200700412 - Laserfiche WebLink

Browse

200700412 IF GMAC INVOKES ITS POWER OF SALE UNDER THIS DEED OF TRUST, GMAC SHALL EXECUTE, OR CAUSE TRUSTEE TO EXECUTE, A WRITTEN NOTICE OF THE OCCURRENCE OF AN EVENT OF DEFAULT AND OF GMAC'S ELECTION TO CAUSE THE PROPERTY TO BE SOLD. GMAC SHALL CAUSE SUCH NOTICE TO BE RECORDED IN EACH COUNTY WHERE ANY PART OF THE PROPERTY IS LOCATED. GMAC OR TRUSTEE SHALL MAIL COPIES OF SUCH NOTICE, IN THE MANNER REQUIRED BY APPLICABLE LAW, TO US AND TO ANY OTHER PERSONS WHO ARE ENTITLED TO NOTICE UNDER APPLICABLE LAW. AFTER THE LAPSE OF SUCH TIME AS MAY BE REQUIRED BY APPLICABLE LAW AND AFTER PUBLICATION OF A NOTICE OF THE TIME AND PLACE OF THE SALE IN COMPLIANCE WITH APPLICABLE LAW, TRUSTEE SHALL, WITHOUT FURTHER DEMAND ON OR NOTICE TO US, SELL THE PROPERTY AT PUBLIC AUCTION TO THE HIGHEST BIDDER AT THE TIME.AND PLACE AND UNDER THE TERMS DESIGNATED IN THE NOTICE OF SALE, IN ONE OR MORE PARCELS AND IN SUCH ORDER AS TRUSTEE MAY DETERMINE. TRUSTEE MAY POSTPONE SALE OF ALL OR ANY PARCEL OF THE PROPERTY BY PUBLIC ANNOUNCEMENT AT THE TIME AND PLACE OF ANY PREVIOUSLY SCHEDULED SALE AND TRUSTEE MAY FROM TIME TO TIME THEREAFTER POSTPONE SUCH SALE BY PUBLIC ANNOUNCEMENT AT THE TIME FIXED BY THE PRECEDING POSTPONEMENT PROVIDED IF THE SALE IS AT ANY TIME POSTPONED FOR MORE THAN ONE (1) DAY BEYOND THE DATE DESIGNATED IN THE NOTICE OF SALE, NOTICE THEREOF SHALL BE GIVEN IN THE SAME MANNER AS THE ORIGINAL NOTICE OF SALE. GMAC OR GMAC'S DESIGNEE MAY PURCHASE THE PROPERTY AT ANY SALE. TRUSTEE SHALL DELIVER TO THE PURCHASER A TRUSTEE'S DEED CONVEYING THE PROPERTY SOLD WITHOUT ANY COVENANT OR WARRANTY, EXPRESS OR IMPLIED. THE RECITALS IN THE TRUSTEE'S DEED SHALL BE PRIMA FACIE EVIDENCE OF THE TRUTH OF THE STATEMENTS MADE THEREIN. TRUSTEE SHALL APPLY THE PROCEEDS OF THE SALE (A) 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, (B) SECOND, TO THE PAYMENT OF JUNIOR TRUST DEEDS, MORTGAGES, OR OTHER LIENHOLDERS, AND (C) THIRD, THE BALANCE, IF ANY, TO THE PERSON OR PERSONS LEGALLY ENTITLED THERETO. 17. ASSIGNMENT OF RENTS; RECEIVERS; GMAC POSSESSION OF THE PROPERTY. As additional security, we hereby assign to GMAC any rents due on the Property after an Event of Default or abandonment of the Property. In any action to invoke the power of sale under this Deed of Trust, GMAC shall be entitled to the appointment ofa receiver. If an Event of Default occurs or we abandon the Property, GMAC, without notice, may enter upon, take possession of, and manage the Property. GMAC may then collect or sue in its own name for any rents due on the Property. All rents so collected shall be applied first to payment of the reasonable costs of operation and management of the Property (such as collection costs, receiver's fees, bond premiums and attorneys' fees) and then to the Total Balance Outstanding. GMAC and the receiver must account only for rents actually received. Acts taken by GMAC under this paragraph 17 shall not cure or waive any Event of Default or invalidate any act done pursuant to notice of default. We will not, without the written consent of GMAC, receive or collect rent from any tenant on the Property more than one month in advance. Upon an Event of Default, we will pay monthly in advance to GMAC or any receiver the fair and reasonable rental value of the Property or that part of the Property in our possession. If we fail to pay such rent, we will vacate and surrender the Property to GMAC or to such receiver. We may be evicted by summary proceedings. 18. RECONVEYANCE. Upon satisfaction of all obligations secured by this Deed of Trust, which shall include termination of the Account, delivery to GMAC of all checks providing access to the Account, payment of all sums due under the Account, and the passage of at least 14 days after satisfaction of the ftrst three obligations, GMAC shall surrender the Credit Documents to Trustee and request Trustee to reconvey the Property. Trustee shall reconvey the Property without warranty to those of us legally entitled thereto. 19. REQUEST FOR NOTICES. Trustee, GMAC and we request that copies of notice of default and sale under this Deed of Trust be sent to Trustee, GMAC and us, as provided by Section 76-1008 of Nebraska Revised Statutes. GMAC and we request notice of any default, sale, or other foreclosure action from any holder of any mortgage, deed of trust, or other encumbrance which has priority over this Deed of Trust. - 5 -