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202205010
<br />NON-UNIFORM COVENANTS. Borrower further COVENANTS AND AGREES as follows:
<br />27. Default; death; incompetence; bankruptcy. Should default occur in the performance or discharge of any
<br />obligation inthis instrument or secured by this instrument, or should the Borrower die or be declared incompetent, or
<br />should the Borrower be discharged in bankruptcy or declared an insolvent or make an assignment for the benefit of
<br />creditors, the Government, at its option, with or without notice, may: (a) declare the entire amount unpaid under the
<br />note and any debt to the Government hereby secured immediately due and payable, (b) for the account of Borrower
<br />incur and pay reasonable expenses for repair or maintenance of, and take possession of, operate or rent the property,
<br />(c) upon application by it and production of this instrument, without other evidence and without notice of hearing of
<br />said application, have a receiver appointed for the property, with the usual powers of receivers in like cases,
<br />(d) authorize and request Trustee to foreclose this instrument and sell the property as prescribed by law, and
<br />(e) enforce any and all other rights and remedies provided herein or by present or future law.
<br />28. Foreclosure. At the request of the Government, Trustee may foreclose this instrument by advertisement
<br />and sale of the property as provided by law, for cash or secured credit at the option of the Government, personal
<br />notice of which sale need not be served on Borrower; such sale may be adjourned from time to time without other
<br />notice than oral proclamation at the time and place appointed for such sale; and at such sale the Government and its
<br />agents may bid and purchase as a stranger; Trustee at Trustee's option may conduct such sale without being
<br />personally present through Trustee's delegate authorized by Trustee for such purpose orally or in writing, and
<br />Trustee's execution of a conveyance of the property or any part thereof to any purchaser at foreclosure sale shall be
<br />conclusive evidence that the sale was conducted by Trustee personally or through Trustee's delegate duly authorized
<br />in accordance herewith.
<br />29. State law. Borrower agrees that the Government will not be bound by any present or future State laws,
<br />(a) providing for valuation, appraisal, homestead or exemption of the property, (b) prohibiting maintenance of any
<br />action for a deficiency judgment or limiting the amount thereof or the time within which such action must be
<br />brought, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or possession
<br />following any foreclosure sale, or (e) limiting the conditions which the Government may by regulation impose,
<br />including the interest it may charge, as a condition of approving a transfer of the property to a new Borrower.
<br />Borrower expressly waives the benefit of any such State laws.
<br />30. Assignment of leases and rents. Borrower agrees that the assignment of leases and rents in this
<br />instrument is immediately effective on the recording of this instrument. Upon default, the Borrower will receive any
<br />rents in trust for the Government, and Borrower will not commingle the rents with any other funds. Any amounts
<br />collected shall be applied at the Government's discretion first to costs of managing, protecting and preserving the
<br />property, and to any other necessary related expenses. Any remaining amounts shall be applied to reduce the debt
<br />evidenced by the note(s). Borrower agrees that the Government may demand that Borrower and Borrower's tenants
<br />pay all rents due or to become due directly to the Government if the Borrower defaults and the Government notifies
<br />Borrower of the default. Upon such notice, Borrower will endorse and deliver to the Government any payments of
<br />rents. If the Borrower becomes subject to a bankruptcy, then Borrower agrees that the Government is entitled to
<br />receive relief from the automatic stay in bankruptcy for the purpose of enforcing this assignment.
<br />31. Application of foreclosure proceeds. The proceeds of foreclosure sale shall be applied in the following
<br />order to the payment of: (a) costs and expenses incident to enforcing or complying with this instrument, (b) any
<br />prior liens required by law or a competent court to be so paid, (c) the debt evidenced by the note and all other debt
<br />to the Government secured by this instrument, (d) inferior liens of record required by law or a competent court to be
<br />so paid, (e) at the Government's option, any other debt of Borrower to the Government, and (f) any balance to
<br />Borrower. If the Government is the successful bidder at foreclosure or other sale of all or any part of the property,
<br />the Government may pay its share of the purchase price by crediting such amount on any debts of Borrower owing
<br />to the Government in the order prescribed above.
<br />32. Substitute trustee. The Government and its assigns, without notice and without specifying any reason
<br />therefore, may appoint a substitute trustee by filing for record in the office where this instrument; is recorded an
<br />instrument of appointment. The substitute trustee may or may not be an employee of the Government. Upon such
<br />filing, all the estates, rights, powers, and trusts granted to Trustee shall transfer to the substitute trustee. Any right to
<br />notice of substitution and bond from any trustee are hereby waived.
<br />33. Future Advances. Upon request of Borrower, Government may, at its option, make additional and future
<br />advances to the Borrower. Such advances with interest thereon, shall be secured by this Trust Deed.
<br />Initial OF c Date ( 220 FSA -2029 NE (11-06-12) Page 6
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