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HomeMy WebLinkAbout2947 • i • property upon demand, the Purchaser, his heirs or assign, shall he entitled to institute and maintain an action for forcible detainer of sail pry?perty in the lattice of the Peace Court in the Jwticc Precinct in which such pmprrty, or any part thereof, is situated. , • It is agrcttl that the lien hereby created shall Take precedence over and he a prior lien to any other lien of any character whether vendor's, matcrialmen c or mechanic's lien hereafter created on the shove described property, and in the event the pnxceds of the indebtedness secured hereby as set forth hcrcin arc used to pay off and satisfy .any liens heretofore existing on said property, then Beneficiary is, and shall be, suhrugated to all of the rights, liens and remedies of the holders of the in- ~Icbtcdness so paid. It is farther agreed that if Grantors, their heirs or assigns, while the owner of the hcreinabove described property, should commit an act of bankruptcy, or aulhurize the filing of a voluntary petition in bankruptcy, or should an act of bankruptcy be committed and involuntary proceedings instituted or threatened. or should the property hereinabove described be taken over by a Receiver for Grantors, their heirs or assigns, the note hercinabove described shall, at the option of Beneficiary, immediately become due and payable, and the acting Tn~stee may then proceed to sell the same under the provisions of this Deed of Trust. As further security for the payment of the hereinabove described indeMedness, Grantors hereby transfer, assign, and convey unto Beneficiary all rents issuing or to hereafter issue from said real property, and in the event of any default in the payment of said note or hereunder, Beneficiary, his agent or representative, is hereby authorized, at his option, to collect said rents, or if such property is vacant to rent the same and collect the rents, and apply the same, less the reasonable costs and expenses of collection thereof, to the payment of said indebtedness, whether then matured or to mature in the future, and in such manner as Beneficiary may elect. The collection of said rents by Beneficiary shall not constitute a waiver of his right to accelerate the maturity of said indebtedness nor of his right to proceed with the enforcement of this Deed of Trust. It is agreed that an extension, or extensions, may be made of the time of payment of all, or any part, of the indebtedness actiured hereby. and that any part of the above described real property may he released from this lien without altering or affecting the priority of the lien created by this Deed of Tnust in favor of any junior encumbrancer, mortgagee or purchaser, or any person acquiring an interest in the property hereby conveyed, or any part thtteof; it being the intention of the parties hereto to preserve this lien on the properly hcrcin described and all improvements thereon. and that may he hereafter constructed thereon, first and superior to any liens that may be placed thereon, or that may be fixed. given or imposed by law thereon after the execution of this instrument notwithstanding any such extension of the time of payment. or the release of a portion of said property from this lien. In the event any portion of the indebtedness hereinabove described cannot be lawfully secured h}• this Deed of Trust lien on said real property, it is agreed that the first payments made on said indebtedness shall be applied to the discharge of that portion of said indebtedness. Beneficiary shalt he entitled to receive any and all sums which may become payable to Grantors for the condemnation of the hcreinahove described real property, or any part thereof, for public 31~ublk~llse, or by virtue of private sale in lieu thereof, :and any sums which may be awarded or become payable to Grantors~fo damages caused by public works or construction on or near the said property. All such sums are hereh}• assigned to Beneficiary. who may, after deducting therefrom all expenses actually incurred. including attorney's fees, release same to Grantors or apply the same to the reduction of the indebtedness hereby secured, whether then matured or to mature in the future, or on any money obligation hereunder, as and in such manner as Beneficiary .may elect. Beneficiary shall not he, in any event or circumstances, liable or reslx?nsible for failure to collect, or exercise diligence in the collection of,. any sucRsums. Nothing herein or in said note contained shall ever entitle Beneficiary, upon the arising of any contingency whatsoever, to receive or collect interest in excess of the highest rate allowed b}• the laws of the State of Texas on the principal indebtedness ; hereby secured or on any money obligation hereunder and in no event shall Grantors be obligated to pay interest thereon in excess of such rate. i If this Deed of Tnist is executed by only one person or by a corporation the plural reference to Grantors shall be held to include the singular and all of the covenants and agreements herein undertaken to be performed by and the rights conferred upon the respective Grantors named herein. shall he binding upon and inure to the benefit of not only said parties respectively but also their respective heirs, executors, administrators, grantees, successors and assigns. i Grantors expressly represent that this Deed of Trust and- the Note hereby secured are given for the following purpose, to-wit: _ _ The indebtedness, the pay>.ent of which is hereby secured, is in part paytaent o! the purchase price of the teal property herein described, and is also secured by a Vendor's - Lien thereon retained in Deed of even date herewith to the undersigned, and this Deed of Trust is given as additional security for the payment of-said indebtedness. . ~ This conveyance is also made in trust to secure and enforce the payment of all other indebtedness of the makers of said node to Beneficiary presently existing or which may in any manner or means hereafter be incurred by -the makers of said note'and evidenced in any canner whntsoever, either by notes, advances, overdrafts, bookkeeping entries or any other method or means, 1t. being expressly agreed and understood that any and all sums now owed x to or hereafter advanced by said Beneficiary to the makers of said note shall be payable at FIRST STATE BANK OF LIBERTY, in Liberty County, Texas, and shall beat interest as may `~e provided in such notes or other evidences of indebtedness given by the makers of said note to said Beneficiary; and this instrument Ss also executed for the purpose of securing f and enforcing the payment of any renewal and extension of any note or of any part of the - said indebtedness of the makers of said note, and including any further loans and advance- ~ents made by said Beneficiary to the makers of said note under the provisions hereof. The-fact of repaytaent of all indebtedness of the makers of said note to said Beneficiary shall not terminate this mortgage unless the name be so released by said Beneficiary at the request of the makers of said note; but otherwise it shall remain in full force and r effect to secure all future•advances and indebtednesses, regardless of any additional security that may be taken as to any past or future indebtedness, and shall be unaffected by any renewals, extensions or partial releases hereunder. a T!~is conveyance shall further include all improvements now or hereafter situated on the - hereinabove described real property inclusive of all goods which are or are to become fixtures, nov or hereafter located in and about such improvements, including, without :.imitation, all heating, air conditioning, ventilating, plumbing, electrical fixtures and wiring, replact:taents thereof and additions thereto, all of which Crantoz represents and agrees are and will be a part of.aald affixed to said land. e~~~ ae~K , f ~,~~9~2 - A . - +3: