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201000962
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Last modified
2/11/2010 4:30:57 PM
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2/11/2010 4:30:57 PM
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DEEDS
Inst Number
201000962
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2oiooo9s2 <br />1$. Foreclosure Procedure. if Lender requires immediate payment in full under paragraph 9, Lender may <br />invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to called <br />all expenses incurred in pursuing the remedies under this paragraph 1$, including, but not limited to, <br />reasonable attorneys' fees and casts of title evidence. <br />If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of <br />the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to <br />Borrower and to the other persons prescribed by applicable law. After the time required by applicable law, <br />Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, <br />without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and <br />place and under the terms designated in the native of sale in one or more parcels and in any order Trustee <br />determines. Trustee may postpone sale of all ar any parcel of the Property by public announcement at the time <br />and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. <br />if the Lender's interest in this Security Instrument. is held by the Secretary and the Secretary requires <br />immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale <br />provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (I2 U.S.C. 3751 et s•eq.) by requesting <br />a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as <br />provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise <br />available to a Lender under this Paragraph 1$ or applicable law. <br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying <br />the Property. The recitals in the 'Trustee's deed shall be prima facie evidence of the truth of the statements <br />made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and expenses of <br />exercising the power of sale, and the sale, including the payment of the Trustee's fees actually incurred, nut to <br />exceed 3.000 `% of the principal arnouni of the note at the time of the declaration of default, <br />and reasonable attorneys' fees as permitted by law; (b) to all sums secured by this Security Instrument; and (c) <br />any excess to the person or persons legally entitled to it. <br />19. Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall rcyuest Trustee <br />to reconvey the Property ~u~d shall surrender this Security Instrument and all notes evidencing debt Secured by this <br />Security Instrument to Trustee. ']'rustcc shall reconvey the Property without warranty and without charge to the <br />person or persons legally entitled to it. Such person or persons shall pay any recordation costs. <br />2U. Substitute 'Trustee. L.cnder, at its option, may from time to time remove Trustee and appoint a successor <br />trustee to any Trustee appointed hereunder by an instrument recorded in the county in which this Security Instrument. <br />is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties <br />conferred upon `C"rustee herein and by applicable law. <br />21. Request t'ar Notices. Borrower reyuests that copies of the notices of default and sale be sent io Borrower's <br />address which is the Property Address. <br />22. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together <br />with this Security Instrument, the covenants of each such rider shall be incorporated into anal shall amend and <br />supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security <br />Instrument. [Check applicable box(es)J. <br />Condominium Rider 0 Growing P.yuity Rider 0 Uther ~specifyJ <br />[~ Planned Unit Development Rider ~ Caraduatcd Payment Rider <br />~~R(N~) ~oao~~.ot <br />X20300007 <br />Pa®e 7 of H Initials: <br />I7~ <br />
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