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25D - AGMT - ALLOCATION NSP 3
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25D - AGMT - ALLOCATION NSP 3
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Last modified
1/3/2012 3:43:47 PM
Creation date
6/16/2011 12:29:31 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25D
Date
6/20/2011
Destruction Year
2016
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EXHIBIT B <br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by <br />a received appointed by a court, and without regard to the adequacy of its security, enter upon <br />the Property and take possession thereof (or any part thereof) and of any of the Security, in its <br />own name or in the name of Trustee, and do any acts which it deems necessary or desirable to <br />preserve the value, marketability or rentability of the Property, or part thereof or interest therein, <br />increase the income therefrom or protect the Security hereof and, with or without taking <br />possession of the Property, sue for or otherwise collect any rents, issues and profits thereof, <br />including those past due and unpaid, and apply the same, less costs and expenses of operation <br />and collection, including attorneys' fees, upon any indebtedness secured hereby, all in such order <br />as Beneficiary may determine. The entering upon and taking possession of the Property, the <br />collection of such rents, issues and profits and the application thereof, as aforesaid, shall not cure <br />or waive any Event or Default or notice of Event of Default hereunder or invalidate any act done <br />in response to such Event of Default or pursuant to such notice of Event of Default and, <br />notwithstanding the continuance in possession of the Property or the collection, receipt and <br />application of rents, issues or profits, Beneficiary shall be entitled to exercise every right <br />provided for in this Deed of Trust, the Agreement or by law upon occurrence of any Event of <br />Default including the right to exercise the power of sale. Trustor requests that a copy of any <br />notice of default and a copy of any Notice of Sale hereunder be mailed to Trustor at the address <br />herein given in Section VIII subsection 3; <br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver <br />or specifically enforce any of the covenants hereof; <br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a written <br />notice of default and election to cause Trustor's interest in the property to be sold, which notice <br />Trustee or Beneficiary shall cause to be duly filed for recording in the Official Records of the <br />County in which the Property is located; or <br />(d) Exercise all other rights and remedies provided herein, in the instruments by which <br />the Trustor acquires title to the Property, including any Security, or in any other document or <br />agreement now or hereafter evidencing, creating or securing all or any portion of the obligations <br />secured hereby, or provided by law. <br />4. Foreclosure by Power of Sale. Should the Beneficiary elect to foreclose by exercise of <br />the power of sale herein contained, the Beneficiary shall notify Trustee and shall deposit with <br />Trustee this Deed of Trust which is secured hereby (and the deposit of which shall be deemed to <br />constitute evidence that the Loan Amount is immediately due and payable), and such receipts <br />and evidence of any expenditures made that are additionally secured hereby as Trustee may <br />require. <br />Z4111BIJJ ou-
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