Laserfiche WebLink
<br />b. request Trustee to foreclose this lien, in which case <br />Beneficiary or Beneficiary's agent shall give notice <br />of the foreclosure sale as provided by the Texas <br />Property Code as then amended; and <br />c. purchase the property at any foreclosure sale by <br />offering the highest bid and then have the bid <br />credited on the note. <br /> <br />Trustee's Duties <br />If requested by Beneficiary to foreclose this lien, Trustee <br />shall: <br />1. either personally or by agent give notice of the <br />foreclosure sale as required by the Texas Property Code as then <br />amended; <br />2. sell and convey all or part of the property to the highest <br />bidder for cash with a general warranty binding Grantor, subject to <br />prior liens and to other exceptions to conveyance and warranty; and <br />3. from the proceeds of the sale, pay, in this ord~r: <br />a. expenses of foreclosure, including a commission to <br />Trustee of 5% of the bid; <br />b. to Beneficiary, the full amount of principal, <br />interest, attorney's fees, and other charges due and <br />unpaid; <br />c. any amounts required by law to be paid before payment <br />to Grantor; and <br />d. to Grantor, any balance. <br /> <br />General provisions <br />1. If any of the property is sold under this deed of trust, <br />Grantor shall immediately surrender possession to the purchaser. <br />If Grantor fails to do so, Grantor shall become a tenant at <br />sufferance of the purchaser, subj ect to an action for forcible <br />detainer. <br />2. Recitals in any Trustee's deed conveying the property will <br />be presumed to be true. <br />3. Proceeding under this deed of trust, filing suit for <br />foreclosure, or pursuing any other remedy will not constitute an <br />election of remedies. <br />4. This lien shall remain superior to liens later created <br />even if the time of payment of all or part of the note is extended <br />or part of the property is released. <br />5. If any portion of the note cannot be lawfully secured by <br />this deed of trust, payments shall be applied first to discharge <br />that portion. <br />6 . Grantor assigns to Beneficiary all sums payable to or <br />received by Grantor from condemnation of all or part of the <br />property, from private sale in lieu of condemnation, and from <br />damages caused by public works or construction on or near the <br />property. After deducting any expenses incurred, including <br />attorney's fees, Beneficiary may release any remaining sums to <br />Grantor or apply such sums to reduce the note. Beneficiary shall <br />not be liable for failure to collect or to exercise diligence in <br />collecting any such sums. <br />7. Grantor assigns to Beneficiary absolutely, not only as <br />collateral, all present and future rent and other income and <br /> <br />3 <br />