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201304060 <br />12. EVENTS OF DEFAULT. Any of the following events shall he deemed an event <br />of default hereunder: <br />a. Trustor shall have failed to make payment of any installment of interest, principal, <br />or principal and interest or any other sum secured hereby when due; or <br />b. There has occurred a breach of or default under any term, covenant, agreement, <br />condition, provision, representation or warranty contained in any of the Loan Instruments. <br />13. ACCELERATION; REMEDIES. Beneficiary shall give notice of default to <br />Trustor prior to acceleration following Trustor's breach of any covenant or agreement in this <br />Trust Deed. The notice shall specify: (a) the default; (b) the action required to cure the default;(c) <br />a date, not less than 30 days from the date the notice is given to Trustor, by which the default <br />must be cured; and (d) that failure to cure the default on or before the date specified in the notice <br />may result in acceleration of the sums secured by this Security Instrument and sale of the <br />Property. The notice shall further inform Trustor of the right to reinstate after acceleration and <br />the right to bring a court action to assert the non - existence of a default or any other defense of <br />Trustor to acceleration and sale. If the default is not cured on or before the date specified in the <br />notice, Beneficiary at its option may require immediate payment in full of all sums secured by <br />this Security Instrument without further demand and may invoke the power of sale and any other <br />remedies permitted by applicable law. Trustor shall be entitled to collect all expenses incurred in <br />pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable <br />attorney's fees and costs of title evidence. If power of sale is invoked Trustee shall record a <br />notice of default in each county in which any part of the Property is located and shall mail copies <br />of such notice in the manner prescribed by applicable law to Trustor and to the other persons <br />prescribed by applicable law. After the time required by applicable law, Trustee shall give public <br />notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without <br />demand on Trustor, shall sell the Property at public auction to the highest bidder at the time and <br />place and under the terms designated in the notice of sale in one or more parcels and in any order <br />Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public <br />announcement at the time and place of any previously scheduled sale. Beneficiary or its designee <br />may purchase the Property at any sale. Upon receipt of payment of the price bid Trustee shall <br />deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed <br />shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the <br />proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not <br />limited to. Trustee's fees as permitted by applicable law and reasonable attorney's fees; (b) to all <br />sums secured by this Security Instrument; and c) any excess to the person or persons legally <br />entitled to it. <br />14. BENEFICIARY IN POSSESSION. Upon acceleration under paragraph 13 or <br />abandonment of the Property, Beneficiary (in person, by agent or by judicially appointed <br />receiver) shall be entitled to enter upon, take possession of and manage the Property and to <br />collect the rents of the Property including those past due. Any rents collected by Beneficiary or <br />