|
8S =_ 001189 ��
<br />is sold, transferred or further encumbered without the express at written consent of Beneficiary,
<br />Beneficiary aa;, a its sole apt ion, deel.are all .gums secured by this Deed of Tnest to he immediately '
<br />due and payable and proceed to the remedies available, to it under the default provisions contained
<br />herein.
<br />11. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />(a)- Truster shall have failed to make payment of any installment of interest, _
<br />principal or - 'principaland 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 Deed. - -
<br />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 or
<br />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 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 />ments 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 same 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 />ceeding, or by receiver appointed by a court and without regard to the adequacy of -
<br />my security, enter upon and take possession. of _ cn_ pr-_ _ V p or my part •hereof,
<br />in its own name er in the name of the Trustee, and do any �acts which it deems
<br />and desirable to preserve the value, martetability 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 continuaece 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 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 my of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale,
<br />and a written notice of default and election to cause Trustee's interest in the property -
<br />to he 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 Trustor, the Book and Page or Doc went No. of this Deed of Trust as recorded in said
<br />Register of Deeds office., the legal description cf t?,e 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 one (1) month, the Trustee shall give written notice of the time
<br />and place of sale which may be between 4:00 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 be published in a newsparar 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 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 prises 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 />C han X 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 en-
<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 shell be completed and, it. every such case, notice of postponement shall be given
<br />by public declaration thereof by such person at the time end 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. 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 right^
<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 lereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assign-
<br />ment- m- otherwise. --- Cei-t -e the acceptance or -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 />same er 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 />ahall be entitled to enforce this Deed of Trust and any other security now or hereafter held by the Bene-
<br />£ielary or Trustee in such order and manner as they, or either of them, Say in their absolute discretion
<br />determine. No reorsdy herein conferred upon or reserved to Trustee or Beneficiary [ Intended to be ex- -
<br />clualve of any other remedy herein or by law provided or permitted, but each shall ? caamulative and --
<br />shell be In addlticn to even• ether remedy given hereunder or now or hereafter exiatfng rt law ar in
<br />equity at by statute, Every power or remedy given by any of the loan instruments to Trustee or gene -
<br />ftciar'y sir to which either of them may be orborwi.ae entitled may fe —ercived. concurrently or indepen-
<br />dently from time to time and as Off" as may ne deemed expedient by Lruwtce or Beneficiary, and either
<br />Of t}sem txa.F pu�+,- '._..:lain iSt. xec r :.wsdi ns. ?ir..i hisey. t;err.ir. shall '.> onstrued as prohibiting Beneficiary
<br />from aeatinq, a de: 1epry Judgment againnr frustnr to the extent uch action 11 peta;.tted by law,
<br />
|