|
<br />200902412
<br />
<br />The entering upon and taking possession of the trust estate, the
<br />collection of such rents, issues and profits and application thereof
<br />as aforesaid shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act and in response to such default or
<br />pursuant to such notice of default and, notwithstanding the
<br />continuance in possession of the property or the collection, receipt
<br />and application of rents, issues or profits, Trustee or Beneficiary
<br />may be entitled to exercise every right provided for in any of the
<br />loan instruments or by law upon occurrence of any event of default,
<br />including the right to exercise the power of sale;
<br />
<br />(b) commence on action to foreclose this Deed of Trust
<br />as a mortgage, appoint a receiver, or specifically enforce any of the
<br />covenants hereof;
<br />
<br />(c) deliver to Trustee a written declaration of default
<br />and demand for sale, and a written notice of default and election to
<br />cause Trustor's interest in the property to be sold, which notice
<br />Trustee shall cause to be duly filed for record in the official records
<br />of the county in which the property is located.
<br />
<br />13. Foreclosure bv Power of Sale. Should Beneficiary elect to foreclose by exercise
<br />of the power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with
<br />Trustee this Deed of Trust and the note and such receipts and evidence of expenditures made and
<br />secured hereby as Trustee may require, and upon request of the Beneficiary, the Trustee shall file
<br />for record, in the Register of Deeds office in the County where the property is located, a notice of
<br />default, setting forth the name of the Trustor, the Book and Page or Document Number of this
<br />Deed of Trust as recorded in said Register of Deeds of1ice, the legal description ofthe above-
<br />described real estate and that a breach of an obligation, for which said real estate was conveyed
<br />as security, has occurred, and setting forth the nature of such breach and the Trustee's election to
<br />sell the real estate to satisfy the obligation; and after the lapse of not less than one (1) month, the
<br />Trustee shall give written notice of the time and place of sale which may be between 9:00 a.m.
<br />and 5:00 p.m. at the premises, or at the Courthouse in the County wherein such property is
<br />located, describing the property to be sold by its legal description, said notice to be published in a
<br />newspaper of general circulation in the County wherein such property is located, once a week for
<br />five (5) consecutive weeks, the last publication to be at least ten (10) days, but not more than
<br />thirty (30) days, prior to the sale; and the Trustee shall then sell said property at the time and
<br />place designated in the notice, in the mmmer provided by law in effect at the time of filing said
<br />notice, at public auction to the highest bidder for cash and shall deliver to such purchaser a deed
<br />to the property sold, consistent with the law in cffect at the time.
<br />
<br />Upon receipt ofpayrnent of the pricc bid, Trustee shall deliver to the purchaser, Trustee's
<br />deed conveying the property sold. Recitals in the Trustee's deed shall be prima facie evidencc of
<br />the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the
<br />following order: (a) to all reasonable costs and expenses ofthe salc, including but not limited to,
<br />Trustee's fees of not more than 1.5% of the gross sale price, reasonable attorncy fees and costs of
<br />title evidence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if any, to the
<br />person or persons legally cntitled thereto. Any person, including Beneficiary, may purchase said
<br />property at said sale.
<br />
<br />The person conducting the sale may, for any cause he or she deems expedient, postpone
<br />the sale trom time to time until it shall be completed and, in every such case, notice of postpone-
<br />ment shall be given by public declaration thereof by such person at the time and place last
<br />appointed for the sale; provided, if the sale is postponed for longer than one (1) day beyond the
<br />date designated in the notice of sale, noticc thereof shall be given in the same manner as the
<br />original notice of sale.
<br />
<br />14. Remedies Not Exclusive. Trustce and Beneficiary, and each of them, shall be
<br />entitled to enforce payment and performance of any indebtedness or obligation secured hereby
<br />and to exercise all rights and powers under this Deed of Trust or under any loan instrument or
<br />other agreement or any laws nor or hereafter enforced, notwithstanding some or all of the
<br />
<br />4
<br />
|