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HomeMy WebLinkAbout2946 ~~~~;`t ~ • bearing interest as therein stipulated, providing for acceleration of maturity and for Attorney's fees; Should Grantors do and perform all o[ the covenants and agreements herein contained. and make prompt payment of said indkbtedness as the same shall t><•come due and payable, then this conveyance shall become null and void and of no further force and effect, and shall be released at the expense of Grantors, by the holder thereof, hereinafter called Beneficiary (whether one or more). Grantors covenant and agree as follows: That they are lawfully seized of said property. and have the right to convey the same: that said property is free from all liens and encumbrances, except as herein provided. - To protect the title and possession of said property and to pay when due all taxes and assessments now existing or hereafter - Icvied or assessed upon said property, or the interest therein created by this Deed of Tntst, and to preserve and maintain the lien hereby created as a first and prior lien un said property including any improvements hereafter made a part of the realty. To keep the improvements on said property in good repair and condition, and not to permit or commit any waste thereof; to keep said buildings occupied so ac trot to impair the insurance carried thereon. To insure and keep insured all improvements now or hereafter created upon said property against loss or damage by fire and windstorm. and any other hazard or hazards as may be reasonably required from time to time by Beneficiary during the term of the indebtedness hereby secured, to the. extent of the original amount o[ the indebtedness hereby secured. or to the extent of the full insurable value of said improvements, whichever is the lesser, in such form and with such Inwrance Company or Companies as may be approved by Beneficiary, and to deliver to Beneficiary the policies of such insurance having attached to said policies such mortgage indemnity clause as Beneficiary shall direct; to deliver renewals of such policies to Beneficiary at least ten (10) days before any such insurance policies shat! expire; any proceeds which Beneficiary may receive under any such policy, or policies, may be applied by Beneficiary. at his option, to reduce the indebtedness hereby secured, whether then matured or to mature in the future, and in such manner as Beneficiary may elect. or Beneficiary may permit Grantors to use said proceeds to repair or replace all improvements damaged or destroyed and covered by said policy. That in the event Grantors shall fail to keep the improvements on the property hereby conveyed in good repair and condition, or to-pay promptly when due all taxes and assessments, as aforesaid. or to preserve the prior lien of this Deed of Trust on said property. or to keep the buildings and improvements insured, as aforesaid, or to deliver the policy, or policies, of insurance or the renewal thereof to Beneficiary, as aforesaid, then Beneficiary may, at his option, but without being required to do so, make wch repairs, pay such taxes and assessments, purchase any tax title thereon, remove any prior liens, and prosecute or defend any suits in relation to the preservation of the prior lien of this Deed of Trust on said property, or insure and keep in- sured tF.e improvements thereon in an amount not to exceed that above stipulated: that any sums which may be so paid out by Beneficiary and all sums paid for insurance premiums, as aforesaid, including the costs. expenses and Attorney's fees paid in any suit affecting said property when necessary to protect the lien hereof shall bear interest from the dates of such payments at ten per cent (10°k•) per annum, and shall be paid by Grantors to Beneficiary upon demand, at the same place at which the above described note is payable, and shall be deemed a part of the debt hereby secured and recoverable as such ih all respects. That in the event of default in the payment of any installment, principal or interest, of the note hereby secured, in accord- ance with the terms thereof, or of a breach of any of the covenants herein contained to be performed by Grantors, then and in any of such events Beneficiary may elect, Grantors hereby expressly waiving presentment and demand for payment, to declare - the entire principal indebtedness hereby secured with all interest accrued thereon and all other sums hereby secured immediately due and payable, and in the event of default in the payment of said indebtedness when due or declared due, it shall thereupon, or at any time thereafter, be the duty of the Trrstee, or his successor or substitute as hereinafter provided, at the request of Beneficiary (which request is hereby conclusively presumed), to enforce this trust; and after advertising the time, place and terms of t_he sale of the above described and conveyed property, then subject to the lien hereof. for at least twenty-one (21) days preced- ing the date of sale by posting written or printed notice thereof at the Courthouse door of the county where said real property is situated, which notice may be posted by the Trustee acting, or by any person acting for him, and the Beneficiary (the holder of the indebtedness secured hereby) has, at least twenty-one (21) days preceding the date of sale, served written or printed notice of the proposed sale by certified mail on each debtor obligated to pay the indebtedness secured by this Deed of Trust according to the records of Beneficiary, by the deposit of such notice,-enclosed in a postpaid wrapper. properly addressed to such debtor at debtors most recent address as shown by the records of Beneficiary, in a post office or official depository under the care and j custody of the United States Postal Service, the Trustee shall sell the abovt* described property, then subject- to the lien hereof, at public auction in accordance with such notice at the Courthouse door of said county where such real property is situated (pro- vided where said real property is situated in more than one county, the notice to be posted as herein provided shall beposted - i at the Courthouse door of each of such counties where said real property is situated, and said above described and conveyed property may be sold at the Courthouse door of any one of such counties, and the notices so posted shall designate the county where the property will be sold), on the first Tuesday in any month between the hours of ten o'clock A.M. and four o'clock P.M., to the highest bidder for cash, selling all of the property as an entirety or in such parcels as the Trustee acting may elect, and make due conveyance to the Purchaser or Purchasers, with general warranty binding Grantors, their heirs and assigns; and out of the money arising from such sale, the Trustee acting shall pay first, all the expenses of advertising the sale and making the conveyance, including a commission of five per cent (5%) to himself, which commission shall be due and owing in addition to the Attorney's fees provided for in said note, and then to Beneficiary the full amount of principal. interest, Attorney's fees and other charges due and unpaid on said note and all other indebtedness secured hereby, rendering the balance of the sales price, if any, to Grantors, their heirs or assigns; and the recitals in the conveyance to the Purchaser or Purchasers shall be full and conclusive evidence of the truth of the matters therein stated, and all prerequisites to said sale shall be presumed to have been performed, and such sale and conveyance shall be conclusive against Grantors, their heirs and assigns. ~ it is agreed that in the event a foreclowre hereunder should be commenced by the Trustee, or his substitute or successor, Beneficiary may at any time before the sale of said property direct the said Trustee to abandon the sale, and may then institute suit far the collection of said note, and for the foreclosure of this Deed of Trust lien; it is further agreed that if Beneficiary should institute a suit for the collection thereof, and for a foreclosure of this Decd of Trust lien, that he may at any time before the entry of a final judgment in said suit dismiss the same, and require the Trustee, his substitute or successor to sell the property in accordance with the provisions of this Deed of Trust. 5 Beneficiary shall have the right to purchase at any sale of the property, being the highest bidder and to have the amount for 3 which such property is soldcredited on the debt then owing. R Beneficiary in any event is hereby authorized to appoint a substitute trustee. or a successor trustee, to act instead of the Trustee named herein without other fonnality than the designation in writing of a substitute or successor trustee; and the authority hereby conferred shall extend to the appointment of other successor and substitute tnistees successively until the ~ indebtedness hereby secured has been paid in full, or until said property is sold hereunder, and each. substitute and successor ~ trustee shall succeed to all of the rights and powers of the original trustee named herein. In the event any sale is made of the above described property, or any portion thereof, under the terms of this Deed of Trust, Grantors, their heirs and assigns, shall forthwith upon the making of such sale surrender and deliver possession of the property so sold to the Purchaser at such sale, and in the event of their failure to do so they shall thereupon from and after the making of such i sale be and continue as tenants at will of such Purchaser, and in the event of their failure to surrender possession of said • t Q,~~r • L R 3U1 it 2J4~ ,a ~ ~ _ ~ - ~ _a = _