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201211082
<br />6. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the benefit of
<br />and binds all parties hereto, their heirs, legatees, devisees, personal representatives, successors
<br />and assigns. The term "Beneficiaries" shall mean the owners and holders of the Note, whether or
<br />not named as Beneficiaries herein.
<br />7. INSPECTIONS. Beneficiaries, or their agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the purpose
<br />of inspecting the same and for the purpose of performing any of the acts it is authorized to perform
<br />under the terms of any of the Loan Instruments.
<br />8. EVENTS OF DEFAULT. Any of the following events shall be deemed an event of
<br />default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest, principal, or
<br />principal and interest or any other sum secured hereby when due; or,
<br />(b) There has occurred a breach or default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in any of the Loan Instruments.
<br />9. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an event of
<br />default occur Beneficiaries shall give written notice to Trustor specifying the default, the action
<br />required to cure the default, a date not less than sixty (60) days from the date of the notice by
<br />which the default must be cured, and that failure to cure the default on or before the specified date
<br />may result in acceleration of the entire sum secured by this Deed of Trust and resale of the
<br />property. Thereafter the Beneficiaries may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a
<br />receiver appointed by a Court and without regard to the adequacy of its security, enter upon and
<br />take possession of the Trust Estate, or any part thereof, in its own name or in the name of Trustee,
<br />and do any acts which it deems necessary or desirable to preserve the value, marketability or
<br />rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom or
<br />protect the security hereof, and with or without taking possession of the Trust Estate, sue for or
<br />otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and
<br />apply the same, less costs and expenses of operation and collection, including attorney's fees,
<br />upon any indebtedness secured hereby, all in such order as Beneficiaries may determine. The
<br />entering upon and taking possession of the Trust Estate, the collection of such rents, issues and
<br />profits and the application thereof as aforesaid, shall not cure or waive any default or notice of
<br />default hereunder or invalidate any act done in response to such default or pursuant to such notice
<br />of default and, notwithstanding the continuance in possession of the Trust Estate or the collection,
<br />receipt and application of rents, issues or profits, Trustee or Beneficiaries shall be entitled to
<br />exercise every right provided for in any of the Loan Instruments or by law upon occurrence of any
<br />event of default, including the right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver,
<br />or specifically enforce any of the covenants hereof;
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a written
<br />notice of default and election to cause Trustor's interest in the Trust Estate to be sold, which notice
<br />Trustee shall cause to be duly filed for record in the appropriate Official Records of the County in
<br />which the Trust Estate is located.
<br />(d) In the event of default in payment of principal or interest after the 60 day grace period
<br />from due date has elapsed, Beneficiaries may, without further notice proceed with acceleration,
<br />foreclosure, power of sale, and any additional remedies available to Beneficiaries as stated in
<br />Paragraphs 9, 10 and 11 of this Deed of Trust.
<br />10. FORECLOSURE BY POWER OF SALE. Should Beneficiaries elect to foreclose by
<br />exercise of the Power of Sale herein contained, Beneficiaries shall notify Trustee and shall deposit
<br />with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made
<br />and secured hereby as Trustee may require.
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