|
6
<br />$7- 101532
<br />[,
<br />is sold, transferred or further encumbered witVdt ^the 9xpress or written consent of Beneficiary,
<br />Beneficiary may, at its sole option, declare hfl sYnfs•seeured by this Deed of Trust to be immediately r
<br />61
<br />due and payable and proceed to the remedies available to it under the default provisions contained
<br />herein.
<br />-
<br />11. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />-
<br />(a) Truster 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 />j.
<br />(b)- There has occurred a breach of or default trader any term, covenant,
<br />-- _
<br />E
<br />- agreement, condition, prevision, representation or warranty contained in this Deed -
<br />I-
<br />of Trust, the note or any other loan instrument secured hereby; -
<br />- - --
<br />(c) There has been a default by the Truster in the payment of any prior or -
<br />- subsequent lien or encumbrance in respect to all or any part of the property;
<br />(d) Truster shall file a voluntary petition in bankruntcy or shall be adjudi-
<br />cated bankrupt or insolvent, or shall make an assignment for the .benefit of creditors
<br />- in respect to the property; 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, Beneficiary may declare all indebtedness
<br />secured herebv to be due and payable, and the same shall thereupon become due and payable without any
<br />-
<br />presentment, demand, protest or notice of any kind. Thereafter, Beneficiary mav:
<br />(a) either in person or by agent, with or without bringing any action or pro-
<br />- -
<br />ceeding, or by receiver appointed by a court and without regard to the adequacy of
<br />_
<br />any security, enter upon and take possession of the property, or any part thereof,
<br />-
<br />-- -
<br />in its own name or in the name of the Trustee, and do any acts which it deems necessary
<br />-
<br />and desirable to preserve the value, marketability or rentability of the property, or
<br />-
<br />part thereof or interest therein, increase the income therefrom or protect the security -
<br />-
<br />hereof and, without taking possession of the property, sue for or otherwise collect the
<br />-
<br />rents, issues and profits thereof, including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collection, including attorney fees, upon
<br />-
<br />any indebtedness secured hereby, all in such order as Beneficiary may determine. The
<br />-
<br />- entering upon and taking possession of the trust estate, the collection of such rents,
<br />- issues and profits and application thereof as aforesaid shall not cure or waive any de-
<br />-
<br />fault or notice of default hereunder or invalidate env act and in response to such de-
<br />-
<br />fault or pursuant to such notice of default and, notwithstanding the continuance in
<br />- -
<br />possession of the property or the collection, receipt and application of rents, issues
<br />-
<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 default, in- -
<br />- -'
<br />eluding the right to exercise the power of sale;
<br />-
<br />-
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint -
<br />- - -
<br />a receiver, or specifically enforce any of the covenants hereof;
<br />z
<br />(c) deliver to Trustee a written declaration, of default and demand for sale,
<br />-- =
<br />`
<br />and a written notice of default and election to cause Trustee's interest in the property
<br />-
<br />to be sold, which notice Trustee shall cause to be duly _filed for record in the official
<br />records of the county in which the property is located.
<br />13. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise of the power
<br />- -_
<br />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, and upon request of the Beneficiary, the Trustee s"mll file for record, in the Register
<br />- -
<br />-
<br />of Deeds office in the County where the property is located, a notice of default, setting forth the
<br />--
<br />-
<br />new of the Truster, the Book and Page or Document No. of this Deed of Trust as recorded in said
<br />Register of Deeds office, the legal description of the above - described real estate and that a breach
<br />-
<br />of an obligation, for which said real estate was conveyed as security, has occurred, and setting forth
<br />-
<br />the nature of such breach and the Trustee's election to sell the real estate to satisfy the obligation;
<br />and after the lapse of not less than one (1) month, the Trustee shall give w -ltten notice of the time
<br />-
<br />and place of sale which may be between 9-.vu z.m. and 5 p.m. at the premises, or at the Courthouse in
<br />-
<br />the County County wherein such property is located, d,scribing the property to be sold by its legal descrip-
<br />tion, said notice to be published in a newspaper of general circulation in the County wherein such
<br />-
<br />-
<br />- property is located., once a week for five (S) consecutive weeks, the last publication to be at least
<br />--
<br />ten (10) days, but not more than thirty (30) 6ays, prior to the sale; and the Trustee shall then sell
<br />said property at the time and place designated in the notice, in the inter provided by law in effect
<br />-
<br />- - -
<br />at the time of flung said notice, at public auction to the highest bidder for cash and shall deliver
<br />,-
<br />to such purchaser a deed to the property sold, consistent with the law in effect at the time.
<br />- Upon receipt of the price bid, Trustee shall deliver to the purchase,. Trustee's deed conveying the
<br />property sold. Recitals in the Trustee's deed shall be prima facie evidence of the truth of the state-
<br />meets made therein. Trustee shall apply the proceeds of the sale in the following order. (a) to all
<br />-
<br />reasonable costs and expenses of the sale, including but not limited to, Trustee's fees of not more
<br />than 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 legally en-
<br />titled 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, postpone the sale from
<br />time to time until it shall be completed and, in every such case, notice of postponement shall be given
<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 than one (1) day beyond the date designated in the notice of
<br />-
<br />sale, notice thereof shall be given in the same manner as the original notice of sale.
<br />14. Remedies Not Exclusive. Trustee and Beneficiary, and each of them, shall be entitled to en-
<br />-
<br />force payment and performance of any indebtedness or obligation secured hereby and to exercise all rights
<br />and powers under this Deed of Trust or under env loan instrument or other agreement or any laws now or
<br />hereafter enforced, notwithstanding some or all of the indebtedness and obligations secured hereby
<br />-
<br />which may new or hereafter be otherwise secured, whether by mortgage, deed of mist., pledge, llen, assign-
<br />rent or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement, whether by court
<br />action of pursuant to the power of sale or other powers herein contained, shall prejudice or in any
<br />manner affect Trustee's or Beneficiary's right to realize upon or enforce any other security now or here-
<br />after held by Trustee or Beneficiary, it being agreed that Trustee and Beneficiary, and each of them,
<br />a hall be entitled to enforce this Dead of Trust and anv other security new or hereafter held by the Bene-
<br />ficiary or Trustee in such order and manner as they, or either of them, may in their absolute discretion
<br />- determine. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be ex-
<br />clusive of any other remedy herein or by law provided or permitted, but each shall he c:axulative and
<br />$hall be in addition to every other remedy given hereunder or now or hereafter existing at law or in
<br />equity or by statute. Every prover or remedy ,liven by any of the loan instruments to Trustee or Bene-
<br />-
<br />ftcfary or to which either of tlwm may be otherwise entitled may be exercised, :,.x:.- urrent1v or indepen-
<br />dently. frow time to time and as often as may be deemed expedient be Trustee or Bcnefictarc, mid either
<br />~ '
<br />of thew tuv pursue ter nn sf etrnt remedies. Nothing herein Shall be iun tr ed as 1n 110 -1tlnt heneficlary
<br />fT ns 9aek iflR a deflciency Juditaw,,St aeain,r 1ruator to the extent wa,h a�tix I�. ; -itt -i
<br />
|