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9. EVENTS OF DE3FAUI.T.
<br />event of default hereunder:
<br />90- 10G311
<br />Any of the following events shall be deemed an
<br />(a) Trustor shall have failed to make payment of any installment of
<br />interest, principal, or principal and interest or any other sum secured horoby
<br />when due for a period of thirty (30) days; or,
<br />(b) There has occurred a breach of default under any torn, covenant,
<br />agreement, condition, provision, representation, or warranty contained in any
<br />of the Loan Instruments for a period of thirty days.
<br />10. ACCEL,HRATION UPON DEFAULTs ADDITIONAL REMEDIES. Should an event of
<br />default occur. Beneficiary may cleclare a net ess secured hereby to be
<br />due and payable, and the same shall thereupon become due and payable without
<br />any presentment, demand, protest, or notice of any kind. Thereafter the
<br />Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action
<br />or proceeding, or by a receiver appointed by a Court and without regard to the
<br />adequ,acy, of its security„ enter upon and take possession of the Trust Estate,
<br />or any part thereof,, in its own name or in the name of Trustee, and do any
<br />acts which it deems necessary or desirable to preserve the value,
<br />marketability or rentability of the Trust Estate, or part thereof or interest
<br />therein,, increase the income therefrom or protect the security hereof, and
<br />with or without taking possession of the Trust Estate, sue for or otherwise
<br />collect the rents, issues and profits thereof, including those past due and
<br />unpaid, and apply the same, less costs and expenses of operation and
<br />collection, including attorney's fees, upon any indebtedness secured hereby,
<br />all in such order as Beneficiary may determine. The entering upon and taking
<br />possession of the Trust Estate, the collection Of such rents, issues and
<br />profits and the application thereof as aforesaldn shall not cure or waive any
<br />default or notice of default hereunder or invalidate any act done in response
<br />to such default or pursuant to such notice of default and. notwithstanding the
<br />continuance in possession of the Trust Estate or the collection, receipt and
<br />application of rents, issues or profits, Trustee or Beneficiary shall be
<br />entitled to exercise every right provided for in any of the Loan Instruments
<br />or by law. upon occurrence of any event of default, including the right to
<br />exercLse.the power of sale;
<br />(b) Commence an action to forccl-ose this Deed of Trust as a mortgage,
<br />4ppoitt a receiver, or specifically c, :.c Viz; of the covenants hereof;
<br />(c. Deliver to Trustee a written declaration of default and demand for
<br />sale, and a written notice of default and elect eon to cause Trustor's interest
<br />Ln the Trust Estates to be sold, which notice Trustee shall cause to be duly
<br />filed for record i'n,the appropriate official Records of the County in which
<br />the Trast:. Estate is located.
<br />LL_ FORECLOSURE BY pOWER OF SALE. Shcald'Beneficiary elect to
<br />fCeeclCzvN by exercise of the Power of sale herein contained, Beneficiary shall
<br />ratify Trustee and shall deposit with Trustee this Deed of Trust and the Note
<br />and such receipts and evidence of expenditures made and secured hereby as
<br />Trustee may require.
<br />(a) Upon receipt of such notice from Beazeficiary, Trustee shall cause
<br />to be recorded, r.�.riz1ished and delivered to Trustor such Notice of Default and
<br />Notice of Sale as then required by law and by this Deed of Trust. Trustee
<br />shall, without demand on Trustor, after such time as ajar then be required by
<br />law and after recordation of such Notice of Default-_ and after Notice of Sale
<br />having been given as required by law, sell the Yrust ;state at the time and
<br />place of sale fixed by it in such Notice of Sale, either as a whole, or in
<br />separate lots or parcels or items as Trustee shall deem expedient, and in such
<br />order as it may determine, at public auction to the highest bidder for cash,
<br />in lawful money of the United States, payable at the time of sale. Trustee
<br />shall deliver to such purchaser or purchasers thereof, its good and sufficient
<br />deed ar deeds, conveying the property so sold-,. but without any covenant or
<br />warraxr.L-y, express or implied. The recitals in such deed of any matters or
<br />facts shall be.conclusive proof of the truthfulness thereof. Any person,
<br />including,'wi0out limitation, Trustor, Trustee, and aen.eficiary, may purchase
<br />at such sale,'an.d Trustor hereby covenants to warrant and defend the title of
<br />such purchaser or purchasers.
<br />(13) As may be permitted by law, after deducting all costs, fees,
<br />expenses of Trustee and of this Trust, including costs of evidence of title in
<br />connection with sale, Trustee shall apply the proceeds of sale to payment of
<br />(i) all sums expended under the terms hereof, not then repaid, with accrued
<br />interest at fourteen (14) percent per annum, (ii) all other sums then secured
<br />hereby, and (iii) the remainder, if any, to the person or persons legally
<br />entitled thereto.
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