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201002498
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201002498
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Last modified
4/15/2010 2:25:00 PM
Creation date
4/15/2010 2:23:04 PM
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DEEDS
Inst Number
201002498
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201002498 <br />16. Foreclosure; Expense of Litigation. When all or any part of the indebtedness <br />hereby secured shall become due, whether by acceleration ar otherwise, Beneficiary <br />shall have the right to foreclose the lien hereof for such indebtedness or part thereof <br />and/or exercise any right, power or remedy provided in this Deed of Trust or any of the <br />other Loan Documents. It is further agreed that if default be made in the payment of <br />any part of the secured indebtedness, as an alternative to the right of foreclosure far the <br />full secured indebtedness after acceleration thereof, Beneficiary shall have the right to <br />institute partial foreclosure proceedings with respect to the portion of said indebtedness <br />so in default, as if under a full foreclosure, and without declaring the entire secured <br />indebtedness due (such proceeding being hereinafter referred to as a "partial <br />foreclosure"), and provided that if foreclosure sale is made because of default of a part <br />of the secured indebtedness, such sale may be made subject to the continuing lien of <br />this Deed of Trust far the unmatured part of the secured indebtedness. It is further <br />agreed that such sale pursuant to a partial foreclosure shall not in any manner affect the <br />unmatured part of the secured indebtedness, but as to such unmatured part, the lien <br />hereof shall remain in full farce and effect just as though no foreclosure sale had been <br />made under the provisions of this paragraph. Notwithstanding the filing of any partial <br />foreclosure or entry of a decree of sale in connection therewith, Beneficiary may elect <br />at any time prior to a foreclosure sale pursuant to such decree to discontinue such <br />partial foreclosure and to accelerate the entire secured indebtedness by reason of any <br />uncured Event of Default upon which such partial foreclosure was predicated or by <br />reason of any other Event of Default and proceed with full foreclosure proceedings. It <br />is further agreed that several foreclosure sales may be made pursuant to partial <br />foreclosures without exhausting the right of full or partial foreclosure sale for any <br />unmatured part of the secured indebtedness. In the event of a foreclosure sale, <br />Beneficiary is hereby authorized, without the consent of Grantor, to assign any and all <br />insurance policies to the purchaser at such sale or to take such other steps as <br />Beneficiary may deem advisable to cause the interest of such purchaser to be protected <br />by any of such insurance policies. <br />(b) In any suit to foreclose or partially foreclose the lien hereof, there shall <br />be allowed and included as additional indebtedness in the decree for sale all <br />expenditures and expenses which may be paid or incurred by or on behalf of <br />Beneficiary for attorneys' fees, appraisers' fees, outlays for documentary and expert <br />evidence, environmental audits permitted pursuant to the Loan Documents, <br />stenographers' charges, publication costs, and costs (which may be estimated as to <br />items to be expended after entry of the decree) of procuring all such abstracts of title, <br />title searches and examinations, title insurance policies, and similar data and <br />assurances with respect to the title as Beneficiary may deem reasonably necessary <br />either to prosecute such suit or to evidence to bidders at any sale which may be had <br />pursuant to such decree the true condition of the title to ar the value of the Premises. <br />All expenditures and expenses of the nature mentioned in this paragraph and such <br />other expenses and fees as may be incurred in the enforcement of Grantor's obligations <br />hereunder, the protection of said Premises and the maintenance of the lien of this Deed <br />of Trust, including the fees of any attorney employed by Beneficiary in any litigation <br />ar proceeding affecting this Deed of Tntst, the Note, the 2007 Note, the Loan <br />Agreements or the Premises, including probate and bankruptcy proceedings, or in <br />14 <br />
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