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<br />(a) Trustor shall have failed to make payment of any installment of
<br />interest, principal, or principal and interest, or any other sum
<br />secured hereby within ten (10) days of the due date; or
<br />(b) There has occurred a breach of or default under any term,
<br />covenant, agreement, condition, provision, representation, or
<br />warranty contained in any of the Loan Instruments or the
<br />Purchase Agreement; or
<br />(c) Trustor shall sell or transfer all or any part of the Property or an
<br />interest therein without Beneficiary's prior written consent,
<br />excluding the creation of a purchase money security interest for
<br />household appliances; or
<br />(d) There has occurred a breach of or default under any term,
<br />covenant, agreement, condition, provision, representation, or
<br />warranty contained in any of the loan instruments provided to
<br />Construction Lender to finance the construction of improvements
<br />on the Trust Estate.
<br />11. Acceleration Upon Default, Additional Remedies. Should an event of default occur,
<br />Beneficiary may declare all indebtedness secured hereby to be due and payable and the same
<br />shall thereupon become due and payable without any presentment, demand, protest, or notice
<br />of any kind. Thereafter, Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action or
<br />proceeding, or by a receiver appointed by a court and without
<br />regard to the adequacy of its security, enter upon, and take
<br />possession of the Trust Estate, or any part thereof, in its own
<br />name or in the name of Trustee, and do any acts which it deems
<br />necessary or desirable to preserve the value, marketability, or
<br />rentability of the Trust Estate, or part thereof or interest therein,
<br />increase the income therefrom, or protect the security hereof and,
<br />with or without taking possession of the Trust Estate, sue for or
<br />otherwise collect the rents, issues, and profits thereof, including
<br />those past due and unpaid, and apply the same, less costs and
<br />expenses of operation and collection, including attorney fees,
<br />upon any indebtedness secured hereby, all in such order as
<br />Beneficiary may determine. The entering upon and taking
<br />possession of the Trust Estate, the collection of such rents,
<br />issues, and profits, and the application thereof as aforesaid shall
<br />not cure or waive any default or notice of default hereunder or
<br />invalidate any act done in response to such default or pursuant to
<br />such notice of default and, notwithstanding the continuance in
<br />possession of the Trust Estate or the collection, receipt, and
<br />application of rents, issues, or profits, Trustee or Beneficiary shall
<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 demand for
<br />sale, and a written notice of default and election to cause Trustor's
<br />interest in the Trust Estate to be sold, which notice Trustee shall
<br />cause to be duly filed for record in the appropriate official records
<br />of the county in which the Trust Estate is located.
<br />12. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise of the
<br />Power of Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee
<br />this Deed of Trust and the Note and such receipts and evidence of expenditures made and
<br />secured hereby as Trustee may require.
<br />{L0550262.1 }
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