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<br />104276 .
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<br />18 sold, transfel'red or further encWlbered without the express or written COI'!.sent of Beneficiary,
<br />Beneficiary "Y. at Its sole option, decla.re all BUllS secured by this Deed of Trost to be iaaediately '\
<br />due and jJayable and proceed to the remedies available to it under the default provisions contained
<br />herein.
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<br />11. Events of Default. Any of the followinB events shall bs deemed an svent of dsfault heremdar:
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<br />(a) Trustor shall have failed to _u payment of any installment of interest,
<br />principal or principal and interest or aoy other BUllS secured hereby when due;.
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<br />(b) There has occurred a bre.ch 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 loan lnstrUllent secured hereby;
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<br />(c) Thera has been a defsult by the Trustor in the paym~nt of any prior or
<br />subsequent Iten Dr encumbrance In respect to all Dr any part of the property;
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<br />(d) Trustor sholl fUe a voluntsry petition in bsnkruptcy or shall be sdjudi-
<br />csted bankrupt or insolvent, or shsll _ke an sSsiBJlDlSnt for the benefit of creditors
<br />in respect to the property; or an action to enforce any lien or encumbrance or judg-
<br />ments against the property is commenced.
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<br />12. Accelerstion Upon Default. In the event of any defsult, Beneficisry may declsre sll indebtedness
<br />secured hereby to be due and payable. and the SBme shall thereupon become due and payable without any
<br />pr,esent.ent. demand. protest or notice of any kind. Thereafter, Beneficiary may:
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<br />(a) either in person or by sBent, with or without brinBinB any action or pro-
<br />ceeding, or by receiver appointed by a court and w:l,thout regard to the adequacy of
<br />any security, enter upon and take pOBsession of the property. or any part thereof.
<br />in its own n_e or in the name of the Trustee. and do any acts which it deems necessary
<br />and desirable to preserve the value. marketability or rentab1.l1ty 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. iss'uea,and profits thereof. Including those past due and unpaid. and apply tbe
<br />same, less costs and expenses Df operation and collection. including attorney fees, upon
<br />any indebtedness secured hereby. 611 in such order as Beneficiary may determine. Tbe
<br />entering upon and taking possession of the trust estate. the collection o~ such rents.
<br />iSDues and profits and application thereof 88 aforesaid shall not cure or waive any de-
<br />fault or Dot ice of default hereunder or invalidate any act and in response to such de-
<br />fault or pursuant to such notice of default and. notwithstanding the continuance in
<br />possession of the property or the collection, receipt and application of rents, Issues
<br />or profits, Truatee or Beneficiary may be entitled to exercise every right provided for
<br />in any of the loan instruments or by law upon occurrence of any event of default. in-
<br />cludillll tha riBht 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 hereofj
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<br />(c) deliver to Trustee a written declaration of default and demand for sale.
<br />and a written notice of default snd election to csuse Trustnr' s interest in the proparty
<br />to be sold, which notice Trustee shall cause to be duly filed for record in the official
<br />recorda of the county in wbich the property is locsted.
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<br />13. Foreclosure bY Power of Sale. Should Beneficiary elect to foreclose by exercie. of the power
<br />of sals herein containad, llenaf1ciary shall notify Trustea IlDd shall deposit with Trustes this Dead of
<br />Trust and the note and such receipts and evidence of expenditures made and secured hereby .Ii Tru8tee
<br />may require. Bnd upon request of tbe Beneficiary, the Trustee shall flle for record. in the Reslater
<br />of Deeds office In the County where the property is located, a notice of default. set t ing forth the
<br />naa.e of the Trustor. the Book and Page or Document No. of this Deed of Trust as recorded in said
<br />Resister of Deeds office. the. legal descrIption of the above-described real estate and that a breach
<br />of an oblIgation. for which said real estate was conveyed as security, has occurred, and setting forth
<br />the nature of such breach and the Trustee's election to sell the real estate to satisfy the oblig8tioDi
<br />and after the lapse of not less than one (1) month, the Trustee shsll give written notice of the t1lle
<br />and place of sale which may be between 9:00 a.m~ and 5 p.m. at the premises. or at the Courthouse in
<br />the County where1n such property 1s 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 i. located, once a week for five (5) consecutive weeks. the last publication to be at least
<br />ten (10) daya, but not IIOre thsn thirty (30) days, prior ta the sale; and the Trustee shall then sell
<br />said property at the ti.e and place desIgnated in the notice. in the manner provided by law in effect
<br />st the ti_ of f11inB said notice, st public suction to the hiBhest bidder for cssh snd shall deliver
<br />to 8(Jch purchaser a deed to the property sold. consistent with the law in effect at the time.
