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200306877
<br />and desirable to preserve the value, marketability or rentability of
<br />the property, or part thereof or interest therein, increase the
<br />income herefrom or protect the security hereof and, without taking
<br />possession of the property, sue for or otherwise collect the rents,
<br />issues and profits thereof, including those past due and unpaid, and
<br />apply the same, less costs and expenses of operation and collection,
<br />including attorney fees, upon any indebtedness secured hereby, all
<br />in such order as Beneficiary may determine. The entering upon and
<br />taking possession of the trust estate, the collection of such rents,
<br />issues and profits and application thereof as aforesaid shall not
<br />cure or waive any default or notice of default hereunder or
<br />invalidate any act and in response to such default or pursuant to
<br />such notice of default and, notwithstanding the continuance in
<br />possession of the property or the collection, receipt and
<br />application of rents, issues or profits, Trustee or Beneficiary may
<br />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,
<br />including the right to exercise the power of sale;
<br />(b) commence an action to foreclose this Deed of Trust as a
<br />mortgage, appoint a receiver, or specifically enforce any of the
<br />covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and
<br />demand for sale, and a written notice of default and election to
<br />cause Trustor' interest in the property to be sold, which notice
<br />Trustee shall cause to be duly filed for record in the official
<br />records of the county in which the property is located.
<br />12. Foreclosure by Power of Sale. Should Beneficiary elect to foreclosure
<br />by exercise of the power of sale herein contained, Beneficiary shall notify
<br />Trustee and shall deposit with Trustee this Deed of Trust and the note and such
<br />receipts and evidence of expenditures made and secured hereby as Trustee may
<br />require, and upon request of the Beneficiary, the Trustee shall file for record,
<br />in the Register of Deeds Office in the County where the property is located, a
<br />notice of default, setting forth the name of the Truster, the Book and Page or
<br />Document No. of this Deed of Trust as recorded in said Register of Deeds office,
<br />the legal description of the above - described real estate and that a breach of an
<br />obligation, for which said real estate was conveyed as security, has occurred,
<br />and setting forth the nature of such breach and the Trustee's election to sell
<br />the real estate to satisfy the obligation; and after the lapse of not less than
<br />one (1) month, the Trustee shall give written notice of the time and place of
<br />sale which may be between 9:00 a.m. and 5:00 p.m. at the premises, or at the
<br />Courthouse in the County wherein such property is located, describing the
<br />property to be sold by its legal description, said notice to be published in a
<br />newspaper of general circulation in the County wherein such property is located,
<br />once a week for five (5) consecutive weeks, the last publication to be at least
<br />ten (10) days, but not more than thirty (30) days prior to the sale; and the
<br />Trustee shall then sell said property at the time and place designated in the
<br />notice, in the manner provided by law in effect at the time of filing said
<br />notice, at public auction to the highest bidder for cash and shall deliver to
<br />such purchaser a deed to the property sold, consistent with the law in effect at
<br />the time.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the
<br />purchaser, Trustee's Deed conveying the property sold. Recitals in the Trustee's
<br />deed shall be prima facia evidence of the truth of the statements made therein.
<br />Trustee shall apply the proceeds of the sale in the following order: (a) to all
<br />reasonable costs and expenses of the sale, including but not limited to,
<br />Trustee's fees of not more than two percent (28) of the gross sale price,
<br />reasonable attorney fees and costs of title evidence; (b) to all sums secured by
<br />this Deed of Trust; and
<br />(c) the excess, if any, to the person or persons legally entitled thereto. Any
<br />person, including Beneficiary, may purchase said property at said sale.
<br />The person conducting the sale may, for any cause he or she deems
<br />expedient, postpone the sale from time to Lime until it shall be completed and,
<br />in every such case, notice of postponement shall be given by public declaration
<br />thereof by such person at the time and place last appointed for the sale;
<br />provided, if the sale is postponed for longer than one (1) day beyond the date
<br />designated in the notice of sale, notice thereof shall be given in the same
<br />manner as the original notice of sale.
<br />13. Remedies Not Exclusive. Trustee and Beneficiary, and each of them,
<br />shall be entitled to enforce payment and performance of any indebtedness or
<br />obligation secured hereby and to exercise all rights and powers under this Deed
<br />of Trust or under any loan instrument or other agreement or any laws now or
<br />hereafter enforced, notwithstanding some or all of the indebtedness and
<br />obligations secured hereby which may now or hereafter be otherwise secured,
<br />whether by mortgage, deed of trust, pledge, lien, assignment or otherwise.
<br />Neither the acceptance of this Deed of Trust nor its enforcement, whether by
<br />court action or pursuant to the power of sale or other powers herein contained,
<br />shall prejudice or in any manner affect Trustee's or Beneficiary's right to
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