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<br />88- 10386E
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<br />default or notice of default hereunder or invalidate
<br />any act and in response to such default or pursuant to
<br />such notice of default and, notwithstanding the continu-
<br />ance in possession of the property or the collection,
<br />receipt and application of rents, issues or profits,
<br />Trustee or Beneficiary may be entitled to exercise
<br />every right provided for in any of the loan instruments
<br />or by law upon occurrence of any event of default,
<br />inclUding the right to exercise the power of saler
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<br />(b) commence an action to foreclose this Deed of
<br />Trust as a mortgage, appoint a receiver, or specifi-
<br />cally enforce any of the covenants hereofr
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<br />(c) deliver to Trustee a written declaration of
<br />default and demand for sale, and a written notice of
<br />default and election to cause Trustor's interest in the
<br />property to be sold, which notice Trustee shall cause
<br />to be duly filed for record in the official records of
<br />the county in which the property is located.
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<br />13. Foreclosure by Power of Sale. Should Beneficiary elect
<br />to foreclose by exerc~se of the power of sale herein contained,
<br />Beneficiary shall notify Trustee and shall deposit with Trustee
<br />this Deed of Trust and the note and such receipts and evidence of
<br />expenditures made and secured hereby as Trustee may require, and
<br />upon request of the Beneficiary, the Trustee shall file for
<br />record, in the Register of Deeds office in the County where the
<br />property is located, a notice of default, setting forth the name
<br />of the Trustor, the Book and page or Document No. of this Deed of
<br />Trust as recorded in said Register of Deeds office, the legal
<br />description of the above-described real estate and that a breach
<br />of an obligation, for which said real estate was conveyed as
<br />security, has occurred, and setting forth the nature of such
<br />breach and the Trustee's election to sell the real estate to
<br />satisfy the obligation; and after the lapse of not less than one
<br />(1) month, the Trustee shall give written notice of the time and
<br />place of sale which may be between 9:00 a.m. and 5 p.m. at the
<br />premises, or at the Courthouse in the County wherein such property
<br />is located, describing the property to be sold by its legal
<br />description, said notice to be published in a newspaper of
<br />general circulation in the County wherein such property is
<br />located, once a week for five (5) consecutive weeks, the last
<br />pUblication to be at least ten (101 days, but not more than
<br />thirty (30) days, prior to the sale; and the Trustee shall then
<br />sell said property at the time and place designated in the
<br />notice, in the manner provided by law in effect at the time of
<br />filing said notice, at public auction to the highest bidder for
<br />cash and shall deliver to such purchaser a deed to the property
<br />sold, consistent with the law in effect at the time.
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<br />Upon receipt of payment of the price bid, Trustee shall
<br />deliver to the purchaser, Trustee's deed conveying the property
<br />sold. Recitals in the Trustee's deed shall be prima facie evi-
<br />dence of the truth of the statements made therein. Trustee shall
<br />apply the proceeds of the sale in the following order: (a) to
<br />all reasonable costs and expenses of the sale, including but not
<br />limited to, Trustee's fees of not more than 5 % of the gross
<br />sale price, reasonable attorney fees and cost~title evidence;
<br />(b) to all sums secured by this Deed of Trust; and (c) the
<br />excess, if any, to the person or persons legally entitled thereto.
<br />Any person, including Beneficiary, may purchase said property at
<br />;laid sale.
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<br />The person conducting the sale may, for any cause he or she
<br />~ems expedient, postpone the sale from time to time until it
<br />,all be completed and, in every such case, notice of postpone-
<br />,nt shall be given by public declaration thereof by such person
<br />; the time and place last appointed for the sale; provided, if
<br />the, sale is .postponed ,for longer than ,one (11 day beyond the date
<br />deslqnated 1n the not~ce of sale, not1ce thereof shall be given
<br />in the same manner as the original notice ot sale.
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