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200408861
<br />9. EVENTS OF DEFAULT. Any of the following events shall be deemed an event of
<br />default hereunder:
<br />(a) Trustors shall have failed to make payment of any installment of interest, principal,
<br />or principal and interest or any other sum secured hereby when 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; or,
<br />(c) Trustors shall have failed to make payment of any installment of taxes or insurance
<br />premiums when due, which taxes and insurance premium are also secured hereby.
<br />10. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an event
<br />of default occur Beneficiary shall give written notice to Trustors specifying the default, the
<br />action required to cure the default, a date not less than twenty (20) days from the date of the
<br />notice by which the default must be cured, and that failure to cure the default on or before the
<br />specified date may result in acceleration of the entire sum secured by this Deed of Trust and
<br />resale of the property. Thereafter the Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or
<br />by a receiver appointed by a Court and without regard to the adequacy of its security, enter
<br />upon and take possession of the Trust Estate, or any part thereof, in its own name or in the
<br />name of Trustee, and do any acts which it deems necessary or desirable to preserve the
<br />value, marketability or rentability of the Trust Estate, or part thereof or interest therein,
<br />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
<br />thereof, including those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection, including attorney's fees, upon any indebtedness secured hereby, all
<br />in such order as Beneficiary may determine. The entering upon and taking possession of the
<br />Trust Estate, the collection of such rents, issues and profits and the application thereof as
<br />aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any
<br />act done in response to such default or pursuant to such notice of default and,
<br />notwithstanding the continuance in possession of the Trust Estate or the collection, receipt
<br />and application of rents, issues or profits, Trustee or Beneficiary shall be entitled to exercise
<br />every right provided for in any of the Loan Instruments or by law upon occurrence of any
<br />event of default, including the 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 Trustors' interest in the Trust Estate to be sold,
<br />which notice Trustee shall cause to be duly filed for record in the appropriate Official Records
<br />of the County in which the Trust Estate is located.
<br />In the event of default in payment of principal or interest after the 20 day grace period
<br />from due date has elapsed, Beneficiary may, without further notice proceed with acceleration,
<br />foreclosure, power of sale, and any additional remedies available to Beneficiary as stated in
<br />Paragraphs 9, 10 and 11 of this Deed of Trust.
<br />11. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to foreclose by
<br />exercise of the Power of Sale herein contained, Beneficiary shall notify Trustee and shall
<br />deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of
<br />expenditures made and secured hereby as Trustee may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded,
<br />published and delivered to such Notice of Default and Notice of Sale as then required by law
<br />and by this Deed of Trust. Trustee shall, without demand on Trustors, after such time as may
<br />then be required by law and after recordation of such Notice of Default and after Notice of
<br />Sale having been given as required by law, sell the Trust Estate at the time and place of sale
<br />fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as
<br />Trustee shall deem expedient, and in such order as it may determine, at public auction to the
<br />highest bidder for cash, in lawful money of the United States, payable at the time of sale.
<br />Trustee shall deliver to such purchaser or purchasers thereof, its good and sufficient deed or
<br />deeds, conveying the property so sold, but without any covenant or warranty, express or
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