|
<br />200701834
<br />
<br />10. EVENTS OF DEFAULT. Any of the following events shall be deemed an event of
<br />default hereunder:
<br />
<br />(a) Trustor shall have failed to make payment of any installment of interest, principal,
<br />or principal and interest or any other sum secured hereby when due; or,
<br />
<br />(b) There has occurred a breach or default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in any of the Loan Instruments; or,
<br />
<br />(c) Trustor shall have failed to make payment of any installment of taxes or insurance
<br />premiums when due, which taxes and insurance premium are also secured hereby.
<br />
<br />In the event of default in payment of principal or interest, Beneficiary may, without
<br />further notice proceed with acceleration, foreclosure, power of sale, and any additional
<br />remedies available to Beneficiary as stated in Paragraphs 10, 11 and 12 of this Deed of Trust.
<br />
<br />11. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an event
<br />of default occur Beneficiary may give written notice to Trustor specifying the default, the action
<br />required to cure the default and that failure to cure the default may result in acceleration of the
<br />entire sum secured by this Deed of Trust and resale of the property. Thereafter the
<br />Beneficiary may:
<br />
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or
<br />by a receiver appointed by a Court and without regard to the adequacy of its security, enter
<br />upon and take possession of the Trust Estate, or any part thereof, in its own name or in the
<br />name of Trustee, and do any acts which it deems necessary or desirable to preserve the
<br />value, marketability or rentability of the Trust Estate, or part thereof or interest therein,
<br />increase the income therefrom or protect the security hereof, and with or without taking
<br />possession of the Trust Estate, sue for or otherwise collect the rents, issues and profits
<br />thereof, including those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection, including attorney's fees, upon any indebtedness secured hereby, all
<br />in such order as Beneficiary may determine. The entering upon and taking possession of the
<br />Trust Estate, the collection of such rents, issues and profits and the application thereof as
<br />aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any
<br />act done in response to such default or pursuant to such notice of default and, notwithstanding
<br />the continuance in possession of the Trust Estate or the collection, receipt and application of
<br />rents, issues or profits, Trustee or Beneficiary shall be entitled to exercise every right provided
<br />for in any of the Loan Instruments or by law upon occurrence of any event of default, including
<br />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;
<br />
<br />(c) Deliver to Trustee a written declaration of default and demand for foreclosure by
<br />power of sale as provided by paragraph 12 below.
<br />
<br />12. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to foreclose by
<br />exercise of the Power of Sale herein contained, Beneficiary shall notify Trustee and shall
<br />deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of
<br />expenditures made and secured hereby as Trustee may require.
<br />
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded,
<br />published and delivered to such Notice of Default and Notice of Sale as then required by law
<br />and by this Deed of Trust. Trustee shall, without demand on Trustor, after such time as may
<br />then be required by law and after recordation of such Notice of Default and after Notice of
<br />Sale having been given as required by law, sell the Trust Estate at the time and place of sale
<br />fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as
<br />Trustee shall deem expedient, and in such order as it may determine, at public auction to the
<br />highest bidder for cash, in lawful money of the United States, payable at the time of sale.
<br />Trustee shall deliver to such purchaser or purchasers thereof, its good and sufficient deed or
<br />deeds, conveying the property so sold, but without any covenant or warranty, express or
<br />implied. The recitals in such deed of any matters or facts shall be conclusive proof of the
<br />truthfulness thereof. Any person, including, without limitation, Trustee and Beneficiary, may
<br />purchase at such sale, and hereby covenants to warrant and defend the title of such
<br />
<br />3
<br />
|