39-41 Disannexation (2) - Laserfiche WebLink

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I-: ~-i r"J ~-jx 1?:~ 7 O Ft V'10 14"? ~=l F,~ ~ tS 4- herein, the Note, together with all other sums secured hereby shall, at the option of the Noteholder, become at once due and payable without demand or notice other than that demand or notice provided for in this paragraph, and the Trustee when requested so to do by the Noteholder after such default, shall seli the Mortgaged Premises at public auction to the highest bidder for cash, between the hours of ten o'clock A.M. and four o'clock P.M., at the time specified on the notice, on the first Tuesday in any month, at the designated area of the County Courthouse, as designated by the commissioners court, in the County in which the Mortgage Premises, or any part thereof, are situated, after advertising the time, place and terms of said sale and the Mortgaged Premises to be sold by posting, or causing to be posted, at least twenty-one (21) consecutive days prior to the date of said sale, written or printed notice thereof at the Courthouse door in each of the Counties in which the Mortgaged Premises are situated (such notice shall designate the County where the Mortgaged Premises will be sold). In addition, at least twenty-one (21) days preceding the date of the sale written notice of the proposed sale shall be served by Certified Mail on each debtor obligated to pay such debt, according to the records of Noteholder, in a Post Office or official depository under the care and custody of the United States Postal Service. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service. Grantors authorize and empower the Trustee to sell the Mortgaged Premises, together, or in lots or parcels, as the Trustee shall deem expedient, to execute and deliver to the purchaser or purchasers thereof good and sufficient deeds of conveyance thereto by fee simple title, with covenants of general warranty, (and the title of such purchaser, or purchasers, when so made by the Trustee, Grantors bind themselves to warrant and forever defend) and to receive the proceeds of said sale which shall be applied as follows, in the following order: (i) to all reasonable costs and expenses of the sale, including, but not limited to reasonable trustee's fees and attorney's fees and costs of title evidence; (ii) to all sums secured by this Deed of Trust; (iii) the excess, if any, to Grantors or such other person or person entitled thereto by law. 14. The Noteholder shall have the additional right, upon the commencement of any action to enforce the lien herein given, to have appointed by the court, in which said action is instituted, a receiver to take possession of the premises and collect the said rents, issue, and profits arising from the Mortgaged Premises. This provision is a right created by this contract and is cumulative of, and is not to affect in any way, the right of the Noteholder to the appointment of a receiver given the Noteholder by law. 15. If default be made in the payment of any installment of the Note, or any part thereof, or if for any reason (other than the fault of the Noteholder) Grantors fail to keep or perform any of the covenants, conditions or stipulations herein, the Noteholder shall have the option to proceed with foreclosure in satisfaction of such items, either through the courts or by directing the Trustee to proceed as if under a foreclosure, conducting the sale as herein provided and without declaring the whole debt due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the Note and debt secured by this Deed of Trust, and such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Deed of Trust, but, as to such unmatured Part this Deed of Trust shall remain in full force as though no sale had been made under the provision of this paragraph. Several sales may be made without exhausting the right of sale for any unmatured part of said debt, it being the purpose to provide for a foreclosure and sale of the Mortgaged Premises for any mature portion of said debt without exhausting the power of foreclosure and to sell the Mortgaged Premises for any other part of said debt whether matured at the time or subsequently maturing. 16. In case of any sale hereunder, all prerequisites to the sale shall be presumed to have been performed, and in any conveyance given hereunder, all statements of facts, or other recitals therein made as to the nonpayment of money secured, or as to the request to the Trustee to enforce this trust, or as to the proper and due appointment of any substitute trustee, or as to the advertisement of sale, or time, place, and manner of sale or as to any other preliminary fact or thing, shall be taken in all courts of law or equity as prima facie evidence that the facts so stated or recited are true. 17. At the option of the Noteholder, with or without any reason, a successor substitute trustee may be appointed by the Noteholder without any formality other than a designation in writing of a successor or substitute trustee, who shall thereupon become vested with and succeed to all the powers and duties given to the Trustee herein named, the same as if the successor or substitute trustee had been named original Trustee herein; and such right to appoint a successor or substitute trustee shall exist as often and whenever the Noteholder desires. If the Noteholder is a corporation, the corporation may act through any authorized officer, or by any agent or attorney in fact properly authorized by any such officer. 18. Neither the exercise of, nor the failure to exercise, any option given under the terms of this Deed of Trust shali be considered as a waiver of the right to exercise the same, or any other option given herein, and the filing of a suit 5 ~ VO0Z4~a