ACCORDANCE WITH THE PROVISIONS HEREOF AT
LEAST FIVE (5) DAYS PRIOR TO SUCH ACTION, SHALL CONSTITUTE COMMERCIALLY
REASONABLE NOTICE TO BORROWER;
(J)
APPLY ANY SUMS THEN DEPOSITED OR HELD IN
ESCROW OR OTHERWISE BY OR ON BEHALF OF LENDER IN ACCORDANCE WITH THE TERMS OF
THE LOAN AGREEMENT, THIS MORTGAGE OR ANY OTHER LOAN DOCUMENT TO THE PAYMENT OF
THE FOLLOWING ITEMS IN ANY ORDER IN ITS UNCONTROLLED DISCRETION:
(I)
TAXES AND OTHER CHARGES;
(II)
INSURANCE PREMIUMS;
(III)
INTEREST ON THE UNPAID PRINCIPAL BALANCE OF
THE NOTE;
(IV)
AMORTIZATION OF THE UNPAID PRINCIPAL BALANCE
OF THE NOTE;
(V)
ALL OTHER SUMS PAYABLE PURSUANT TO THE NOTE,
THE LOAN AGREEMENT, THIS MORTGAGE AND THE OTHER LOAN DOCUMENTS, INCLUDING
WITHOUT LIMITATION ADVANCES MADE BY LENDER PURSUANT TO THE TERMS OF THIS
MORTGAGE;
(K)
PURSUE SUCH OTHER REMEDIES AS LENDER
MAY HAVE UNDER APPLICABLE LAW;
(L)
APPLY THE UNDISBURSED BALANCE OF ANY NET
PROCEEDS DEFICIENCY DEPOSIT, TOGETHER WITH INTEREST THEREON, TO THE PAYMENT OF
THE DEBT IN SUCH ORDER, PRIORITY AND PROPORTIONS AS LENDER SHALL DEEM TO BE
APPROPRIATE IN ITS DISCRETION;
16
(M)
UNDER THE POWER OF SALE GRANTED HEREUNDER OR
UNDER APPLICABLE LAW, LENDER OR TRUSTEE SHALL HAVE THE DISCRETIONARY RIGHT TO
CAUSE SOME OR ALL OF THE PROPERTY, INCLUDING ANY PERSONAL PROPERTY, TO BE SOLD
OR OTHERWISE DISPOSED OF IN ANY COMBINATION AND IN ANY MANNER PERMITTED BY
APPLICABLE LAW. ANY SUCH FORECLOSURE UNDER THE POWER OF SALE WHICH IS HEREBY
CONFERRED, SHALL BE ACCOMPLISHED IN ACCORDANCE WITH THE FOLLOWING PROVISIONS:
(I)
PUBLIC SALE. IF
AN EVENT OF DEFAULT
SHALL OCCUR AND THE DEBT, SHALL, AT THE OPTION OF LENDER, BECOME AT ONCE DUE AND
PAYABLE, THEN, WITHOUT LIMITATION TO ANY OTHER RIGHTS OR REMEDIES OF LENDER
CONTAINED HEREIN, TRUSTEE SHALL BE AND IS HEREBY AUTHORIZED AND EMPOWERED, WHEN
REQUESTED SO TO DO BY LENDER AFTER SUCH DEFAULT, TO SELL THE PROPERTY COVERED
HEREBY AT PUBLIC AUCTION TO THE HIGHEST BIDDER FOR CASH DURING A THREE-HOUR
PERIOD DESIGNATED IN THE NOTICE OF FORECLOSURE BETWEEN THE HOURS OF TEN
O'CLOCK A.M. AND FOUR O'CLOCK P.M. OF THE FIRST TUESDAY IN ANY MONTH, AT THE
LOCATION WITHIN THE COURTHOUSE OR WITHIN A REASONABLE PROXIMITY OF THE
COURTHOUSE, AS MAY HAVE BEEN PROPERLY DESIGNATED BY THE COUNTY COMMISSIONER OF
SUCH COUNTY, OR IF NONE IS SO DESIGNATED, THEN AT THE DOOR OF THE COUNTY
COURTHOUSE IN THE COUNTY IN WHICH THE PROPERTY OR ANY PART THEREOF IS SITUATED,
AFTER COMPLYING WITH THE STATUTES AND PROCEDURES OF THE STATE OF TEXAS GOVERNING
SUCH SALES AND AFTER ADVERTISING THE TIME, PLACE, AND TERMS OF SAID SALE AND THE
PROPERTY TO BE SOLD;
(II)
NOTICE. NOTICE OF SAID SALE SHALL BE
POSTED FOR AT LEAST TWENTY-ONE (21) DAYS PRECEDING THE DATE OF SALE WRITTEN OR
PRINTED NOTICE THEREOF AT THE COURTHOUSE DOOR OF THE COUNTY IN WHICH THE SALE IS
TO BE MADE AND IF THE PROPERTY IS LOCATED IN MORE THAN ONE COUNTY, ONE NOTICE
SHALL BE POSTED AT THE COURTHOUSE DOOR OF EACH