201007622 - Laserfiche WebLink

Browse

2Q�4p�� 18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted b,y applicable law. Lender shall be entitled to collect all expeanses incurred in pursuing the remedies under this paragraph l8, including, but not limited to, reasonable attorneys' fees and costs of title evidence. lf the power of sale is invoked, Trustee shall record a natice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the tirne required by applicable law, Trustee shall give public notice of sale ta the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property, at public aaction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. If the Lender's interest in this Security lnstrument is held by the Secretary and the Secretary requires immedi�te payment in full under Paragraph 9, the Secretary may invake the nonjudicial power of sale provided in the Single Family Mortgage Foreclasure Act of 1994 (" Act") (12 U. S. C. 3751 et seq, ) by requesting a foreclasure commissioner designated under the Act to commence foreclosure and to sell the Prop�rty as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee' s deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth af the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and expenses of exercising the power of sale, and the sale, inclnding the payment of the Trustee' s fees actually incurred, not to exceed 5. 000 %of the principal amount of the note at the time of the declaration af default, and reasonable attorneys' fees as permitted by law; (b) to $ll sums secured by this Security Ynstrument; and (c) any excess to the person or persans legally entitled to it. 19. Recanveyance. Upon payment of all sums secured by this 5ecurity Instrurnent, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security lnstzument to Trustee. Trustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled to it. Such person or persons shal] pay any recordation costs. 20. Substitute Trustee. Lender, at its option, rnay from time to time remove Trustee and appaint a successor trustee to any Trustee appointed hereunder by an instrurnent recorded in the county in which this Security Instr�unent is recorded. Without conveyance of the Property, the successar trustee shall succeed to all the title, pawer and duties conferred upon Trustee herein and by applicable law. 21. Request for Notices. Borrower requests that copies of the notices of default and sale be sent to Borrower's address which is the Property Address. 22. Riders to this Security Instrument. If one or more ridars are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the cavenants and agreements of' this 5ecurity Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)]. [] Condominium Rider 0 Growing Equity Rider 0 Other [specify] 0 Planned Unit Development Rider 0 Graduated Payment Rider 0451015175 FHA Deed of Trust-N� 4/86 VMP � � UMP4R(N� (0809) Wolters Kluwer Financial Services �V Page 7 of 9