1983 George Merritt and Vivian Merritt-Deed of Trust

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. - I I I 1-- 20. Nothing herein contained shall be so construed or operate as to require Grantors to pay interest on the Note or Notes, or any other lia- bility or debt now existing or herafter to exist hereunder at a rate greater than that allowed by the Laws of the State of Texas, and If any pro- visions herein contained do, or would, presently or prospectively, operate to make this Deed of Trust or any part thereof void, voidable or in- effective, then such provisions only shall be held for naught and as though not herein cor\talned and shall be without effect upon or prejudice to the remaining provisions, which shall nevertheless remain operative. Any of said contracts for Interest shall be held subject to reduction to the highest amount allowed under the Usury Laws of the State of Texas as now or hereafter construed by courts having Jurisdiction. 21. In th!l event of the passage after the date of this Instrument of any law, which deducts any lien on the Mortgaged Premises from the value of the Mortgaged Premises for the purposes of taxation of deeds of trust or debts secured thereby, for state or local purposes, or which law changes the manner of collection of any such taxes so as to affect the Interest of the Noteholder, the whole sum secured by this Instrument with interest thereon, at the option of the Noteholder, shall Immediately become due, payable and collectible without notice to any party. 22. If the lien of this Deed of Trust Is Invalid or unenforceable as to any part of the debt, or if the lien Is Invalid or unenforceable as to any part of the Mortgaged Premises, the unsecured or partially secured portion of the debt shall be completely paid prior to the payment of the re- maining and secured or partially secured portion of t!le debt, and all payments made on the debt, whether voluntary or under foreclosure or other enforcement action or procedure, shall be considered to have been first paid on and applied to the full payment of that portion of the debt which Is not secured or fully secured by the lien of this Deed of Trust. 23. Whenever used 'the singular number shall Include the plural, the plural the singular, the use of any gender shall include all genders. The words "Grantors" and "Noteholder" shall Include their heirs, executors, administrators, successors and assigns and the word "Trustee" shall In- clude his successors and substitute trustees. 24. Noteholder shall have the right to become the purchaser at all sales to enforce this trust, being the highest bidder, and to have the a- mount for which such property is sold credited on the debt then owing. 25. Grantors will pay all reasonable attorney's fees and expenses which may be incurred by the Noteholder or Trustee, In enforcing the terms of the Note and this Deed of Trust, or in any suit to which the Noteholder or Trustee may become a party where the Deed of Trust or the Mortgaged Premises are in any manner involved and all expenses Incurred in presenting a claim against the estete of a decedent or a bank- rupt and will also pay any attorney's fees and expenses reasonably incurred in connection with the assignment to Noteholder of any leases subsequently entered Into by Grantors which by the terms hereof are required to be assigned to Noteholder as additional collateral to secure payment of the indebtedness herein secured as well as any and all such fees and expenses reasonably Incurred prior to full and final payment -of- such Indebtedness relating to future advances, transfer of title,to_theprelT!l~es aod.simllar m!ttt!lrs n~t otherwl~e_ provJ~_ed ~or I:,.ereln. 26. With respect to any personal property herein described this Deed of Trust shall constitute a Security Agreement between Grantors and Noteholder, and, cumulative of all other rights of Noteholder hereunder, Noteholder shall have all of the rights conferred upon secured parties by the Uniform Commercial Code, as amended, as to this property. This Deed of Trust, as a Financing Statement, covers the following types of property: Minerals, crops and goods that are, or are to become, fixtures as more fully described herein, and related to the real estate described herein, and It is Intended that as to those goods and the proceeds thereof, this Deed of Trust shall be effective as a Financing Statement filed as a mineral, crop and fixture filing from the date of Its filing for record In the Real Estate Records of the County In which the land Is located. Information concerning the security Interest created by this instrument may be obtained from the holder of the Indebtedness and secured par- ty at the Post Office address as shown in Paragraph numbered 1 of this Deed of Trust. Until the lien of this Deed of Trust is releaSed or satls. fied of record. Grantors agree, if requested by Noteholder so to do, to execute one or more Financing Statements covering such personal prop- erty, in the manner and form required by law and to the satisfaction of Noteholder. Grantors agree to pay Noteholder's charge, to the maxi. mum amount permitted by law, for any statement by Noteholder regarding the obligations secured by this Deed of Trust, requested by Grant- ors or on behalf of Grantors. On demand, Grantors will promptly pay all costs and expenses of filing Financing Statements, continuation statements, partial releases and termination statements deemed necessary or appropriate by Noteholder to establish and maintain the validi- ty and priority of the security Interest of Noteholder or any modification thereof, and all costs and expenses of any searches reasonably re- quired by Noteholder. Noteholder may exercise any or all of the remedies of a secured party available to It under the Uoiform Commercial Code, as amended, with respect to such personal property, and it is expressly agreed that if upon default Noteholder should proceed to dispose of the collateral In accordance with the provisions of the Uniform Commercial Code, as amended, ten (10) days notice by Noteholder to Grantors shall be deemed to be reasonable notice under any provision of the Uniform Commercial Code, as amended, requiring such notice; provided, however, that Noteholder may at Its option dispose of the collateral in accordance with Noteholder's rights and remedies In respect of the real property pursuant to the provisions of this Deed of Trust. in lieu of proceeding under the Uniform Commercial Code. as amended. 27. Grantors, upon execution and delivery of this Deed of Trust and the Note hereby secured, were Informed that Paragraph 13 hereof grants a power of sale and provides for summary foreclosure procedure at the election of the Noteholder in event of default. As a condition precedent to obtaining the loan represented by the Note hereby secured, Grantors specifically waive the right to procedural due process, I.e. notice and opportunity to be heard in a judicial proceeding In a court having jurisdiction of the parties and the subject matter prior to com. mencement of such proceedings under the power of sale herein granted. 28. In the event Grantors, or any owner of the Mortgaged Premises. without first Obtaining approval of Noteholder (which approval shell not be unreasonably withheld), should sell or otherwise dispose of the Mortgaged Premises, or any part thereof. at any time before this Deed of Trust is fully released and discharged, Noteholder shall have the option to declare the Indebtedness hereby secured due and payable and If the same Is not paid within ten (10) days after the same Is declared due and payable. Noteholder may request the Trustee to commenceforeclo- sure proceedings as hereinbefore provided in Paragraph 13, or may commence any other action authorized by this Deed of Trust to enforce the liens herein given. Failure to exercise this option shall not be considered as a waiver of the rights conferred In this Paragraph 28. but said option may be exercised at any time. >>K~D,*~XU~iXiX~~X*~D~~~Xrx~Xs}IaI~~ The undersigned hereby designate as their homestead, the property located in Harris County, Texas:, legally described as: Lots Twenty (20) and Twenty-One (2l), Block Seventy-Six (76), TOWN OF LA PORTE, in Harris County, Texas. r RECORDER'S MEMORANDUM: At the time of recordatioo, this instrument was found to be inadequate for the best photographjc reproduc;tion because of illegibility, carb!)n or photo copy, discolored paper, etc. AI! blockouts. additions and changes were present at the time the instrument was filed and recorded. EXECUTED this day of February . 19--8.J..... ~ ~ GEO~MER~ ~~I~ ,. . . -I c:::t ~ - - .... ~