|
<br />is sold, transferred or further encumbered wf~~:-:-he ~~::~~r~ten consent of Beneficisry,
<br />Beneficiary may, at its sole option, declare all sums secured by this Deed of Trust to be immediately
<br />due and payable and proceed to the remedies available to it under the default provisions contained
<br />he,'ein.
<br />
<br />11. Events of Default. Any of the follOWing events shall be deemed an event of default hereunder:
<br />
<br />(a) Trustor shall have failed to make payment of any installment of interest,
<br />principal or principal and interest or any other sums secured hereby when due;,
<br />
<br />(b) There has occurred a breach of or default under any tenn, covenant,
<br />agreement, condition, provision, representation or warranty contained in this Deed
<br />of Trust, the note or any other loan instrument secured hereby;
<br />
<br />(c) There has been a default by the Trustor in the payment of any prior or
<br />subsequent lien or encumbrance in respect to all or any part of the property;
<br />
<br />(d) Truator shall file a voluntary petition in bankruptcy or shall be adjudi-
<br />cated bankrupt or insolvent, or shall make an assignment for the benefit of creditors
<br />in respect to the pr.operty; or an action to enforce any lien or encumbrance or judg-
<br />ments against the property is commenced.
<br />
<br />12. Acceleration Upon Default. In the event of any default, Beneficiarv may declare all indebtedness
<br />secured hereby to be due and payable, and the same shall thereupon become due and paya~le without any
<br />presentment, demand, protest or notice of Bny kind. Thereafter, Beneficiary may:
<br />
<br />(a) either in person or by agent, with or without bringing any action or pro-
<br />ceeding, or by receiver apFointed by a court and '~.thout regard to the adequacy of
<br />any security, enter upon and take possession of the property, or any part thereof,
<br />in its own name or in the name of the Trustee, and do any acts which it deems necessary
<br />and desirable to preserve the value, marketability or rentability of the property, or
<br />part thereof or interest therein, increase the income therefrom or protect the security
<br />hereof and, without taking possession of the property, sue for or otherwise collect the
<br />rento. issues and profits thereof, including thosc past due and unpaid, and apply ~he
<br />same, less costs and expenses of operation and collection, including attorney fees. upon
<br />any indebtedness secured hereby, all in Buch order as Beneficiary may detem1ne. The
<br />entering upon and taking possession of the trust est.ate.,. the collection of such rent.s.
<br />issues and profits and application thereof as aforesaid shall not cure or waive any de-
<br />fault or notice of default hereunder or lnvalidate any act and in response to such de-
<br />fault or pursuant to such Dot ice vf default and, notwithstanding the cont1nWlIlce in
<br />possession of the property or the cnllection, receipt and application of rents, issues
<br />or profits, Trustee or Beneficiary may be entitled to exercise every right provided for
<br />in any of the loan instruments or by law upon occurrence of any event of defaul~. in-
<br />cluding the right to exercise the power of sale;
<br />
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint
<br />a receiver, or specifically enforce any of the covenants hereof;
<br />
<br />(c) deliver to Trustee a written declaration of default and demand for 531e,
<br />and a wrItten notice of default and election to cause Trustor's interest in the property
<br />to be sold, which notice Trustee shall cause to be duly filed for record in the official
<br />records of the cuunty in which the property is located.
<br />
<br />13. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise of tbe power
<br />of sale herein contained, Beneficiary shall notHy Trustee and shall deposit with Truste.e tbb Deed .of
<br />Trust and the note and such receipts and evidence of expenditures made and secured hereby as Trustee
<br />may require, and upon request of the Beneficiary, the Trustee shall file for record, in the Reguter
<br />of Deeds office in the County where the property Is located, a notice of default, setting forth tbe
<br />name of the Truator, the Book and Page or Document No. of thIs Deed of ,rust as recorded in said
<br />Register of Deeds office, the legal descrIption of the above-described real estate .md that a breach
<br />of an obligation, for which saId real estate was conveyed as securit)., has occurred, and setti"s forth
<br />the nature of such breach and the Trustee's elect lon to sell the real estate to sat Isfy the obUgati,oc;
<br />and after the lapse of not less than one (1) month, the Trustee shall give written notice of the time
<br />and place of sale which may be between 9:00 a.m, and 5 p.m. at the premises, or at the Ccurthouse in
<br />the County wherein such property is located, describing the property to be sold by Its le~BI descrip-
<br />tion, said notice to be published In " newspaper of general circulation in the Cow>ty ..-herein "ucl>
<br />property is located, once a week for five (5) consecutive weeks, the last publicatSon to be 4t leAst
<br />ten (10) daya, but not more than thirty (JD) days, prior to the sale; and the Trust..e shall then ""n
<br />said property at the time and place deaignated In the notice, in the manner prOVided by law in effect
<br />at the time of filing aaid notice, at publIc lIuction to the highest bidder for caah and shall deliver
<br />to such purchll8t!r a deed to the property sold, consistent with the 13W in effect at the t 1..1'.
