|
87-am 104633 -
<br />is In mold. transferred or further encumbered without the express or written consent of Beneficiary,
<br />Beneficiary may, at Its sole option, declare all sums secured by this Dead of Trust to be immediately
<br />due and payable and proceed to the remedies available to It under the. default provisions contained
<br />herein.
<br />11. Iventl_ of Default. Any of the following events shall be demand an event of default hereunder:
<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 />(b) There has occurred a breach of or default under any term, covenant,
<br />agreement. condition, provision, representation or warranty contained in this Dead
<br />of Trust, the note or any other loan Instrument secured hereby;
<br />(c) There has been a default by the Truster In the payment of any prior or
<br />subsequent lion or encumbrance in respect to all or any part of the property;
<br />(d) Trustor 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 />es 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 saw 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 />reading, 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 />or profits, Trustee or Beneficiary- may he 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 _ovenantq hereof-, A
<br />GO deliver to Trustee a vr1tten declaration of default and demand for sale,
<br />and a written notice of default and election to cause rruntor'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 />say require, and upon request of the bemficiary. 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 />name 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 />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 />and after the lapse of not less than cm.e (1) month, tht. 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 promises, 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 />tan (10) days, but not more than thirty (341) 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 />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 />property sold. Recitals In the Trustee's deed shall be prima farce 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 net 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 on-
<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 cowleted 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. Pmmadtos Not Fxclusive. 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 rights
<br />mad powers under this Deed of Trust or umder any loam Instrument or other agreement or Ally laws now or
<br />hereafter enforced, notwithstanding some or all of the indebtedness and obligations secured hereby
<br />which may new or hereafter be otherwise secured, whether 1- mortgagtt, deed of trust, pledge, lien, assign-
<br />mmat or otherwise. Neither the acceptance of this Dead of Trust nor Its enforcement, whether by court
<br />action or parsAmet to the power of sale or other powers herein contained, shall prejudice or In any
<br />momor affect Trtistoo's or Doneficlary's right to realize upon or enforce any other security now or here-
<br />alter bitli$ by TIuatec or Beneficiary. It being agreed that Trustee and Beneficiary, and each of them,
<br />shall be matitle4 to enforce ea
<br />this Deed of Trt and any other security now or hereafter held by the Done-
<br />ficAm-1 or Trustee to sue h o 'der and manoer an they, or either of theme, mtay In their absolute discretion
<br />L doteralaw. So rowdy herein conferred upon vr reserved to Trustee or Beneficiary to intended to be ex-
<br />cleal" of any other rowdy herein or by law provided or permitted, but ea0i rhall be, cuttu3atIve and
<br />shall tm In additive, to every dither remedy given hereunder er now or hereafter exIsting at low or In
<br />e"Ity or by statute. Every power or romady given by any of the Joar, Intrume9ta to Trustee or Hone-
<br />ficta?v or to which elthor of theis %av he otherwliw entitled may be exvrcfsed, vmcurrontly or indepen-
<br />40,101,17, free t1XW to ties and so oft" as %sy be doomed expedtqot by Tru%cve or Reneftelar•, and etthor
<br />of 0'" way purqae romodlem. Nothing hvr.tu shall be on.rr—d q. prohibit Ing, Hflc far,
<br />from woo!nr "b 40firAMA"y tz,4#Awnq avainat Ttumtot, to the extent o%uh actltvn io vomilted b,v law.
<br />-1
<br />_J
<br />
|