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200507874 (i) Foreclosure and Sale. Upon the occurrence of an Event of Default, Lender may notify Trustee to exercise the power of sale granted hereunder and upon such notification it shall be lawful for and the duty of Trustee and Trustee is hereby authorized and empowered to expose to sale and to sell the Property or any part thereof at public sale to the highest bidder for cash, after having first complied with all applicable requirements of North Carolina law with respect to the exercise of powers of sale contained in Deeds of Trust and upon such sale, Trustee shall convey title to the portion of the Property so sold to the purchaser in fee simple. Borrower agrees that in the event of a sale hereunder, Lender shall have the right to bid at such sale. Trustee may require the successful bidder at any sale to deposit immediately with Trustee cash or certified check in an amount up to five percent (5 %) of the bid, provided that notice of such requirement is contained in the advertisement of the sale. The bid may be rejected if the deposit is not immediately made and thereupon the next highest bidder may be declared to be the purchaser. Such deposit shall be refunded in case a resale is had; otherwise it shall be applied to the purchase price. If personal property is sold hereunder, it need not be at the place of sale. The published notice, however, shall state the time and place where such personal property may be inspected prior to sale. The Property may be sold in such parcels or lots as Trustee may determine and the Property may be sold at one sale or in multiple sales as determined by Trustee. The exercise of the power of sale hereunder by Trustee on one or more occasions shall not be deemed to extinguish the power of sale which power of sale shall continue in full force and effect until all of the Property shall have been finally sold and properly conveyed to the purchasers at the sales. Trustee's commission shall be a reasonable commission up to five percent (5 %) of the gross proceeds of the sale for a completed foreclosure. In the event foreclosure is commenced, but not completed, Borrower shall pay all expenses incurred by Trustee, including reasonable attorneys' fees, and a partial Trustee's commission computed on five percent (5 %) of the outstanding Debt or $10,000, whichever is less in accordance with the following schedule: one -fourth (1 /4th) of such amount if the foreclosure is terminated before Trustee files a notice of hearing on the right to foreclose; one -half (1/2) of such amount if the foreclosure is terminated after filing of said notice of hearing but prior to the hearing; and three- fourths (3/4th) of such amount if the foreclosure is terminated after such hearing but prior to completion. If the foreclosure is completed, then Trustee's commission shall be a reasonable commission up to five percent (5 %) of the gross proceeds of the sale as hereinabove provided. (ii) Application _o_fSale Proceeds and Rents. After any foreclosure sale of the Property or a portion thereof, Trustee shall receive the proceeds of sale. No purchaser shall be required to see to the application of the proceeds and Trustee shall apply the proceeds of the sale and any other sums which then may be held by the Trustee under this Security Instrument in accordance with the terms of Section 13.02 hereof subject to the provisions of North Carolina General Statute § 45- 21.31. (b) Appointment of Substitute Trustee. Lender shall at any time have the irrevocable right to remove Trustee herein named without notice or cause and to appoint his or its successor by an instrument in writing, duly acknowledged, in such form as to entitle such written instrument to be recorded in the State, and in the event of the death or resignation of Trustee herein named, Lender shall have the right to appoint his or its successor by such written instrument. Any Trustee so appointed shall be vested with the title to the Property, and shall possess all the powers, duties and obligations herein conferred on Trustee in the same manner and to the same extent as though he or it were named herein as Trustee. (c) Securi_ty_Agreement. This Security Instrument shall constitute a security agreement pursuant to the Uniform Commercial Code for any items constituting a part of the Property which, under applicable law, may be subjected to a security interest pursuant to the UCC, and Borrower hereby grants Lender a security interest in such items. Borrower agrees that Lender may file this Security Instrument, or a reproduction thereof, in the real estate records of other appropriate index, as a financing statement for any of such items including, without limitation, those items which are, or are to become fixtures with respect to the Land. In addition, Borrower agrees to execute and deliver to Lender, upon its request, any financing statements, as well as extensions, renewals and amendments thereof, as Lender may require to perfect a security interest with respect to such items. Borrower shall pay all costs of filing such financing statements and any extensions, renewals, amendments and releases thereof. Without the prior written consent of Lender, Borrower shall not create or suffer to be created pursuant to the UCC any other security interest in items constituting a part of the Property, including replacements and additions thereto except as otherwise expressly set forth in the Loan Documents. Upon the occurrence of an 93