|
<br />88-
<br />
<br />102644
<br />
<br />property, or any part thereof, in its own name or in
<br />the name of the Trustee, and do any acts which it deems
<br />necessary and desirable to preserve the value, market-
<br />ability or rentability of the property, or part thereof
<br />or interest therein, increase the income therefrom or
<br />protect the security hereof and, without taking posses-
<br />sion of the property, sue for or otherwise collect the
<br />rents, issues and profits thereof, including those past
<br />due and. unpaid, and apply the same, less costs and
<br />expenses of operation and collection, including attorney
<br />fees, upon any indebtedness secured hereby. all in such
<br />order as Beneficiary may determine. The entering upon
<br />and taking possession of the trust estate, the collec-
<br />tion of such rents, issues and profits and application
<br />thereof as aforesaid shall not cure or waive, any
<br />default or notice of default hereunder or invalidate
<br />any act and in response to such default or pursuant to
<br />such notice of default and, notwithstanding the continu-
<br />ance in possession of the property or the collection,
<br />receipt and application of rents, issues or profits,
<br />Trustee or Beneficiary may be entitled to exercise
<br />every right provided for in any of the loan instruments
<br />or by law upon occurrence of any event of default,
<br />including the right to exercise the power of sale~
<br />
<br />(b) commence an action to foreclose this Deed of
<br />Trust as a mortgage, appoint a receiver, or specifically
<br />enforce any of the covenants hereof~
<br />
<br />(c) deliver to Trustee a written declaration of
<br />default and demand for sale, and a written notice of
<br />default and election to cause Trustors' interest in the
<br />property to be sold, which notice Trustee shall cause
<br />to be duly filed for record in the official records of
<br />the county in which the property is located.
<br />
<br />13. Foreclosure by Power of Sale. Should Beneficiary elect
<br />to foreclose by exercise of the power of sale herein contained.
<br />Beneficiary shail notify Trustee and shall deposit with Trustee
<br />this Deed of.Trust and the note and such receipts and evidence of
<br />expenditures made and secured hereby as Trustee may require, and
<br />upon request of the Beneficiary, the Trustee shall file for
<br />record, in the Register of Deeds office in the County where the
<br />property is located, a notice of default, setting forth the name
<br />of the Trustors, the Book and Page or Document No. of this Deed
<br />of Trust as recorded in said Register of Deeds office. the legal
<br />description of the above-described real estate and that a breach
<br />of an obligation. for which said real estate was conveyed as
<br />security, has occurred, and setting forth the nature of such
<br />breach and the Trustee's election to sell the real estate to
<br />satisfy the obligation~ and after the lapse of not less than one
<br />(1) month, the Trustee shall give written notice of the time and
<br />place of sale which may be between 9:00 a.m. and 5:00 p.m. at the
<br />premises, or at the Courthouse in the County wherein such property
<br />is located, describing the property to be sold by its legal
<br />description, said notice to be published in a newspaper of
<br />general circulation in the County wherein such property is
<br />located, once a week for five (5) consecutive weeks, the last
<br />publication to be at least ten (10) days, but not more than
<br />thirty (30) days, prior to the sale; and the Trustee shall then
<br />sell said property at the time and place designated in the
<br />notice, in the manner provided by law in effect at the time of
<br />filing said notice, at public auction to the highest bidder for
<br />cash and shall deliver to such purchaser a deed to the property
<br />sold, consistent with the law in effect at the time.
<br />
<br />Upon receipt of payment of the price bid, Trustee shall
<br />deliver to the purchaser, Trustee's deed conveying the property
<br />Bold. Recitals in the Trustee's deed shall be prima facie evi-
<br />dence of the truth of the statements made therein. Trustee shall
<br />apply the proceeds of the sale in the following order: (a) to
<br />all reasonable costs and expenses of the sale, including but not
<br />limited to, Trustee's fees of not more than one and one-half
<br />
<br />-4-
<br />
|