|
<br />I
<br />
<br />L
<br />
<br />I
<br />84~ {J046S9,
<br />
<br />iF; sold, transferred or further encumbei~d' w:i.thout the express or written consent of Beneficiary,
<br />Beneficiary may, ;:It its sole option, declare all SUIllS ~ecured by this Deed of L-'!st to be immedia.tely
<br />due and payab Ie and proceed to the remedies available to it under the default provisions contained
<br />herein.
<br />
<br />11. Events of Default. Any of the following events shall be deemed an ~vent of default hereunder:
<br />
<br />(a) Trustor shall have failed to make payment of any installment of interest,
<br />principal or principal and interest or any other sums secured hereby when due;
<br />
<br />(b) There has occurred a breach of or default nnder any term~ covenant.
<br />agreement, condit10n, provision, representation or warranty contained in thi-s Deed
<br />or Trust, the note or any other loan instrument secured hereby;
<br />
<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 />
<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 credi.tors
<br />in respect to the property~ or an action to enforce any lien or encumbrance or judg-
<br />ments against the propercy is commenced.
<br />
<br />12. Acceleration Upon Default. In the event of any default, Bene.ficiary may declare all indebtedness
<br />secured hereby to be due <lnd payable, and the same shall thereupon become due and payable without any
<br />presentment, derr.and, protest or notice of any kind. Thereafter, Beneficiary may:
<br />
<br />(a) eithel- in pp-rson or by agent, with or without bringing any action or pro-
<br />ceeding, or by receiver appointed by a court and w~.thout regard to the adequacy of
<br />any security, enter upon and take possession of the property, or any part thereo-f,
<br />in its own name or in the name of the Trustee, and do any acts which it deems necessary
<br />and desirable to preserve the value, marketability or rentabi.lity of the property, or
<br />part thereor or int.erest therein, increase the income therefrom or protect the security
<br />hereof and, withour: taking possession of the property, sue for or otherwise collect the
<br />rents, issues and profits thereof, including those past due and nnpaid, 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 Ber.eficiary may determine, The
<br />~nr:ering upon and taking poss.ession of the trust estate. "he collection of such rents,
<br />issues and profits and application thereof as aforesal<f ~\ ,__1.1 net cure or waive any de-
<br />fault or notice of default hE,eunder ,-'r invalidat. !'y;-.. and in response to_ such de-
<br />fault or pursuant to such notice of def:lUlt and, r _....ithstanding the continuance in
<br />possession of the propertv or the collection. receipt and application of rents, issues
<br />or profits, Trustee ar Beneficiary ;aay be entitled to exercise every right provided for
<br />in any of the loan instrument.s or by law upon occurrence of any event of default, in-
<br />cluding the right to exercise the power or sale;
<br />
<br />(b) com..Tl1ence an action to foreclose this Deed of Trust as a mortgage, appoint
<br />do receiver. or .specificallv enforce any of the covenants hereof;
<br />
<br />(c ;,_"i :VI'I" r,1 Trustee a ~vTti:ten declaration of default and demand for sale,
<br />and a writt~n n0t.L::~ ,)1 default Hnd election to cause Trustor's interest in the property
<br />to l_)e ,-;old, which notice Trustee shall c.ause to be duly filed for record in the official
<br />r>2cords 0t the county in r.-.hich the property is l..:Jcated.
<br />
<br />13. r'oreclosure by Power Jf Sale. Should Beneficiary elect to foreclose by exercise of the _power
<br />of salE' herein '-'\..'ntained, Beneficiary shall not.ifY Trustee and shal.l deposit with Trustee this Deed of ~
<br />L'rust and t:-lt' not~ ;md such receipts and ""vidence at expenditures made and secured hereby S'J Trustee \..
