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Lim 200313840 BENEFICIARY and TRUSTEE, such insurance may be added to the principal tbalancep of can of taxes and secured hereby and shall bear interest at the rate of six percent annum until paid. P ( ) per TRUSTORS covenant and agree that a failure to make any payment, either principal or interest, on the Note secured hereby when due and payable, or a failure to comply with any of the covenants and agreements herein made shall cause the whole sum of money hereby secured to become immediately due and collectible at the option of the BENEFICIARY, and BENEFICIARY shall have the right to cause Notice of Default to be given and the premises to be sold as provided herein. The parties mutually agree as follows: A. At any time and from time to time upon written request of BENEFICIARY, Payment of fees and presentation of this Deed of Trust and the Note for endorsement (in case of full reconveyance, for cancellation and retention), without affecting the liability of any person for the payment of the indebtedness, TRUSTEE may (a) consent to the making of any map or plat of said property; (b) join in granting any easement or creating any restriction thereon; (c) join in any subordination or other agreement affecting this Deed of Trust or the lien or charge thereof; (d) reconvey this Deed of Trust or the lien or charge thereof; (d) reconvey, without warranty, all or any part of said property upon request of BENEFICIARY. B. The grantee in any Deed of Reconveyance may be described as "the person or persons entitled thereto ", and the recitals therein of any matters or facts shall be conclusive proof of the truthfulness thereof. Reconveyance shall operate as a reassignment of rents and profits assigned to TRUSTEE. C. Upon default by TRUSTORS in the payment of indebtedness secured hereby or in the performance of any agreement hereunder, BENEFICIARY may accelerate payment and declare all sums secured hereby immediately due and payable by delivery to TRUSTEE of written declaration of default. If BENEFICIARY desires said property to be sold, she shall deposit with TRUSTEE this Deed of Trust and all promissory notes and documents evidencing expenditures secured hereby, and shall deliver to TRUSTEE a written Notice of Default and election to cause said property to be sold in the form required by law, which shall be duly filed for record by TRUSTEE. (1) After the lapse of such time as may be required by law (presently being one (1) month following the recordation of said Notice of Default), Notice of Default and Notice of Sale having been given as required by law, TRUSTEE, without demand on TRUSTORS, shall sell said property on the date and at the time and place designated in said Notice of Sale, at public auction to the highest bidder, the purchase price payable in lawful money of the United States at the time of sale. The person conducting the sale may, for any cause he deems expedient, postpone the sale from time to time until it shall be completed and in every such case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale is Postponed for longer than one (1) day beyond the day designated in the Notice of Sale, notice thereof shall be given in the same manner as the original Notice of Sale. TRUSTEE shall execute and deliver to the purchaser the Deed conveying said property so sold, but without any covenant or warranty, express or implied. The recitals in the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including BENEFICIARY, may purchase at the sale. TRUSTORS hereby covenant to warrant and defend the title of the above property to the purchaser at sale. When the TRUST herein, the TRUSTEE shall trust property pursuant to the powers granted apply the proceeds from the sale of such property in the following order of priority: (1) (2) (3) (4) To the cost and expense of exercising the power of sale and of the sale, including attorney fees, evidence of title and other sale expenses, and a trustee's fee not to exceed two percent (2 g) of the gross sale price; To the payment of the obligation secured by this Deed of Trust and Trust Deed Note; To the payment of junior Trust Deeds, mortgages, or other lienholders; The balance, if any, to the person or persons legally entitled thereto. E. Upon the occurrence of any default hereunder, BENEFICIARY shall have, in addition to such other options as may be granted herein, the further option to foreclose this Deed of Trust in the manner provided by law for foreclosures of mortgages on real property. -2-