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201403749
<br />obligations without notice to Grantor. This power of attorney shall not be affected by the disability of the
<br />Grantor.
<br />EVENTS OF DEFAULT. The following events shall constitute default under this Security Instrument
<br />(each an "Event of Default "):
<br />(a) Failure to make required payments when due under Indebtedness;
<br />(b) Failure to perform or keep any of the covenants of this Security Instrument or a default
<br />under any of the Related Documents;
<br />(c) The making of any oral or written statement or assertion to Lender that is false or
<br />misleading in any material respect by Grantor or any person obligated on the
<br />Indebtedness;
<br />(d) The death, dissolution, insolvency, bankruptcy or receivership proceeding of Grantor or
<br />of any person or entity obligated on the Indebtedness
<br />(e) Any assignment by Grantor for the benefit of Grantor's creditors;
<br />(f) A material adverse change occurs in the financial condition, ownership or management of
<br />Grantor or any person obligated on the Indebtedness; or
<br />(g) Lender deems itself insecure for any reason whatsoever.
<br />REMEDIES OF DEFAULT. Upon the occurrence of an Event of Default, Lender may, without demand
<br />or notice, pay any or all taxes, assessments, premiums, and liens required to be paid by Grantor, effect any
<br />insurance provided for herein, make such repairs, cause the abstracts of title or title insurance policy and
<br />tax histories of the Property to be certified to date, or procure new abstracts of title or title insurance and tax
<br />histories in case none were furnished to it, and procure title reports covering the Property, including
<br />surveys. The amounts paid for any such purposes will be added to the Indebtedness and will bear interest
<br />at the rate of interest otherwise accruing on the Indebtedness until paid. In the event of foreclosure, the
<br />abstracts of title or title insurance shall become the property of Lender. All abstracts of title, title insurance,
<br />tax histories, surveys, and other documents pertaining to the Indebtedness will remain in Lender's
<br />possession until the Indebtedness is paid in full.
<br />IN THE EVENT OF THE SALE OF THIS PROPERTY UNDER THE PROCEDURE FOR
<br />FORECLOSURE OF A SECURITY INSTRUMENT BY ADVERTISEMENT, AS PROVIDED BY
<br />APPLICABLE LAW, OR IN THE EVENT LENDER EXERCISES ITS RIGHTS UNDER THE
<br />ASSIGNMENT OF LEASES AND RENTS, THE LENDER SHALL PROVIDE ALL STATUTORILY
<br />REQUIRED NOTICES OF SALE AND NOTICES OF JUDICIAL HEARINGS BEFORE LENDER
<br />EXERCISES ANY OF ITS RIGHTS UNDER THIS INSTRUMENT.
<br />Upon the occurrence of an Event of Default, Lender may, without notice unless required by law, and at its
<br />option, declare the entire Indebtedness due and payable, as it may elect, regardless of the date or dates of
<br />maturity thereof and, if permitted by state law, is authorized and empowered to cause the Property to be
<br />sold at public auction, and to execute and deliver to the purchaser or purchasers at such sale any deeds of
<br />conveyance good and sufficient at law, pursuant to the statue in such case made and provided. The Trustee
<br />shall apply the proceeds of the Trustee's sale, first, to the costs and expenses of exercising the power of sale
<br />and of the sale, including the payment of the Trustee's fees actually incurred; second, to payment of the
<br />obligation secured by the trust deed; third, to the payment of junior trust deeds, mortgages, or other
<br />lienholders and the balance, if any, to the person or persons legally entitled thereto. The recitals in the
<br />Trustee's deed shall be prima facie evidence of the truth of the statements made in it. If Lender chooses to
<br />invoke the power of sale, Lender or Trustee will provide notice of sale pursuant to applicable law. Any
<br />such sale or a sale made pursuant to a judgment or a decree for the foreclosure hereof may, at the option of
<br />Lender, be made en masse. The commencement of proceedings to foreclose this Security Instrument in any
<br />manner authorized by law shall be deemed as exercise of the above option.
<br />Upon the occurrence of an Event of Default, Lender shall immediately be entitled to make application for
<br />and obtain the appointment of a receiver for the Property and of the earnings, income, issue and profits of
<br />it, with the powers as the court making the appointments confers. Grantor hereby irrevocably consents to
<br />such appointment and waives notice of any application therefore.
<br />NO WAIVER. No delay or failure of Lender to exercise any right, remedy, power or privilege hereunder
<br />shall affect that right, remedy, power or privilege nor shall any single or partial exercise thereof preclude
<br />the exercise of any right, remedy, power or privilege. No Lender delay or failure to demand strict
<br />adherence to the terms of this Security Instrument shall be deemed to constitute a course of conduct
<br />inconsistent with Lender's right at any time, before or after an event of default, to demand strict adherence
<br />to the terms of this Security Instrument and the Related Documents.
<br />SUBSTITUTE TRUSTEE. Lender, at its option, may from time to time remove Trustee and appoint a
<br />successor trustee to any Trustee appointed hereunder by an instrument recorded in the county in which this
<br />Security Instrument is recorded. Without conveyance of the Property, the successor trustee shall succeed to
<br />all the title, power and duties conferred upon Trustee herein and by applicable law.
<br />JOINT AND SEVERAL LIABILITY. If this Security Instrument should be signed by more than one
<br />person, all persons executing this Security Instrument agree that they shall be jointly and severally bound,
<br />where permitted by law.
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<br />Initials
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