|
87-- 106964
<br />Sd default with respect to payment of any indebtedness secured hereby, or in the performance of
<br />any agreement hereunder. If any event of default described hereafter in respect to this Deed of
<br />Trust, iphall have occurred and be continuing, Beneficiary, as a matter of right and without notice
<br />to Truster or anyone claiming under Truster, and without regard to the value of tale trust estate
<br />or the interest of the Trustor therein, shall have the right to apply to any court having juris-
<br />diction to appoint a receiver of the property.
<br />10. Transfer of Property. If all or any part of the property or any interest of Trustor
<br />therein is sold, transferred or further encumbered without the express or written consent of
<br />Beneficiary, Beneficiary may, at its sole option, declare all sums secured by this Deed of Trust
<br />to be immediately due and payable and proceed to the remedies available to it under the default
<br />provisions contained herein.
<br />11. Events of Default. Any of the following events shall be deemed an event of default here- -- - .
<br />under:
<br />(a) Trustor shall have
<br />interest, principal or principal and interest or any other sums secured
<br />hereby when due;
<br />(b) There has occurred a breach of or default under any term, covenant,
<br />agreement, condition, provision, representation or warran ty contained in this
<br />Deed of Trust, the note or any other loan instrument secured hereby;
<br />(c) There has been a default by the Trustor in the payment of any prior
<br />or subsequent lien 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
<br />adjudicated bankrupt or insolvent, or shall make an assignment for the benefit
<br />of creditors in respect to the property; or an action to enforce any lien or
<br />encumbrance or judgments against the property is commenced.
<br />12. Acceleration Upon Default. In the event of Inv default, Beneficiary may declare all
<br />indebtedness secured hereby to be due and payable, and the same shall thereupon become due and
<br />payable without any presentment, demand, protest or notice of anv kind. Thereafter, Beneficiary
<br />may:
<br />(a) either in person or by agent, with or without bringing any action or
<br />proceeding, or by receiver appointed by a court and without regard to the adequacy
<br />of 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 anv 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
<br />the rents, issues and profits thereof, including those past due and unpaid, and apply
<br />the same, less costs and expenses of operation and collection, including attorney fees,
<br />upon any indebtedness secured hereby, all in such order as Beneficiary may determine.
<br />The entering upon and taking possession of the trust estate, the collection of such
<br />rents, issues and profits and application thereof as aforesaid shall not cure or waive
<br />any default or notice of default hereunder or invalidate any act and in response to
<br />such default or pursuant to such notice of default and, notwithstanding the continuance
<br />in possession of the property or the collection, receipt and application of rents,
<br />issues or profits, Trustee or Beneficiary may be entitled to exercise every right pro-
<br />vided for in any of the loan instruments or by law upon occurrence of any event of
<br />default, including the right to exercise the power of sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint a
<br />receiver, or specifically enforce any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale, and
<br />a written notice of default and election to cause Trustor's interest in the property to
<br />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
<br />power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee
<br />this Deed of Trust and the note and such receipts and evidence of expenditures made and secured
<br />hereby as Trustee may require, and upon request of the Beneficiary, the Trustee shall file for
<br />record, in the Register of Deeds office in the County where the property is located, a notice of
<br />default, setting forth the name of the Trustor, the Book and Page or Document No. of this Deed of
<br />Trust as recorded in said Register of Deeds office, the legal description of the above - described
<br />real estate and that a breach of an obligation, for which said real estate was conveyed as security,
<br />has occurred, and setting forth the nature of such breach and the Trustee's election to sell the
<br />real estate to satisfy the obligation; and after the lapse of not less than one (1) month, the
<br />Trustee shall give written notice of the time and place of sale which may be between 9:00 a.m. and
<br />5 p.m. at the premises, or at the Courthouse in the County wherein such property is located, de-
<br />scribing the property to be sold by its legal description, said notice to be published in a news -
<br />paper of general circulation in the County wherein such property is located, once a week for five
<br />(5) consecutive weeks, the last publication to be at least ten (10) days, but not more than thirty
<br />(30) days, prior to the sale; and the Trustee shall then sell said property at the time and place
<br />designated in the notice, in the manner provided by law in effect at the time of filing said notice,
<br />at public auction to the highest bidder for cash and shall deliver to such purchaser a deed to the
<br />property sold, consistent with the law in effect at the time.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser, Trustee's
<br />deed conveying the property sold. Recitals in the Trustee's deed shall be prima facie evidence
<br />of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the
<br />following order: (a) to all reasonable costs and expenses of the sale, including but not limited
<br />to, Trustee's fees of not more than 3_Q X of the gross sale price, reasonable attorney fees
<br />and costs of title evidence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if
<br />any, to the person or persons legally entitled thereto. Any person, including Beneficiary, may
<br />purchase said property at said sale.
<br />The person conducting the sale may, for any cause he or she deems expedient, postpone the sale
<br />from time to time until it shall be completed and, in every such case, notice of postponement shall
<br />be given by public declaration thereof by such person at the time and place last appointed for the
<br />sale; provided, if the sale is postponed for longer than one (1) day beyond the date designated in
<br />L the notice of sale, notire 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
<br />enforce payment and performance of any indebtedness or obligation secured hereby and to exercise
<br />all rights and powers under this Deed of Trust or under any loan instrument or other agreement or
<br />any laws now or hereafter enforced, notwithstanding some or all of the indebtedness and obligations
<br />secured hereby which may now or hereafter be. otherwise secured, whether by mortgage, deed of trust,
<br />
|