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87-103621
<br />shall have occurred and be continuing, Beneficiary, as a matter of right and without notice to Trustor
<br />or anyone claiming under Truster, and without regard.to the value of the trust estate or the interest of
<br />the Truster therein, shall have the right to apply to any court having jurisdiction to appoint a receiver
<br />of the property.
<br />10. Transfer of Property. If all or any part of the property or any interest of Trustor therein is
<br />sold, transferred or further encumbered without the express or written consent of Beneficiary, Beneficiary
<br />say, at its sole option, declare all same secured by this Dead of Trust to be immediately due and payable
<br />and proceed to the rowdies available to it under the default provisions contained heroin.
<br />11. h fE 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 iatereat or any other sums secured hereby when due;
<br />(b) There has occurred a breach of or default under any term, covenant, agreement,
<br />condition, provision, representation or warranty contained in this Deed of Trust, the
<br />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 subsequent
<br />lion 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 adjudicated
<br />bankrupt or insolvent, or shall make an assignment for the benefit of creditors in respect
<br />to the property; or an action to enforce any lion or encumbrance or judgments; a.sinst the
<br />property is commenced.
<br />12. Acceleration Urn Default. In the event of any default, Beneficiary may declare all indebted-
<br />' uses secured hereby to be due and payable, and the aame shall thereupon become due and payable without
<br />any 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 proceeding,
<br />or by receiver appointed by a court and without regard to the adequacy of any security,
<br />enter upon and take possession of the property, or any part thereof, in its own name or In
<br />the new of the Trustee, and do any acts which it deems necessary and desirable to preserve
<br />the value, marketability or rentability of the property, or partthereof or interest therein,
<br />increase the income therefrom or protect the security hereof and, without taking possession
<br />of the property, sue for or otherwise collect the rents, issues and profits thereof, including
<br />those past due and unpaid, and apply the sae, less costs and expenses of operation and collection,
<br />including attorney fees, upon any indebtedness secured hereby, all in such order as Beneficiary
<br />may determine. The entering upon and taking possession of the trust estate, the collection of
<br />such rents, issues and profits and application thereof as aforesaid shall not cure or waive any
<br />default or notice of default hereunder or invalidate any act and in response to such default or
<br />pursuant to such notice of default and, notwithstanding the continuance in possession of the
<br />property or the collection, receipt and application of rents, issues or profits, Trustee or
<br />Beneficiary may be entitled to exercise every right provided for in any of the loan instruments
<br />or by law upon occurrence of any event of default, including the right to exercise the power of
<br />sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint a rr.eiver,
<br />or specifically enforce any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale, and a written
<br />notice of default and election to cause Trustor's interest In the property to be sold, which
<br />notice Trustee shall cause to be duly filed for record in the official records of the county in
<br />which the property is located.
<br />17. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise of the power of
<br />sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Dead of Trust
<br />and the note and such receipts and evidence of expenditures made and secured hereby as Trustee may require,
<br />and upon request of the Beneficiary, the Trustees shall file for record, in the Register of Deeds office in
<br />the County Mere the property is located, a notice of default, setting forth the name of the Trustor, the
<br />Book and Page or Document No, of this Deed of Trust as recorded in said Register of Deeds office, the legal
<br />description of the above- described real estate and that a breach of an obligation, for which said real
<br />estate was conveyed as security, has occurred, and setting forth the nature of such breach and the Trustee's
<br />election to sell the real estate to satisfy the obligation; and after the ).apse of not less than one (1)
<br />month, the Trustee shall give written notice of the rise and place of sale which may be between 9:00 •.m.
<br />and 5 p.m. at the premises, or at the Courthouse in the County wherein such property is located, describing
<br />the property to be sold by its legal description, said notice to be published in a newspaper of general
<br />circulation in the County wherein such property is located, once a week for five (5) consecutive weeks, the
<br />last publication to be at least tan (10) days, but not sore than thirty (30) days, prior to the sale; and
<br />the Trustee shall than sell said property at the time and place designated in the notice, in the manner pro -
<br />vided by law in affect at the ties of filing said notice, at public auction to the highest bidder for cash
<br />and shall deliver to such purchaser a dead to the property sold, consistent with the law in effect at the
<br />time.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser. Trustee's deed con-
<br />. veying the property sold. Recitals in the Trustee's deed shall be prim facie evidence of the truth of the
<br />statements 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 than
<br />3.() 2 of the gross sale price, reasonable attorney fees and costs of title evidence; (b) to all
<br />suss secured by this Dead of Trust; and (c) the excess, if any, to the person or persons legally entitled
<br />thereto. Any person, including Beneficiary, may purchase said property at said sale.
<br />The person conducting the sale may, for any cause its or she doom expedient, postpone the sale from time
<br />to time until it shall be completed and, in every such coos, notice of postponement shall be given by public
<br />declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale
<br />is postponed for longer than one (1) day beyond the date designated in the notice of sale, notice thereof
<br />shall be given in the sate manner as the original notice of sale.
<br />16. Remedies Not Exclusive. Trustee and Beneficiary, and each of thee, shall be entitled to enforce
<br />payment and performance of any indebtedness or obligation secured hereby and to exercise all rights and
<br />powers under this Deed of Trust or under any loan Instrument or other agreement or any laws now or here-
<br />after enforced, notwithstanding some or all of the indebtedness and obligations secured hereby which may now
<br />er hsraaftcr be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise.
<br />Neither the eccsptace of this Dowd of Trust nor its enforcement, whether by court action or pursuant to the
<br />power of sale or other powers herein contained, shall prejudice or in any manner affect Trustee's or Dene-
<br />fictery's right to realize upon or enforce any other security now or hereafter held by Trustee or Beneficiary,
<br />It being that Trustee and Beneficiary, and each of them, shall be entitled to enforce this Deed of
<br />Trust sad any other security now or hereafter held by the Beneficiary or Trustee in such order and manner as
<br />they, or either of them, may in their absolute discretion determine. No remedy herein conferred upon or re-
<br />served to Trustee or Beneficiary is intended to be exclusive of any other remedy heroin or by law provided
<br />or permitted, had each shall be cumulative and shall be In addition to every other remedy given hereunder or
<br />new er hereafter existing at Iw or in equity or by statute. Every power or remedy given by any of the loan
<br />InsitumnatO to Iruatee or Beneficiary or to which either of them may be otherwise entitled may be exercised.
<br />coasurrsotly or inde ently, from time to time and an often as May be deamed expedient. by Trustee or Bane-
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