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Res 1986-116
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Res 1986-116
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8/28/2007 8:45:29 AM
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8/28/2007 8:45:28 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
1986-116
Date
9/24/1986
Volume Book
83
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<br />( j ) <br /> <br />if Grantor abandons the Property. <br /> <br />13. TRUSTEE'S SALE. When Grantor has defaulted, as above <br />provided, it shall be the duty of the Trustee, at the request of <br />Corporation to enforce this Trust in the following manner: The <br />Trustee shall advertise the time, place and terms of the sale of <br />the Property for at least twenty-one (21) days preceding the day <br />of sale by posting written or printed notice thereof at the court- <br />house door of the county where the Property, or any part thereof, <br />is situated and which notice may be posted by the Trustee, or by <br />any person acting for him and by filing a copy of such notice in <br />the office of the County Clerk of the County in which the sale is <br />made at least twenty-one (21) days preceding the date of sale; the <br />Trustee shall then sell the Property in accordance with such <br />notice at the courthouse door of the county in which the notice <br />has been posted on the first Tuesday of any month between the <br />hours of 10:00 o'clock a.m. and 4:00 o'clock p.m. to the highest <br />bidder for cash, selling all of the Property as an entirety or in <br />such portions as the Trustee may elect, and the Trustee may make <br />due conveyance to the purchaser, with general warranty binding the <br />Grantor, its successors and assigns, subject to the permitted <br />exceptions set forth on Exhibit "an. Out of the proceeds of such <br />sale, Trustee shall first pay all of the expenses of advertising <br />the sale and making the conveyance, including a Trustee's commis- <br />sion or fee in a reasonable amount, which commission or fee shall <br />be due and owing in addition to the attorney's fees provided for <br />in the Note secured hereby. After payment of expenses and commis- <br />sions, Corporation shall be paid the full amount of principal, <br />interest, attorney's fees and other charges due and unpaid on the <br />Note, with the balance of the proceeds of such sale, if any, to be <br />paid to Grantor, its successors and assigns. The recitals in the <br />conveyance to the purchaser shall be full and conclusive evidence <br />of the truth of the matters therein stated, and all prerequisites <br />to such sale shall be presumed to have been performed, and such <br />sale and conveyance by the Trustee shall be conclusive against the <br />Grantor, its successors and assigns. Corporation shall have the <br />right to purchase at any sale of the Property if it is the highest <br />bidder thereon and it shall have the right to have the amount for <br />which the Property is sold credited on its indebtedness then <br />owing. In the event a foreclosure hereunder should be commenced <br />by the Trustee, Corporation, at any time before the sale of the <br />Property, may direct Trustee to abandon the sale, and may then <br />institute suit for the collection of the Note and for Judicial <br />foreclosure of this Deed of Trust lien. If such a suit should be <br />instituted, Corporation, at any time before the entry of a final <br />judgment in said suit, may dismiss the same and require Trustee to <br />sell the Property in accordance with the provisions of this Deed <br />of Trust. In addition to the printed notice hereinabove provided <br />for, Corporation, at least twenty-one (21) days preceding the date <br />of sale, shall serve written notice of the proposed sale by certi- <br />fied mail on each debtor who, according to Corporation's records <br />is obligated to pay the indebtedness secured by this Deed of <br />Trust. Notice shall be complete upon deposit of the notice, <br />enclosed in a postpaid wrapper, addressed to such debtor at the <br />most recent address as shown by Corporation's records, in a post <br />office or official depository under the care and custody of the <br />United States Postal Service. Nothing in this Deed of Trust shall <br />be construed as affecting any prior liens or mortgages filed of <br />record. <br /> <br />14. SUBSTITUTE TRUSTEE. In case of the death of Trustee or <br />any Substitute Trustee or the refusal, failure or inability of any <br />Trustee or Substitute Trustee, for any reason, to act hereunder, <br />or in the event Corporation shall deem it desirable to remove, <br /> <br />5. <br />
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