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<br />11. Events of Default. Any of the following events shall be deaned an
<br />event of default hereWlder:
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<br />(a) Trustor shall have failed to make payment of any instal~nt of
<br />interest, principal or principal and interest or any other Sl1lIS secured
<br />hereby when due;
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<br />(b) 'l'here has occurred a breach of or default Wlder any tenn,
<br />covenant, agreement, condition, provision, representation or warranty
<br />contained in this Deed of Trust Construction Security Agreement, thE!
<br />note or any other loan instrument secured hereby;
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<br />(c) There has been a default by thel Trustor in the paymer.t of any
<br />prior or subsequent lien or enc\.UIlbrance in respect to all or any. part of
<br />the property;
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<br />(d) Trustor shall file a volWltary petition in bankruptcy or shall
<br />be adjudicated bankrupt or insolvent, or shall make an assignment for the
<br />beneH t of creditors in respect to the property; or an action to enforce
<br />any lien or enclUllbrance or judgments against the property is cannenced.
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<br />12. Acceleration Upon Default. In the event of any default, Beneficiary
<br />may declare all indebtedness secured hereby to be due and payable, and the same
<br />shall thereupon becane due and payable without any presentment, denand, protef:!t
<br />or notice of any kind. Thereafter, Beneficiary may:
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<br />(b) cannence an action to foreclose this Deed of 'frust Construction
<br />Security Agreement as a rrortgage, appoint a receiver, or specifically enforce
<br />any of the covenants hereof;
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<br />(a) either in person or by agent, with or without bringing any action
<br />or proceeding, or by receiver appointed by a court and without regard to the
<br />adequacy of any security, enter upon and take possession of the property, or
<br />any part thereof, in its own name or in the name of the, Trustee, and do any
<br />acts which it deans necessary and desirable to preserve the value, market-
<br />ability or rentability of the property, or part thereof or interest therein,
<br />increase the incane therefran or protect the security hereof and, without
<br />taking possession of the property, sue for or otherwise collect the rents,
<br />issues and profits thereof, including those past due and Wlpaid, and apply
<br />the $uue, less costs and expenses of operation and collection, including
<br />attorney fees, upon any indebtedness secured hereby, all in such order as
<br />Beneficiary may detennine. TIle entering upon and taking possession of the
<br />trust estate, the collection of such rents, issues and profits and application
<br />thereof as aforesaid shall not cure or waive any default or notice of default
<br />hereWlderor invalidate any act and in response to such default or pursuant to
<br />such notice of default and, notwithstanding the continuance in possession of
<br />the property or the collection, receipt and application of rents, issues or
<br />profits, T1ustee or Beneficiary may be entitled to exercise every right pro-
<br />vid€d for in any of the loan instruments or by law upon occurrenc.e of any
<br />event of default, including the right to exercise the power of sale;
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<br />(c) deliver to Trustee a written declaration of default and denand for
<br />sale, and a written notice of default and election to cause Trustor's interest
<br />in thE! property to be sold, which notice Trustee shall cause to be duly filed
<br />for record in the official records of the county in which the property is
<br />located.
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<br />13. Foreclosure by Power of Sale. Should Beneficiary elect to foreclosure by
<br />exercise of the power of sale herein contained, Beneficiary shall notify T1ustee
<br />and shall deposit with Trustee this Deed of 'lrust Construction Security Agreement
<br />and the note and such receipts and evidence of expenditures made and secured hereby
<br />as Trustee may require, and upon request of the Beneficiary, the Trustee shall file
<br />for record, in the Register of Deeds office in the CoWlty where the property is
<br />located, a notice of default, setting forth the name of the Trustor, the Book and
<br />Page or DocllOOnt No. of this Deed of Trust Construction Security Agreement as
<br />recorded in said Register of Deeds office, the legal description of the above-
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