1980 Roy Rodriguez, Jr. Deed of Trust

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I I e e ,~ . '\. I i I I I I i r52~89:'67L I i I I I , I I I I I I I I i I I I i I , , I I I I i I I I I I It is agreed that if default be made in the payment of any principal or interest on said note, or in the performance of the covenants or agreements herein contained, or any of them, then at the option of the legal holder of said note, the. whole of the principal debt herein secured shall become due and payable, and may be collected by suit or by proceedings hereunder; and it is further agreed that if said indebtedness is not paid when due, and is placed in the hands of an attorney for collec- tion, or if collected through Probate Court, a reasonable amount as provided in said note shall be added as attorney's fees. It is also agreed that this Deed of Trust covers any and all renewals of the above described indebtedness. Now, should Debtors make prompt payment of said indebtedness, and pay, or cause to be paid, all other indebted- ness secured by this conveyance, both principal and interest, as the same shall become due and payable, and strictly comply with all the conditions and requirements herein provided, then this conveyance shall become null and void and of no further force or effect, and shall be released at the cost and expense of Debtors. But should Debtors make default in the .punctual payment of said indebtedness, or any part thereof, principal or interest, as the same shall become due and payable, or should Debtors in any respect fail to keep and perform anyone or more of the conditions herein provided to be kept and performed by Debtors, then, in any such case, the whole amount of said indebtedness remaining shall, at the option'of the holder of sai4 indebtedness, immediately mature and become payable (unless otherwise specifically provided herein or'in the note or notes secured hereby) and it shall thereupon, or at any time thereafter, the same, or any part thereof, remaining unpaid, be the duty of the Trustee and of his successor or substitute, as hereinafter provided, on the request of the holder of said indebted- ness thereof (which request is hereby presumed) to enforce this trust; and after advertising the time, place (including therein the County where said real estate shall be sold) and terms of the sale of all of the above conveyed and described property, or any part thereof (the privilege of selling in whole or in part being hereby granted) for at least tweaty-one days successively next before the day of sale, by posting up written or printed notices thereof at the Court House Door of each County, in which '. any portion of said real estate shall be situated; and after Beneficiaries or any other holder of the indebtedness secured hereby to which the power of sale described herein is related shall have given written notice of the proposed sale by certified mail to each D~btor obligated to pay such debt according to the records of such holder by depositing such notice, enclosed in a .postpaid :wrapper, properly addressed to such Debtor at the most recent address as shown on the records of the holder of the debt, in a Post Office or official depository under the care and custody of the United States Postal Service for a period of at least 'twenty-one (21) days preceeding the date of sale designated in said notice (the affidavit of any person having knowl- edge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service), to sell the same, in accordl!:nce with such advertisement, at public auction, at the Court House Door of the County so designated as the place of sale in said notice of sale, on the first Tuesday in any month between the hours of ten o'clock A.M. and four o'clock P.M. to,the highest bidder for cash, selling all property above conveyed as an entirety or in parcels as the Trustee may elect, and make due conveyance to the purchaser or purchasers, wit~ general warranty, binding the Debtors and their heirs and assigns; and, out of the money arising from such sale, the Trustee acting shall pay: first, all the expenses of advertising sale a~d conveyance, including a commission of five per cent to himself, and then to the holder of said indebted- ness, the full amount of principal and interest due and unpaid on said indebtedness, as hereinbefore set forth, and all taxes, assessments, insurance premiums or other advancements made, as provided for herein, with interest thereon, rendering the balance of the purchase money, if any, to the Debtors, their heirs or assigns; and said sale shall forever be a perpetual bar against the Debtors, their heirs and assigns, and all other persons claiming under any of them. It is expressly agreed that the recitals in the conveyance to the purchaser shall be full evidence of the truth of the matters therein stated, and all pre- requisites to said sale shall be presumed to have been performed. The holder of said indebtedness shall have equal rights to become the purchaser at such sale, being the highest bidder. In case of absence, death, inability, refusal or failure' of the Trustee herein named to act, or if Beneficiaries should for any reason whatsoever desire to have another party act as Trustee hereunder, a successor and substitute may be named con- stituted and appointed by the holder of said indebtedness, without other formality than im appointment and designation in writing; and this conveyance shall vest in him, as Trustee, the estate and title in all said premises and he shall thereupon hold, possess and execute all the title, rights, powers and duties herein conferred on said Trustee named, and his conveyance to the purchaser shall be equally valid and effective; and such right to appoint a successor or substitute Trustee shall exist as often and whenever from any of said causes, any Trustee, original or substitute, cannot or will not act or if Beneficiaries should desire further substitutes for any cause. It is agreed and stipulated that Debtors shall and will at their own proper cost and expense, keep the property and premises herein described, and upon which a lien is hereby given and created, in good repair and condition, and to pay and discharge as they are or may become payable, all taxes and assessments that are or may become payable thereon under any law, ordinance or regulation, whether made by Federal, State, Municipal or any other taxing authority, and shall keep said property fully insured in some company or companies approved by the holder of said indebtedness, to whom the loss, if any shall be pay,able, and by whom the policies shall be kept. And in case of default made by Debtors in performance of any of the foregoing stipulations, the same may be performed by the holder of said indebtedness, for account and at the expense of Debtors, and any and all expenses'incurred and paid in so doing shall be payable by Debtors to holder of said indebtedness with interest at the highest lawful rate per annum permitted thereon in Texas from the date when the same was so incurred or paid, and shall stand secured and payable by and under this deed in like manner with the other indebtedness herein men- tioned, and the amount and nature of such expense and time when paid shall be held fully established by the affidavit of the holder of said indebtedness, or the holder's agent, or by the certificate of any Trustee acting hereunder. Provided, however, that the exercise of the right of advancement shall in nowise be considered or constitute a waiver of the right of the holder of said indebtedness to declare same, and all other indebtedness hereunder to be at once due and payable in the manner provided herein. IT IS UNDERSTOOD AND AGREED, that where the phrase, "highest lawful rate (of interest) per annum per- mitted thereon in Texas", or words' of like import is used herein, the rate of interest shall be that rate payable on all past due principal and all past due interest as set out in the note, or other debt instrument, hereby secur:ed. IT IS ESPECIALLY AGREED that when, as and if any accelerated maturity of any item secured by this instrument may be declared due under any term of this'or any other paper evidencing the debt or any part thereof, that the maximum amount that can be collected for or on account of the debt shall be the principal amount thereof and interest accrued to the date of payment at not to exceed the highest lawful rate per annum permitted thereon in Texas. That if any possible con- struction of any and all of the papers may seem to indicate any Ilossibility of a different power given to the creditor or any authority to ask for, demand, or receive any larger rate of interest the parties covenant that same is a mistake in calculation or wording which this clause is intended to override and control. IT IS FURTHER AGREED that, in the event of a foreclosure under the power granted hereby, the owner in posses- sion of said property, or anyone claiming under him and in possession as tenant or otherwise, shall thereupon become the tenant at will of the purchaser at such foreclosure sale, and should such tenant refuse to surrender possession of said property upon demand, the purchaser shall thereupon be entitled to institute 'and maintain the statutory action of forcible entry and detainer, and procure a writ of possession thereunder. ' i i ,/ i I I I I i i I I !