|
<br />-.,
<br />
<br />200602888
<br />
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a Court and without regard to the adequacy of its security, enter upon and take possession of
<br />the Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it
<br />deems necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part
<br />thereof or interest therein, increase the income therefrom or protect the security hereof, and with or without
<br />taking possession of the Trust Estate, sue for or otherwise colled the rents, issues and profits thereof,
<br />including those past due and unpaid, and apply the same, less costs and expenses of operation and
<br />collection, including attorney's fees, upon any indebtedness secured hereby, all in such order as Beneficiary
<br />may determine. The entering upon and taking possession of the Trust Estate, the collection of such rents,
<br />issues and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of
<br />default hereunder or invalidate any act done in response to such default or pursuant to such notice of
<br />default and, notwithstanding the continuance in possession of the Trust Estate or the collection, receipt and
<br />application of rents, issues or profits, Trustee or Beneficiary shall be entitled to exercise every right provided
<br />for in any of the Loan Instruments or by law upon occurrence of any event of default, including the right to
<br />exercise the power of sale;
<br />
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or
<br />specifically enforce any of the covenants hereof;
<br />
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a written notice of
<br />default and election to cause Trustor' interest in the Trust Estate to be sold, which notice Trustee shall cause
<br />to be duly filed for record in the appropriate Official Records of the County in which the Trust Estate is
<br />located.
<br />
<br />11. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to foreclose by exercise of the
<br />Power of Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of
<br />Trust and the Note and such receipts and evidence of expenditures made and secured hereby as Trustee
<br />may require.
<br />
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and
<br />delivered to such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust.
<br />Trustee shall, without demand on Trustor, after such time as may then be required by law and after
<br />recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell the
<br />Trust Estate at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in separate
<br />lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public
<br />auction to the highest bidder for cash, in lawful money of the United States, payable at the time of sale.
<br />Trustee shall deliver to such purchaser or purchasers thereof, its good and sufficient deed or deeds,
<br />conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in
<br />such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person,
<br />including, without limitation, Trustee, and Beneficiary, may purchase at such sale, and hereby covenants to
<br />warrant and defend the title of such purchaser or purchasers.
<br />
<br />(b) As may be permitted by law, after deducting all costs, fees, expenses of Trustee and of tllis
<br />Trust, including costs of evidence of title in cOlmection with sale, Trustee shall apply the proceeds of sale to
<br />payment of (i) all sums expended under the terms hereof, not then repaid, with accrued interest at twelve
<br />(12%) percent per annum, (H) all other sums then secured hereby, and (Hi) the remainder, if any, to tlle
<br />person or persons legally entitled thereto.
<br />
<br />(c) Trustee may, in the manner provided by law, postpone sale of all or any portion of the Trust
<br />
<br />Estate.
<br />
<br />12. REMEDIES NOT EXCLUSIVE. Trustee and Beneficiary, and each of them, shall be entitled to
<br />enforce payment and performance of any indebtedness or obligations secured hereby and to exercise all
<br />rights and powers under this Deed of Trust or under any Loan Instrument or other agreement or any laws
<br />now or hereafter in force, notwithstanding some or all of the such indebtedness and obligations secured
<br />hereby may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien,
<br />assignment or otherwise. Neither the acceptance of tllis Deed of Trust nor its enforcement whether by court
<br />action or pursuant to the power of sale or otller powers herein contained, shall prejudice or in any manner
<br />affect Trustee's or Beneficiary's right to realize upon or enforce any other security now or hereafter held by
<br />Trustee or Beneficiary, it being agreed that Trustee and Beneficiary, and each of them, shall be entitled to
<br />enforce this Deed of Trust and any otller security now or hereafter held by Beneficiary or Trustee, in such
<br />order and maImer as they or either of them may in their absolute discretion determine. No remedy herein
<br />conferred upon or reserved to Trustee or Beneficiary is intended to be exclusive of any other remedy herein
<br />or by law provided or permitted, but each shall be cumulative and shall be in addition to every otller
<br />
<br />f!f ~
<br />
<br />3
<br />
|