|
<br />I
<br />
<br />88-1.01702
<br />
<br />shall have occurred and be continuing, Heneflclary, as a matter of rlRht and without notice to Trustor .
<br />or an,'one claiming under Trustor, and without regard to the value of the trust estate or the Interest of
<br />the T~ustor therein, shall have th., rll'ht to apply to an" court havlnv; Jurisdiction to appoint /I receiver
<br />
<br />of the property.
<br />10. Transfer of Property. If all or any part of the property or any interest of Trustor then'ln I"
<br />sold, transterred or further encumbered wi thout the express or writ ten consent of Benefic tary, Benef Iclary
<br />may, at its sole option, declare all sums "ecured by this Deed of Trust to be Immediately due and payable
<br />and proceed to the remedies available to It W"l<.ler ti,e default provisions contained herein.
<br />
<br />II, Events of Default. Any of the followln~ events shall be deemed an event of default herewlder:
<br />
<br />(a) Trustor shall have failed to make pa\~ent of any Installment of interest,
<br />princl"al or principal and Interest <1r any Dther sums secured hereby when due;
<br />
<br />(b) There has occurred 8 breach of or default under any term. covenant, agreement,
<br />condition, provision, representation or warranty contained In this Deed of Trust, the
<br />note or any other loan Inst r<JlJlent secured hereh\';
<br />
<br />(c) There has been II default h\' the Trustor in the pa~~ent of any prior or subsequent
<br />lien 0 r encumbrance in respect to a 11 or any part of the prore rty:
<br />
<br />(d) Trustor shall fLle a volunlarv pl'[ 1110" in bankruptcy or shall be adjudicated
<br />bankrupt or insolvent, or shall make an as..l~:"ment for the benefit of credicors in respect
<br />to the property; or an action to enforce ;111\' I It'll or l'llcllmbrance or judgments a~alnst the
<br />property Is commenced.
<br />
<br />12. Acceleration Gpon Default. In LI", evenl 01 .1lIV ",>faull, J1eneflciary may declare all indebted-
<br />ness se('ured hereb\' to he due and p8\'3bl.., and Ihe "Ime ..hall thereupon become due and payable wichout
<br />any presentment, demand, protest or notice of any kind. flll'reaftl'r. Beneficiary may:
<br />
<br />la) either In person or b\' il~ent> ".lth or ...Ithout hrlnglng any action or proceeding,
<br />or hv receiver appointed b\' a court and without regard to the adequacy of any security,
<br />enter upon and take possession of t hi' propertv, or any part thereof, in its ow name or in
<br />the Ilame of the Trustee, and do any .'lcts ",hlch It deems necessary and desirable to preserve
<br />the value, marketability or rentability of the property, or part Ihereof or Interest therein,
<br />increase the Income therefrom or protect the security hereof and, ".lthout taking possession
<br />of the propert\', sue for or otherwise collect the rents, issues and profits thereof, including
<br />those past due and unpaid, an~ hpply the same, less COSls and expenses of operation and collection,
<br />including attorney fees, ur:m any indebtedness secured herehy, all in such order as BenefiCiary
<br />may determine. The entering upon ~:.d taking possession of the trust estate, the collection of
<br />such rents, ISsues and prof lU' ;u,d application thereof as aforesaid shall not cure or waive any
<br />default or no" l"e elf default hereunder or Invalidate anv act and In response to such default or
<br />pursuant to such notice of default and, notwithstandln~ .he continuance In possession of the
<br />property or the collection, receipt and application of rents, issues or profits, Trustee or
<br />Beneficiary may be entitled to exercise every rlgh. provided for in any of the loan instruments
<br />or by law upon occurrence of any event of default, Including the right to exercise the power of
<br />sale;
<br />
<br />(b) commence an action to foreclose this Deed 0f Trust as a mortgage, appoint a receiver,
<br />or speel fical 1\' enforce any of the covenants hereof;
<br />
<br />(c) deliver to Trustee a Io'rltten dt'claratlon (,f default and demand for sale, and a written
<br />notice of default and election to cause Tru..tor's InteresL in tll<' property to be sold, which
<br />notice Truste" shall cause to be dul\' fUed for [('coni In the official records of the county in
<br />which the propeny Is located,
<br />
<br />13. Foreclos'~re bv I'o"."r of Sale. Should 1ll'lwfldar\" ,'Il""[ to foreclose by exercise of the po,,'er of
<br />sale herein cont2.ined, Beneficiary shall not If\' TrUS[l',' and stull I deposit with Trustee this Deed of Trust
<br />and the note and such receipts and evidence of expenditures mad... ilnd secured hereby as Trustee mBY require,
<br />and upon request of the Beneficiary, [he Trustee shall fill' for record, In the Register of Deeds office in
<br />the COtnltv where the property Is located, a notlc.. of ,jl'filuIt, "ettlng forth the name of the Trustor, the
<br />Book and Page or Document ~o. of this Deed of Trust as recorded In said Register of Deeds off~ce, the legal
<br />description 01 the above-described real estate and t hat a torell.-h of an obI iv;at ion, for which said real
<br />estate was conveyed as security, has occurred, and settln!': forth the nature of ~ _I" breach and the Truste..'"
