|
<br />J
<br />
<br />'-' ':l
<br />88~ -"106994
<br />
<br />U. Events of Default, Any of the following evente shall be deaned an
<br />event of deIl1Ult herewlder:
<br />
<br />(0.) 'frostor shall have failed to make payment of MY instu.llment of
<br />interest, principal or principal and interest or any other SIIIB secured
<br />heJ"E!by MIen due;
<br />
<br />(b) '!1tere has occw'red a bl'each of or default WIder any tellO,
<br />covenllllt, ngreanent, conclition, provision, representation or wnrrnnty
<br />contliined in this Deed of Trust Omstruction Security Agreanent. tlm
<br />IIOts or any other loan instrument secured hereby:
<br />
<br />(c) 111ere has been a default by the. 'l'rustor in the paymect of any
<br />prior or subsequent lien or encwiJrance in respect to all or any part of
<br />the property;
<br />
<br />Cd) '!'ruetor aha11 rile II. voluntary petition in bankruptcy Dr shall
<br />be odjudicuted bnnlaupt Dr ineolvont, Dr shallllllll." D11 MIIIiS....nt .tor the
<br />bene!!t Df creditDrs in respect to the property; Dr an action to enfDrce
<br />any lien or encwiJrance or judgments agninst the property is cannenced.
<br />
<br />12. ^cceleration Upon Denwlt. In the event of any default, IleneUciary
<br />II\llY declare u.ll indebtednees secured hereby to be due and payable, llnd the smne
<br />shall thereupon becoJJ<l due and payable without any presentment. daJIII1d, proteE!t
<br />or notice of OIly kind. Thereafter, lleneUciary may:
<br />
<br />(a) either in person or by agent, with or without bringing any action
<br />or pl'Oceecling, or by receiver appointed by a oourt nnd wiUlOUt regard to the
<br />ndequncy of OIly security, enter upon and tnlre possession of Ulll property, or
<br />any part Ulereof, in its o\\'n nwne or in the name of the. Trll5tee, Wld do any
<br />ncts which it deans necessary nnd desirable to preserve the vnloo, oul'ket-
<br />ability or rentability of the property, or part thereof 01' interest Ulerein,
<br />increase Ule ineane UIOl'efran or protect the security hereof and, \fiUKJUt
<br />taking possession of Ute property, sue for or oUlendse collect Ule rents,
<br />issues and pl"Ofits thereof, including UIOSC post due lUld unpaid, and apply
<br />the SlUnc, less costs and expenses Df operation and collection, including
<br />atto1'lley fees, upon ;my indebtedness secured hereby, nIl in such order as
<br />Ilcneficiary IIOY detcnnine. '11le entering upon nnd taking possession of Ule
<br />trust estate, Ule collection of such rents. issues and proUts and appl.1catioo
<br />thereof os nIoJ'csaid shall not cure 01' waive eny default or notice of default
<br />hereunder'or invalidate WIY act and in response to such defl1Ult or pursuant to
<br />IlIlC1l notice of default WId, 1I0L-wlUlBtllllding the cont!tmllllCO in possession of
<br />UIO plOperly or UlC collection, receipt DIId npIJlicntion of rents, issues or
<br />IJl'OCits, '1'1116too Dr lJeneficinry nny be entitled to exercise every right pro-
<br />vided for in Wly of the loan instlUllCJ1ts or by law upon occurrenc.e of any
<br />event of defl1Ult, including UIO right to ex.ercise Ule power of sale;
<br />
<br />(b) cannence an action to foreclose Ulls Deed of 'fi1l6t Construction
<br />Security Agreenent as II Jll)rtgage, .appolJlt a receiver, or specifically enforce
<br />any of the oov~nnts hereof;
<br />
<br />(c) deliver to Trustee 0. written declaration of default DIId dOlI1lld for
<br />su.le, WId a written notice of default Wld election to cause Trustor's :Interest
<br />in tha property to be sold, Mlich notico Trustee shall cause to be duly fUed
<br />lor l"P'"~rd in the oIficial rel:OrWI of the COW1ty in wbich the property is
<br />located.
<br />
<br />1:1. FOJ'cclosurc hy Power of Sale. Should IleneCiciary elect to foreclosure by
<br />ex.erclse of the power of sllle herein oontained, Ileneficiary shall notify Trustee
<br />wid shull deposit with 'frustee this Deed of Trust Omstruction Security ^greanent
<br />and UIO nolo WId such receipts WId evidence of ex.penditures node and secured hereby
<br />118 Tnlstoe nny requiro, and upon request of UIe IleneCicilU"Y, the Tn1stee shall fUe
<br />for reconI, 1J1 Ule Ilcgister oJ: Deeds oUice in the County where UIe property is
<br />located. 0. notice of default, setting forth the nMlO of Ute Tl"UStor, tile llook Bnd
<br />Pqe or Docunant No, of this Deed of Trust QJnstruct100 SeC1U"1ty Agreenent DB
<br />recorded in said llegister of Deeds office, the legal descript100 of the lIbove-
<br />
<br />-3-
<br />
|