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Page 6 of 9 Pages
<br />016 019e 7
<br />11. Condemnation - If title to any part of the Property shall be taken
<br />in condemnation proceedings, by right of eminent domain or similar action, or
<br />shall be sold under threat of condemnation, all awards, damages and proceeds
<br />are hereby assigned and shall be paid to Beneficiary, who shall apply such
<br />awards, damages and proceeds to the sums secured by this Deed of Trust, with
<br />the excess, if any, paid to the Trustor. Trustor will promptly, and with due
<br />diligence, repair, alter and restore the remaining part of the Property to its
<br />former condition substantially to the extent that the same may be feasible and
<br />so as to constitute a complete and usable unit.
<br />12. Future Advances - Upon request of Trustor, Beneficiary may, at
<br />Beneficiary's option, prior to Trustee's reconveyance of the Property, make
<br />future advances to the Trustor. Such future advances, with interest thereon,
<br />shall be secured by this Deed of Trust when evidenced by promissory notes
<br />stating that said notes are secured hereby; provided that at no time shall the
<br />secured principal, plus future advances, not including sums advanced to
<br />protect the security, exceed one hundred percent (100 %) of the original
<br />principal amount secured hereby.
<br />13. Remedies Cumulative - All remedies provided in this Deed of Trust
<br />are distinct and cumulative to any other right or remedy under this Deed of
<br />Trust or afforded by law or equity, and may be exercised concurrently,
<br />independently or successively.
<br />14. Acceleration; Remedies; Sale - Upon default by Trustor in the
<br />payment of any indebtedness secured hereby or in the performance of any
<br />agreement hereunder, Beneficiary may declare all sums secured hereby
<br />immediately due and payable by delivery to Trustee of a written declaration of
<br />default. Trustee shall have the power of sale of the Property and if
<br />Beneficiary desires the Property to be sold, it shall deposit with Trustee
<br />this Deed of Trust and all promissory notes and documents evidencing
<br />expenditures secured hereby and shall deliver to Trustee a written notice of
<br />default and election to cause the Property to be sold, and Trustee, in turn,
<br />shall prepare a notice of default, in the form required by law, which shall be
<br />duly filed for record by Trustee. After the lapse of such time as may be
<br />required by law following the recordation of said notice of default, and
<br />notice of default and notice of sale having been given as required by law,
<br />Trustee, without demand upon Trustor, shall sell the Property on the date and
<br />at the time and place designated in said notice of sale, at public auction to
<br />the highest bidder, the purchase price payable in lawful money of the United
<br />States at the time of sale. The person conducting the sale may, for any cause
<br />he or she deems expedient, postpone the sale from time to time until it shall
<br />be completed, and, in every such case, notice of postponement shall be given
<br />by public declaration thereof by such person at the time and place last
<br />appointed for the sale; provided, if the sale is postponed for longer than one
<br />(1) day beyond the day designated in the notice of sale, notice thereof shall
<br />be given in the same manner as the original notice of sale; Trustee shall
<br />execute and deliver to the purchaser a deed conveying the Property sold, but
<br />without any covenant or warranty, express or implied. The recitals in the
<br />deed of any matters or facts shall be conclusive proof of the truthfulness
<br />thereof. Any person, including Beneficiary, may purchase at the sale. When
<br />Trustee sells, pursuant to the powers herein, Trustee shall apply the proceeds
<br />of sale first to payment of the costs and expenses of exercising the power of
<br />sale and of the sale, including without limitation the payment of fees of
<br />Trustee actually incurred, not to exceed the sum of $500.00, the cost of any
<br />evidence of title procured in connection with such sale and any revenue
<br />stamps, and then to the following items in the order stated:
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