Legal Power of Sale Document

LEGAL POWER OF SALE DOCUMENT

This Power of Sale Document is made on Date: between Grantor Name: of Grantor Address: (the "Grantor") and Beneficiary Name: of Beneficiary Address: (the "Beneficiary").

Grantor hereby acknowledges that Grantor has executed and delivered to Beneficiary, or to the order of Beneficiary, a certain security instrument, deed of trust, or mortgage (the "Security Instrument") securing repayment of obligations evidenced by a promissory note or other indebtedness. The parties desire to confirm and grant an express power of sale in favor of Beneficiary as set forth herein.

RECITALS

WHEREAS, on Instrument Date: Grantor executed a Security Instrument in favor of Beneficiary to secure indebtedness in the original principal sum of $, which instrument was recorded at Recorder of Deeds in County: as Instrument No.: .

WHEREAS, the Security Instrument encumbers the real property described below and Grantor desires to grant, and Beneficiary requires, an express power of sale and related remedies to enforce the Security Instrument upon the occurrence of an Event of Default as defined herein.

NOW, THEREFORE, in consideration of the mutual covenants and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows.

1. PROPERTY DESCRIPTION

2. GRANT OF POWER OF SALE; APPOINTMENT OF TRUSTEE

Grantor expressly grants and conveys to Beneficiary, and to any successor or assignee of Beneficiary, the power of sale and all authorities and rights reasonably necessary to effectuate a nonjudicial or judicial foreclosure sale of the Property described above upon the occurrence of an Event of Default. Beneficiary may exercise the power of sale itself or appoint a trustee or substitute trustee to conduct the foreclosure sale. The authority granted includes the right to sell the Property at public auction and to execute and deliver such deeds, assignments and other instruments of conveyance and transfer as may be necessary or appropriate to convey fee simple title to a purchaser at such sale.

3. EVENTS OF DEFAULT; CURE

An "Event of Default" shall include, without limitation, failure to pay any amount when due under the secured obligations, material breach of any covenant in the Security Instrument, insolvency of Grantor, or any assignment for the benefit of creditors. Upon the occurrence of an Event of Default, Beneficiary shall provide Grantor notice of default and an opportunity to cure. The cure period shall be days from the date of mailing or personal delivery of the notice, unless a different period is required by applicable law.

4. NOTICE OF SALE; METHOD OF SALE

If an Event of Default remains uncured after the applicable notice and cure periods, Beneficiary or its designee may proceed with sale. Notice of sale shall be given in the manner and for the period required by applicable law and, where not prescribed by law, by (a) posting notice at the Property and at the location of the sale, (b) publishing notice in a newspaper of general circulation in the county where the Property is located once each week for at least consecutive weeks, and (c) mailing notice to Grantor at Grantor Notice Address as set forth below. The sale may be conducted at public auction at the time and place specified in the notice and shall be conducted in all respects in accordance with applicable law.

5. APPLICATION OF PROCEEDS; DEFICIENCY

Proceeds of any sale shall be applied in the following order: (a) costs of sale, including trustee's fees, advertising and publication costs, escrow and title costs, and reasonable attorneys' fees; (b) taxes, assessments and other charges entitled to priority; (c) the sums secured by the Security Instrument (including principal, accrued interest, late charges and other amounts due); and (d) any remaining balance to Grantor or as otherwise required by law. Beneficiary may elect to pursue a deficiency judgment against Grantor to the extent permitted by applicable law; Grantor expressly consents to the application of proceeds and to Beneficiary's right to seek any deficiency to the extent not barred by statute.

6. ATTORNEYS' FEES; COSTS; INDEMNITY

In the event of any default by Grantor, Grantor shall be liable for all reasonable costs and expenses incurred by Beneficiary in enforcing rights under this instrument, including reasonable attorneys' fees and costs of collection and sale, to the extent permitted by applicable law. Grantor agrees to indemnify and hold harmless Beneficiary and any trustee from and against all claims, liabilities and losses (including attorneys' fees) arising out of or in connection with the exercise of the power of sale except to the extent caused by Beneficiary's gross negligence or willful misconduct.

7. TRUSTEE; SUBSTITUTE TRUSTEE

Beneficiary may appoint and remove a trustee or substitute trustee to execute the power of sale and otherwise perform duties as specified under the Security Instrument and applicable law. Any appointment shall be recorded or otherwise documented as required by law. The trustee is authorized to execute all documents, reports, notices and instruments necessary to effectuate a valid sale and conveyance.

8. NOTICES

All notices required or permitted under this Power of Sale shall be in writing and shall be delivered by personal service, nationally recognized overnight courier, or by first-class registered or certified mail, return receipt requested, to the addresses set forth above or such other address as a party may designate by notice given in accordance with this Section. Notice shall be deemed given upon receipt.

9. GOVERNING LAW; VENUE

This Power of Sale shall be governed by and construed in accordance with the laws of the State of , without regard to conflict of law principles. Venue for any judicial proceeding arising out of this instrument shall lie in the state or federal courts located in the county where the Property is situated.

10. ENTIRE AGREEMENT; AMENDMENT; SEVERABILITY; WAIVER; COUNTERPARTS

This document, together with the Security Instrument and promissory note and any other related written instruments, constitutes the entire agreement between the parties with respect to the power of sale and supersedes all prior and contemporaneous agreements and understandings, whether written or oral. Any amendment to this Power of Sale must be in writing and executed by both parties. If any provision hereof is held invalid or unenforceable, such invalidity shall not affect the remaining provisions which shall continue in full force and effect. No failure or delay by Beneficiary in exercising any right hereunder shall operate as a waiver of such right unless expressly acknowledged in writing by Beneficiary.

11. REPRESENTATIONS AND WARRANTIES

Grantor represents and warrants that Grantor is the lawful owner of the Property, has full right and authority to grant the power of sale granted herein, that no other person has a superior recorded interest except those listed in the Security Instrument, and that the execution and delivery of this document will not violate any law, contract, or order binding on Grantor.

12. MISCELLANEOUS

If Beneficiary begins a foreclosure sale under this Power of Sale, Beneficiary may in its discretion delay, suspend or discontinue the sale, accept a deed or assignment in lieu of foreclosure, or otherwise adjust the foreclosure process as permitted by law. Nothing in this instrument shall be construed to waive any rights or remedies available to Beneficiary under the Security Instrument or at law or in equity.

NOTICES OF ACKNOWLEDGMENT

Grantor acknowledges receipt of a true and complete copy of this Power of Sale Document and understands the rights granted herein, including the right of Beneficiary to sell the Property upon an uncured Event of Default. Grantor further recognizes that exercising the power of sale may result in loss of Grantor's interest in the Property.

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