<br />
<br />Upon receipt of the price bId, Trustee shall delIver to the purchase, Trustee's deed c"",,e,lng the
<br />property sold. Redtals In the Trustee's deed shall be prilDll facie evidence of the truth of the fitate-
<br />ments made therein. Truatee shall apply the proceeds of the sale in the following order: (Il) to aU
<br />reasonable cost6 and expensea of the sale, including but not llmited to. Trustee's fees of not more
<br />than 3.0% of the grosa sale price, reasonable attorney fees and costs of title evidence; (b) to 411
<br />SUmB ---.e;;ured by this Deed of Trust: and (c) the excess, if lIDY, to the person or persons lellaUy en-
<br />titled thereto. Any person, including BenefIciary, may purclmse said property at said sale.
<br />
<br />The person conducting the aale may. for any cause he or she deems expedient, postpone the sale from
<br />lime to time until it shall be completed and, In every such case, notice of postponement shall be gi,~
<br />by public declaration thereof by such person at the time and place last appointed for the sale; pro-
<br />vIded, if the sale Is postponed for longer thnn one (1) day beyond the dste designated in the notice of
<br />sde, notice thereof shnll be given In the same manner as the original notice of sale.
<br />
<br />1~. Remedies Not ExcluBlve. Tru.tee and Rene flciary , nod each of them, shllll be entitled to en-
<br />force payment and performance of ~ny IndebtcdneHA or obligation sccure~ hereby and to exercise all ri~ht8
<br />and powers under this Deed oC Trust or under any 10nn instrument or other agreement or any laws no~ or
<br />hereaftet enforced, not"lthstanding some or nll of the indebtedness and obligations secured hereby
<br />which may now or hCrl!Clfttn" he otherwise Bccurcd, whl!ther by mortgage, dt'!ed of trust, ph"ldfl(1, I Icon ., .nfl,st~-
<br />ment or oth~rwise. Neither the acceptance of this Deed of Trust nor its enforcement, whether by court
<br />Rction or pursuant to the power of nale or other powers :,crein contained, shall prejudice Ot' in any
<br />IDtInner affect: TrU!:lt(U~'B or lIeneftclary'o right to realize upon or enforce any other security now or here-
<br />after held by Trustee or Beneficiary, it being BlIreed that Trustee and Beneficiary, and each or them,
<br />nhall be cnt.ltled to enforce this Deed of Truflt and any other .ecurity now or herenrter held by the Ben,,-
<br />fidnry or l'runtee in such order and manner ao they, or either of them, may in their absolute discretion
<br />dl'.tl~rmj,ne. no remedy herein conferred upon or regervod to Truatec or Beneficiary 1s jntenul~d to be cx-
<br />c.lugf,v(~ of I1ny othr..r remedy herein or by lnw provided or pernrltt~d, but cilch shnll he cumulat lVt~ and
<br />all'l] 1. bl' In flddit Ion to (tVery other reme-dy given hereulldcr or nuw or hert.~nrter ('xtAt In~ nt In\ol' or In
<br />.~qutty or by ~tlltutC!. EvC'ry pl1W....r or remedy given hy o1.ny of tht' 10nn in!'l;tr\lm(~ntA to TruRtof'(' or l\C'nt'-
<br />f1c.~Jllry or to which ulthrr of tll('m mny Iw otlH:~r1JJlH!' entitled mny b(' \~)(t.~rclHNil C'olh~lIt'rt~ntl\" or h1ttllp\~n-
<br />IIlm'ly, from tinw [0 tin,... Imd 08 oft..-" I'll" mn'l h41 dlwmcll cXl1fHl1cnt bv rrUl.ltIH~ nr Blmcflt'l"rv, ,'md l\1th,-'r
<br />(If th~f,"l mllY ~lurnlJt' lntonl\lut.mll r(lmedICl~, Nothlnn IwrnJn Rhull lm ('nnlltrW'tl .,,\fl prnhthtt tnH l\(ltwft,'lal\'
<br />frum ....(,ktll~t " ,11!'fll"I4.'l\cy l\l(h~nu'nt l1~t(llnllt TrufltDf "(I Lh., (~X.UH1' 'J\)('h ,let inn 1,. rwrndn'~lt h\' In.....
<br />-~ -
<br />
<br />...
<br />
|