|
<br />200805644
<br />
<br />1. To the cost and expense of exercising the power of sale and of the sale, including
<br />attorney fees, evidence of title and other sale expenses, and a trustee's fee not to exceed
<br />Four percent (4%) of the gross sale price;
<br />
<br />2. To the payment of the obligation secured by this DEED OF TRUST and Trust Deed
<br />Note;
<br />
<br />3. To the payment of junior Trust Deeds, mortgages, or other lien holders;
<br />
<br />4. The balance, if any, to the person or persons legally entitled thereto,
<br />
<br />E. Upon the occurrence of any default hereunder, BENEFICIARY shall have, in addition to
<br />such other options as may be granted herein, the further option to foreclose this DEED OF
<br />TRUST in the manner provided by law for foreclosures of mortgages on real property.
<br />
<br />F. BENEFICIARY may from time to time substitute a successor or successors to any
<br />TRUSTEE named herein or acting hereunder. Upon such appointment, and without
<br />conveyance to the successor TRUSTEE, the latter shall be vested with all title, powers, and
<br />duties conferred upon any TRUSTEE herein named or acting hereunder. Each such
<br />appointment and substitution shall be made by written instrument and executed by
<br />BENEFICIARY, containing reference to this DEED OF TRUST and its place of record,
<br />which, when recorded in the Office of the Register of Deeds of the county or counties in
<br />which said property is situated, shall be conclusive proof of proper appointment of the
<br />successor TRUSTEE. The toregoing power of substitution and the procedure therefore
<br />shall not be exclusive of the power and procedure provided for by law for the substitution
<br />of a TRUSTEE in the place ofthe TRUSTEE named herein.
<br />
<br />G. TRUSTORS covenant and agree that upon any attempted conveyance, assignment, pledge
<br />or transfer of any of their interest in the premises during the term of the loan secured
<br />hereby, the BENEFICIARY shall have the option of declaring the unpaid balance
<br />immediately due and payable, and if said sum remains unpaid for fifteen (15) days
<br />thereafter, BENEFICIARY can cause Notice of Default to be given and the premises be
<br />sold as provided herein.
<br />
<br />H. As additional and collateral security for the loan, and effective forthwith upon tiling of a
<br />Notice of Detlmlt, this instrument shall serve as an assignment by the TRUSTORS to the
<br />TRUSTEE, of all rents and revenues resulting from the property, and TRUSTEE is
<br />authorized to take possession of the property, rent or lease the same on terms he deems
<br />best and to collect the rents and revenues and apply the same upon unpaid interest,
<br />principal, taxes or insurance premiums or for maintenance and preservation of the
<br />premises,
<br />
<br />I. The waiver by TRUSTEE or BENEFICIARY of any default of TRUSTORS under this
<br />DEED OF TRUST, on one occasion, shall not be or be deemed to be a waiver of any other
<br />or similar deiaults subsequently occurring.
<br />
<br />1. If title to any part of the property herein shall be taken in condemnation proceedings, by
<br />right of eminent domain, or similar action, or shall be sold under threat of condemnation,
<br />all awards, damages and proceeds are hereby assigned and shall be paid to the
<br />BENEFICIARY, who shall apply such payment, or any part thereot: in their sole
<br />discretion, to the sum due at that time on this DEED OF TRUST and Trust Deed Note,
<br />with any balance above the amount due hereunder payable to the TRUSTORS.
<br />
<br />K. The BENEFICIARY, their agents or representatives, are hereby authorized to enter, at any
<br />reasonable time, upon any part of the trust property for the purposes of inspecting the same
<br />and for the purpose of performing any of the acts they are authorized to perform under the
<br />terms of this DEED OF TRUST and other accompanying documents.
<br />
<br />-3-
<br />
|