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200512567 DOC ID #: 00012163596011005 DEF AUL T: Except as may be prohibited by applicable law, and subject to any advance notice and cure period if required by applicable law, if any event or condition of default as described in the Note occurs, you may foreclose upon this Deed of Trust as a mortgage by judicial proceeding or sell the Premises pursuant to the power of sale conferred in this Deed of Trust. This means that you may arrange for the Premises to be sold, as provided by law, in order to pay otl what we owe on thc Notc and undcr this Dced of Trust. If the money you receive from the sale is not enough to pay off what wc owe you, we will still owe you the difference which you may seek to collect from us in accordance with applicable law. In addition, you may, in accordance with applicable law, (i) enter on and takc possession of the Premises; (ij) collect the rental payments, including over-due rental payments, directly from tenants; (iii) manage the Premises; and (iv) sign, cancel and change leases. We agree that the interest rate set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall bc entitled to collect all reasonable fccs and costs actually incurred by you in proceeding to foreclosure or trustee sale, including, but not limited to, reasonable attorneys fees and costs of documentary evidcnce, abstracts and title reports. If Lender elects to sell our interest in the Premises by exercise of the power of sale herein contained, Lender will notiry Trustee in the manner then required by law. Upon receipt of such notice of Lender and at the direction of Lender, Trustee will cause to be recorded, published and delivered such notices of default and notices of sale as may then be required by law and by this Deed of Trust. Trustee will, only at the direction of Lender and without demand on us, after such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law, sell the Premises at the time and place of sale fixed by it in such notice of sale, either as a whole or in separate lots or parcels or items as Lendcr deems expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale, or as otherwise may then be required by law. Trustee will deliver to such purchascr or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, cxpress or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limitation, us, Trustee or Lender, may purchase at such sale. Trustee may in the manner provided by law postpone sale of all or any portion of the Premises. The Trustee shall apply the proceeds of the Trustee's sale, first, to the costs and expcnses of exercising the power of sale and of the sale, including the payment ofthe Trustee's fees actually incurred not to exceed the amount which may be provided for in thc Deed of Trust, second, to the payment of the obligation secured by the Deed of Trust, third, to the payment of junior deeds of trust, mortgages or other lienholders, and the balance, if any, to the pcrson or persons legally entitled thereto. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, wc assign to you the rents of thc Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect the rents ofthe Premises including those past due. WAIVERS: To the extent permitted by applicable law, we waive and release any error or defccts in proceedings to enforce this Deed of Trust and hereby waive the benefit of any present or future laws providing for stay of execution, extension of time, exemption from attachment, levy and sale and homestead exemption. BINDING EFFECT: Each of us shall be fully responsible for all of the promises and agreements in this Deed of Trust. Until the Note has been paid in full and your obligation to make further advances under the Note has been terminated, the provisions of this Deed of Trust will be binding on us, our legal representatives, our heirs and all future owners of the Premises. This Decd of Trust is for your benefit and for the benefit of anyone to whom you may assign it. Upon payment in full of all amounts owing to you under the Note and this Deed of Trust, and provided any obligation to make further advances under the Note has terminated, this Deed of Trust and your rights in the Premises shall end. NOTICE: Except for any notice required under applicable law to be given in another manner, (a) any notice to us provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by regular fIrst class mail addressed to us at thc last address appearing in your records or at such other address as we may designate by notice to you as provided herein, and (b) any notice to you shall be given by certifIed mail, return receipt requcstcd, to your address at For MERS: P.O. Box 2026, Flint, MI 48051-2026 For Lendcr: 4500 Park Granada, Calabasas, CA 91302-1613 or to such other address as you may designate by notice to us. Any notice provided for in this Deed of Trust shall be deemed to have been given to us or you when given in the manner designated herein. REQUEST FOR NOTICE: We, for ourselves and for Lender, hereby request a copy of any notice of default and a copy of any notice of sale hereunder be mailed to us and Lender at the applicable addrcsses provided above. Page 4016 Df &~. ~ ;ViP ~ f TP Mitia'~ . MERS HELOC - NE Deed of Trust 2E015-NE (12/04) J~f