200501885 - Laserfiche WebLink

Browse

200501885 ARTICLE 6. DEFAULT PROVISIONS 6.1 DEFAULT. For all purposes hereof, the term "Default" shall mean (a) at Beneficiary's option, the failure of Grantor to make any payment of principal or interest on the Note or to pay any other amount due hereunder or under the Note when the same is due and payable, whether at maturity, by acceleration or otherwise; (b) the failure of Grantor to perform any non - monetary obligation hereunder, or the failure to be true of any representation or warranty of Grantor contained herein and the continuance of such failure for twenty (20) days after notice, provided, however, that if Grantor commences the cure within such twenty (20) day time period but cure cannot be effected within such 20 day time period, if Grantor is diligently pursuing the cure, Grantor shall have an additional twenty (20) days to perform such obligation, (c) the occurrence of any event described in that certain Section entitled Due on Sale or Encumbrance hereof, or (d) the existence of any Default as defined in the Loan Agreement. 6.2 RIGHTS AND REMEDIES. At any time after Default, Beneficiary shall have all the following rights and remedies: (a) Acceleration and Power of Sale. Upon Grantor's breach of any covenant or agreement of Grantor in this Deed of Trust, which breach is not cured within any applicable cure period, including, but not limited to, the covenants to pay when due any sums secured by this Deed of Trust, Beneficiary, at Beneficiary's option, may declare all of the sums secured by this Deed of Trust to be immediately due and payable without further demand, and may invoke the power of sale and other remedies permitted by applicable law or provided herein. Beneficiary shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including, but not limited to, reasonable attorneys' fees and costs of documentary evidence, abstracts and title reports. If Beneficiary invokes the power of sale, Beneficiary and Trustee shall execute or cause to be executed a written notice of the occurrence of an event of default and of Beneficiary's election to cause the Subject Property to be sold or shall comply with such requirements and procedures as required by the law of the State in which this Deed of Trust is recorded for foreclosure under a power of sale. Trustee shall sell the Subject Property according to applicable law. Trustee may sell the Subject Property at the time and place and under the terms designated in the notice of sale in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all or any parcel of the Subject Property by public announcement at the time and place of any previously scheduled sale and in accordance with applicable law. Beneficiary or Beneficiary's designee may purchase the Subject Property at any sale. The Trustee shall deliver to the purchaser a Trustee's Deed upon sale conveying the Subject Property so sold without any covenant or warranty, 18 #1060655 A