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201503711
<br />7. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the
<br />benefit of and binds all parties hereto, their heirs, legatees, devisees, personal
<br />representatives, successors and assigns. The term "Beneficiaries" shall mean the owner
<br />and holder of the Note, whether or not named as Beneficiaries herein.
<br />8. INSPECTIONS. Beneficiaries, or his agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the
<br />purpose of inspecting the same and for the purpose of performing any of the acts it is
<br />authorized to perform under the terms of any of the Loan Instruments.
<br />9. EVENTS OF DEFAULT. Any of the following events shall be deemed an event
<br />of default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest,
<br />principal, or principal and interest or any other sum secured hereby for a period of thirty
<br />(30) days after the same becomes 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 />10. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an
<br />event of default occur, Beneficiaries may declare all indebtedness secured hereby to be
<br />due and payable, and the same shall thereupon become due and payable without any
<br />presentment, demand, protest, or notice of any kind. Thereafter the Beneficiaries may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding,
<br />or by a receiver appointed by a Court and without regard to the adequacy of its security,
<br />enter upon and take possession of the Trust Estate, or any part thereof, in its own name
<br />or in the name of Trustee, and do any acts which it deems necessary or desirable to
<br />preserve the value, marketability or rentability of the Trust Estate, or part thereof or
<br />interest therein, increase the income therefrom or protect the security hereof, and with or
<br />without taking possession of the Trust Estate, sue for or otherwise collect the rents,
<br />issues and profits thereof, including those past due and unpaid, and apply the same, less
<br />costs and expenses of operation and collection, including attorney's fees, upon any
<br />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,
<br />issues and profits and the application thereof as aforesaid, shall not cure or waive any
<br />default or notice of default hereunder or invalidate any act done in response to such
<br />default or pursuant to such notice of default and, notwithstanding the continuance in
<br />possession of the Trust Estate or the collection, receipt and application of rents, issues or
<br />profits, Trustee or Beneficiaries shall be entitled to exercise every right provided for in any
<br />of the Loan Instruments or by law upon occurrence of any event of default, including the
<br />right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a
<br />receiver, or specifically enforce any of the covenants hereof;
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a
<br />written notice of default and election to cause Trustor interest in the Trust Estate to be
<br />sold, which notice Trustee shall cause to be duly filed for record in the appropriate Official
<br />Records of the County in which the Trust Estate is located.
<br />11. FORECLOSURE BY POWER OF SALE. Should Beneficiaries elect to
<br />foreclose by exercise of the Power of Sale herein contained, Beneficiaries shall notify
<br />Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts
<br />and evidence of expenditures made and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiaries, Trustee shall cause to be
<br />recorded, published and delivered to such Notice of Default and Notice of Sale as then
<br />required by law and by this Deed of Trust. Trustee shall, without demand on Trustor,
<br />after such time as may then be required by law and after recordation of such Notice of
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