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der:
<br />201407103
<br />I. EVENTS OF DEFAULT. Any of the following events shall be deemed an event of default hereun-
<br />(1) Trustor shall have failed to make payment of any installment of interest, principal, or
<br />principal and interest or any sum secured hereby within fifteen (15) days of when due; or
<br />(2) There has occurred any other breach of or default under any term, covenant, agreement,
<br />condition, provision, representation or warranty contained in this document, the Real Estate Purchase Contract,
<br />or the Buyer's Promissory Note dated November 6, 2014, which has not been cured within fifteen (15) days
<br />after mailing of written notice identifying such default.
<br />J. ACCELERATION UPON DEFAULT. ADDITIONAL REMEDIES. Should an event of default
<br />occur, Beneficiary may declare all indebtedness secured hereby to be due and payable and the same shall
<br />thereupon become due and payable without any presentment, demand, protest or notice of any kind. Thereafter,
<br />Beneficiary may do any one or more of the following:
<br />(1) 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 take possession
<br />of the Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it
<br />deems necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part
<br />thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without
<br />taking possession of the Trust estate, sue for or otherwise collect the rents, issues and profits thereof, including
<br />those past due and unpaid, and apply the same, less costs and expenses of operation and collection including
<br />attorneys' fees, upon any indebtedness secured hereby, all in such order as Beneficiary may determine. The
<br />entering upon and taking possession of the Trust Estate, the collection of such rents, issues and profits and the
<br />application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate
<br />any act done in response to such default or pursuant to such notice of default and, notwithstanding the continu-
<br />ance in possession of the Trust Estate or the collection, receipt and application of rents, issues or profits, Trustee
<br />or Beneficiary shall be entitled to exercise every right provided for in any of the Loan Instruments or by law
<br />upon occurrence of any event of default, including the right to exercise the power of sale.
<br />(2) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or
<br />specifically enforce any of the covenants hereof.
<br />(3) Deliver to Trustee a written declaration of default and demand for sale, and a written notice
<br />of default and election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee shall cause
<br />to be duly filed for record in the appropriate Official Records of the County in which the Trust Estate is located.
<br />K. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to foreclose by exercise of the
<br />power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of
<br />Trust and the Note and such receipts and evidence of expenditures made and secured hereby as Trustee may
<br />require.
<br />(1) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published
<br />and delivered to Trustor such Notice of Default and Notice of Sale as then required by law and by this Deed of
<br />Trust. Trustee shall, without demand on Trustor, after such time as may then be required by law and after
<br />recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell the
<br />Trust Estate at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in separate lots
<br />or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to
<br />the highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall
<br />deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so
<br />sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts
<br />shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation Trustor, Trustee
<br />or Beneficiary, may purchase at such sale and Trustor hereby covenants to warrant and defend the title of such
<br />purchaser or purchasers.
<br />(2) As may be permitted by law, after deducting all costs and expenses of Trustee and of this
<br />Trust in exercising the power of sale and of the sale, including, but not limited to, the payment of a reasonable
<br />trustee's fee not to exceed 'h of 1% of the gross sale price, reasonable attorney's fees, and costs of evidence of
<br />title in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) the obligation secured
<br />herein and all sums expended under the terms hereof, not then repaid, with accrued interest at the default rate
<br />provided in the Note, (ii) all other sums then secured hereby, (iii) junior trust deeds, mortgages, or other
<br />lienholders, and (iv) the remainder, if any, to the person or persons legally entitled thereto.
<br />(3) Trustee may in the manner provided by law, postpone sale of all or any portion of the Trust
<br />Estate.
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