<br />reqe;:ire. and upGn request of the Bl'n12~ici3.rv. the Trustee shall file for record, in the Register
<br />
<br />
<br />?:~:1~;ji;f.2:~;;;:1~;~:j" ;]:;tl:;11;~~~::j~g;~~~'i:~~i~; :111:~;i1;~:;:1~:~:1~1fi~~
<br />
<br />and "fter ti'e lapse uf "ot less ti'3n one (1) ~onth, tho Trustee shall give written notice of the ~ime; ~
<br />~md ?la.:-~" 0r ='31<:' ....'hi~-:h 'nay be- ~)et""'een 4:00 a.m. and 5 p.m. at the premises, or at the Courthouse in
<br />t:k Count.. ',,,hert'.!l~ such ;.,,'per!:'i 1" locat:t:-d. describing the property to be sC'ld by its legal descrlp-
<br />ti0D. ::>did rktL~~ :-;, :)c published 111.1 :1L"...'spapt2'r 01 general circulation in the County wherein such
<br />propo.'r!:Y is 10catt~'J., .'lll-~' .1 '..;ed,- ~cr f~Vt! (']) COOclt"'cut:l.vt> weeks, the last publication to be at least
<br />ten days. h,H :ur !!l'Jl"l' 1"i1al~ :.'lin-., (Yl) J;r,s, ?r.ior tu the sal,,'; and the Trustee shall then sell
<br />,.aid pnlpert:-. ,_It th", Li~l.;' cl;Hi pjdl:~ d~signat~d io tll02 uIJt.ice. ill t:le manner provided by law in effect
<br />th<-' time \,{ r!,i ti ,lc';:ic0, at. public auction to the highest hidder for ca~h and i:ihall deliver
<br />t1.) ,,"m":\ pureha:,,,:,:- :1 ;:.' tilt, pr\Jperty ;,;c.>ld. ,>msi."tent \,;o1t11 the law in effect. at the time.
<br />li!-,,'n n'Ct'ipt .'f ::IW ;)ricl' :lid. ';'rll:>t,-'~' sball ,.tel.iver to the_ purchase. Trustee's deed conve)'ing the
<br />,~n_"'lrl-'n:: "old. K02Cjt~-dS tn tilt' ~.rustee's deeJ ...,hall be ?rima facii:' evideonce (}f the truth of the state-
<br />ments ~Klde eller8iu. l'rusti..'<.: shcLl1 apply the pn)Cf-.'eds ef che sale 1.n che t'ollo.....tng order: (a) to all
<br />n~asl)nahll~ (:osts ,md '::'p~usI's ,-~f t.:-:t:' sale, incluJing, but not li.mit~d to, Trustee's fees of not more
<br />tban._~_._ e;f tho:: >;ross ~:ale pri,-'l'. reasonable aCtonH"V ft'cs and costs of title t2vid~nce; (b) to all
<br />sums. secun.~d D\. !:his )eed of i'rust; and \c) tht.' t?xc~ss. if an\', tu the person or persons legally en-
<br />titled theret'_). ;Ul\' p,,-'rsC"!l, lncluJing Henefi.cl.'J.!"\', may purchase said property at said sale.
<br />n,~ pers.I)1l 'l?('nductiug t:w ",all' may, for ,in\' .::ause 1:110:" (1r she dt't~ros expedient, postpone the sale from
<br />tb.lt.' to ti.mt.> until it sh.;dl b'C cumpleted 3.uJ, tn every ,;uL'n cas.1.;' , notice of postp0nemt'_nt shall be given
<br />bv publiL' dt'-cl,u",.u.:it'n th",r,:'pf 1,\ -;\lL:h ....~r~<.'ll ,-,r th,,-' time dud pLh't? .Lase .lppoLnlcd for the s.alt:>; pro-
<br />vided. if the c,..J.l~' i~ ;)O~t;~'-'l\l,;"d :'U\- l"ngL'I- t'\,1Jl llll~' \)) da~' ~'l~\','nd th,,-' dace d"'-~_!.dgllated.in thl:: notice uf
