|
k
<br />$s--- 105651
<br />(b) There has occurred a breach of or default under any
<br />term. covenant, agreement, condition, provision, representation
<br />or warranty contained in this Deed of Trust, the note or any
<br />other loan instrument secured hereby;
<br />(c) There has been a default by the Trustor in the payment
<br />of any .prior or subsequent line or encumbrance in respect to
<br />all or any part of the property;
<br />(c) Trustor shall file a voluntary petition in bankruptcy
<br />cr shall make an assignment for the benefit of creditors in re-
<br />spect to the property; or an action to enforce any lien or encum-
<br />brance or judgments against the property is commenced.
<br />11. Acceleration Upon Default. In the event of any default. Beneficiary may
<br />declare all indebtedness secured hereby to be due and payable, and the same shall
<br />thereupon became due and payable without any presentment, demand.protest or notice
<br />of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing
<br />any action or proceeding, or by receiver appointed by a court
<br />and without regard to the adequacy of any security, enter upon
<br />and take possession of the property, or any part thereof, in
<br />its our name or in the name of the Trustee, and do any acts which
<br />it deems necessary and desirable to preserve the value, market -
<br />ability or rentability of the property, or part thereof or inter-
<br />est therein. increase the income therefrom or protect the security
<br />hereof and, without taking possession of the property, sue for
<br />or otherwise collect the rents, issues and profits thereof, in-
<br />cluding those oast due and unpaid, and apply the same, less costs
<br />and expenses of operation and collection, including attorney
<br />fees, upon any indebtedness secured hereby, all in such order
<br />as Beneficiary ray determine. The entering upon and taking pos-
<br />session of the trust estate, the collection of such rents, issues
<br />and profits and application thereof as aforesaid shall not cure
<br />cr waive any default or notice of default hereunder or invalidate
<br />any act and in response to such default or pursuant to such notice
<br />of default and, notwithstanding the continuance in possession
<br />of the property or the collection, receipt and application of
<br />rents, issues or profits, Trustee or Beneficiary may be entitled
<br />to exercise every right provided for ir, any of the loan instru-
<br />ments or by law upon occurence of any event of default, including
<br />the right to exercise the power of sale;
<br />it) commence an action to foreclose this Deed of Trust
<br />as a mortgage. appoint a receiver, or specifically enforce any
<br />cf the covenants hereof;
<br />`c? deliver to Trustee a written declaration of default
<br />and demand for sale, and a written notice of default and election
<br />to cause Trustor's interest in the property to be sold, which
<br />notice Trustee snail cause to ne duly filed for record in the
<br />official records of the county in which the pro72rty is located.
<br />12. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by
<br />exercise of the power of sale herein contained, beneficiary shall notify Trustee
<br />and shall deposit with Trustee this Deed of Trust and the Tote and such receipts
<br />and evidence of expenditures made and secured nereby as Trustee may require, and
<br />upon request of the Beneficiary, the Trustee shall file for record, in the County
<br />where the property is located, a notice of default, setting forth the name of the
<br />Trustor, the Book and page or Document No. of this Deed of 'rest as recorded in the
<br />County, 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,
<br />and setting forth the nature of such breach and the Trustee's election to sell the
<br />real estate to satisfy the obligation and shall mail copies of such notice in the
<br />manner prescribed by applicable law to Trust.cr and to such other persons prescribed
<br />by applicable law. After the lapse of such time as may be required by applicable
<br />law, the Trustee shall give written notice of the time and place V sale to the per-
<br />sons and in the manner prescribed ty applicable law, Sescrining tie Wroppity to OF
<br />sold by its legal description, saio notice also t,. be ,) Ub i ' h 8
<br />general circulation in the County anerein s_c�, ..r:)perty ic
<br />ana in the fashion reouired by applicable law; ano 144 Tiuvee _hall !-Pr sair-
<br />si.',.Jp ty a+ t.Nv time ano Mace cresignatec 1 the -Vol _, _ _ <a `F . , ".-:iF•... n.
<br />1W K _'N" at the tire of filing laid n. inn, a' ;,.t`.?;.. ?tom_.._. i•. "a ni ,
<br />
|