Common use of Statutory Conditions Clause in Contracts

Statutory Conditions. This Deed of Trust is made under and pursuant to the provisions of the Code of Virginia, Sections 55-58.1, 55-58.2, 55-59, 55-59.1 through 55-59.4 and 55-60, as amended, and shall be construed to impose and confer upon the parties hereto and Beneficiary all the rights, duties and obligations prescribed by said Sections 55-58.1, 55-58.2 55-59, 55-59.1 through 55-59.4 and 55-60, as amended, except as herein otherwise restricted, expanded or changed, including without limitation the following rights, duties and obligations described in short form: (a) All exemptions are hereby waived. (b) Subject to all upon default. (c) Renewal, extension, or reinstatement permitted. (d) Substitution of trustees collectively or of any of them individually by the beneficiary is permitted for any reason whatsoever, and any number of times without exhaustion of the right to do so. (e) Advertisement required, as set forth in paragraph 4(a) of this Appendix A in any newspaper of general circulation in the county or city in which the Property is situated. (f) Any Trustee may act. (g) The Trustee may require a deposit in the amount of two percent (2%) of the unpaid principal obligations then secured hereby or Fifty Thousand Dollars ($50,000.00), whichever is greater, to accompany each bid at foreclosure sale or sale in lieu thereof.

Statutory Conditions. This Deed of Trust is made under and pursuant to the provisions of the Code of Virginia, Sections 26-49, 55-58.1, 55-58.2, 55-59, 55-59.1 through 55-59.4 and 55-60, as amended, and shall be construed to impose and confer upon the parties hereto and Beneficiary all the rights, duties and obligations prescribed by said Sections 26-49, 55-58.1, 55-58.2 55-59, 55-59.1 through 55-59.4 and 55-60, as amended, except as herein otherwise restricted, expanded or changed, including without limitation the following rights, duties and obligations described in short form: (a) : All exemptions are hereby waived. (b) . Subject to all upon default. (c) call on Event of Default which is continuing. Renewal, extension, or reinstatement permitted. (d) . Substitution of trustees collectively or of any of them individually by the beneficiary Beneficiary is permitted for any reason whatsoever, and any number of times without exhaustion of the right to do so. (e) . Advertisement required, as set forth in paragraph 4(aonce a week for two successive weeks or for three (3) of this Appendix A consecutive days in any newspaper of general circulation in the county County or city City in which the Property property is situated. (f) situate. Any Trustee may act. (g) . The Trustee may require a deposit in the amount of two five percent (25%) of the unpaid principal obligations indebtedness then secured hereby or Fifty Thousand Dollars ($50,000.00), whichever is greater, after a ratable allocation among the properties financed by the Loan to accompany each bid at foreclosure sale or sale in lieu thereof.

Statutory Conditions. This Deed of Trust is made under and pursuant to the provisions of the Code of Virginia, Sections 55-58.1, 55-58.2, 55-59, 55-59.1 through 55-59.4 and 55-60, as amended, and shall be construed to impose and confer upon the parties hereto and Beneficiary all the rights, duties F-42 and obligations prescribed by said Sections 55-58.1, 55-58.2 55-59, 55-59.1 through 55-59.4 and 55-60, as amended, except as herein otherwise restricted, expanded or changed, including without limitation the following rights, duties and obligations described in short form: (a) All exemptions are hereby waived. (b) Subject to all upon default. (c) Renewal, extension, or reinstatement permitted. (d) Substitution of trustees collectively or of any of them individually by the beneficiary is permitted for any reason whatsoever, and any number of times without exhaustion of the right to do so. (e) Advertisement required, as set forth in paragraph 4(a) of this Appendix A in any newspaper of general circulation in the county or city in which the Property is situated. (f) Any Trustee may act. (g) The Trustee may require a deposit in the amount of two percent (2%) of the unpaid principal obligations then secured hereby or Fifty Thousand Dollars ($50,000.00), whichever is greater, to accompany each bid at foreclosure sale or sale in lieu thereof.