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200610631 DOC ID #: 00015244168011006 DEFAUI,T; Exccpt as may be prohibited by applicablc 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 loreclose upon this Decd 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 off what we owe on the Note and under this Deed 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 differcnce 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 take possession of the Premises; (ii) 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 be entitled to collect all reasonable fees and costs actually incurred by you in procecding to foreclosure or trustee sale, including, but not limited to, reasonable attorneys fees and costs of documentary evidcnce, abstracts and title reports. If Lender clects to sell our interest in the Premises by exercise ofthe powcr of sale herein contained, Lender will notify Trustee in the manner then required by law. Upon receipt of such notice of Lender and at the dircction of Lender, Trustee will cause to bc 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 becn givcn as required by law, sell the Premises at thc time and place of sale fixed by it in such notice of sale, either as a whole or in separatc lots or parcels or items as Lender 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. Trustec will deliver to such purchaser or purchascrs thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implicd. The recitals in such deed of any mattcrs or facts shall be conclusive proof of the truthfulncss thereof. Any person, including without limitation, us, Trustee or Lender, may purchase at such sale. Trustee may in thc 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 expenses of exercising the power of salc and of thc sale, including thc paymcnt of the Trustee's fees actually incurred not to exceed the amount which may be provided for in the Deed of Trust, second, to the payment of the obligation secured by the Deed of Trust, third, to thc payment of junior deeds of trust, mortgages or other lienholders, and the balance, if any, to the person or persons legally entitled thereto. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premiscs. You or a receiver appointed by the courts shall be entitled to cntcr upon, takc possession of and manage the Premises and collect the rents ofthe Premises including those past duc. WAIVERS: To the extent permitted by applicable law, we waive and release any error or defects in proceedings to enforce this Deed of Trust and hercby 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: bach of us shall bc 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 Deed 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 rcquired under applicable law to be given in another manner, (a) any notice to us provided for in this Deed of Trust shall be givcn by delivering it or by mailing such notice by regular first class mail addressed to us at the 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 noticc to you shall be given by certified mail, return receipt requested, to your address at For MERS: P.O. Box 2026, Flint, MI 48051-2026 For Lender: 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 or to such other addrcss 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, hcrcby requcst a copy of any notice of dcfault and a copy of any notice of sale hereunder be mailed to us and I ,ender at the applicable addresses provided above. . MERS HELOC - NE Deed of Trust 2E015-N E (10/06) Page 4 of 6