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<br />Upoa ....ceipt of the price bid. Trustee shall deliver to the purchase, Trustee's deed conveyina the
<br />prop.rty 801d.. Recitals in the Trustee's deed shall be prima facie evidence of the truth of the state-
<br />llents _da therein. Truates shall apply the proceeda of the ssle in the fallovinB order: (a) co all
<br />r.aaonable costa and expense. of the Bale. including but not limited to, Trustee's feell of not IKJr8
<br />tban :I: of the gross sale price. r~aBonable attomey fees and costs of title evidencei (b) to all
<br />lluaa ~d by this Deed of Trusti and (e) the excess. if any, to the person or persons legally en-
<br />titled thereto. Any person, including BenefiCiary. aay purchase said property at said sale~
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<br />The per.on conducting the 8ale ...y, for any caUDe he or she deems expedient, postpone the sale frOll
<br />tiae to tbe. UDtil it .hall be completed and, in every auch case, 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 tbe sale is postponed for longer than one (1) day beyond the date designated in the notice of
<br />sale. nol: ice thereof shall be given 1n the SUIB aanner 88 the orIginal notice of sale.
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<br />14. RAI...diea Not Exclusive. Trustse and Ileneficiary, and each of them, shsll be entitled to en-
<br />force payaent and perfo......ce of any indebtednesa or obliption secured hereby snd to exerciae all riBhts
<br />and power. unde.-: this Deed of Trust Dr under aoy loan lnstr\.llllent or other agreement or any lawlI now or
<br />hereafter enforc.ed. notvith8tandlng some or all of the indebtedness and obligations secured hereby
<br />which caay nO!:l or hereafter be otherwise secured, whether by mortgage. deed of trust. pledge. lien, assJan-
<br />.nt or oth.rvi8e. Netther the acceptance of this Deed of Trust nor its enforcement. whether by court
<br />action or purauant to the power of sale or other pawnrs herein contained. shall prejudice Dr in any
<br />..noel' .ffect Truatee-. or Beneficiary-. right to r..1iz.e upon or enforce any other security now or here-
<br />after held by Tru.tee or Beneficiary. it being agreed that Trustee nnd Reneflciary. and each of thma.
<br />.ball be entitled to enforce this Deed of Trust and any other security now or hereafter held by the Bene-
<br />ficiary or Trustee tn auch order and manner as they. or either of them, may In their absolute diacrotjon
<br />deter.tne. No re.edy heretn conferred upon or reserved to Trustee or Beneficiary Is intended to be e%!;-
<br />elusive of any other remedy herein or by law prOVided or permitted. but cach shall be cumulative Rnd
<br />ahsll be In addition to every other remedy given hereunder 01' now or hereafter existing at law or in
<br />.qulty or by statute. Every pover or remedy given by any 01 the lORn iost rumentB to TruHtec or Bune-
<br />ficiary or to which either of them IIUIY be otherwise entitled may be exercised, cunl:urrL'ntly or lndepun-
<br />dently. from titH! to time and 80 often 98 may be deemed expedient by Truu[ee or UellL'ftclllry. nud (dtl""r
<br />of the. aa.y pursue inconsistent remudles. Nothing herein sholl be cOllstrued oilS pruhlblt In.t Ut.-neflcIIlIY
<br />'rOWl seeking 0 deficiency JudgDlCnt against Trustor to the extent HUlh ,!l'[ tun Iii IHnmlttl!d hy lAW.
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