<br />election to sell the real estate to satIsfy the Obligation; and after the lapse of not less than one (1)
<br />month, the Trustee shall give ,,'ritten not '-e of the time and place of "ale \olhlch may be betwe"n 9:00 a,m.
<br />and 5 p.m. at the premises, or at the Courthouse In the County \olherein such property Is located, describing
<br />the property to be sold by its legal description, said notice to be published In a newspaper of general
<br />circulation in the County wherein such property is located, Once a week for five (5) consecutive weeks, the
<br />last publication to be at least ten (10) days, but not mare than thirty (3a) days, prior to the sale; and
<br />the Trustee shall then sell said property at the time and plilce designated in the notice, in the manner pro-
<br />vided by law In effect at the time of filing said notice, at public auction to the highest bidder for cash
<br />and shall deliver to such purchaser a deed to the property sold, consistent with the law In effect at the
<br />time.
<br />
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser, Trustee's deed COn-
<br />veying the property sold. Recitals in the Trustee's deed shall be prima facie <,vidence of the truth of the
<br />'itatements made therein. Trustee shall apply the proceeds of the saie In the fOllOWing order: (a) to all
<br />reasonable costs and expenses of the sale, Including but not limited to, Trustee's fees of not more than
<br />2.0 % of the gross sale price. reasonable attorney fees and costs of title evidence; (b) to all
<br />sums secured by this Deed of Trust; and (c) the excess, if any, to the person Or persons le!,:~lly entitled
<br />thereto. Any person, Including BenefiCiary, may purchase said property at said sale.
<br />
<br />The person conducting the sale may, for any cause he or she deems expedient, POSlpo",' th.. ~ah' from t 1m..
<br />to time until it shall be completed and, In every such case, notice of pustponement shall be lIiven by publlc
<br />declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale
<br />Is postponed for longer than one (1) day beyond the date designated in the notice of sale, notice thereof
<br />shall be given In the same manner as the original notice of sale.
<br />
<br />14. Remedies Not Exclusiv":.. Trustee and Beneficiary, and each of them, shall be entitled to enforc<,
<br />payment and performance of any Indebtedness or obligatIon secured hereby and to exercise all rights and
<br />powers under this Deed of Trust or under any loan instrument or other agreement or any law" no\ol or here~
<br />after enforced, notwithstanding some or all of the Indebtedness and obll gat l<1ns secured hereby which may no,,'
<br />or hereafter be otherwise secured, whether by mo;tgage. deed of trust, pled~e, lIen, assignment Or otherwise.
<br />Neither the acceptance of thls Deed of Trust nor Its enforcement, whether hv court act Ion or pursuant to the
<br />paller of 9ale or other powers herein contained, 9hall prejudIce or In any manner affect Trustee's or lIene~
<br />ficia('y's right to reall1.e upon or enforce any other securln. nolo/ or hereafter held hY Trustee or Beneficiary,
<br />it being agreed that Trustee and BenefiCiary, and each of them, shall be entitled to enforce this Deed of .
<br />Trust and any other security now or hereafter held by the Beneficiary Or Truslei' In such order 'llId manner as
<br />they. OT ...ithE'r of them, may In their absollll(' dlsrrelion determine. No remi:dY ',('n'tn conferred upon or re-
<br />served to Trustee or Beneficiary Is Intended to be exclllsl"" of J.ny other remedy hen'ln or b\' la" l',.ov!d..ci
<br />or permitted, but "ach "hall be cumulative and sh,,1I be In addll!on 10 ever\' oth.'r r..m,'d\' .-;I\','u he..."mci,'r "I
<br />nnw Ot hereaft.'r exlstlnl; at ],,1.' or III e'lulty llr by statull', Ever... po,,"er or r..",ed\" gl\'e" h\' 'Ill\' of tilL' "'a"
<br />IIINITtllnents to Trustee <.or r."neflclary or tv which ..Ithe~ ..f tll..m mOl'" b" other...ls<' .'mlt l..d "'il\ i,,> "",'r'.("<>d,
<br />c(l-nt:urrentlyor [ndependlllltly, f.rorn t~me to tlna> aut.! a'i (..fli'n .l:!:i m,;)\, h~ dt'f'm~~d ('Kpl.dtt~1l1 ~...- lnl~tP__~ pr- l~t'I1..'-
<br />
<br />-1-
<br />
<br />....
<br />
<br />J
<br />
|