200602638 - Laserfiche WebLink

Browse

200602638 Exercise of Power of Sale 15. If Beneficiary elects to sell Trustor's interest in the Trust Property by exercise of the power of sale herein contained, Beneficiary shall notify Trustee in the manner then required by law. Upon receipt of such notice of Beneficiary and at the direction of Beneficiary, Trustee shall cause to be recorded, published and delivered such notices of default and notices of sale as may then be required by law and by this Deed of Trust. Trustee shall, only at the direction of Beneficiary and without demand on Trustor, after such time as may then be required by law and after recordation of such notice of default and after notice of sale having been givcn as required by law, sell the Trust Property at the time and place of sale fixed by it in such notice of sale, either as whole or in separate lots or parcels or items as Beneficiary shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale, or as otherwise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shaH be conclusive proof of thc truthfulness thereof. Any person, including, without limitation, Trustor, Trustee or Beneficiary, may purchase at such sale. Trustee may in the manner provided by law postpone sale of all or any portion of the Trust Property. Distribution of Sale Proceeds 16. The Trustee shall apply the proceeds of the trustee's sale, first, to the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's fees actually incurred not to exceed the amount which may be provided for in the Deed of Trust, second, to payment ofthe obligation secured by the Deed of Trust, third, to the payment of .i unior deeds of trust, mortgages or other lienholders, and the balance, if any, to the person or persons legally entitled thereto. Receiver 17. If Beneficiary sues to foreclose the Deed of Trust. Beneficiary shall have the right to have a receiver appointed to take control of the Property. Payment of Rent and Eviction After Default 18. If there is a default under this Deed of Trust, Trustor must pay monthly in advance to Beneficiary, or to a receiver who may be appointed to take control of the Property, the fair rental for the use and occupancy of the Property that is in the possession of the Trustor. If Trustor does not pay the rent when due, Trustor will vacate and surrender the Property to Beneficiary or to the receiver. NECOLMTGDOC (8/03) 264386.doc.2 5