|
7- 10200,
<br />1
<br />to sold, transferred or further encumbered without the axproas or written consent of Beneficiary,
<br />Beneficiary may, at its sole option, declare all mums secured by this Deed of Trust to be Immediately
<br />due and payable and proceed to the romedlen available to it under the default provisions contained
<br />heroin.
<br />11. Events of Default. Any of the following events shall be deemed an event of default hereunder.
<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 />(b) There bas occurred a breach of or default under any term, covenant,
<br />agreement, condition, provision, representation or warranty contained in this Deed
<br />of Trust, the note or any other loan instrtmtent secured hereby;
<br />(e) There has been a default by the Truator 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 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 property; or an action to enforce any lien or encumbrance or judg-
<br />ments against the property is commenced.
<br />12. Acceleration Upon Default. In the event of any default, Beneficiary may declare all indebtedness
<br />secured hereby to be due and payable, and the same shall thereupon become due and payable without any
<br />presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing any action or pro-
<br />ceeding, or by receiver appointed by a court and without 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 />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 />any indebtedness secured hereby, all in such order as Beneficiary may determine. The
<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 />fault or notice of default hereunder or invalidate any act and in response to such de-
<br />fault or pursuant to such notice of default and, notwithstanding the continuance in
<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 />cluding the right to exercise the power of sale;.`..
<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 />(c) deliver to Trustee a written declaration of default and demand for sale,
<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 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 />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 shall file for record, in the Register
<br />of Deeds office In the County where the property is located, a notice of default, setting forth the
<br />-
<br />name of the Trustor, 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 />of an obligation, for which said real estate was conveyed as security, has occurred, and setting forth
<br />the nature of such breach and the Trustee's election to sell the real estate to satisfy the obligation;
<br />-
<br />and after the lapse of not less than one (1) month, the Trustee shall give written notice of the time
<br />t
<br />and place of sale which may be between 9:00 a.m. and 5 p.m. at the premises, or at the Courthouse in
<br />the County wherein such property is located, describing 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 />property is located, once a week for five (5) consecutive weeks, the last publication to be at least
<br />ten (10) days, but not more than thirty (30) days, prior to the sale; and the Trustee shall then sell
<br />said property at the time and place designated in the notice, in the manner provided by law in effect
<br />"-
<br />at the time of filing said notice, at public auction to the highest bidder for cash and shall. deliver
<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 />-
<br />property sold. Recitals In the Trustee's deed shall be prima facie evidence of the truth of the state-
<br />ments made therein. Trustee shall apply the proceeds of the sale 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
<br />than 3.y 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 />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 />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 />force_ payment and performance of any indebtedness or obligation secured hereby and to exercise all tights
<br />r •----- .�• -� °-
<br />and powers under this Deed of Trust or under any 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 />which may now or hereafter he otherwise secured, whether by mortgage, deed of trust, pledge, lien, assign-
<br />ment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement, whether by court
<br />action or 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 />shall be entitled to enforce this Deed cif Trust and any other security now or hereafter held by the Bene-
<br />flcl.ary or Trustee In such order and manner as they, or either of them, may in their absolute discretion
<br />IL determine. No remedv herein conferrwd upon or reserved to Trustee or Beneficiary is intended to be ex-
<br />r.luaive of any other remedy herein or by law provided or permitted, but each shall he cumulative and
<br />shall to, In addition to every other remedy given hereunder or now or hereafter existing at law or in
<br />eqult.y or by statute. Fvery power or remedy given by any of the loan instruments to Trustee or Bene-
<br />ffariary "r to which either of tlw.m may lie nthe +rwin- entitled may he exercised, concurrently or lndepen-
<br />dont.ly, from time to time and as often as may be deemn.d expedient by 'rr =,wtee or Benefit tart', and either
<br />�..
<br />of them may purs,ir 1ne_xtsisr tint remedies. Nothing hrreln shall he ronratruod are prohihlt ing B,3neft<7lary
<br />ft"im seekhtg a '101i INI, v ludgmernt againret Truator to the extent `rncb action 14 pe Im tteI by law.
<br />�,.
<br />11
<br />
|