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<br />88- 102610
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<br />1s sold, transferred or further encumbered vlthout the express or written consent of Beneficiary,
<br />Beneficiary may, at its soie optlon, declare all sums secured by this Deed of Trust to be immediately
<br />due and payable and proceed to the remedies available to it under the lefault provisions contained
<br />herein.
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<br />11. Events of Default. Any of the following events shall be deemed an event of default hereunder:
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<br />(a) Trustor shall ha'lC failed to make payment of any installment of interest.
<br />principal or principal and interest or any other Bums secured hereby when due;.
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<br />(b) There has occurred a breach of or default under any term, covenant,
<br />agreement, condition, provision. representation or warranty contained in this Deed
<br />of Trust, the note or any other 10l1n instrument secured hereby;
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<br />(e) There has been a default by the Trustor in the payment of any prior or
<br />subsequent lien or encumbrance 1n respect to all or any part of the property;
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<br />(d) Trustor shall file a voluntary petition in bankruptcy or shall be sd,judi-
<br />cated Lankrupt or insolvent, or ahall make nn assignment for the benefit of creditors
<br />in respect to the property; or nn action to enforce any lien or encumbrance or judg-
<br />ments against the property is commenced.
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<br />12. Acceleration Up~n Default. In the event of any default, Beneficiary may declare all indebtedness
<br />secured hereby to be due and payable, and the same shall ther.eupon become due and payable without any
<br />pree,entmenty demand, protest or notice of nny kind. Thereafter, Beneficiary may:
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<br />(a) either in person or by agent, wIth or without bringing any action or pro-
<br />ceeding, or by rece'lver aPPf1[llted by a court and w.'.thout regard to the adequacy of
<br />any securityy enter upon and take possession of the property, or any part thereof.
<br />in its own name ot" in the name of the Trustee, and do any acts which it deems necessary
<br />and desirable to preserve the value I marketability or rentability of the property, or
<br />part thereof or interest therein, increase the income therefrom or protect the security
<br />hereof and, without taking possession of the property, sue for or otherwise collect the
<br />rents, issues and profits thereof, including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collection I including attorney fees, upon
<br />any indebtedness secured hereby, all in such order as Beneficiary may determine. The
<br />entering upon and taking possession of the trust estatc, the collection of such rents,
<br />issues and profits and application thereof as aforesaid shall not cure or waive any de-
<br />fault or notice of default hereunder or invalidate any act and in response to such de-
<br />fault or pursuant to Buch notice of default and, not'Withstandlng the continuance in
<br />possession of the property or the collect ion. receipt and appllcat inn of rents. issues
<br />or profits, Trustee or Beneficiary may be entitled to exercise every right provided for
<br />in any of the loan instrlDIlents or by law upon occurrence of Bny event of default. in-
<br />cluding the right to exercise the power of sale;
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<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint
<br />a receiver, or specifically enforce any of the covenants hereof;
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<br />(c) del iver to Trustee a wri tten declaration of default and demand for sale.
<br />and n written notice of default and election to cause Trustor's interest in the property
<br />to be sold, which notice Trustee shall cause to be duly filed for record in the official
<br />records of the county in which the property 1s located.
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<br />13. Foreclosure by Po'Wer of Sale. Should Beneficiary elect to foreclose by exercise of the power
<br />of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of
<br />Trust and the note and such receipts and evidence of expenditures made and secured hereby as Trustee
<br />may require. and upon request of the Beneficiary, the Trustee shall file for record, in the Register
<br />of Deeds office in the County where the property is located, a notice of default, setting forth the
<br />name of the Trustor, the Book and Page or Document No. of this Deed of Trust as recorded in said
<br />RegIster of Deeds office. the legal description of the above-described real eatate and that a breach
<br />of an obligation, for which Baid real estate was conveyed as security, hus occurred. and setting forth
<br />the nature of such breach and the Trustee's election to sell the real estate to satisfy the obligation;
<br />and after the lapse of not less than one (1) month, the Trustee shall give written notice of the time
<br />and place of sale which may be between 9:00 B.m. and 5 p.m. at the prem1sesy or at the Courthouse in
<br />the County wherein such property Is located, describing the property to be sold by its legal descrip-
<br />tion, said notice to be published in a newspaper of general circulation in the County wherein such
<br />property is located, once a week for five (5) consecutive weeks, the last publication to be at least
<br />ten (10) days. but not more than thirty (30) days, prior to the sale; and the Trustee shall then sell
<br />said property at the time and place designated in the notice, in the manner provided by law in effect
<br />at the time of filing said notice. at public auction to the highest bidder for cash and shall deliver
<br />to such purchaser a deed to the property sold I consistent with the law in effect at the time.
