|
i- 105568
<br />Is sold, trantilarred or further oncumherot wlthnut the express or written consent of Beneficiary,
<br />Beneficiary stay, at its Hole option, declare all sums secured by them 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. ltvatito of 3)eifault. Any of the following events shall he deemed an event of default berounthir:
<br />(a) Truaror shall have failed to make payment of any installment of interest,
<br />principal or principal and interest or any other stags secured hereby when due;
<br />(b) There has occurred a breach of or default under any tam, covenant,
<br />agreement, condition, provision, representation or warranty contained in rhia need
<br />of Trust, cite note or any other loan instrument secured hereby;
<br />(c) There lima been a default by the Truster in the payment of any prior or
<br />subsequent lien or encumbrance in rompact to all or any part of the property;
<br />(d) Truator shall file a voluntary petition in bankruptcy or shall be adjudi-
<br />cated bankrupt or insolvent, or shall make an asaignment 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 UgaI Default. In the event of any default, Beneficiary may declare all indebtedness
<br />secured hereby to be due and payable, and the name shall thereupon become due and perys'hic 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 nerve of the Trustee, and do any nets which it deems necaamary
<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, leas coats and expenses of operation anti 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 />tssuaa 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 tlae continuance in
<br />possession of the property or the collection, receipt and application of rents, issues
<br />or profits, Trustee or Beneficiary may be entitled to exercise every right provided for
<br />In anv of the loan instruments or by law upon occurrence of any event of default, in-
<br />eluding 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 Troatee n written declaration of default and demand for sale,
<br />and a written notice of default and election to cause Trustoe'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 />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, ties occurred, and setting forth
<br />the nature of such breach and the Trustee's election to sell the real estate to satisfy Cite obligation;
<br />and after the lapse of not less than one (1) merith, tine 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 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 he 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 tine 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 he 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 % of the gross sale price, reasonable attorney fees and costs of title evidence; (b) to all
<br />sums secure_d by this Deed of Trust; and (c) the excess, if any, to the person or persons legally an-
<br />titled thereto. Any person, including Beneficiary, may purchase said property at said sale.
<br />Tito person conducting the sale may, for any cause ne 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 />; vi.ded. 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 rights
<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 be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assign-
<br />- meet 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 />L shall be entitled to enforce this deed of Trust and any other security now or hereafter held by the Bone -
<br />ficlary cr Trustee in such order and manner as they, or either of them, may in their absolute discretion
<br />determine. l3a remedy termin conferred upon or reserved to Trustee or Beneficiary Is Intended to be ex-
<br />cluatve of any either remmdy herein or by law provided or pormittel, but each shall be cumulative and
<br />aliall. be In addition to every other remedy given hereunder or now or hereafter ext.sting at law or In
<br />wa;alty or toy atataate. Every ptswar or reowdy. given by any of the loan Instruments to Trustee or none -.
<br />faciary or to which either of ttwm may be otherwise entitled may be exerclsed, concurrently ar indepen-
<br />dammtly, from r.i. mw to time and as often as may be deemed expedient by Trustee or Benefh,tarv, and elthet
<br />of them May pursue In"onstsaent raredlea. Nothing herein shall be cmtstried .u+ pr+,htbtting B €uvf1rtary
<br />from veekl"A a detictriuy Judgmsfit saaluM Tr.tstot to the extent s+eh s.I I'M I` prrrmittecl by law.
<br />-2-
<br />
|