<br />salt:', nutL:.::- tbt.:l"t.l'l sil,tll be ",.,iven i,l tho.: ::-;J!!ll~ fildll1h':l. ,1>; the c)[-iginal nu[i..-<-. of salL',
<br />
<br />14. Reme:~H~s :\ot J:xclusive. :'ru"'tee aud Ben~fh:iary. and each oi them. shall be entitled to en-
<br />fore>;:, pdym;;;-t ~~d--pe-r~f~\-;~;;:;:;-,--::-;-(-,[ d.ny i.ndebtl'-dnt'ss 0r Dbligat ion securt.,j ;lereby and to exercise all rights
<br />and ]Jowers under this De~d ~)i l'rust \,)r unu<2'r any loa.n instn\ffi€ot ,rc otht:t' agr~cment or ..Ill)' la.....s now or
<br />hereafter enft'rct::'d, 1l0twithsc;.lndLng .:;;ome ~Jr all ,-)f the indebtedness and obli,garic}ns ::;""cured hereby
<br />which may llell,' '-'1' ;l~:re,lft"r h\-- ,\th~'r'. ~_'~' -,,-',-uP'd. \'.:l..'t.lh~t mt'r!:~a)',t.. det-'d ,-'f 1.r\\st, pll'Jg"-', lien, asslgn-
<br />
<br />:~~~O~T ,-)~t ~:~~~:~ ~ t~e~ ~~~e~o~'~~; ~~~',::~~:n~~~ ~:~h~~~ i;~o~:;~ ;-:~_ rt~ ~~s~,,):~~I~:11~~~~ . ~:~lt~~~';~?~~:~ ~d ;~:t ~:~r i~Ya;~~urt
<br />
<br />alanner aff>2ct TrusU~L;'S or Beneficiary'~; right tu r.:."Ltlze upon l-'I' L'llr<H.Ct' \-,tber ~;,-,curity now or hen'-
<br />aft.er Ileld by lru,,;te~, or fklH'ti,'tarv, It lk'ing ahl"\o't"d t ll<lt rrll~tl"; :illd ~lnd ~,ach uf them,
<br />:-;hall be entl,tli;d Lt' L'nfl'r,.~' t:hl:-; Dc~~d ,~f Trust a.ud .111>' .Jtll!.;l .,~'.'\\l.it Ii !"tL'I,' ur !\,-~n..lftt'r Ilt~td bv the Ben\~-
<br />--','iar,. Pf Trust.;-,lo1 in such ,'rd<.:r ,-\lId :;~clllne.r .J6 th...,'. ,n. .,lther '!wm, H:dV tu their db:->\)lute dis.cr~ti()n
<br />detenn1.n~. \0 r...m..:d\ tH'r.-in ,:<mlerr",d Up_,lll ,'1" :-'t'!'t"rvL'd I" r\\Sl~:tJ ,_'r :h"Ht,tl ~,; [nU'(\d,,'d to be <~x-
<br />,:lul.-dvt' ,]f <iny ~ltht:r l't^i\le,h 'k("<;ln ('t" by 1.;\, !lr\_,\'jd~'~~ ~\r p.,:nlllltt::'d. \)ut ,-\ll:nllat Iv,,' ,Iud
<br />shall he tn ;~ddit:i~'n t,_, ('V~'!"'-' ut[1l'r Ct~[llL'd\' given h"rQ\Jlld,_". \1)" nul' 'I ..alt,.! ,,),..!~-tlll~ :It law \..1- in
<br />equIty or b~' ~tatutt'. EVl~r\ \)r r"mo.:'dv ~'..!V,,"lL 'I till.' in.,ru!:lt'nl<, nl"('.~' ,)!" i'it.~ue-
<br />ftci.ar: ('t t.Ll \~hh.h "i.t.l:t:'l' t.htll1l ;,lay ~'C \o[:h~'T...'I::--<t' 0n[_1:::j,:d :na\ '-'~HT,:I>~'d. "nu,IT,-U[ !". dT- ind~~p<~ll
<br />Jently, from time c,; ti.me ;~nd ,tS ()j"t~:n d~ l'li.Y b.: de':lHcd t:xl'~dlenl ;''-h:~t~'i..' 1k'd'.; (vi.lr.\". ;\nd .'ith.'!
<br />,-,f them mav pur""u~ !!h:,)ll:-li::t.eut r,~1;,.;;J1es. :~(\lh.l"g her'ein <;l1<ill \;)e olt.<C: '-.ti t'icne(lcl,u-y
<br />ir',1m "0\"~dt:,, ;1 defl.~-L:n, v \l.ldSl;l.l~'llt "l)~,-Iln,.,t r'1J,-n:;L_'l" t_IJ t.h0 l'xt~~ll-t s;'l,~h '\'~l;'-itt"d
<br />
|