|
200507874
<br />Realty to be sold is situated, the first of which publications shall be at least twenty (20) days previous to such sale
<br />(or, if no such newspaper is so published, by the manner otherwise required by law), shall, at the date and time
<br />stated in the notice (which time shall be between the hours within which applicable law permits such sales to take
<br />place), and at the door of the county courthouse in such county at which foreclosure sales are customarily held or,
<br />at the election of Lender, at the Realty to be sold, proceed to sell the Realty granted and conveyed to Trustee
<br />hereby at public auction for cash (or for credit against the Debt if Lender is the highest bidder) or upon such other
<br />terms that are satisfactory to Trustee and Lender, and in bar of the equity of redemption and all rights of
<br />redemption, statutory or otherwise (including, without limitation, those rights of redemption contained in
<br />Tennessee Code Annotated Sections 66 -8 -101, et seq.), homestead, dower, elective share, rights of appraisement
<br />or valuation, and all other rights and exemptions of every kind, all of which are hereby expressly waived. Such
<br />Realty or any part thereof may be sold in one parcel, or in such parcels, manner or order as Lender in its sole
<br />discretion may elect, and one or more exercises of the power herein granted shall not extinguish or exhaust the
<br />power unless all of such Realty is sold or the Debt is paid in full. Following a Trustee's sale of such Realty,
<br />Trustee shall deliver to the purchaser a Trustee's Deed conveying the property so sold. The recitals in the
<br />Trustee's Deed shall be prima facie evidence of the truth of the statements made therein. Borrower further agrees
<br />that, in case of any sale hereunder, it will at once surrender possession of such Realty and will from that moment
<br />become and be the tenant at will of the purchaser, and removable by process as upon a forcible and unlawful
<br />detainer suit, hereby agreeing to pay such purchaser the reasonable rental value of such Realty after such sale plus
<br />all expenses, including legal fees, incurred by the purchaser. Trustee may in the manner provided by law
<br />postpone sale of all or any portion of such Realty. In the event Lender purchases the Realty at Trustee's sale, to
<br />the extent Lender's bid price exceeds the Debt, Lender shall pay Trustee cash equal to such excess. The Trustee
<br />may sell the Realty together with the other Property subject to the security interest of Lender as provided herein,
<br />at Trustee's discretion, in any manner permitted by applicable law.
<br />Section 18.47. Certain Matters Relating-to Pr9peM Located in the State of Texas. With respect to the
<br />Property which is located in the State of Texas, notwithstanding anything contained herein:
<br />(a) Borrower represents and covenants that no part of the Property forms any part of any property
<br />owned, used or claimed by Borrower as a business or residential homestead.
<br />(b) Without limiting any other rights or remedies herein provided and provided by law at law and in
<br />equity, upon the occurrence and the continuation of an Event of Default, Lender may request the Trustee to
<br />enforce this Security Instrument and to sell the Property as an entirety or in parcels, by one sale or by several
<br />sales, held at one time or at different times as the Trustee may elect (all rights to a marshalling of the Property, or
<br />to a sale in inverse order of alienation, being hereby expressly waived by Borrower), at the place for sale
<br />designated from time to time by applicable authorities in the county in which the Property, or a part of the
<br />Property, to be sold is situated, each sale to be made on the first Tuesday of a calendar month between the hours
<br />of ten o'clock a.rrL and four o'clock p.m. (subject to any obligation imposed by applicable law to designate the
<br />times during which the sale is to be held) to the highest bidder for cash at public auction, after posting or causing
<br />to be posted written or printed notice of the time, place and terms of sale at the door of the Courthouse of said
<br />county (or such other place designated by the commissioner's court of said county for such postings), for at least
<br />twenty -one (2 1) days before the day of sale (such twenty-one (2 1) day period commencing on the date of posting),
<br />and to execute and deliver to the purchasers at each such sale proper conveyances of the property sold, with
<br />general warranty of title binding upon Borrower and the heirs, legal representatives, successors and assigns of
<br />Borrower. In addition, the holders of the Debt shall at least twenty-one (2 1) days preceding the date of sale (such
<br />twenty-one (2 1) day period commencing on the date of posting), (i) file a copy of such notice with the clerk of
<br />each county in which the Property is situated and (ii) serve written notice of the proposed sale by certified mail on
<br />each debtor obligated to pay the Debt according to the records of such holder(s). Service of such notice shall be
<br />completed upon deposit of the notice, enclosed in a postpaid wrapper, properly addressed to each debtor at such
<br />debtor's most recent address as shown by Lender's records, in a post office or official depository under the care
<br />and custody of the United States Postal Service. The affidavit of any person having knowledge of the facts to the
<br />effect that such service was completed shall be prima facie evidence of the fact of service. No notice of such sale
<br />or sales other than that herein provided for need be given to Borrower or any other person or party. The Trustee
<br />shall apply the proceeds arising from each such sale as provided hereinbefore. Lender or other holders of the Debt
<br />shall have the right to become the purchaser at any sale to the same extent as any other party, being the highest
<br />M
<br />
|