HomeMy WebLinkAboutC.054.93011_0434 (2)refunded in case a resale is had; otherwise it shall be applied to the purchase price. The sale of
the Trust Estate or any part thereof or any interest therein, whether pursuant to foreclosure,
power of sale or otherwise under this Deed of Trust, shall forever bar any claim with respect to
the Trust Estate by the County.
(d) To the extent permitted by law, the Trustee and the Beneficiary shall have the right to
enter upon the Land to such extent and as often as the Beneficiary or the Trustee, in their sole
discretion, deem necessary or desirable in order to cure any default by the County. To the extent
permitted by law, the Beneficiary and the Trustee may take possession of all or any part of the
Trust Estate and may hold, operate and manage the same, and from time to time make all needful
repairs and improvements as shall be deemed expedient by the Beneficiary or the Trustee.
(e) To the extent permitted by law, the Trustee may lease any part of the Trust Estate in the
name of and for the account of the County, and collect, receive and sequester the rent, revenues,
earnings, income, products and profits therefrom, and out of the same and from any moneys
received from any receiver or any part thereof pay, and set up proper reserves for the payment of,
all proper costs and expenses of so taking, holding and managing the same, including reasonable
compensation to the Beneficiary and the Trustee, its agents and counsel, and any charges of the
Beneficiary hereunder and any taxes and assessments and other charges prior to the lien of this
Deed of Trust which the Beneficiary or the Trustee may deem it proper to pay, and all expenses
of such repairs and improvements, and apply the remainder of the moneys so received in
accordance with the provisions hereof.
(f) To the extent permitted by law, the Beneficiary and the Trustee shall have the right after
an Event of Default to the appointment of a receiver to collect the rents and profits from the
Trust Estate without consideration of the value of the Trust Estate, and all amounts collected by
the receiver shall, after expenses of the receivership, be applied to the payment of the
indebtedness hereby secured. If such receiver should be appointed or if there should be a sale of
any part of the Trust Estate, as provided above, the County, or any person in possession of any
part of the Trust Estate, as tenant or otherwise, shall become a tenant at will of the receiver or of
the purchaser and may be removed by a writ of ejectment, summary ejectment or other lawful
remedy.
(g) The Beneficiary and the Trustee shall have the right to assign to any other person, for
lawful consideration, any rents, revenues, earnings, income, products and profits receivable
under this Deed of Trust, provided that the proceeds of any such assignment shall be applied as
provided in this Deed of Trust.
(h) Except as set forth in Section 3.9 hereof, the foregoing shall in no way be construed to
limit the powers of sale or to restrict the discretion the Trustee may have under North Carolina
law, including the provisions of Article 2A of Chapter 45 of the General Statutes of North
Carolina, as the same may be from time to time amended. Each legal, equitable or contractual
right, power or remedy of the Trustee now or hereafter provided herein or by statute or otherwise
shall be cumulative and concurrent and shall be in addition to every other right, power and
remedy, and the exercise or beginning of the exercise by the Trustee of any one or more of such
rights, powers and remedies shall not preclude the simultaneous or later exercise of any or all
such rights, powers and remedies.
In addition to, but not in limitation of any of the foregoing, upon the occurrence of an Event of
Default, the Beneficiary may exercise any or all of the rights and remedies afforded to the
Beneficiary by the provisions of the North Carolina Uniform Commercial Code or otherwise
afforded to the Beneficiary under this Deed of Trust, with all such rights and remedies being
cumulative and not alternative.
3.4 Application of Proceeds. The proceeds of (a) the operation and management of the Trust
Estate pursuant to Section 3.3 hereof, and (b) sale of the Trust Estate or any interest therein,
whether pursuant to foreclosure, power of sale or otherwise, and (c) any insurance policies or
Eminent Domain awards or other sums retained by the Trustee upon the occurrence of an Event
of Default, shall be applied as set forth in this Deed of Trust to pay:
First. The costs and expenses of sale, reasonable attorneys' fees, the
Beneficiary's and Trustee's fees, expenses and court costs, and any other
expenses or advances made or incurred in the protection of the rights of
the Beneficiary or in the pursuit of any remedies hereunder;