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200507874 such party shall pay to Lender the reasonable cancellation fee contemplated by Utah Code Annotated § 57 -1- 31(2), as determined by Lender, in accordance with its then current policies and procedures, whereupon Trustee shall record a notice of cancellation of the pending trustee's sale. (o) Personal Property. It is the express understanding and intent of the parties that as to any personal property interests subject to Article 9a of the Utah UCC, Lender, upon an Event of Default, may proceed under the UCC or may proceed as to both real and personal property interests in accordance with the provisions of this Security Instrument and its rights and remedies in respect of real property, and treat both real and personal property interests as one parcel or package of security as permitted by Utah Code Annotated § 70A -9a -601 or other applicable law, and further may sell any shares of corporate stock evidencing water rights in accordance with Utah Code Annotated § 57 -1 -30 or other applicable law. (p) Substitution of Trustee. Lender, or any successor in ownership of any indebtedness secured hereby, may from time to rime, by instrument in writing, substitute a successor or successors to any Trustee named herein or acting hereunder, which instrument, executed by Lender and duly acknowledged and recorded in the office of the recorder of the county or counties where the Property is situated, with a copy thereof being provided to the persons required by Utah Code Annotated Section 57 -1 -22 or any successor statute, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all its title, estate, rights, powers and duties. Said instrument must contain the name of the original Borrower, Trustee and Lender hereunder, the book and page where this Security Instrument is recorded and the name and address of the new Trustee and all other information required by Utah Code Annotated Section 57 -1 -22 or any successor statute. (q) Casualty Retainag_e. The Retention Amount shall not exceed five percent (5.0 %) as permitted by applicable Utah law. Section 18.49. Certain Matters Relating to Property located in the Commonwealth of Virginia. With respect to the Property which is located in the Commonwealth of Virginia, notwithstanding anything contained herein to the contrary: (a) Statutory Short Form References. The following provisions of Section 55 -60 of the Code of Virginia of 1950, as amended (the "Virginia Code ") are hereby incorporated herein by reference: Exemptions waived. Subject to [c]all upon default. Renewal, extension or reinstatement permitted. Right of anticipation reserved on the terms set forth in the Note. Priority in direct order of maturity. Substitution of Virginia Trustee permitted with or without cause pursuant to the provisions of Section 26-49 of the Virginia Code. (b) Any Trustee for Virginia May Act. If more than one Trustee for Virginia is appointed under this Security Instrument, all rights granted to and all powers conferred upon the Trustee for Virginia hereunder may be exercised by both or either of the Trustees for Virginia. (c) Use of Loan Proceeds. Borrower warrants and stipulates that the Nate evidences a loan made for business or investment purposes. (d) Exercise of Power of Sale. Without limiting any other remedies set forth herein, power is hereby granted to the Trustee for the benefit of Lender, upon an Event of Default, to grant, bargain, sell, release and convey the Property at public auction or venue and on such sale, to execute and deliver to the purchaser or purchasers, their heirs, successors and assigns, good, ample and sufficient deed or deeds of conveyance in law, pursuant to the statute in such case made and provided and to apply the proceeds of such sale in the manner hereinafter provided. 104