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<br />88_105256
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<br />in defllt11t vlth reSllect to payment ot any tndebtodnOfln ntlcut'tHI hereby, or tn tho pct'fonnonca of
<br />any 4grCCI:lt'nt hor-cundor. If nny ovent of default d(lDC'rlbcd huronJtcr tn ['oolloct to thlo Dood of
<br />Trust shall havo occurred nnd be continuing, Dennfic111t'}', 411 0 motter of right ond without notlco
<br />to Truntor or anyone clnlmtng undor TruRtal', nnd without rORord to tho value of the trust ootatc
<br />or the InteroBt of tho irulltor therein, sholl have tho right to opply to any court having juris-
<br />diction to appoint 1I receival' of thl' property.
<br />
<br />10. Transfer of Property. If all or ony part of the propcl:ty or MY interest of Trustor
<br />therein is aold. tranDfcrred ar further encumbered l,llthout the express or WTitten consent of
<br />Beneficiary, BeneficIary IlIll}', at lts sole option, dectare all sUllla secured by this Deed of Trust
<br />to be immediately due and payab Ie nnd proceed to the remedies available to it Wlder the defoult
<br />provisions contained here!n.
<br />
<br />11. Events of Default. Any of the- followtnR events shall be deemed an event of default berc-
<br />Wlder:
<br />
<br />(u) TruRtor ahaJ 1 have
<br />interest, princip:1I or principal and interest or ony other sums secured
<br />hereby when due;
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<br />(b) There hilS occurred n breach of or default under any term. covenant,
<br />agreemlmt, condition, provision, representation or warranty contained in this
<br />Deed of Trust, the note or ony other loan instrument sccured hereby;
<br />
<br />(c) There has been n default by the Trustor in the payment of any prior
<br />or subsequent lien or encumbrance in 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
<br />adjudicated bankrupt or insolvent, or shall make an assisnment for the benefit
<br />of creditors in reapeet to the property; or an aet-ion to enforce ar;ty lien or
<br />encumbrance or judgments against the property is cOlJUUenced.
<br />
<br />12. Acceleration Upon Default. In the event of an~. default, Beneficiary may declare all
<br />indebtednp-sR secured hereby to be due Bnd payable, and the same shall thereupon become due and
<br />payable without any presentment, demand, protest or notice of any kind. Thereafter, Beneficiary
<br />may:
<br />
<br />(a) either in person or by agent, with or without bringing any action or
<br />proceeding, or by receiver appointed by a court and ",ithout regard to the adequacy
<br />of any security, enter upon and take possession of the property, Dr any part thereof.
<br />in its 0\010 name or in the name of the Trustee, and do any acts which it deems necessary
<br />and desirable to preserve the value, marketi',bility 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
<br />the rents, issues and profits thereof, including those past due and wtpaid, and apply
<br />the same, less costs und expenses of operation and collection, including attorney fees.
<br />upon any indebtedness secured hereby, all in such order IlS Beneficiary may determine.
<br />The entering upon and taklnn possession of the trust est:ate, the collection of such
<br />rents, issues and profits and application thereof as aforesaid shall not cure or waive
<br />any default or notice of default hereunder or invalidate any act and in response to
<br />such default or pursuant to such notice of default and, notwithstanding the continuance
<br />in possession of the property or the collection, receipt and application of rents,
<br />issues or profits, Trustee or Beneficiary may be entitled to exercise every right pro-
<br />vided for in any of the loan :instruments or by law upon occurrence of any event of
<br />default, including the right to exercise the power of sale;
<br />
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint a
<br />receiver, or specifically enforce any of the covenants hereof;
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<br />(c) deliver to Trustee a written declaration of default and demand for sale. and
<br />a written notice of default and election to cause Trustor's interest in the property to
<br />be Bold, which notice Trustee shall cause to be duly filed for record :in the official
<br />records of the county in which the property is located.
<br />
<br />13. Foreclosure bv Power of Sale. Should Beneficiary elect to foreclose by exercise of the
<br />poW'pr of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee
<br />this Deed of Trust: and the note and such receipts and evidence of expenditures made and secured
<br />hereby as Trustee may requ::lre, and upon requ~St: of the Beneficiary, the Trustee shall file for
<br />record, in the Registl'r of !leeds office in the County where the property is located, a notice of
<br />default, setting forth the name of the Trusto,,", the Book and Page or Document No. of this Deed of
<br />Trust as -recorded in said Register of Deeds office, the legal description of the above-described
<br />real estate and that a breach of an obligation, for which said real estate was conveyed as security.
<br />has occurred. and setting forth tht: nature of such breach and the Trustee's election to sell the
<br />real estate to satisfy the obligation; and after the lapse of not less than one (1) month. the
<br />Trustee shall give written notice of the time and place of sale which may be betyeen 9:00 a.m. and
<br />5 p.m. at the premises, or at the Courthouse in the County wherein such property is located, de-
<br />scribing the property to be sold by its legal description, said notice to be published in a news-
<br />paper of general circulation in the County wherein such property is located, once a week for five
<br />(5) consecutive "'eeks, the last publication to be at least. ten (10) dsys, but not more than thirty
<br />(30) days, prior to the sale; and the Trustee shall then sell said property at the time and place
<br />designated in the notice. in the manner provided by lay in effect at the time of filing said notice,
<br />at public auction to the highest bidder for cash and shall deliver to such purchaser a deed to the
<br />property sold. consistent with the law in effect at the time.
<br />
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser, Trustee's
<br />deed conveying the property sold. Recitals:in the Trustee's deed shall be prima facie evidence
<br />of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the
<br />following order: (a) to all reasonable costs nnd expenses of the sale, including but not limited
<br />to. Trustee's fees of not more than ~ of the gross sale price, reasonable attorney fees
<br />and costs of title evidence; (b) toaI'1SUtiiS secured by this Deed of Trust; and (c) the excess, if
<br />any, to the person or persons lJ;,gally entitled thereto. Any person, including Beneficinry. may
<br />purchase said property at said sale.
<br />
<br />The person conducting the sale may. for any cause he or she deems expedient. postpone the sale
<br />from time to time until it shall be completed and, In every such case, notIce of postponement shall
<br />be given by public declaration thereof by such person at the tltne and place last appointed for the
<br />sale; provided. if the sale is postponed for longer than one (1) day beyond the date designated in
<br />the notice of sale, notice thereof shall be given in thl;! same manner as the ori~inal notice of sale.
<br />
<br />14. Remedies Not Exclusive. Trustee and Beneficiary, and each of them, Hhall be entitled to
<br />enforce payment and perfonnance of any indebtedness or obligation secured hereby and to exercisc
<br />all rights and poyers under thIs Deed of Trust or under nny 10M instrullll.:'nt OT other agrecment or
<br />any la\is now or hereafter enforced, noc....lthstand log soml? OT a 11 o[ t he Ind~btednel>tl and obI I Bllt lOON
<br />secured hereby which ma}' now or hereafter be othervi6e sccured, whether by mOTtt;Ot:;e, deed of trust,
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