|
66--- 1.0744 4
<br />(b) commence an action to foreclose this Deed of
<br />Trust as a mortgage, appoint a receiver, or specifically
<br />enforce any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of
<br />default and demand for sale, and a written notice of default
<br />and election to cause Trustors' interest in the property to
<br />be sold, which notice Trustee shall cause to be duly filed
<br />for record in the official records of the county in which
<br />the property is located.
<br />13. Foreclosure by Power of Sale. Should Beneficiary
<br />elect to foreclose by exercise of the power of sale herein
<br />contained, Beneficiary shall notify Trustee and shall deposit
<br />with Trustee this Deed of Trust and the note and such receipts
<br />and evidence of expenditures made and secured hereby as
<br />Trustee may require, and upon request of the Beneficiary,
<br />the Trustee shall file for record, in the Register of Deeds
<br />office in the County where the property is located, a notice
<br />of default, setting forth the name of the Trustors, the Book
<br />and Page or Document No. of this Deed of Trust as recorded
<br />in said Register of Deeds office, the legal description of
<br />the above described real estate and that a breach of an
<br />obligation, for which said real estate was conveyed as
<br />security, has occurred, and setting forth the nature of such
<br />breach and the Trustee's election to sell the real estate to
<br />satisfy the obligation; and after the lapse of not less than
<br />one (1) month, the Trustee shall give written notice of the
<br />time and place of sale which may be between 9:00 a.m. and
<br />5:00 p.m. at the premises, or at the Courthouse in the
<br />County wherein such property is located, describing the
<br />property to be sold by its legal description, said notice to
<br />be published in a newspaper of general circulation in the
<br />County wherein such property is located, once a week for
<br />five (5) consecutive weeks, the last publication to be at
<br />least ten (10) days, but not more than thirty (30) days,
<br />prior to the sale; and the Trustee shall then sell said
<br />property at the time and place designated in the notice, in
<br />the manner provided by law in effect at the time of filing
<br />said notice, at public auction to the highest bidder for
<br />cash and shall deliver to such purchaser a deed to the
<br />property sold, consistent with the law in effect at the
<br />time.
<br />Upon receipt of payment of the price bid, Trustee shall
<br />deliver to the purchaser, Trustee's deed conveying the
<br />property sold. Recitals in the Trustee's deed shall be
<br />prima facie evidence of the truth of the statements made
<br />therein. Trustee shall apply the proceeds of the sale in
<br />the following order: (a) to all reasonable costs and expenses
<br />of the sale, including but not limited to, Trustee's fe-s of
<br />not more than one and one -half percent (1� %) of the gross
<br />sale price, reasonable attorney fees and costs of title
<br />evidence; (b) to all sums secured by this Deed of Trust; and
<br />(c) the excess, if any, to the person or persons legally
<br />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
<br />she deems expedient, postpone the sale from time to time
<br />until it shall be completed and, in every such case, notice
<br />of postponement shall be given by public declaration thereof
<br />by such person at the time and place last appointed for the
<br />sale; provided, if the sale is postponed for longer than one
<br />(1) day beyond the Hate designated in the notice of sale,
<br />notice thereof shall be --,iven in the same manner as the
<br />original notice of sale.
<br />.J. Remedies Not Exclusive. Trustee and Beneficiary,
<br />and Teach of shall be entitled to enforce payment and
<br />performance of any indebtedness or . -,t,i,.1ation secured
<br />hereby an(i to exercise al, right,: 'Ind p'w rs unoez th;s I;ro_3
<br />-4-
<br />
|