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<br />Upon receipt of the price bid, Trustee shall delIver to the purchase. Trustee's deed conveying the
<br />property sold. Recitals in the Trustee's deed shall be prima facie evidence of the truth of the state-
<br />ments made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all
<br />reasonable costs and expenses of the sale, including but not limited to, Trustee's fees of not more
<br />than--.3....0-% of the gross sale price, reasonable attorney fees and coats of title evidence; (b) to all
<br />sums secured by this Deed of Trust; and (c) the excess, if nny, to the person or persons legally en-
<br />titled thereto. Any person. including BenefIciary, may purcllBge said property at said sale.
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<br />The person conducting the sale may, for any cause he or she deems expedient, postpone the sale from
<br />time to time until it shs.ll be completed and, in every tiuch c:aae, notice of postponement shall be given
<br />by publiC declaration thereof by such person at the time and place last appointed for the sale; pro-
<br />vided, if the sale is postponed for longer than one (1) doy beyond the date designated in the notice of
<br />sale. notice thereof shall be given in the some manner as the origInal notice of sale.
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<br />14. Remedies Not Exclusive. Trustee and Bcneficiory, and each of them, shall be entitled to en-
<br />force payment and performance of any indebtedness or oblLJtat Ion Becured hereby and to exercise all rights
<br />and powers under this Deed of Trust or under any loun lnatrument or other agreement or any laws now or
<br />hereafter enforced, notwithst and1ng some or all of the l,ndebtcdnC6s and obllgat Ions secured hereby
<br />which may now or hereafter be othcl"\oI'ise secured, wl1l'tlwr by mort~Jlgey dl.'cd of lruHt, pledge, lien. assign-
<br />ment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement 1 whether by court
<br />nction or pursuant to the power of sale or other power" herein contained, shall prejudice or 1n any
<br />manner affect Trustee's or Beneficiary's right to rca] h,c upon or enforce any other security now or here-
<br />after held by Trustee or BenefiCiary, it being agreed that Trustee and Beneflciaryy and each of them,
<br />shall be entitled to enforce this Deed of TrlLSt and on}' other Hccurity now or hereafter held bj" the Bene-
<br />!iclat:y or Trustee 1n such order and manner as they, or C!lther of them, may in their absolute discretion
<br />determine. No remedy herein conferred upon or re8crvl.~d to Tru9tee or Benefi,..tnr)' is Intended to be ex-
<br />clusive of any other remedy hereIn or by law provided OT pC'nnittcd, but each Rhall be cumulative and
<br />ahnll be in addition to ev~ry other remedy given IH'r(!undcr or now or hereafter exl,st lng at law OT 1n
<br />equity or by statute. Every power or remedy ~jven bv Any or the 10nn instruments to Trustee or Bene-
<br />flclllrY QT to which elther of them mny in" otherwlR(! l.!ntttll.:!d may be excrclsed~ concurrently or in..Jepen-
<br />dently. frm:!. time to time and as often 69 may be deeml!d expedient by Tru9t("(! ur 8enefLciary, and either
<br />of them ma'i )1ursue itlcongisl('ot remedien. NothSn~ Iwreir: fihnll he c()nRlrurd :tR prnhihttll1g RencflC'lnry
<br />from ~eckinjrt, <1 deflch~ncy judf.ml~nt against Trustor to thl" C'}{t~nt 9uch 3d inn 1,1 rt~rtnlttf'd hv In......
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