Orange County NC Website
Browse       Search
43 <br /> purchase price by crediting against the obligations the proceeds of sale net of sale expenses, <br /> including the Deed of Trust Trustee's commission, if any, and after payment of such taxes and <br /> assessments as may be a lien on the Mortgaged Property superior to the lien of this Deed of Trust <br /> (unless the Mortgaged Property is sold subject to such liens and assessments, as provided by <br /> law). <br /> (c) ,NONPROFIT CORPORATION and/or Property Owners' Bid. <br /> ,NONPROFIT CORPORATION and/or the Property Owner may bid for all or <br /> any part or parts of the Mortgaged Property at any foreclosure sale,but they may not bid less <br /> than an amount sufficient to provide for fall payment of the obligations unless the County <br /> otherwise consents in writing. <br /> (d) Successful Bidder's Deposit. At any such sale the Deed of Trust Trustee may, <br /> at its option, require any successful bidder (other than the County) immediately to deposit with <br /> the Deed of Trust Trustee cash or a certified check in an amount equal to all or any part of the <br /> successful bid, and notice of any such requirement need not be included in the advertisement of <br /> the notice of such sale. <br /> (e) Application of Sale Proceeds. The Deed of Trust Trustee shall apply the proceeds <br /> of any foreclosure sale in the manner and in the order prescribed by State law, it being agreed (i) <br /> that the expenses of any such sale shall include a commission to the Deed of Trust Trustee equal <br /> to five percent of the gross sales price (but not exceeding a total of$25,000) for all services <br /> performed by the Deed of Trust Trustee under this Deed of Trust, and(ii)that any proceeds of <br /> any such sale remaining after the payment of all obligations and the prior application thereof in <br /> accordance with State law shall be paid to the Property Owners. <br /> 4-3 Possession of Mortgaged Property. Upon the continuation of any Event of <br /> Default,the County,to the extent permitted by law,is authorized to: <br /> (a) take possession of the Mortgaged Property, with or without legal action, <br /> (b) lease the Mortgaged Property, <br /> (c) collect all rents and profits therefrom, with or without taking possession of the <br /> Mortgaged Property, and <br /> (d) after deducting all costs of collection and administration expenses, apply the net <br /> rents and profits to the payment of necessary maintenance and insurance costs, and <br /> then, issue such order as the County in its discretion shall elect, apply such amounts <br /> to the ,NONPROFIT CORPORATION's account to reduce the <br /> obligations. The County shall be liable to account only for rents and profits it <br /> actually receives. <br /> 4-4 No Remedy Exclusive; Delay Not Waiver. All remedies under this Deed of Trust <br /> are cumulative and may be exercised concurrently or separately. The exercise of any one remedy <br /> shall not be deemed an election of such remedy or preclude the exercise of any other remedy. If <br /> any Event of Default shall occur and thereafter be waived by the other parties, such waiver shall <br /> be limited to the particular breach so waived and shall not be deemed a waiver of any other <br /> breach under this Deed of Trust. <br /> 8 <br />