Agenda - 12-20-94 - DOTrust - Laserfiche WebLink

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All rights of action under this Deed of Trust or in respect of the Contract, if permitted by applicable law, may be enforced by the Beneficiary or the Trustee without the production of this Deed of Trust or the Contract at any trial or other proceeding relating thereto. 3 . 6 Remedies Cumulative. The foregoing shall in no way be construed to limit the powers of sale or to restrict the discretion that the Trustee and the Beneficiary might have under the provisions of Article 2A of Chapter 45 of the General Statutes of North Carolina, as the same may be from time to time amended. Each legal, equitable or contractual right, power or remedy of the Trustee or the Beneficiary now or hereafter provided, herein or by statute or otherwise, shall be cumulative and concurrent and shall be in addition to every other right, power and remedy, and the exercise or beginning of the exercise by the Trustee or the Beneficiary of any one or more of such rights, powers and remedies shall not preclude the simultaneous or later exercise of any or all such other rights, powers and remedies. 3 . 7 Late Charge. In the event that any payment due under this Deed of Trust or the Contract shall become overdue for a period of 15 days, a late charge of 4% of such payment may be charged by the Beneficiary for the purpose of defraying the expense incident to handling such delinquent payment, and the Grantor covenants to pay any such late charge, which shall become due immediately upon demand. 3 . 8 Application of Proceeds . The proceeds of (a) the operation and management of the Property pursuant to Section 3 .2 hereof, (b) any sale of the Property or any interest therein, whether pursuant to foreclosure, power of sale or otherwise, and (c) any insurance policies or other sums retained by the Trustee pursuant to the Contract or this Deed of Trust or otherwise upon the occurrence of an Event of Default shall, to the extent permitted by applicable North Carolina law, be applied to pay: First: The costs and expenses of sale, reasonable attorneys' fees, the Trustee' s commission, court costs and any other expenses or advances made or incurred in the protection of the rights of the Trustee or the Beneficiary in protection of the Property, or in the pursuance of any remedies hereunder; Second: Taxes and special assessments (or installments thereof) that are due and unpaid, unless the notice of sale provides that the Property would be sold subject to taxes or assessments and the Property was so sold; Third: Any lien or encumbrance prior to the lien or encumbrance of this Deed of Trust that the Trustee or the Beneficiary may consider necessary or desirable to discharge; 10