|
200509328
<br />(c) There has been a default by the Trustor in the
<br />payment of any prior or subsequent lien or encumbrance in respect
<br />to all or any part of the property;
<br />(d) Trustor shall file a voluntary petition in bankruptcy
<br />or shall be adjudicated bankrupt or insolvent, or shall make an as-
<br />signment for the benefit of creditors in respect to the property; or
<br />an action to enforce any lien or encumbrance or judgments against
<br />the property is commenced.
<br />12. Acceleration Upon Default. In the event of any default, Beneficiary may declare
<br />all indebtedness secured hereby to be due and payable, and the same shall thereupon become due
<br />and payable without any presentment, demand, protest or notice of any kind. Thereafter,
<br />Beneficiary may:
<br />(a) either in person or by agent, with or without bringing
<br />any action or proceeding, or by receiver appointed by a court and
<br />without regard to the adequacy of any security, enter upon and take
<br />possession of the property, or any part thereof, in its own name or
<br />in the name of the Trustee, and do any acts which it deems
<br />necessary and desirable to preserve the value, marketability or
<br />rentability of the property, or part thereof or interest therein,
<br />increase the income therefrom or protect the security hereof, and,
<br />without taking possession of the property, sue for or otherwise
<br />collect the rents, issues and profits thereof, including those past
<br />due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection, including attorney fees, upon any in-
<br />debtedness secured hereby, all in such order as Beneficiary may
<br />determine. The entering upon and taking possession of the trust
<br />estate, the collection of such rents, issues and profits and
<br />application thereof as aforesaid shall not cure or waive any default
<br />or notice of default hereunder or invalidate any act and in response
<br />to such default or pursuant to such notice of default and, notwith-
<br />standing the continuance in possession of the property or the
<br />collection, receipt and application of rents, issues or profits, Trus-
<br />tee or Beneficiary may be entitled to exercise every right provided
<br />for in any of the loan instruments or by law upon occurrence of
<br />any event of default, including the right to exercise the power of
<br />sale;
<br />(b) commence an action to foreclose this Deed of Trust
<br />as a mortgage, appoint a receiver, or specifically enforce any of the
<br />covenants hereof,
<br />(c) deliver to Trustee a written declaration of default
<br />and demand for sale, and a written notice of default and election to
<br />cause Trustor's interest in the property to be sold, which notice
<br />Trustee shall cause to be duly filed for record in the official records
<br />of the county in which the property is located.
<br />13. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise
<br />of the power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with
<br />Trustee this Deed of Trust and the Agreement and such receipts and evidence of expenditures
<br />made and secured hereby as Trustee may require, and upon request of the Beneficiary, the
<br />Trustee shall file for record, in the Register of Deeds office in the County where the property is
<br />located, a notice of default, setting forth the name of the Trustor, the Book and Page or
<br />Document No. of this Deed of Trust as recorded in said Register of Deeds office, the legal de-
<br />scription of the above - described real estate and that a breach of an obligation, for which said real
<br />estate was conveyed as security, has occurred, and setting forth the nature of such breach and the
<br />Trustee's election to sell the real estate to satisfy the obligation; and after the lapse of not less
<br />than one (1) month, the Trustee shall give written notice of the time and place of sale which may
<br />be between 9:00 a.m. and 5:00 p.m. at the premises, or at the Courthouse in the County wherein
<br />such property is located, describing the property to be sold by its legal description, said notice to
<br />be published in a newspaper of general circulation in the County wherein such property is
<br />located, once a week for five (5) consecutive weeks, the last publication to be at least ten (10)
<br />days, but not more than thirty (30) days, prior to the sale; and the Trustee shall then sell said
<br />property at the time and place designated in the notice, in the manner provided by law in effect at
<br />the time of filing said notice, at public auction to the highest bidder for cash and shall deliver to
<br />such purchaser a deed to the property sold, consistent with the law in effect at the time.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser, Trustee's
<br />deed conveying the property sold. Recitals in the Trustee's deed shall be prima facie evidence of
<br />3
<br />
|