84005508 - Laserfiche WebLink

Browse

84- 005508 clumges in the cor.templated Improvements as Beneficiary may deem desirable and may insure the same. Beneficiary shall be entitled, without notice and to the full extent provided by law, to the appointment by a court having juris- diction of a receiver to take possession of and protect the Property or any part thereof, and operate the same and collect the Rents and Profits. 3.03. Foreclosure. Beneficiary may bring a..'*1 action in any couJ.-:t V.4 competent jurisdiction to foreclose this Deed of Trust or to enforce any oithe covenants and agreements hereof.. 3.04. Power to Sell. Beneficiary may elect to cause the Property or any part thereof to be sold as follows: Beneficiary may deliver to Trustee a written declaration of default and demand for sale. Trustee shall have the power of sale of the l;'roperty and if Beneficiary decides the Property is to be sold it shall deposit with Trustee this Deed of Trust and the Note or notes and any other documents evidencing expenditures secured hereby, and shall deliver to Trustee a written notice of default and election to cause the Property to be sold, and Trustee, in turn, shall prepare a similar notice in the form required by law, which shall be duly filed for record by Trustee. (a) After the lapse of such time as may be required by law follow- ing the recordation of Notice of Default, and Notice of Default and Notice of Sale having been given as requh.;;:: by law, Trustee, without demand on Trustor, shall sell the Proper:' )) the dRte .;md at the time and place designated in said No:ice of Sa:'~, at public auction to the highest bid,- der, the purchase price payable in lawful money of the United States, at the time of sale. The person conducting the sale may, for any cause he or she deems expedient, postpone the sale from time to time until it shall be completed and, in every such case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale is postponed for longer than one (1) day beyond the day designated in the Notice of Sale, notice thereof shall be given in the same manner as the original Notice of Sale. Trustee shall execute and deliver to the purchaser its Deed conveying the Property so sold, but without any covenant or warranty, express, or implied. The recitals in the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limitation Beneficiary or Trustee, may purchase at the sale. (b) When Trustee sells pursuant to the powers herein, Trustee shall apply the proceeds of the sale to payment of the costs and ex- penses of exercising the power of sale and of the sale, including the payment of Trustee's Fees actually incurred, which Trustee's Fees shall not in the aggregate exceed the following amounts based upon the a...rnount secured hereby 8.-Yld remaining unpaid: 5% on the first $1.000 thereof; .05% on the balance thereof; and then to the items in subpara- graph (c) hereof in the order therein stated. (c) After paying the items specified in subparagraph (b), if the sale is by Trustee, or the proper court and other costs of foreclosure and sale if the sale is pursuant to judicial foreclosure, the proceeds of sale shall be applied in the order stated below to the payment of: (1) Cost of any evidence of title procured in connection with such sale and of any revenue required to be paid; (2) All sums then secured hereby; (3) The remainder, if any, to the person legally entitled thereto. 3.05. Uniform Commercial Code. Should Beneficiarv elect to cause the disposal of any of the Property subject to the Security' Agreement in Para- graph 1.07, it may dispose of any part thereof in any manner now of here- after permitted by the Uniform Commercial Code of the Governing Jurisdiction or in accordance with 8...flY other remedy provided by law. Any such disposi- tion may be conducted by an emploj'ee or agent of Beneficiary or Trustee. Both Trustor and Beneficiary shall be eligible to purchase any part or all of such Property at any such disposition. Any such disposition may be either -13-