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81006134
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Last modified
1/14/2010 11:42:12 PM
Creation date
1/14/2010 11:42:02 PM
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DEEDS
Inst Number
81006134
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<br />tax~~u ~~n~d ~,geci,a~[ ~t~~se,ssa~its next date on the pre:- <br />~ises, glue the premium that aai13 next become due <br />astd paynb3e on insurance policies covering the <br />premises, divided by the number of months to <br />elapse before one month prior to the date when <br />such taxes, special assessments, and premiums will <br />be due. Said sums to be held by the Beneficiary <br />in trust to pay the taxes, special assessments, <br />and insurance premiums. Any deficiency in the <br />amourt of any aggregate monthly payments (princi- <br />pal, interest, taxes, special assessments, and <br />insurance premiums) shall constitute a default. <br />The arrangements provided for in this subparagraph <br />are for the added protection of the Beneficiary, <br />and entail nc responsibility on the part of the <br />Beneficiary. <br />Trustor covenants and agrees that a failure to make any pay- <br />ment, either principal or interest on the note secured hereby <br />when due and payable, or a failure to comply with any of the <br />covenants and agreements herein made shall cause the whole sum <br />of money hereby secured to become due and collectible at once <br />at the option of the Beneficiary, and Beneficiary shall have <br />the right to cause Notice of Default to be given and the pre- <br />mises to be sold as provided herein. <br />It is mutually agreed that: <br />A. At any time and from time to time upon written <br />request of Beneficiary, payment of fees and presen- <br />tation of this Trust Deed and the note for endorse- <br />ment (in case o£ full reconveyance, for cancellation <br />and retention), without affecting the liability of <br />any person for the payment of the indebtedness, <br />Trustee may (a1 consent to the making of any map or <br />plat of said property; (b) join in granting any <br />easement or creating any restriction thereon; (c) <br />join in any subordination or other agreement af- <br />fecting this Trust Deed or the lien or charge there- <br />of; (d) reconvey, without warranty, all or any part <br />of said property. <br />B. The Grantee in any reconveyance may be described as <br />°the person or persons entitl'.ed thereto," and the <br />recitals therein of any matters or facts shall_ be <br />conclusive proof of the trCithfuiness thereof. <br />C. Upon default by Trustor in the payment of any indebt- <br />edness secured hereby or in the performance of any <br />agreement hereunder, Beneficiary may declare all soma <br />secured hereby immediately due and payable by delivery <br />to Trustee of written declaration of default. If <br />Beneficiary desires said property to be sold, it <br />shall deposit with Trustee this Trust Deed and all <br />promissory notes and documents evidencing expendi- <br />tures secured hereby, and shall deliver to Trustee a <br />written notice of default and election to cause said <br />property to be sold in the form required by law, <br />which shall be duly filed for record by Trustee. <br />(1) After the lapse of such time as may be required <br />by law following the recordation of said notice <br />of default, and notice of default and notice of <br />sale having been given as required by law, <br />Trustee, without demand on Trustor, shall sell <br />said property on the date and at the time and <br />place designated in said notice of sale, at <br />public auction to the highest bidder, the pur- <br />chase price payable in lawful money of the <br />United States at the time of sale. The person <br />conducting the sale may, for any cause he deems <br />~ _ <br />
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