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<br />in dafllult vlth t'copact to p4YlDcnt of any lndllbtadncolI 811cund horllby, or In the port'ormanca of
<br />any IIBt'croml!Ut haraundar. If any aVlllnt of default dtllu::rlbCld horaafear in rospact to this Dood of
<br />TrUIl~II!1111}.1\.lIva occurred rmd be continuing, Banaf1clary. 08 ,[I DUlttor of right and without notice
<br />to Tru.tor t" anyone claiming undor fruotol', and withnut raRard to tha value af the trunt cntoto
<br />Dr tlv:l :inc" rOllt of tlla TruBtor thoroio, ahol1 have tho right to apply to any court having jurla-
<br />dlatlon to appolnL a recoIvar of thl!! propal'ey.
<br />10. Tranafor of Property, If all or any part o( the proroTty or nny inta'tDBt of Truotor
<br />therein 1. sold. transforred or further encumbered wIthout the oxpress or writ tan consent of
<br />Beneficiary, Benoficiary DUly, at ita 80le option, dec1dre all SUllIS secured by this Deed of Trust
<br />to be imllll!d:lately due and paYllIble and proceed to the remedieB available to it under the default
<br />provisions contained herein.
<br />11. Events of Default. Any of the folloYing events shall be deemed an event of default here-
<br />under:
<br />
<br />(a) Truntar shall have
<br />interest, principal or pdncipi1l and interest or any other sums secured
<br />hereby when due;
<br />
<br />(b) There has occurred a bTeach of or default tmder any term. covenant,
<br />ag&.eement, condition. provision. representation or warranty contsined in this
<br />Deed of Trust. the note or any other lonn instrument secured herebn
<br />
<br />(c) There hns been a default by the Trustor in the payment of any prior
<br />ar !:Iubsequent lien Dr encumbrance in Tespect to all ar any part of t.he propertYi
<br />
<br />(d) Trustor shall file n voluntary petition in bankrupl:cy ar shall be
<br />ndj udicated bankrupt or insolvent. Dr shall make an assignment for the benefit
<br />of creditors in respect to the praperty; or an act.ion to enforce any lien or
<br />encumbrance or judgments against the praperty is cOllDl1enced.
<br />
<br />12. Acceleration Upon Default. In the event of any default, Beneficiary may declare all
<br />indebtedness secured hereby to be due and 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 persan or by agent, with or withaut bringing any action or
<br />proceeding, or by receiver appointed by a court and wit.hout regard to the adequacy
<br />of any security, enter upon and take possession of the property, or any part thereof.
<br />in its own name or in the name of the Trustee, and do any acts which it deCIllS necessary
<br />and desirable to preserve the value, marketability or rentability of the property, or
<br />part thereof or interest therein. increase the income therefrom Dr pratect the security
<br />hereof and. vithout taking possession of the property, sue for or otherwise collect
<br />the rents. issues and profits thereof, including those past due and unpaid. and apply
<br />the same, less costs and expenses of operation and collection. including attorney fees,
<br />upon any indebtedness secured hereby, all in such order as Beneficiary may determine.
<br />The entering upon and takinp; possession of the trust estate, the collection of such
<br />rents, issues and profits and applics"tion thereof as aforesaid shall not cure or waive
<br />any default or notic~ of default hereunder or invalidate 9.ny act and in response to
<br />such default or pursuant to such notice of default and, notwithstanding the continuance
<br />in possessian of the property or the collection, receipt and application of rents.
<br />issues ar 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 salei
<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 hereofi
<br />
<br />(c) deliver ta 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 sold. 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 by Power of Sale. Should Beneficiary elect to foreclose by exercise of the
<br />power of sale l:erein contained, Beneficiary ahall notify Trustee and shall deposit with Trustee
<br />this Deed of Trust and the note and such receipts aod evidence of expenditures made and secured
<br />hereby as Trustee may requiTe, and upon request af the Beneficiary. the Trustee shall file far
<br />recl.ird. in the Register of !)eeds office in the Caunty where the _ property is located, a notice of
<br />default, setting forth the name of the Trustor. the Book sod Psge or Document No. of this Deed of
<br />Trust as recorded in said Register of Deeds office, the legal description of the above-deacribed
<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 the Dature of such breach and the Trustee's election to sell the
<br />real estate to satisfy the obligation; and after the l.spse of noc less than one (1) month, the
<br />Trustee shall give written notice of the time and place of sale whic.h may be between 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 circ.ulation in the County wherein such property is located, once a week for five
<br />(5) cansecutive weeks. the last publication to be at least. ten (10) days, but not more than thirty
<br />(30) days, prior to the sale; and the Trustee shall then sell said property at the tiUle and place
<br />designated in the notice. in the manner provided by law 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 saId, 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 coriveying the property sold. Recitals in the Trustee's deed shall be prima facie evidence
<br />of the truth of the statements made therain. Trustee shall apply the proceeds of the sale in the
<br />following order: (a) to all reasonable costs and expenses af the sale. including but not limited
<br />to. Trustee's fees af not more than~% of the gross sale price. reasonable attorney fees
<br />and coats of title evidencei (b) to all sums secured by this Deed of Trust; and (c) the excess, if
<br />any. to the person or persona legally entitled thereto. Any person, including Beneficiary, may
<br />purchase said property at said sale.
<br />
<br />The peraon conducting the sale may. fOT any cause he or she deetas expedient. postpone the sale
<br />from time to time untU 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 time and place last appointed for the
<br />sa1ei provided, if the sale is postponed for longer than one (1) day beyond the date designated in
<br />the notice of sale. natice thereof shall be given 1:n the same manner as the original notice of sale.
<br />
<br />14. Remedies Not Exclusive. Trustee and Beneficiary. and eac.h of them, shall be entitled to
<br />enforce payment and perfarm&nCll!! of any indebtedness Dr obligation secured hereby and to exercise
<br />all rights and powers under this Deed of Trust or under any loBO instrument ar other agreement or
<br />any laws now Dr hereafter enforced. notwithstanding some or all of the indebtedness and abligBt iona
<br />lIecured hereby which mIIY noW" or hereafter be otherwise secured. whether by mortgage, deed of trust,
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