Agenda - 11-16-2010 - 4k - Laserfiche WebLink

Browse Search

(e) Application of sale proceeds. The Deed of Trust Trustee shall apply the proceeds of any foreclosure sale in the manner and in the order prescribed by State law, it being agreed (i) that the expenses of any such sale will include a commission to the Deed of Trust Trustee equal to one-half of one percent of the gross sales price (but not exceeding a total of $25,000) for all services performed by the Deed of Trust Trustee under this Deed of Trust, and (ii) that any proceeds of any such sale remaining after the payment of all obligations and the prior application thereof in accordance with State law will be paid to the County. 5-3 Possession of Mortgaged Property. Upon the continuation of any Event of Default, the Company, to the extent permitted by law, is authorized to (a) take possession of the Mortgaged Property, with or without legal action, (b} lease the Mortgaged Properly, (c) collect all rents and profits therefrom, with or without taking possession of the Mortgaged Property, and (d) after deducting all costs of collection and administration expenses, apply the net rents and profits to the payment of necessary maintenance and insurance costs, and then apply such amounts to the County's account and in reduction of the Obligations in accordance with the provisions of Section 8.11 of the Trust Agreement. The Company will be liable to account only for rents and prof is it actually receives. 5-4 Execution on Personal Property. Upon the continuation of any Event of Default and in addition to all other remedies granted in this Agreement, the Company shall • have all the rights and remedies of a secured parry under the UCC with respect to the Personal Property Collateral and may proceed as to the Personal Property Collateral in the same manner as provided in this Deed of Trust for the real property portion, with the Company having no obligation to proceed against real or personal property in preference to the other. 6. Miscellaneous 6-1 Notices. (a) Any communication provided for in this Deed of Trust must be in writing. (b) Any communication under this Deed of Trust will be sufficiently given and deemed given when delivered by hand or on the date shown as the delivery date on a United States Postal Service certified mail receipt, or a delivery receipt from a national commercial package delivery service, if addressed as follows: (i) if to the County, to Orange County Manager, Attention: Notice under 2010 LOBS Deed of Trust, Post Office Box 8181, Hillsborough, North Carolina 27278. • (II) if to the Deed of Trust Trustee, to 10