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84000698
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84000698
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Last modified
11/18/2008 4:32:14 PM
Creation date
11/18/2008 4:31:51 PM
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DEEDS
Inst Number
84000698
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<br />$4 --+ >>~0698 <br />ordez as Beneficiary may determine. The <br />entering upon and taking possession of the <br />trust estate, the collection of such rents, <br />issues and profits and application thereof as <br />aforesaid shall not cure or waive any default <br />or notice of default hereunder or invalidate <br />any act and in response to such default or <br />pursuant to such notice of default and, not- <br />withstanding the continuance in possession of <br />the property or the collection, receipt and <br />application of rents, issues or profits, <br />Trustee or Beneficiary may be entitled to <br />exercise every right provided for in any of <br />the loan instruments or by law upon occurrence <br />of any event of default, including the right <br />to exercise the power of sale; <br />!b) commence an actier. to foreclose <br />this Deed of Trust as a mortgage, appoint a <br />receiver, or specifically enforce any of the <br />covenants hereof; <br />{c) deliver to Trustee a written <br />declaration of default and demand for sale, <br />and a writter. notice of default and election <br />to cause Trustor's interest in the property <br />to he sold, which notice Trustee shall cause <br />to be duly filed for record in the official <br />records of the county in which the property <br />is located. <br />13. Foreclosure b Power of Sale. .Should Aeneficiary elect <br />to foreclose y exercise of the power of sale herein contained, <br />Beneficiary shall notify Trustee and shall deposit with Trustee <br />this Deed of Trust and the note and such receipts and evidence of <br />expenditures made and secured hereby as Trustee may require, and <br />upon request of the Beneficiary, the Trustee shall file for <br />record, in the Register of Deeds office in the County where the <br />property is located, a notice of <lefavlt, setting forth the name <br />of the Trustor, the Book and Page or Document Too. of this Deed of <br />Trust as recorded in said Register of Deeds office, the legal <br />description of the above-described real estate and that a breach <br />of an 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 one <br />{i) month, the Trustee shall give written notice of the time and <br />place of sale which may be between 9:00 a.m. and 5 p.m. at the <br />premises, or at the Courthouse in the County wherein such <br />property is located, describing the property to be sold by its <br />legal description, said notice to be published in a newspaper of <br />general circulation in the County wherein such property is <br />located, once a week for five {5) consecutive weeks, the last <br />publication to be at least ten {i0) days, but not more than <br />thirty {30) days, prior to the sale; and the Trustee shall then <br />sell said property at the time and place designated in the <br />notice, in the manner provided by law in effect at the time of <br />filing said notice, at public auction to the highest bidder for <br />cash and shall deliver to such purchaser a deed to the property <br />sold, consistent with the law in effect at the time. <br />t7pon receipt of payment of the price bid, Trustee shall <br />deliver to the purchaser, Trustee's deed conveying the property <br />sold. Recitals in the Trustee's deed shall he prima facia evi- <br />dence of the truth of the statements made therein. Trustee shall <br />appl:l± file proceeds of the salve in the following order: {a) to <br />alb. rsrasonable costs and expenses of the sale, including but not <br />l.iznited to, Trustee"s fees of riot more than ~.D ~ of the gross <br />sale ~ax'i, .reasonable attorney Fees and costs a~title evidence; <br />{ka} to all sums- scoured by this Deed of Trust; and {e) the <br />+~xocss, iE any, to tht± person or persons legally entitled <br />tara#:u, Any parson, including keneficiary, may purchase said <br />g~`opezty at said sale. <br />.. q., <br />
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