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200406544
<br />10. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />(a) Trustor shall have failed to make payment of any payment of interest, principal, and interest or any
<br />other sum secured hereby when due; or
<br />(b) There has occurred a breach of or default under any term, covenant, agreement, condition,
<br />provision, representation or warranty contained in any of the Loan Instruments; or
<br />(c) If all or any part of the property or an interest therein is sold or transferred by Trustor without
<br />Beneficiary's written consent; or
<br />(d) The Trustor or any Guarantor of trust deed note shall liquidate, merge, dissolve, terminate its
<br />existence, suspend business operations, die, have a receiver appointed for all or any part of their property or
<br />shall be subject to circumstances which shall cause Beneficiary to deem itself insecure; or
<br />(e) Any change that occurs in the condition or affairs (financial or otherwise) of the Trustor or any
<br />Guarantor of trust deed note which, in the opinion of the Beneficiary, impairs the Beneficiary's security or
<br />increases its risk with respect to trust deed note; or
<br />(f) Trustor is in default under any term or condition of any note secured hereunder.
<br />11. Acceleration Upon Default, Additional Remedies. Should an event of default occur Beneficiary
<br />may declare all indebtedness secured hereby to be due and payable and the same shall thereupon become
<br />due and payable without any presentment, demand, protest or notice of any kind. Thereafter Beneficiary may:
<br />(1) Either in person or by agent with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the
<br />Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems
<br />necessary or desirable to 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 without taking
<br />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
<br />the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or
<br />invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding
<br />the continuance in possession of the Trust Estate or the collection, receipt and application of rents, issues or
<br />profits, Trustee or Beneficiary shall be entitled to exercise every right provided for in any of the Loan
<br />Instruments or by law upon occurrence of any event of default, including the right to exercise the power of
<br />sale;
<br />(ii) Commence an action to foreclose this Trust Deed as a mortgage, appoint a receiver, or
<br />specifically enforce any of the covenants hereof;
<br />(iii) Deliver to Trustee a written declaration of default and demand for sale, and a written notice of
<br />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 />12. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise of the Power of
<br />Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Trust Deed and the
<br />Note and such receipts and evidence of expenditures made and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and
<br />delivered to Trustor such Notice of Default and Notice of Sale as then required by law and by this Trust Deed.
<br />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
<br />lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public
<br />auction to the highest bidder for cash 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 deed or deeds conveying the
<br />property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any
<br />matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation,
<br />Trustor, Trustee and Beneficiary, may purchase at such sale and Trustor hereby covenants to warrant and
<br />defend the title of such purchaser or purchasers.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this
<br />Trust, including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to
<br />payment of (i) all sums expended under the terms hereof, not then repaid, with accrued interest at the interest
<br />rate without adjustment at foreclosure plus two percent (2 %) per annum, (ii) all other sums then secured
<br />hereby, and (iii) the remainder, if any, to the person or persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by law, postpone sale of all or any portion of the Trust Estate.
<br />13. Remedies not Exclusive. Trustee and Beneficiary, and each of them, shall be entitled to enforce
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