE CHARGED. <br />Section 18.40. Certain Matters Relating to Prgpegy Located in MississiRpi. With respect to the Property <br />located in the State of Mississippi, notwithstanding anything contained herein to the contrary: <br />(a) Borrower acknowledges and agrees that (i) this Security Instrument shall secure all additional or <br />future advances and readvances of principal under the Note, and (ii) the Debt evidenced by the Note and secured <br />by this Security Instrument shall be used for business or commercial purposes and not for residential, consumer or <br />household purposes. Borrower waives the provisions of Section 111 of the Mississippi Constitution and Section <br />89 -1 -55 of the Mississippi Code of 1972, or laws amendatory thereof, if any, so far as the same restricts the right <br />of the Trustee to offer at sale more than one hundred sixty (160) acres at a time, and the Trustee may offer the <br />Premises as a whole, regardless of the manner in which the Premises may be described. For purposes of the <br />provisions of Section 89 -1 -59 of the Mississippi Code of 1972, or laws amendatory thereof, the stated maturity <br />date of the Note on the date hereof is the Payment Date occurring in the calendar month subsequent to the month <br />in which the Closing Date occurs in 2015. <br />(b) At any time after an Event of Default, Trustee (or Trustee's agent), at the option and request of <br />Lender, may sell the Property or any part thereof to satisfy the Debt at public outcry to the highest bidder for cash. <br />Trustee may appoint an agent to act on its behalf and to conduct any foreclosure sale and such appointment need <br />not be in writing. Sale of the Property shall be advertised for three (3) consecutive weeks preceding the sale in a <br />newspaper published in the county where the Property is situated, or if none is so published, then in some <br />newspaper having a general circulation therein, and by posting a notice for the same period of time at the <br />courthouse of the same county. The notice and advertisement shall disclose the names of the original debtors in <br />this Security Instrument. If the Property is situated in two (2) or more counties, or in two (2) judicial districts of <br />the same county, Trustee shall have full power to select in which county, or judicial district, the sale of the <br />Property is to be made, newspaper advertisement published and notice of sale posted, and Trustee's selection shall <br />be binding upon Borrower and Lender. Should Lender be a corporation or an unincorporated association, then <br />any officer thereof may declare Borrower to be in default as provided in this Section and request Trustee to sell <br />the Property. Lender (or Lender's designee) shall have the same right to purchase the Property at the foreclosure <br />sale as would a purchaser who is not a party to this Security Instrument, and Lender may credit to its bid any <br />portion of the Debt without actually disbursing such amount to Trustee. Trustee shall convey the Property sold at <br />foreclosure to the purchaser by Trustee's deed without warranty of title on the part of Trustee. Trustee may, in its <br />discretion, sell the Property at any sale or sales of the Property as a whole, in lots or parcels, individually or any <br />other manner or order as Trustee may elect, and the Property need not be physically present at the place of such <br />foreclosure sale. Trustee, in its discretion (so long as such discretion does not violate applicable law), may <br />determine any details of sale not specified herein. <br />(c) In the event of any such foreclosure sale or sales under the powers herein granted, Borrower (if <br />Borrower shall remain in possession) shall be deemed a tenant holding over and shall forthwith deliver possession <br />to the purchaser or purchasers at such sale or be summarily dispossessed according to the provisions of law <br />applicable to tenants holding over. <br />:: <br />