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200310053
<br />10. EVENTS OF TIFF A LIT .T 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,
<br />principal, 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;
<br />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 />11. AC CET FRATION TTPON T)FFATIT7, ADT)TTTONAT. REMEDIES Should an
<br />event of default occur Beneficiary shall give written notice to Trustors specifying the default,
<br />the action required to cure the default, a date not less than five (5) 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 value,
<br />marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the
<br />income therefrom or protect the security hereof, and with or without taking possession of the
<br />Trust Estate, sue for or otherwise collect the rents, issues and profits thereof, including those
<br />past due and unpaid, and apply the same, less costs and expenses of operation and collection,
<br />including attorney's fees, upon any indebtedness secured hereby, all in such order as
<br />Beneficiary may determine. The entering upon and taking possession of the Trust Estate, the
<br />collection of such rents, issues and profits and the application thereof as aforesaid, shall not
<br />cure or waive any default or notice of default hereunder or invalidate any act done in
<br />response to such default or pursuant to such notice of default and, notwithstanding the
<br />continuance in possession of the Trust Estate or the collection, receipt and application of rents,
<br />issues or profits, Trustee or Beneficiary shall be entitled to exercise every right provided for in
<br />any of the Loan Instruments or by law upon occurrence of any event of default, including the
<br />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 5 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 10,11 and 12 of this Deed of Trust.
<br />12. F ()RFC'T .C-)qLJRF RY PC)j/ MR C)F ';AT.F 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 Trustors such Notice of Default and Notice of Sale as then
<br />required by law and by this Deed of Trust. Trustee shall, without demand on Trustors, after
<br />such time as may then be required by law and after recordation of such Notice of Default and
<br />after Notice of Sale having been given as required by law, sell the Trust Estate at the time and
<br />place of sale fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels
<br />or items as Trustee shall deem expedient, and in such order as it may determine, at public
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