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87- 101327
<br />is sold, transferred or furtheu cumbered without the express or written Gent of Beneficiary,
<br />Beneficiary may, at its sole option, declare all sums secured by this Deed of Trust to be immediately,
<br />due and payable and proceed to the remedies available to it under the default provisions contained
<br />herein. #
<br />11. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest, -
<br />principal or principal and interest or any other sums secured hereby when due; -.
<br />(b) There has occurred a breach 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 instrument secured hereby; -
<br />(c) There has been a default by the Trustor in the payment of any prior or
<br />subsequent lien or encumbrance in respect to all or any part of the property;
<br />(d) Trustor shall file a voluntary petition in bankruptcy or shall be adjudi-
<br />cated bankrupt or insolvent, or shall make an .assignment for the benefit of creditors
<br />in respect to t:,2 property; or an action to enforce any lien or encumbrance or Judg-
<br />ments against the property is commenced.
<br />12. Acceleration Upon Default. In the event of any default, Beneficiary may declare all indebtedness
<br />secured hereby to be due and payable, and the same shall thereupon become due and payable without any
<br />presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent., with or without bringing any action or -pro-
<br />ceeding, or by receiver appointed by a court and without regard to the adequacy of
<br />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 deems necessary - and desirable to preserve the value, marketability 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 the
<br />rents, issues and profits thereof, including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collection, including attorney fees, upon _
<br />any indebtedness secured hereby, all in such order as Beneficiary may determine. The
<br />entering upon and taking possession of the trust estate, the collection of such rents,
<br />issues and profits and application thereof as aforesaid shall not cure or waive any de-
<br />fault or notice of default hereunder or invalidate aav 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. Trustee or Beneficiary may be entitled to exercise every right provided for
<br />in anv of the loan instruments or by law upon occurrence of any event of default, in-
<br />cluding the right to exercise the power of sale; - - -
<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 hereof; _
<br />(c) deliver to Trustee a written declaration of default and demand for sale,
<br />and a written notice of default and election to cause Trustoe's interest in the property
<br />to 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 />13. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise of the power
<br />of sale herein contained -, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of
<br />Trust and the note and such -receipts and evidence of expenditures made and secured hereby as Trustee
<br />may require, and upon request of the Beneficiary, the Trustee shall file for record, in the Register
<br />of Deeds office in the County where the property is located, a notice of default, setting forth the
<br />name of the Trustor, the Book and Page or Document No_ of this hued of Trust as recorded in said
<br />Register 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 suet: breach and the Trustee's election to sell the real estate to satisfy the obligation;
<br />and after the lapse of not less than one (1) month, the Trustee shall give written notice of the time
<br />and place of sale which may be between 5:00 a.m. and 5 p.m. at the pretsises, or at the Courthouse in
<br />rte County wherein such property is located, describing the property to be sold by its legal descrip-
<br />tion, said notice to be published in a newspaper of general circulation it. the County wherein such
<br />property is located, once a week for five (5) consecutive weei¢, the last publication to be at least
<br />ten (10) days, but net more than thirty (30) dais, prior to the sale; and the Trustee shall then sell
<br />said property at the time and place designated in the notice, in the aanner provided by lam+ in effect
<br />at the time of filing said notice, at public auction to the highest bidder for cash and shall deliver
<br />to such purchaser a deed to the property sold, consistent with tie law in effect at the time.
<br />Upon receipt of the price bid, Trustee shall deliver to the purchase, Trustee's deed conveying the
<br />property said_ Recitals in the Trustee's deed ::hall be prima facie evidence of the truth of the state-
<br />. ments made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all
<br />reasonable costs and expenses of the sale, including but not limited to. Trustee's fees of not more
<br />than 2.0 t of the gross sale price, reasonable attorney fees and costs of title evidence; (b) to all
<br />sums secured by this Deed of Trust; and (c) the excess, if anv, to the person or persons legally -en-
<br />titled_thereto. Any person, including Beneficiary, may purchase said groperm= at said sale.
<br />The person.. conducting the sale may, for any cause he or she deems expedient, postpone the sale from
<br />time to time until it shall be completed and, in every such case, notice of postponement shall be gi :-en
<br />by public declaration thereof by such person at the time and place last appointed for the sale; pro-
<br />vided, if the sale is postponed fe- longer than one (1) dar bevord the date . designated in the notice of
<br />sale, notice thereof shall be given in the same manner as the original notice of sale_
<br />14. Remedies Not Exclusive. Trustee and Beneficiary, and each of diem., shall be entitled to en-
<br />force payment and performance of any indebtedness or obligation secured hereby and to exercise all rights
<br />and powers under this Deed of Trust or under any loan instrume -nt or other agreement or any laws now or
<br />hereafter enforced, notwithstanding some or al'_ of the indebtedness and obligations secured hereby
<br />which may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assign -
<br />mear or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement, whether by court
<br />action or pursuant to the power of sale or other powers herein contained, shall prejudice or in any
<br />owner affect Trustee's or Benef *_clarr,''s right to realize upon or enforce any other security now or here-
<br />after held by Trustee or Beneficiary, it being agreed that Trustee and Beneficiary, and each of them.
<br />- shall be entitled to enforce this Deed of Trust and any other security now or hereafter held by the Bene-
<br />ficiary or Trustee in such order and manner as they, or either of them, may in their absolute discretion
<br />determine. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be ez-
<br />cluaive of any other remedy herein or by law provided or permitted, but each shall be cumulative and
<br />Shill be in addition to every other remedy given hereunder or now or hereafter existing it law or in
<br />equity or by statute. Every power or remedy given by anv of the loan instruments to Trustee or Bene-
<br />ficiary or to which either of them may be �therwise entitled may be exercised, concurrontly or indepen-
<br />dently,- from time to time and as often as xav be deemed pod Lent b•: Truy.c or Beneficiary, and either
<br />of them ear pursue inconniste.nt remedies. Nothing herein hall bt• .!rnnstrued as prohihitinp, 5,-neficlary
<br />fr,w aeekinit a defi.cien,-v judgment against Trustor to the extent .n, h action 19 permitted b: tay.
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