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<br />200701389
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<br />whether or not any default exists. Beneficiary shall consent to a transfer of the Trust Estate to a third party to the extent
<br />such third party meets the requirements contained in, and assumes the obligations set forth in the First Deed of Trust.
<br />The covenants contained herein shall run with the Property and shall remain in full force and eftect until the
<br />Indebtedness is paid in full.
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<br />9. Events of Default. Any of the following events shall be deemed an event of default hereunder:
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<br />(a) default shall be made in the payment of the Indebtedness or any other sum secured
<br />hereby when due; or
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<br />(b) Trustor shall perform any act in bankruptcy; or
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<br />(c) a court of competent jurisdiction shall enter an order, judgment or decree approving a
<br />petition filed against Trustor seeking any reorganization, dissolution or similar relief under any present or
<br />future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for
<br />debtors, and such order, judgment or decree shall remain unvacated and un stayed for an aggregate of sixty
<br />(60) days (whether or not consecutive) from the first date of entry thereof; or any trustee, receiver or
<br />liquidator or Trustor or of all or any part of the Trust Estate, or of any or all of the royalties, revenues, rents,
<br />issues or profits thereof, shall be appointed without the consent or acquiescence of Trustor and such
<br />appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not
<br />consecutive); or
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<br />(d) a writ of execution or attachment of any similar process shall be entered against Trustor
<br />which shall become a lien on the Trust Estate or any portion thereof or interest therein and such execution,
<br />attachment or similar process of judgment is not released, bonded, satisfied, vacated or stayed within sixty
<br />(60) days after its entry or levy; or
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<br />(e) there has occurred a breach of or default under any term, covenant, agreement, condition,
<br />provision, representation or warranty contained in the First Deed of Trust or any prior deed of trust or
<br />mortgage affecting the Trust Estate.
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<br />10. Acceleration upon Default; Additional Remedies. If an event of default occurs, Beneficiary may
<br />declare the Indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable
<br />without any presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may:
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<br />(i) either in person or by agent, with or without bringing any action or proceeding, or by a
<br />receiver appointed by a court and without regard to the adequacy of its security, enter upon and take
<br />possession ofthe Trust Estate, or any part thereof: in its own name ~)r in the name of Trustee, and do any acts
<br />which it deems necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or
<br />part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or
<br />without taking possession of the Trust Estate, sue for or otherwise collect the rents, issues and profits thereof:
<br />including those past due and unpaid, and apply the same, less costs and expenses of operation and collection
<br />including attorneys' tees, upon any indebtedness secured hereby, all in such order as Beneficiary may
<br />determine. The entering upon and taking possession of the Trust Estate, the collection of such rents, issues
<br />and profits and the application thereof as aforesaid shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act done in response to such default or pursuant to such notice of default and,
<br />notwithstanding the continuance in possession of the Trust Estate or the collection, reccipt and application of
<br />rents, issues or profits, Trustee or Beneficiary shall been entitled to exercise every right provided ti)r in any of
<br />the Loan Instruments or by law upon occurrence of any event of dctilUlt, including the right to exercise the
<br />power of sale;
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<br />(ii) commence an action to fl)reclose this Deed of Trust as a mortgage, appoint a receiver or
<br />specifically enforce any of the covenants hereof;
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<br />(iii) deliver to Trustee a written declaration of default and demand for sale and a written
<br />notice of default and election to cause Trustor's interest in the Trust Estate to be sold, which notice Trustee
<br />shall cause to be duly filed for record in the appropriate otlices of the County in which the Trust Estate is
<br />located; or
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<br />(iv) exercise such other rights or remedies at law or in equity.
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<br />16-33
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<br />NIFA MRB/Form II
<br />(10/06)
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<br />4827-8093-97768
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