Orange County NC Website
Browse       Search
Trustee or the Beneficiary, at either the Trustee' s or the <br /> Beneficiary' s option, in lieu of an appointment of a receiver, <br /> shall have the right to do the same. If a receiver should be <br /> appointed or if there should be a sale of the Property, as provided <br /> below, the Grantor or any person in possession of the Property <br /> thereunder, as tenant or otherwise, shall become a tenant at will <br /> of the receiver or of the purchaser and may be removed by a writ of <br /> ejectment, summary ejectment or other lawful remedy. <br /> 3 .4 Foreclosure. The Trustee is hereby authorized and <br /> empowered, upon the happening of an Event of Default and the <br /> application of the Beneficiary, to offer to sell and to sell the <br /> Property at one or more public sales or auctions, in whole or in <br /> part for cash, after first having complied with all applicable <br /> requirements of North Carolina law with respect to the exercise of <br /> powers of sale contained in deeds of trust. <br /> The Grantor agrees that in the event of a sale hereunder the <br /> Beneficiary shall have the right to bid at the sale and to become <br /> the purchaser at such sale. The Trustee may require the successful <br /> bidder at any sale to deposit immediately with the Trustee cash or <br /> a certified check in an amount not to exceed five percent of his <br /> bid, provided notice of such requirement is contained in the <br /> advertisement of the sale. The bid may be rejected if the deposit <br /> is not immediately made and thereupon the next highest bidder may <br /> be declared to be the purchaser. Such deposit shall be refunded in <br /> case a resale is had; otherwise it shall be applied to the purchase <br /> price. The sale of the Property or any part thereof or any <br /> interest therein, whether pursuant to foreclosure, power of sale or <br /> otherwise under this Deed of Trust, shall forever bar any claim <br /> with respect to the Property by the Grantor. <br /> In addition to the foregoing power of sale, upon the happening <br /> of any Event of Default, the Beneficiary and the Trustee, as the <br /> case may be, shall be entitled to exercise such rights as may be <br /> granted under the Uniform Commercial Code as in effect in North <br /> Carolina from time to time with respect to any portion of the <br /> Property herein conveyed as may be subject thereto. <br /> 3 . 5 Waivers and Consents by Grantor. The Grantor hereby <br /> waives, to the full extent it lawfully may, the benefit of all <br /> appraisement, valuation, stay, moratorium, exemption from <br /> execution, extension and redemption laws and any statute of <br /> limitations, now or hereafter in force, and all rights of <br /> marshalling in the event of the sale of the Property or any part <br /> thereof or any interest therein. Moreover, the Grantor expressly <br /> consents to the modification of any stay arising pursuant to any <br /> bankruptcy proceeding filed by or against the Grantor to allow the <br /> exercise of any rights or remedies granted Beneficiary under this <br /> Deed of Trust. <br /> 9 <br />