Deed Of Trust And Assignment Of Rents Form - Jetclosing (Page 3 of 4) in pdf

truthfulness thereof. The grantee in such reconveyance may be described as “the person or persons legally entitled

thereto”. Five years after issuance of such full reconveyance, Trustee may destroy said note and this deed (unless

directed in such request to retain them).

(10) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and

authority, during the continuance of this Trust, to collect the property income, reserving to Trustor the right, prior to

any default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement

hereunder, to collect and retain such property income as it becomes due and payable. Upon any such default,

Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court,

and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take

possession of said property or any part thereof, in his own name sue for or otherwise collect such property income,

including that past due and unpaid, and apply the same, less costs and expenses of operation and collection,

including reasonable attorney’s fees, upon any indebtedness secured hereby, and in such order as Beneficiary may

determine. The entering upon and taking possession of said property, the collection of such property income and the

application thereof as aforesaid, shall not cure or waive any default or Notice of Trustees’ Sale hereunder or

invalidate any act done pursuant to such notice.

(11) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any

agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to

Trustee of written notice thereof, setting forth the nature thereof, and of election to cause to be sold said property

under this Deed of Trust. Beneficiary also shall deposit with Trustee this Deed of Trust, said note(s) and all

documents evidencing expenditures secured hereby.

Trustee shall record and give Notice of Trustee’s Sale in the manner required by law, and after the lapse of such

time as may then be required by law, Trustee shall sell, in manner required by law, said property at public auction at

the time and place fixed by it in said Notice of Trustee’s Sale to the highest bidder for cash in lawful money of the

United States, payable at time of sale. Trustee may postpone or continue the sale by giving notice of postponement

or continuance by public declaration at the time and place last appointed for the sale. Trustee shall deliver to such

purchaser its Deed conveying the property so sold, but without any covenant or warranty, expressed or implied.

Any persons, including Trustor, Trustee, or Beneficiary may purchase at such sale.

After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title in

connection with sale and reasonable attorney’s fees, Trustee shall apply the proceeds of sale to payment of: All

sums then secured hereby and all other sums due under the terms hereof, with accrued interest; and the remainder,

if any, to the person or persons legally entitled thereto, or as provided in A.R.S. 33-812. To the extent permitted by

law, an action may be maintained by Beneficiary to recover a deficiency judgment for any balance due hereunder.

(12) That Beneficiary may appoint a successor Trustee in the manner prescribed by law. A successor Trustee herein

shall, without conveyance from the predecessor Trustee, succeed to all the predecessor’s title, estate, rights, powers

and duties. Trustee may resign by mailing or delivering notice thereof to Beneficiary and Trustor.

(13) That this Deed of Trust applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees,

devisees, administrators, executors, successors and assigns. The term Beneficiary shall mean the owner and holder of

the note(s) secured hereby, whether or not named as Beneficiary herein. In this Deed of Trust, whenever the context

so requires, the masculine gender includes the feminine and neuter, and the singular number includes the plural.

(14) That Trustee accepts this Trust when this Deed of Trust, duly executed and acknowledged, is made a public

record as provided by law. Trustee is not obligated to notify any party thereto of pending sale under any other Deed

of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought by

Trustee.

Deed of Trust and Assignment of Rents

Page 3 of 4

Deed Of Trust And Assignment Of Rents Form - Jetclosing Page 3

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