84001970 - Laserfiche WebLink

Browse

84.E--~ 001970 indebtedness secured hereby, all in such order as Beneficiary may determine. The entering upon and taking possession of the trust estate, the collection of such rents, issues and profits and application thereof as aforesaid shall not cure or waive any default or notice of default hereunder or invalidate any act and in response to such default or pursuant to such notice of default and, not- withstanding the continuance in possession of the property or the collection, receipt and application of rents, issues or profits, Trustee or Beneficiary may be entitled to. exercise every right provided for in any of the loan instruments or by law upon occurrence of any event of default, including the right to exercise the power of sale; (b) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the covenants hereof; (c) deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and election to cause Trustor's interest in the property to be sold, which notice Trustee shall cause to be duly filed for record in the official records of the county in which the property is located. I3. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose y exercise o t e power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of Trust and the note and such receipts and evidence of expenditures made and secured hereby as Trustee may require, and upon request of the Beneficiary, the Trustee shall file for record, in the Register of Deeds office in the County where the property is located, a notice of default, setting forth the name of the Trustor, the Book and Page or Document No. of this Deed of Trust as recorded in said Register of Deeds office, the legal description of the above-described real estate and that a breach of an obligation, for which said real estate was conveyed as security, has occurred, and setting forth the nature of such breach and the Trustee's election to sell the real estate to satisfy the obligation; and after the lapse of not less than one (1) month, the Trustee shall give written notice of the time and place of sale which may be between 9:00 a.m. and 5 p.m, at the premises, or at the Courthouse in the County wherein such property is located, describing the property to be sold by its legal description, said notice to be published in a newspaper of general circulation in the County wherein such property is located, once a week for five (5) consecutive weeks, the last publication to be at least ten {10) days, but not more than thirty (30) days, prior to the sale; and the Trustee shall then sell said property at the time and place designated in the notice, in the manner provided by law in effect at the time of filing said notice, at public auction to the highest bidder for cash and shall deliver to such purchaser a deed to the property sold, consistent with the law in effect at the time. Upon receipt of payment of the price bid, Trustees shall deliver to the purchaser, Trustee's deed conveying the property sold. Recitals in the Trustee's deed shall be prima facie evi- dence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: {a} to all reasonable costs and ea;penses of the sale, including but rot limited to, Trustee's fees of not more than 3 8 f,f the gross sale price, reasonable attorney fees and casts of title evidence; (b) to all sums secured by this Deed of Trust; and {c:) the. excess, if any, to the person or persons legally entitled thereto. Any person, including Beneficiary, may purchase said prcpe.rty at said gale. -~-